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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 13, 2026
DataAggregated Company Financials
Companies104
  • 7D-2.9%
  • 3M-1.9%
  • 1Y5.2%
  • YTD-3.3%

Over the last 7 days, the market has dropped 2.9%, driven by a loss of 4.5% in the Industrials sector. As for the longer term, the market has actually risen by 5.2% in the last year. Earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

Has the New Zealand Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026NZ$174.6bNZ$117.3bNZ$4.6b17.9x38x1.5x
Sun, 08 Feb 2026NZ$178.5bNZ$115.5bNZ$4.0b18.7x45.1x1.5x
Tue, 06 Jan 2026NZ$179.8bNZ$115.5bNZ$3.9b18.5x46.1x1.6x
Thu, 04 Dec 2025NZ$178.8bNZ$115.2bNZ$3.9b18.5x45.8x1.6x
Sat, 01 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.3x52.1x1.6x
Mon, 29 Sep 2025NZ$175.5bNZ$115.7bNZ$3.4b17.7x51.3x1.5x
Wed, 27 Aug 2025NZ$173.4bNZ$116.0bNZ$4.0b17.9x43x1.5x
Fri, 25 Jul 2025NZ$170.3bNZ$115.7bNZ$3.5b19.1x49x1.5x
Sun, 22 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Tue, 20 May 2025NZ$168.4bNZ$115.3bNZ$2.7b18.9x63.1x1.5x
Thu, 17 Apr 2025NZ$160.6bNZ$115.3bNZ$2.6b18.7x61.2x1.4x
Sat, 15 Mar 2025NZ$162.9bNZ$113.9bNZ$2.6b19.3x63.6x1.4x
Mon, 10 Feb 2025NZ$170.4bNZ$113.7bNZ$3.2b19.7x54x1.5x
Wed, 08 Jan 2025NZ$171.3bNZ$113.6bNZ$3.1b20.1x54.7x1.5x
Fri, 06 Dec 2024NZ$170.1bNZ$113.5bNZ$3.1b19.8x54.2x1.5x
Sun, 03 Nov 2024NZ$167.4bNZ$112.8bNZ$4.3b19.5x39.1x1.5x
Tue, 01 Oct 2024NZ$164.2bNZ$112.3bNZ$4.4b19x37.5x1.5x
Thu, 29 Aug 2024NZ$164.0bNZ$112.9bNZ$4.9b20.4x33.4x1.5x
Sat, 27 Jul 2024NZ$162.8bNZ$110.9bNZ$4.7b17.4x34.9x1.5x
Mon, 24 Jun 2024NZ$154.2bNZ$109.5bNZ$4.3b14.8x35.7x1.4x
Wed, 22 May 2024NZ$154.3bNZ$111.0bNZ$5.2b15.5x29.5x1.4x
Fri, 19 Apr 2024NZ$155.3bNZ$110.0bNZ$5.8b16.6x26.7x1.4x
Sun, 17 Mar 2024NZ$155.2bNZ$111.2bNZ$5.7b16.6x27x1.4x
Tue, 13 Feb 2024NZ$156.7bNZ$109.1bNZ$6.6b14.1x23.6x1.4x
Thu, 11 Jan 2024NZ$158.9bNZ$109.3bNZ$6.6b16.2x23.9x1.5x
Sat, 09 Dec 2023NZ$153.2bNZ$109.2bNZ$6.6b15.5x23.1x1.4x
Mon, 06 Nov 2023NZ$149.0bNZ$109.3bNZ$5.8b16.4x25.6x1.4x
Wed, 04 Oct 2023NZ$151.8bNZ$109.0bNZ$5.8b16.7x26.1x1.4x
Fri, 01 Sep 2023NZ$157.5bNZ$110.7bNZ$5.9b16.4x26.7x1.4x
Sun, 30 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b16.7x24.7x1.5x
Tue, 27 Jun 2023NZ$160.0bNZ$108.3bNZ$6.6b15.8x24.2x1.5x
Thu, 25 May 2023NZ$162.4bNZ$107.2bNZ$7.3b15.7x22.3x1.5x
Sat, 22 Apr 2023NZ$162.0bNZ$107.5bNZ$7.6b15.6x21.3x1.5x
Mon, 20 Mar 2023NZ$148.9bNZ$102.3bNZ$7.0b16.1x21.2x1.5x
Price to Earnings Ratio

21.2x


Total Market Cap: NZ$148.9bTotal Earnings: NZ$7.0bTotal Revenue: NZ$102.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.4x202420252026
Current Market PE
  • Investors are relatively neutral on the New Zealander market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading at a PE ratio close to its 3-year average PE ratio of 38.4x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.7% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the New Zealand Market?

NZ Market-2.95%
Tech0.23%
Materials-0.23%
Financials-0.74%
Real Estate-1.24%
Telecom-1.47%
Consumer Staples-1.59%
Consumer Discretionary-2.53%
Utilities-3.10%
Healthcare-4.04%
Industrials-4.48%
Energy-4.51%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 40.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.8% which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 105% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.9% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
FCG Fonterra Co-operative GroupNZ$6.280.3%
+NZ$32.1m		29.5%PE10xConsumer Staples
PCT Precinct Properties NZ & Precinct Properties InvestmentsNZ$1.131.4%
+NZ$27.8m		-2.2%PB0.9xReal Estate
SKO SerkoNZ$2.0410.3%
+NZ$23.5m		-45.5%PS2.3xTech
WIN Winton LandNZ$2.042.0%
+NZ$11.9m		6.3%PE52.9xReal Estate
AFT AFT PharmaceuticalsNZ$3.583.2%
+NZ$11.5m		35.1%PE21.5xHealthcare
See more

Market Insights

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WIN
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FPH: Refreshed Guidance And Sector Perform Upgrade Will Support Fair Value View

Narrative Update Analysts have lifted their price target for Fisher & Paykel Healthcare to NZ$41.12 from NZ$40.81, citing refreshed guidance and recent Street research that includes an upgrade to Sector Perform with a higher NZ$36 target. Analyst Commentary Bullish analysts see the refreshed guidance as a key reason to reassess Fisher & Paykel Healthcare, with one recent upgrade moving the stock to Sector Perform and lifting the price target to NZ$36 from NZ$31.
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Air New Zealand (NZX:AIR)

Company Overview Air New Zealand has struggled to regain stable profitability since the COVID‑19 pandemic severely disrupted global aviation. As an island nation with a heavy reliance on air travel, New Zealand was particularly exposed to prolonged border closures and suppressed passenger demand.
FCG
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Fonterra Co-operative Group
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VGL: Higher Discount Rate Will Still Support Attractive Upside Potential

Analysts have nudged their price target on Vista Group International lower from around NZ$3.99 to about NZ$3.50, reflecting updated assumptions for revenue growth, profit margins, and a slightly higher discount rate applied to future cash flows and P/E multiples. Valuation Changes Fair Value: revised from NZ$3.99 to NZ$3.50, a modest reduction in the central valuation estimate.
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