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New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 31, 2026
DataAggregated Company Financials
Companies102
  • 7D-0.3%
  • 3M-1.4%
  • 1Y1.9%
  • YTD-1.0%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector declined by 4.6%. In line with that, the market has also been flat over the past year. 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
Sat, 31 Jan 2026NZ$177.5bNZ$115.4bNZ$4.0b18.6x44.9x1.5x
Mon, 29 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.5x45.8x1.5x
Wed, 26 Nov 2025NZ$180.4bNZ$116.6bNZ$4.0b20.3x45.6x1.5x
Fri, 24 Oct 2025NZ$179.0bNZ$115.8bNZ$3.5b18.5x51.5x1.5x
Sun, 21 Sep 2025NZ$175.7bNZ$115.8bNZ$3.6b17.7x48.2x1.5x
Tue, 19 Aug 2025NZ$172.3bNZ$116.0bNZ$3.6b19.2x48.3x1.5x
Thu, 17 Jul 2025NZ$169.8bNZ$115.8bNZ$3.5b19.3x49x1.5x
Sat, 14 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Mon, 12 May 2025NZ$167.5bNZ$115.4bNZ$2.6b18.5x64.8x1.5x
Wed, 09 Apr 2025NZ$158.5bNZ$115.3bNZ$2.6b18x60.4x1.4x
Fri, 07 Mar 2025NZ$164.6bNZ$114.0bNZ$2.5b19.4x66x1.4x
Sun, 02 Feb 2025NZ$171.3bNZ$113.6bNZ$3.2b20.2x54.4x1.5x
Tue, 31 Dec 2024NZ$172.5bNZ$113.6bNZ$3.1b20.1x55.1x1.5x
Thu, 28 Nov 2024NZ$173.1bNZ$113.3bNZ$3.1b20.3x56.1x1.5x
Sat, 26 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.4x39.7x1.5x
Mon, 23 Sep 2024NZ$162.7bNZ$113.0bNZ$4.6b19x35.6x1.4x
Wed, 21 Aug 2024NZ$165.0bNZ$111.6bNZ$5.0b20x33.3x1.5x
Fri, 19 Jul 2024NZ$162.9bNZ$110.8bNZ$4.7b16.5x34.8x1.5x
Sun, 16 Jun 2024NZ$155.8bNZ$109.5bNZ$4.3b14.9x36.2x1.4x
Tue, 14 May 2024NZ$152.6bNZ$110.1bNZ$5.8b15.3x26.2x1.4x
Thu, 11 Apr 2024NZ$157.1bNZ$110.0bNZ$5.8b17.1x27x1.4x
Sat, 09 Mar 2024NZ$156.4bNZ$111.1bNZ$5.8b17.2x27.2x1.4x
Mon, 05 Feb 2024NZ$158.5bNZ$109.2bNZ$6.6b15.6x23.9x1.5x
Wed, 03 Jan 2024NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Fri, 01 Dec 2023NZ$150.4bNZ$109.1bNZ$6.7b15.6x22.6x1.4x
Sun, 29 Oct 2023NZ$144.9bNZ$109.3bNZ$5.8b16.2x24.8x1.3x
Tue, 26 Sep 2023NZ$153.7bNZ$109.4bNZ$5.9b16.4x26.1x1.4x
Thu, 24 Aug 2023NZ$158.3bNZ$109.1bNZ$6.0b16.6x26.5x1.5x
Sat, 22 Jul 2023NZ$163.3bNZ$108.4bNZ$6.6b16.7x24.6x1.5x
Mon, 19 Jun 2023NZ$161.0bNZ$108.5bNZ$6.6b16x24.3x1.5x
Wed, 17 May 2023NZ$163.3bNZ$107.4bNZ$7.6b15.4x21.4x1.5x
Fri, 14 Apr 2023NZ$163.1bNZ$107.4bNZ$7.6b15.6x21.5x1.5x
Sun, 12 Mar 2023NZ$160.9bNZ$104.8bNZ$7.3b16.1x22x1.5x
Tue, 07 Feb 2023NZ$167.1bNZ$100.4bNZ$6.6b16.8x25.3x1.7x
Price to Earnings Ratio

25.3x


Total Market Cap: NZ$167.1bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.7x202420252026
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 44.9x which is higher than its 3-year average PE of 37.7x.
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-0.29%
Financials1.79%
Telecom0.82%
Consumer Staples0.65%
Energy0.34%
Utilities-0.35%
Industrials-0.62%
Healthcare-0.66%
Real Estate-1.05%
Consumer Discretionary-1.56%
Materials-2.27%
Tech-4.64%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 68.0x.
    • 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 7.0% 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$11.082.5%
+NZ$269.8m		-1.2%PE39.1xFinancials
ATM a2 MilkNZ$9.872.2%
+NZ$152.3m		53.3%PE35.3xConsumer Staples
FPH Fisher & Paykel HealthcareNZ$38.910.6%
+NZ$146.8m		3.5%PE52.3xHealthcare
CEN Contact EnergyNZ$9.351.1%
+NZ$99.4m		0.5%PE28.1xUtilities
FRW Freightways GroupNZ$14.602.0%
+NZ$50.1m		36.4%PE32.7xIndustrials
See more

