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New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies102
  • 7D1.6%
  • 3M0.04%
  • 1Y5.9%
  • YTD-0.8%

The market has climbed 3.1% in the last 7 days, lead by the Healthcare sector with a gain of 7.4%. As for the past 12 months, the market is up 7.3%. Looking forward, 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
Thu, 26 Feb 2026NZ$179.6bNZ$116.7bNZ$4.7b18.1x38.2x1.5x
Sat, 24 Jan 2026NZ$179.8bNZ$115.5bNZ$4.0b18.9x45.5x1.6x
Mon, 22 Dec 2025NZ$176.5bNZ$115.3bNZ$3.9b18.1x45.2x1.5x
Wed, 19 Nov 2025NZ$179.1bNZ$116.5bNZ$4.0b19.9x44.3x1.5x
Fri, 17 Oct 2025NZ$178.6bNZ$115.8bNZ$3.5b19.2x51.4x1.5x
Sun, 14 Sep 2025NZ$176.6bNZ$115.7bNZ$3.6b17.8x48.5x1.5x
Tue, 12 Aug 2025NZ$171.8bNZ$115.9bNZ$3.5b19.2x49.2x1.5x
Thu, 10 Jul 2025NZ$170.3bNZ$116.1bNZ$3.5b19.3x49.2x1.5x
Sat, 07 Jun 2025NZ$168.2bNZ$116.0bNZ$3.5b18.8x48.6x1.5x
Mon, 05 May 2025NZ$163.6bNZ$115.3bNZ$2.6b18.4x62.3x1.4x
Wed, 02 Apr 2025NZ$163.1bNZ$115.6bNZ$2.6b18.5x62.1x1.4x
Fri, 28 Feb 2025NZ$165.6bNZ$114.0bNZ$2.6b19.3x64.8x1.5x
Sun, 26 Jan 2025NZ$171.1bNZ$113.6bNZ$3.2b19.7x54.3x1.5x
Tue, 24 Dec 2024NZ$171.1bNZ$113.6bNZ$3.1b20x54.6x1.5x
Thu, 21 Nov 2024NZ$170.5bNZ$113.6bNZ$3.1b19.4x54.9x1.5x
Sat, 19 Oct 2024NZ$170.4bNZ$112.8bNZ$4.3b19.4x39.8x1.5x
Mon, 16 Sep 2024NZ$167.1bNZ$113.0bNZ$4.6b19.4x36.6x1.5x
Wed, 14 Aug 2024NZ$161.9bNZ$110.7bNZ$4.8b18.7x34x1.5x
Fri, 12 Jul 2024NZ$158.8bNZ$110.9bNZ$4.7b16.6x33.9x1.4x
Sun, 09 Jun 2024NZ$155.7bNZ$109.4bNZ$4.3b15.3x36.1x1.4x
Tue, 07 May 2024NZ$154.7bNZ$110.1bNZ$5.8b16x26.6x1.4x
Thu, 04 Apr 2024NZ$158.0bNZ$110.0bNZ$5.9b17.4x26.8x1.4x
Sat, 02 Mar 2024NZ$156.2bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Mon, 29 Jan 2024NZ$158.2bNZ$109.3bNZ$6.6b15.8x23.8x1.4x
Wed, 27 Dec 2023NZ$155.6bNZ$109.3bNZ$6.6b15.4x23.4x1.4x
Fri, 24 Nov 2023NZ$149.9bNZ$109.1bNZ$6.8b15.6x22.1x1.4x
Sun, 22 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Tue, 19 Sep 2023NZ$154.0bNZ$110.7bNZ$5.9b15.9x26.1x1.4x
Thu, 17 Aug 2023NZ$161.5bNZ$108.0bNZ$6.3b17.1x25.5x1.5x
Sat, 15 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Mon, 12 Jun 2023NZ$158.8bNZ$108.0bNZ$6.2b16.1x25.6x1.5x
Wed, 10 May 2023NZ$162.8bNZ$107.2bNZ$7.6b15.4x21.5x1.5x
Fri, 07 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Sun, 05 Mar 2023NZ$163.3bNZ$104.9bNZ$7.4b16.3x22.2x1.6x
Price to Earnings Ratio

