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New Zealand (NZX) Market Analysis & Valuation

UpdatedDec 30, 2025
DataAggregated Company Financials
Companies103
  • 7D0.1%
  • 3M0.6%
  • 1Y0.9%
  • YTD2.4%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 4.1%. In line with that, the market has also been flat over the past year. 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
Tue, 30 Dec 2025NZ$178.8bNZ$115.4bNZ$3.9b18.5x45.8x1.5x
Thu, 27 Nov 2025NZ$179.4bNZ$115.2bNZ$4.0b17.7x44.7x1.6x
Sat, 25 Oct 2025NZ$179.4bNZ$115.8bNZ$3.5b18.7x51.6x1.5x
Mon, 22 Sep 2025NZ$175.7bNZ$115.8bNZ$3.6b17.7x48.3x1.5x
Wed, 20 Aug 2025NZ$171.8bNZ$116.1bNZ$3.6b19.7x47.8x1.5x
Fri, 18 Jul 2025NZ$171.4bNZ$115.7bNZ$3.5b19.4x49.5x1.5x
Sun, 15 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Tue, 13 May 2025NZ$168.6bNZ$115.4bNZ$2.6b18.8x65.2x1.5x
Thu, 10 Apr 2025NZ$157.5bNZ$115.4bNZ$2.6b17.7x60x1.4x
Sat, 08 Mar 2025NZ$164.3bNZ$114.0bNZ$2.5b19x65.8x1.4x
Mon, 03 Feb 2025NZ$171.3bNZ$113.6bNZ$3.2b20.2x54.4x1.5x
Wed, 01 Jan 2025NZ$171.6bNZ$113.6bNZ$3.1b20.3x54.8x1.5x
Fri, 29 Nov 2024NZ$173.4bNZ$113.4bNZ$3.2b20.3x54.3x1.5x
Sun, 27 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.4x39.7x1.5x
Tue, 24 Sep 2024NZ$162.7bNZ$113.0bNZ$4.6b19x35.6x1.4x
Thu, 22 Aug 2024NZ$164.5bNZ$111.4bNZ$4.8b20x34x1.5x
Sat, 20 Jul 2024NZ$163.1bNZ$110.8bNZ$4.7b16.8x34.8x1.5x
Mon, 17 Jun 2024NZ$155.7bNZ$109.4bNZ$4.3b15x36.2x1.4x
Wed, 15 May 2024NZ$152.2bNZ$110.1bNZ$5.8b15.3x26.1x1.4x
Fri, 12 Apr 2024NZ$156.4bNZ$110.0bNZ$5.8b17.2x26.9x1.4x
Sun, 10 Mar 2024NZ$157.6bNZ$111.1bNZ$5.7b17.2x27.4x1.4x
Tue, 06 Feb 2024NZ$158.4bNZ$109.2bNZ$6.6b14x23.8x1.5x
Thu, 04 Jan 2024NZ$157.1bNZ$109.3bNZ$6.6b15.8x23.6x1.4x
Sat, 02 Dec 2023NZ$152.2bNZ$109.3bNZ$6.6b15.6x22.9x1.4x
Mon, 30 Oct 2023NZ$144.9bNZ$109.3bNZ$5.8b16.2x24.8x1.3x
Wed, 27 Sep 2023NZ$153.5bNZ$109.1bNZ$5.9b15.9x26.2x1.4x
Fri, 25 Aug 2023NZ$157.1bNZ$110.8bNZ$6.4b16.2x24.7x1.4x
Sun, 23 Jul 2023NZ$163.3bNZ$108.4bNZ$6.6b16.7x24.6x1.5x
Tue, 20 Jun 2023NZ$160.3bNZ$108.6bNZ$6.6b16x24.2x1.5x
Thu, 18 May 2023NZ$163.5bNZ$107.4bNZ$7.6b15.4x21.4x1.5x
Sat, 15 Apr 2023NZ$162.5bNZ$107.3bNZ$7.6b15.7x21.4x1.5x
Mon, 13 Mar 2023NZ$160.9bNZ$104.8bNZ$7.3b16.1x22x1.5x
Wed, 08 Feb 2023NZ$167.2bNZ$100.4bNZ$6.6b16.8x25.3x1.7x
Fri, 06 Jan 2023NZ$159.5bNZ$100.3bNZ$6.6b16x24.1x1.6x
Price to Earnings Ratio

