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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies104
  • 7D0.05%
  • 3M-0.2%
  • 1Y6.6%
  • YTD-0.7%

The market has been flat in the last week, however the Materials sector is down 9.5%. As for the longer term, the market has risen 6.6% in the past 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026NZ$180.1bNZ$117.0bNZ$4.6b18.1x39.3x1.5x
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
Price to Earnings Ratio

22x


Total Market Cap: NZ$160.9bTotal Earnings: NZ$7.3bTotal Revenue: NZ$104.8bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.3x202420252026
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 38.3x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 14% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.8% 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 Market0.048%
Telecom1.23%
Healthcare1.02%
Tech1.01%
Consumer Staples0.93%
Utilities0.52%
Consumer Discretionary0.11%
Financials-0.78%
Industrials-1.17%
Energy-1.39%
Real Estate-1.80%
Materials-9.53%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 40.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.6% 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
MPG Metro Performance GlassNZ$1.48-5.1%
NZ$1.4b		-36.2%PS7xIndustrials
MEL Meridian EnergyNZ$5.672.0%
+NZ$290.3m		4.9%PS3.3xUtilities
ATM a2 MilkNZ$11.843.2%
+NZ$268.4m		32.7%PE41.4xConsumer Staples
POT Port of TaurangaNZ$8.244.3%
+NZ$231.3m		24.8%PE30.6xIndustrials
FCG Fonterra Co-operative GroupNZ$6.261.3%
+NZ$128.3m		33.2%PE10xConsumer Staples
See more

Market Insights

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In many ways, the market is upside down. This new setting might offer some unexpected opportunities for investors.
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Alternatives part 2: 2026 and beyond 🔭

Latest News

VGL
NZ$1.90
Vista Group International
7D
11.4%
1Y
-48.9%

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.
RYM
NZ$2.32
Ryman Healthcare
7D
-6.5%
1Y
-23.2%

RYM: Reaffirmed Sales Guidance Will Support Improved Future Earnings Multiple

Analysts have nudged their NZ$ price target on Ryman Healthcare slightly higher, pointing to small changes in assumed discount rates, revenue growth, profit margins and future P/E as the key drivers of the updated view. What's in the News Ryman Healthcare reaffirmed its fiscal 2026 sales guidance for occupation right agreements at 1,300 to 1,400, indicating no change from prior guidance.
CEN
NZ$9.45
Contact Energy
7D
1.1%
1Y
3.7%

CEN: Equity Raise And Higher Margin Outlook Will Support Future Upside

Analysts have nudged their price target for Contact Energy slightly higher to NZ$10.53 from NZ$10.40, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What's in the News Contact Energy completed a follow on equity offering of ordinary shares, raising NZ$450.000005m through a subsequent direct listing at NZ$8.75 per share with a NZ$0.105 discount per security (Key Developments).
ATM
NZ$11.84
a2 Milk
7D
3.2%
1Y
32.7%
POT
NZ$8.24
Port of Tauranga
7D
4.3%
1Y
24.8%
MEL
NZ$5.67
Meridian Energy
7D
2.0%
1Y
4.9%
GNE
NZ$2.25
Genesis Energy
7D
-4.7%
1Y
1.1%
EBO
NZ$23.14
EBOS Group
7D
-3.6%
1Y
-38.5%
VCT
NZ$4.73
Vector
7D
-2.1%
1Y
15.1%

VCT: Fair Value View Will Reflect Shifts In Network Volumes

Analysts have lifted their fair value estimate for Vector from NZ$4.77 to NZ$4.98, reflecting updated views on revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing a fresh look at recent activity across its networks (company announcement).
MCY
NZ$6.39
Mercury NZ
7D
0.8%
1Y
9.0%

MCY: Higher Assumed Margins And P/E Will Support Stronger Future Upside

Analysts have lifted their price target for Mercury NZ to NZ$7.02 from NZ$6.89, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. Valuation Changes Fair Value: revised slightly higher from NZ$6.89 to NZ$7.02.
FRW
NZ$14.00
Freightways Group
7D
-3.4%
1Y
28.4%

FRW: Dividend Timeline And Refined Assumptions Will Support A Steady Outlook

Analysts have nudged their price target for Freightways Group higher to NZ$15.27 from NZ$14.79, reflecting updated assumptions for discount rates, revenue growth, profit margins and future P/E levels. What's in the News Freightways Group declared a cash dividend of NZ$0.24705882 per share for the six months ended December 31, 2025, giving investors clarity on the latest distribution per share (Key Developments).
FPH
NZ$40.74
Fisher & Paykel Healthcare
7D
-0.6%
1Y
18.8%

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$8.80
Auckland International Airport
7D
-3.4%
1Y
8.0%
FCG
NZ$6.26
Fonterra Co-operative Group
7D
1.3%
1Y
33.2%
MFT
NZ$63.32
Mainfreight
7D
-1.5%
1Y
-6.2%
MPG
NZ$1.48
Metro Performance Glass
7D
-5.1%
1Y
-36.2%