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New Zealand (NZX) Market Analysis & Valuation

UpdatedJan 26, 2026
DataAggregated Company Financials
Companies102
  • 7D-1.6%
  • 3M-0.2%
  • 1Y2.3%
  • YTD-0.7%

Over the last 7 days, the market has dropped 1.6%, driven by a decline of 5.2% in the Consumer Staples sector. In the last 12 months the market has been flat overall. As for the next few years, earnings are expected to grow by 18% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 26 Jan 2026NZ$178.6bNZ$115.5bNZ$4.0b18.9x45.2x1.5x
Wed, 24 Dec 2025NZ$178.4bNZ$115.3bNZ$3.9b18.6x45.7x1.5x
Fri, 21 Nov 2025NZ$178.1bNZ$116.7bNZ$4.1b19.8x43.6x1.5x
Sun, 19 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b19x51.1x1.5x
Tue, 16 Sep 2025NZ$176.1bNZ$115.7bNZ$3.6b17.7x48.4x1.5x
Thu, 14 Aug 2025NZ$170.0bNZ$115.9bNZ$3.5b19x48.4x1.5x
Sat, 12 Jul 2025NZ$170.1bNZ$116.2bNZ$3.5b19.3x49.1x1.5x
Mon, 09 Jun 2025NZ$168.2bNZ$116.0bNZ$3.5b18.8x48.6x1.4x
Wed, 07 May 2025NZ$164.8bNZ$115.3bNZ$2.6b18.5x62.8x1.4x
Fri, 04 Apr 2025NZ$163.5bNZ$115.4bNZ$2.6b18.5x62.2x1.4x
Sun, 02 Mar 2025NZ$167.4bNZ$114.1bNZ$2.5b19.5x67.2x1.5x
Tue, 28 Jan 2025NZ$171.1bNZ$113.7bNZ$3.2b20.1x54.3x1.5x
Thu, 26 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b19.9x54.8x1.5x
Sat, 23 Nov 2024NZ$168.7bNZ$113.4bNZ$3.0b19.7x55.3x1.5x
Mon, 21 Oct 2024NZ$170.4bNZ$112.8bNZ$4.3b19.4x39.8x1.5x
Wed, 18 Sep 2024NZ$164.8bNZ$113.0bNZ$4.6b19.4x36.1x1.5x
Fri, 16 Aug 2024NZ$166.9bNZ$110.8bNZ$4.8b18.9x35x1.5x
Sun, 14 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Tue, 11 Jun 2024NZ$155.0bNZ$109.5bNZ$4.3b14.9x36x1.4x
Thu, 09 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.8x26.5x1.4x
Sat, 06 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Mon, 04 Mar 2024NZ$156.1bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Wed, 31 Jan 2024NZ$158.8bNZ$109.3bNZ$6.6b15.6x23.9x1.5x
Fri, 29 Dec 2023NZ$156.5bNZ$109.3bNZ$6.6b15.8x23.5x1.4x
Sun, 26 Nov 2023NZ$150.2bNZ$109.1bNZ$6.6b15.6x22.8x1.4x
Tue, 24 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Thu, 21 Sep 2023NZ$153.3bNZ$110.6bNZ$5.9b16.2x26.1x1.4x
Sat, 19 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Mon, 17 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Wed, 14 Jun 2023NZ$158.3bNZ$108.0bNZ$6.2b16x25.5x1.5x
Fri, 12 May 2023NZ$163.0bNZ$107.2bNZ$7.6b15.2x21.5x1.5x
Sun, 09 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Tue, 07 Mar 2023NZ$163.3bNZ$105.0bNZ$7.4b16.5x22.1x1.6x
Thu, 02 Feb 2023NZ$165.1bNZ$100.5bNZ$6.6b16.8x25x1.6x
Price to Earnings Ratio

25x


Total Market Cap: NZ$165.1bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.6x202420252026
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 45.2x which is higher than its 3-year average PE of 37.6x.
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 4.7% 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-1.56%
Utilities0.25%
Consumer Discretionary0.19%
Materials-0.24%
Industrials-0.74%
Energy-1.02%
Healthcare-1.08%
Real Estate-2.32%
Telecom-2.80%
Financials-3.30%
Tech-3.79%
Consumer Staples-5.25%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 67.3x.
    • Analysts are expecting annual earnings growth of 22.3%, 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
MEL Meridian EnergyNZ$5.702.0%
+NZ$290.3m		-2.7%PS3.1xUtilities
VCT VectorNZ$4.901.4%
+NZ$70.0m		26.9%PE31.7xUtilities
FRW Freightways GroupNZ$14.321.7%
+NZ$42.9m		35.1%PE32.1xIndustrials
GNE Genesis EnergyNZ$2.441.2%
+NZ$33.3m		6.6%PE16xUtilities
MCK Millennium & Copthorne Hotels New ZealandNZ$3.575.6%
+NZ$30.1m		63.0%PE26.7xConsumer Discretionary
See more

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Latest News

CEN
NZ$9.25
Contact Energy
7D
-1.2%
1Y
-3.6%

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$2.24
Spark New Zealand
7D
-4.3%
1Y
-22.8%
VCT
NZ$4.90
Vector
7D
1.4%
1Y
26.9%
GNE
NZ$2.44
Genesis Energy
7D
1.2%
1Y
6.6%
ATM
NZ$9.66
a2 Milk
7D
-12.4%
1Y
48.4%

ATM: China Approvals And 2027 Launch Plans Will Support Balanced Outlook

Narrative update Analysts have nudged their price target for a2 Milk higher from A$10.16 to A$10.38, reflecting small adjustments to fair value, long run revenue growth, profit margin assumptions and the forward P/E multiple. What's in the News a2 Milk received approvals from New Zealand's Ministry for Primary Industries and the General Administration of China Customs to progress the transition of two China label infant milk formula registrations linked to the Pokeno facility to a2 Milk branded products.
RYM
NZ$2.91
Ryman Healthcare
7D
0.7%
1Y
-33.1%

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).
SUM
NZ$11.93
Summerset Group Holdings
7D
-3.8%
1Y
-6.8%
IFT
NZ$10.81
Infratil
7D
-4.0%
1Y
-7.3%

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.
FPH
NZ$38.66
Fisher & Paykel Healthcare
7D
-1.3%
1Y
0.7%
FRW
NZ$14.32
Freightways Group
7D
1.7%
1Y
35.1%
MFT
NZ$67.71
Mainfreight
7D
-1.9%
1Y
-4.8%

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$5.70
Meridian Energy
7D
2.0%
1Y
-2.7%

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
MCY
NZ$6.35
Mercury NZ
7D
-2.0%
1Y
5.3%
THL
NZ$2.69
Tourism Holdings
7D
3.1%
1Y
34.5%
HGH
NZ$1.24
Heartland Group Holdings
7D
2.5%
1Y
19.9%
MCK
NZ$3.57
Millennium & Copthorne Hotels New Zealand
7D
5.6%
1Y
63.0%