24.1x


Total Market Cap: NZ$159.5bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.1x20242025
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 45.8x which is higher than its 3-year average PE of 37.1x.
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 Market0.14%
Materials4.09%
Tech1.78%
Financials1.77%
Telecom1.49%
Energy1.06%
Real Estate0.88%
Consumer Staples0.48%
Consumer Discretionary0.36%
Industrials0.35%
Utilities-0.59%
Healthcare-0.90%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 63.0x.
    • Analysts are expecting annual earnings growth of 22.0%, 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 4.5% 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
IFT InfratilNZ$11.361.9%
+NZ$209.4m		-10.5%PE40xFinancials
AIA Auckland International AirportNZ$8.321.1%
+NZ$152.6m		-4.4%PE33.5xIndustrials
FCG Fonterra Co-operative GroupNZ$5.920.9%
+NZ$80.2m		41.0%PE9.5xConsumer Staples
CNU ChorusNZ$9.451.7%
+NZ$69.4m		5.0%PE1025.1xTelecom
FRW Freightways GroupNZ$14.212.3%
+NZ$57.3m		33.7%PE31.8xIndustrials
See more

Market Insights

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Latest News

FRW
NZ$14.21
Freightways Group
7D
2.3%
1Y
33.7%

FRW: Future Revenue And Margin Assumptions Will Shape Fairly Balanced Outlook

Analysts have raised their price target for Freightways Group slightly, from NZ$13.51 to NZ$13.69. This reflects modestly stronger expectations for revenue growth and margins, even as long term valuation multiples edge lower.
FPH
NZ$37.47
Fisher & Paykel Healthcare
7D
-1.1%
1Y
-3.9%

FPH: Dividend Increase And Earnings Upgrade Will Support Fair Future Returns

Analysts have slightly raised their price target on Fisher & Paykel Healthcare to $NZD 39.33, reflecting modestly lower discount rate assumptions and a slightly higher future P/E multiple, partly offset by a small downward revision to projected profit margins. What's in the News Directors approved an increased interim dividend of 19.0 cents per ordinary share, up from 18.5 cents in the prior first half, to be paid on 16 December 2025 with a record date of 4 December 2025 (company announcement).
SPK
NZ$2.27
Spark New Zealand
7D
1.3%
1Y
-22.3%
IFT
NZ$11.36
Infratil
7D
1.9%
1Y
-10.5%

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$5.51
Meridian Energy
7D
-0.9%
1Y
-8.5%
SKC
NZ$0.89
SkyCity Entertainment Group
7D
-1.7%
1Y
-39.0%

SKC: Lower Risk Profile Will Support Stronger Earnings Multiple Ahead

Analysts have raised their price target on SkyCity Entertainment Group from $2.80 to $3.10, citing a lower perceived risk profile, modestly softer growth expectations, and a healthier profit margin outlook that together support a more reasonable future earnings multiple. What's in the News Chief Financial Officer Peter Fredricson has tendered his resignation, with his departure planned by 1 March 2026 to allow for an orderly transition (Key Developments) SkyCity Entertainment Group will conduct a comprehensive external search to appoint a new Chief Financial Officer, indicating potential changes in its financial leadership and strategy (Key Developments) Valuation Changes The fair value estimate has fallen significantly, from NZ$2.80 to NZ$1.50 per share, indicating a more conservative view of intrinsic value.
FBU
NZ$3.65
Fletcher Building
7D
-1.6%
1Y
26.3%
WIN
NZ$2.10
Winton Land
7D
-2.3%
1Y
8.8%
CNU
NZ$9.45
Chorus
7D
1.7%
1Y
5.0%
EBO
NZ$27.63
EBOS Group
7D
-1.5%
1Y
-26.9%

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$7.76
Port of Tauranga
7D
-0.9%
1Y
19.8%

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

Dec 05
Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return
FCG
NZ$5.92
Fonterra Co-operative Group
7D
0.9%
1Y
41.0%

We Think Some Shareholders May Hesitate To Increase Fonterra Co-operative Group Limited's (NZSE:FCG) CEO Compensation

Dec 04
We Think Some Shareholders May Hesitate To Increase Fonterra Co-operative Group Limited's (NZSE:FCG) CEO Compensation
CEN
NZ$9.34
Contact Energy
7D
-1.7%
1Y
-4.7%
PCT
NZ$1.19
Precinct Properties NZ & Precinct Properties Investments
7D
2.1%
1Y
-5.9%
VHP
NZ$2.03
Vital Healthcare Property Trust
7D
2.5%
1Y
12.2%
AIA
NZ$8.32
Auckland International Airport
7D
1.1%
1Y
-4.4%

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

Nov 24
We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt