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New Zealand (NZX) Market Analysis & Valuation

UpdatedDec 18, 2025
DataAggregated Company Financials
Companies102
  • 7D-0.5%
  • 3M0.4%
  • 1Y2.2%
  • YTD0.7%

In the last week, the market has been flat, with a notable exception in the Financials sector dropping 4.2%. Similarly, the market is flat for the past 12 months. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 19 Dec 2025NZ$177.4bNZ$115.3bNZ$3.9b18.4x45.5x1.5x
Sun, 16 Nov 2025NZ$179.6bNZ$116.5bNZ$4.0b19.7x44.6x1.5x
Tue, 14 Oct 2025NZ$178.7bNZ$115.9bNZ$3.5b19x51.5x1.5x
Thu, 11 Sep 2025NZ$177.4bNZ$115.7bNZ$3.6b18x48.7x1.5x
Sat, 09 Aug 2025NZ$170.9bNZ$115.7bNZ$3.5b19.1x49.3x1.5x
Mon, 07 Jul 2025NZ$170.3bNZ$116.1bNZ$3.5b19.3x49.2x1.5x
Wed, 04 Jun 2025NZ$164.7bNZ$116.0bNZ$3.5b18x47.6x1.4x
Fri, 02 May 2025NZ$161.3bNZ$115.3bNZ$2.6b18.4x61.5x1.4x
Sun, 30 Mar 2025NZ$162.9bNZ$115.6bNZ$2.6b18.2x62x1.4x
Tue, 25 Feb 2025NZ$166.7bNZ$113.6bNZ$3.0b20.6x56.5x1.5x
Thu, 23 Jan 2025NZ$171.5bNZ$113.6bNZ$3.1b20x54.6x1.5x
Sat, 21 Dec 2024NZ$167.4bNZ$113.7bNZ$3.1b19.6x53.4x1.5x
Mon, 18 Nov 2024NZ$169.3bNZ$113.5bNZ$3.1b19.3x54x1.5x
Wed, 16 Oct 2024NZ$170.1bNZ$112.8bNZ$4.3b19.2x39.7x1.5x
Fri, 13 Sep 2024NZ$166.8bNZ$113.0bNZ$4.6b19.5x36.5x1.5x
Sun, 11 Aug 2024NZ$160.9bNZ$110.7bNZ$4.8b17.8x33.7x1.5x
Tue, 09 Jul 2024NZ$155.3bNZ$110.8bNZ$4.7b15.4x33.2x1.4x
Thu, 06 Jun 2024NZ$157.6bNZ$109.4bNZ$4.5b15.2x34.8x1.4x
Sat, 04 May 2024NZ$156.3bNZ$110.1bNZ$5.8b16.3x26.8x1.4x
Mon, 01 Apr 2024NZ$158.5bNZ$110.0bNZ$5.9b17.2x26.9x1.4x
Wed, 28 Feb 2024NZ$156.0bNZ$111.1bNZ$6.4b16x24.5x1.4x
Fri, 26 Jan 2024NZ$158.1bNZ$109.3bNZ$6.6b15.7x23.8x1.4x
Sun, 24 Dec 2023NZ$155.6bNZ$109.3bNZ$6.6b15.4x23.4x1.4x
Tue, 21 Nov 2023NZ$150.0bNZ$109.1bNZ$6.8b15.8x22.1x1.4x
Thu, 19 Oct 2023NZ$151.0bNZ$109.2bNZ$5.8b15.8x25.9x1.4x
Sat, 16 Sep 2023NZ$153.0bNZ$110.7bNZ$5.9b15.9x25.9x1.4x
Mon, 14 Aug 2023NZ$162.5bNZ$108.4bNZ$6.4b16.7x25.5x1.5x
Wed, 12 Jul 2023NZ$163.5bNZ$108.2bNZ$6.6b17x24.7x1.5x
Fri, 09 Jun 2023NZ$159.2bNZ$108.0bNZ$6.2b16.4x25.6x1.5x
Sun, 07 May 2023NZ$162.7bNZ$107.3bNZ$7.6b15.3x21.4x1.5x
Tue, 04 Apr 2023NZ$162.1bNZ$107.3bNZ$7.6b15.6x21.4x1.5x
Thu, 02 Mar 2023NZ$163.5bNZ$104.8bNZ$7.4b16.3x22.2x1.6x
Sat, 28 Jan 2023NZ$165.1bNZ$100.4bNZ$6.6b16.4x25x1.6x
Mon, 26 Dec 2022NZ$158.0bNZ$100.1bNZ$6.6b16.1x23.9x1.6x
Price to Earnings Ratio