22.2x


Total Market Cap: NZ$163.3bTotal Earnings: NZ$7.4bTotal Revenue: NZ$104.9bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.2x202420252026
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 42.8x which is higher than its 3-year average PE of 38.2x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 17% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.3% 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 Market1.58%
Healthcare5.11%
Energy4.74%
Telecom3.30%
Industrials2.58%
Real Estate1.33%
Consumer Staples0.24%
Utilities-0.39%
Consumer Discretionary-0.90%
Financials-1.02%
Tech-2.48%
Materials-9.24%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 71.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 15.9%, which is higher than its past year's earnings growth of 2.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 100% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.1% 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
FPH Fisher & Paykel HealthcareNZ$41.009.0%
+NZ$2.0b		18.5%PE55.1xHealthcare
AIA Auckland International AirportNZ$9.114.4%
+NZ$644.1m		12.7%PE37.6xIndustrials
SPK Spark New ZealandNZ$2.274.6%
+NZ$189.0m		0%PE15.6xTelecom
FCG Fonterra Co-operative GroupNZ$6.201.3%
+NZ$128.3m		31.4%PE9.9xConsumer Staples
THL Tourism HoldingsNZ$2.7214.8%
+NZ$77.4m		49.5%PS0.6xIndustrials
See more

Market Insights

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GNE
NZ$2.36
Genesis Energy
7D
-2.1%
1Y
7.0%
THL
NZ$2.72
Tourism Holdings
7D
14.8%
1Y
49.5%
MEL
NZ$5.56
Meridian Energy
7D
-3.5%
1Y
-2.8%
EBO
NZ$24.00
EBOS Group
7D
-5.6%
1Y
-38.1%

EBO: Lower Forward P/E Reset Will Support Future Capital Efficiency Reassessment

Analysts have trimmed their forward P/E expectations for EBOS Group, prompting a reset in their NZ$ price targets while keeping fair value, revenue growth and profit margin assumptions broadly unchanged. What's in the News EBOS Group held an Analyst/Investor Day, giving the market an updated view on its business outlook, capital allocation priorities and key operating segments (Key Developments).
FPH
NZ$41.00
Fisher & Paykel Healthcare
7D
9.0%
1Y
18.5%

FPH: Improved Guidance And Rating Upgrade Will Support Fairly Valued Outlook

Analysts have lifted their NZ$ fair value estimate for Fisher & Paykel Healthcare from NZ$39.15 to NZ$40.81, citing improved company guidance and a recent upgrade in Street price targets as key supports for the higher range of outcomes. Analyst Commentary Bullish Takeaways Bullish analysts see the higher company guidance as a key support for the uplift in fair value to NZ$40.81, suggesting more confidence in the near term earnings outlook than previously reflected in models.
AIA
NZ$9.11
Auckland International Airport
7D
4.4%
1Y
12.7%
VCT
NZ$4.83
Vector
7D
-2.0%
1Y
19.3%
FCG
NZ$6.20
Fonterra Co-operative Group
7D
1.3%
1Y
31.4%
MFT
NZ$63.50
Mainfreight
7D
-1.7%
1Y
-8.8%
AIR
NZ$0.56
Air New Zealand
7D
-3.4%
1Y
-8.1%

AIR: Future Earnings Will Weigh Traffic Resilience Against Sector Margin And Execution Risks

Analysts have adjusted their NZ$ price target framework for Air New Zealand by slightly lowering the discount rate and using a higher future P/E multiple, while keeping fair value unchanged at NZ$0.55. Analyst Commentary Recent Street research activity around aviation and aerospace peers highlights a cautious tone that is relevant when you think about Air New Zealand’s valuation framework and execution risks.
SPK
NZ$2.27
Spark New Zealand
7D
4.6%
1Y
0%
FBU
NZ$3.50
Fletcher Building
7D
-3.6%
1Y
7.0%
IFT
NZ$10.87
Infratil
7D
-1.9%
1Y
-0.09%

IFT: Stable Fair Value And Slight Assumption Shifts Will Support Upside

Analysts are maintaining their NZ$14.02 price target on Infratil, making only small adjustments to assumptions for the discount rate, revenue growth, profit margin, and future P/E ratio while keeping their view of fair value unchanged. Valuation Changes Fair Value: The analysts' NZ$14.02 fair value estimate is unchanged, with no revision to the headline valuation level.
GTK
NZ$8.18
Gentrack Group
7D
9.1%
1Y
-28.2%
CHI
NZ$2.91
Channel Infrastructure NZ
7D
6.4%
1Y
49.7%
GMT
NZ$1.96
Goodman Property Trust
7D
1.8%
1Y
0%