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Latest News

AIA
NZ$8.26
Auckland International Airport
7D
-0.5%
1Y
-4.4%
GXH
NZ$1.33
Green Cross Health
7D
18.8%
1Y
70.5%

Green Cross Health Limited's (NZSE:GXH) Shares Bounce 26% But Its Business Still Trails The Market

Jan 29
Green Cross Health Limited's (NZSE:GXH) Shares Bounce 26% But Its Business Still Trails The Market
ATM
NZ$9.87
a2 Milk
7D
2.2%
1Y
53.3%
EBO
NZ$25.71
EBOS Group
7D
-3.1%
1Y
-35.7%

Ageing Populations And New Distribution Centers Will Support Long Term Healthcare And Animal Care Demand

Catalysts About EBOS Group EBOS Group is a diversified healthcare and animal care distributor and brand owner operating across Australia, New Zealand and Southeast Asia. What are the underlying business or industry changes driving this perspective?
FRW
NZ$14.60
Freightways Group
7D
2.0%
1Y
36.4%

FRW: Updated Growth And Margin Assumptions Will Shape A Fairly Balanced Outlook

Analysts have raised their fair value estimate for Freightways Group from NZ$13.79 to NZ$14.28. They cite updated assumptions that include modestly higher revenue growth, slightly stronger profit margins, and small adjustments to the discount rate and future P/E multiple.
FPH
NZ$38.91
Fisher & Paykel Healthcare
7D
0.6%
1Y
3.5%

FPH: Updated Guidance And Dividend Policy Will Support Fairly Valued Returns

Analysts have made only a marginal adjustment to their price target for Fisher & Paykel Healthcare, reflecting small tweaks to assumptions around the discount rate, long term revenue growth, profit margin and future P/E, rather than any major shift in their overall view. What's in the News Fisher & Paykel Healthcare updated full year 2025 guidance, with operating revenue now expected in a range of about $2.17b to $2.27b, compared with the prior range of about $2.15b to $2.25b (Key Developments).
CEN
NZ$9.35
Contact Energy
7D
1.1%
1Y
0.5%

CEN: Higher Fair Value And Margin Outlook Will Support Future Upside

Analysts have revised their price target on Contact Energy slightly higher to $10.40 from $10.31. This reflects updated assumptions around discount rates, revenue expectations, profit margins and a lower future P/E of 24.92x.
SPK
NZ$2.26
Spark New Zealand
7D
0.9%
1Y
-22.3%
VCT
NZ$4.83
Vector
7D
-1.4%
1Y
22.6%
FBU
NZ$3.74
Fletcher Building
7D
-3.6%
1Y
30.8%
RYM
NZ$2.78
Ryman Healthcare
7D
-4.5%
1Y
-36.2%

RYM: Stable Sales Guidance And Margins Will Support Balanced Future Returns

Analysts have nudged their price target on Ryman Healthcare slightly higher, reflecting small adjustments to fair value, long term revenue growth and profit margin assumptions, along with a modestly different future P/E outlook. What's in the News Ryman Healthcare reaffirmed its occupation right agreement sales guidance for fiscal 2026 at 1,300 to 1,400, with guidance figures excluding resident relocations from the Margaret Stoddart and Woodcote villages following care centre closures (Key Developments).
CNU
NZ$9.50
Chorus
7D
1.1%
1Y
9.7%

CNU: Debt Offering And Revised Assumptions Will Shape Balanced Outlook

Analysts have increased their fair value estimate for Chorus from A$9.09 to A$9.37, reflecting updated assumptions regarding the discount rate, modest revenue growth, profit margin and future P/E expectations. What's in the News MUFG Securities Asia (Singapore) Limited has been added as a co lead underwriter for Chorus Limited's €400 million fixed income offering (Key Developments).
SUM
NZ$11.57
Summerset Group Holdings
7D
-3.0%
1Y
-11.0%
IFT
NZ$11.08
Infratil
7D
2.5%
1Y
-1.2%

IFT: Dividend Timeline And Steady Fair Value Will Support Upside

Analysts have maintained their fair value estimate for Infratil at $14.02. This latest price target update reflects only modest adjustments to the discount rate, revenue growth, profit margin, and a slightly higher assumed future P/E ratio.
MFT
NZ$67.15
Mainfreight
7D
-0.8%
1Y
-6.7%

Mainfreight Limited's (NZSE:MFT) Popularity With Investors Is Under Threat From Overpricing

Jan 14
Mainfreight Limited's (NZSE:MFT) Popularity With Investors Is Under Threat From Overpricing
MEL
NZ$5.65
Meridian Energy
7D
-0.9%
1Y
-4.2%

Meridian Energy Limited (NZSE:MEL) Shares Could Be 40% Below Their Intrinsic Value Estimate

Jan 12
Meridian Energy Limited (NZSE:MEL) Shares Could Be 40% Below Their Intrinsic Value Estimate