23.9x


Total Market Cap: NZ$158.0bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.1bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 36.9x202320242025
Current Market PE
  • Investors are optimistic on the New Zealander market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 45.5x which is higher than its 3-year average PE of 36.8x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.8% 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-0.53%
Consumer Discretionary1.50%
Consumer Staples0.95%
Materials0.84%
Industrials0.63%
Telecom0.51%
Utilities-0.48%
Energy-1.08%
Healthcare-1.18%
Real Estate-1.39%
Tech-3.32%
Financials-4.17%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 61.1x.
    • Analysts are expecting annual earnings growth of 22.2%, which is lower than the prior year's growth of 34.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 96% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 4.6% 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
POT Port of TaurangaNZ$7.733.1%
+NZ$156.5m		21.7%PE30.3xIndustrials
VCT VectorNZ$4.742.6%
+NZ$120.0m		22.8%PE30.6xUtilities
MEL Meridian EnergyNZ$5.480.7%
+NZ$105.6m		-1.8%PS3xUtilities
AIA Auckland International AirportNZ$8.130.7%
+NZ$101.7m		-0.1%PE32.8xIndustrials
ATM a2 MilkNZ$10.201.0%
+NZ$72.5m		58.6%PE36.5xConsumer Staples
See more

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FPH
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7D
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1Y
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Here's Why Fisher & Paykel Healthcare (NZSE:FPH) Has Caught The Eye Of Investors

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SPK
NZ$2.24
Spark New Zealand
7D
-1.3%
1Y
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GTK
NZ$8.45
Gentrack Group
7D
-8.5%
1Y
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MCY
NZ$6.24
Mercury NZ
7D
-0.8%
1Y
4.0%

Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk

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IFT
NZ$10.70
Infratil
7D
-5.5%
1Y
-11.7%

IFT: Higher Dividend And Data Centre Expansion Will Support Future Upside

Analysts have nudged their price target for Infratil slightly higher to reflect modest improvements in discount rate assumptions and long term profitability expectations, while leaving their fair value estimate effectively unchanged at $13.72. What's in the News Infratil Limited declared a higher cash dividend of NZD 0.08044118 per ordinary share for the six months ended September 30, 2025, with a record date of November 27 and payment on December 16, 2025 (company announcement).
MEL
NZ$5.48
Meridian Energy
7D
0.7%
1Y
-1.8%
ATM
NZ$10.20
a2 Milk
7D
1.0%
1Y
58.6%

The a2 Milk Company Limited's (NZSE:ATM) Price Is Out Of Tune With Earnings

Dec 15
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FRW
NZ$14.20
Freightways Group
7D
2.2%
1Y
35.0%

FRW: Future Margins And Discount Rate Tweaks Will Guide Near-Term Outlook

Analysts have made a marginal downward revision to their price target for Freightways Group, trimming fair value by about NZ$0.02 to approximately NZ$13.51, as they fine tune assumptions around discount rates, revenue growth, and long term profit margins. Valuation Changes Fair Value edged down slightly from NZ$13.53 to NZ$13.51 per share, reflecting a marginally lower central valuation estimate.
RYM
NZ$2.94
Ryman Healthcare
7D
2.1%
1Y
-32.9%
EBO
NZ$26.93
EBOS Group
7D
-1.2%
1Y
-25.9%

EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings

Dec 08
EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings
POT
NZ$7.73
Port of Tauranga
7D
3.1%
1Y
21.7%

Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return

Dec 05
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MFT
NZ$67.75
Mainfreight
7D
0.7%
1Y
-5.2%
CEN
NZ$9.27
Contact Energy
7D
-1.0%
1Y
3.0%
GMT
NZ$1.93
Goodman Property Trust
7D
-4.5%
1Y
-4.5%
AIA
NZ$8.13
Auckland International Airport
7D
0.7%
1Y
-0.1%

We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt

Nov 24
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VCT
NZ$4.74
Vector
7D
2.6%
1Y
22.8%

Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate

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