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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies104
  • 7D-2.5%
  • 3M-2.0%
  • 1Y4.8%
  • YTD-3.4%

Over the last 7 days, the market has dropped 2.5%, driven by losses in every sector, especially the Industrials sector. As for the longer term, the market has actually risen by 4.8% in the last year. 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
Mon, 16 Mar 2026NZ$174.5bNZ$117.3bNZ$4.6b17.9x38x1.5x
Wed, 11 Feb 2026NZ$178.5bNZ$115.6bNZ$4.0b18.6x45.1x1.5x
Fri, 09 Jan 2026NZ$181.4bNZ$115.5bNZ$3.9b18.1x46.4x1.6x
Sun, 07 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.1x45.6x1.5x
Tue, 04 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.4x52.1x1.6x
Thu, 02 Oct 2025NZ$179.2bNZ$115.8bNZ$3.5b18.8x51.8x1.5x
Sat, 30 Aug 2025NZ$173.6bNZ$115.6bNZ$3.5b17.7x50x1.5x
Mon, 28 Jul 2025NZ$170.9bNZ$115.7bNZ$3.5b19.3x49.2x1.5x
Wed, 25 Jun 2025NZ$166.7bNZ$116.0bNZ$3.5b19.5x48.1x1.4x
Fri, 23 May 2025NZ$168.8bNZ$115.4bNZ$2.9b18.7x58.7x1.5x
Sun, 20 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Tue, 18 Mar 2025NZ$161.5bNZ$113.9bNZ$2.6b19x63x1.4x
Thu, 13 Feb 2025NZ$170.8bNZ$113.7bNZ$3.2b20.1x54.1x1.5x
Sat, 11 Jan 2025NZ$170.1bNZ$113.7bNZ$3.1b20.1x54.2x1.5x
Mon, 09 Dec 2024NZ$168.8bNZ$113.5bNZ$3.1b20x53.8x1.5x
Wed, 06 Nov 2024NZ$167.6bNZ$112.8bNZ$4.3b19.4x39.1x1.5x
Fri, 04 Oct 2024NZ$165.0bNZ$112.8bNZ$4.3b18.8x38.5x1.5x
Sun, 01 Sep 2024NZ$163.8bNZ$112.9bNZ$4.8b20.2x34.4x1.5x
Tue, 30 Jul 2024NZ$162.4bNZ$110.9bNZ$4.7b17.5x34.8x1.5x
Thu, 27 Jun 2024NZ$156.2bNZ$109.6bNZ$4.3b14.8x36.2x1.4x
Sat, 25 May 2024NZ$155.1bNZ$110.9bNZ$5.3b15.5x29.2x1.4x
Mon, 22 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Wed, 20 Mar 2024NZ$155.8bNZ$111.1bNZ$5.7b16.7x27.2x1.4x
Fri, 16 Feb 2024NZ$155.8bNZ$109.1bNZ$6.6b13.9x23.4x1.4x
Sun, 14 Jan 2024NZ$158.8bNZ$109.2bNZ$6.6b16x23.9x1.5x
Tue, 12 Dec 2023NZ$153.3bNZ$109.2bNZ$6.6b15.4x23.1x1.4x
Thu, 09 Nov 2023NZ$150.0bNZ$109.2bNZ$5.8b16.4x25.7x1.4x
Sat, 07 Oct 2023NZ$152.0bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Mon, 04 Sep 2023NZ$157.1bNZ$110.6bNZ$5.9b16.4x26.6x1.4x
Wed, 02 Aug 2023NZ$164.5bNZ$108.2bNZ$6.6b16.9x24.8x1.5x
Fri, 30 Jun 2023NZ$162.3bNZ$108.4bNZ$6.6b16x24.5x1.5x
Sun, 28 May 2023NZ$160.7bNZ$107.1bNZ$7.0b15.7x23.1x1.5x
Tue, 25 Apr 2023NZ$164.0bNZ$107.5bNZ$7.6b15.6x21.6x1.5x
Thu, 23 Mar 2023NZ$147.2bNZ$102.5bNZ$7.0b15.5x20.9x1.4x
Price to Earnings Ratio

20.9x


Total Market Cap: NZ$147.2bTotal Earnings: NZ$7.0bTotal Revenue: NZ$102.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.4x202420252026
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 38.4x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 13% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.6% 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-2.47%
Energy-0.69%
Financials-0.89%
Real Estate-0.90%
Consumer Staples-1.03%
Tech-1.84%
Telecom-2.23%
Healthcare-2.30%
Consumer Discretionary-2.45%
Materials-2.74%
Utilities-2.99%
Industrials-4.17%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 41.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.0% 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 7.8% 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$10.842.3%
+NZ$239.8m		4.4%PE38.3xFinancials
FPH Fisher & Paykel HealthcareNZ$38.350.9%
+NZ$205.5m		16.9%PE51.5xHealthcare
MCY Mercury NZNZ$6.401.6%
+NZ$141.7m		13.9%PE103.1xUtilities
CEN Contact EnergyNZ$9.16-0.1%
NZ$120.4m		6.5%PE24.7xUtilities
CHI Channel Infrastructure NZNZ$2.947.3%
+NZ$82.4m		50.0%PE57.8xEnergy
See more

Market Insights

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Stella Ong
From Europe to Asia, global markets surged in 2025 while U.S. earnings growth became more concentrated. Early signs suggest this might continue.
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What the next 25 years will look like 🔮

Latest News

GTK
NZ$7.55
Gentrack Group
7D
-3.7%
1Y
-26.3%
FRW
NZ$13.15
Freightways Group
7D
-3.3%
1Y
21.8%

FRW: Dividend Timeline Will Support A More Confident Forward Earnings Outlook

Freightways Group's analyst price target has been adjusted slightly higher to around NZ$15.28 from NZ$15.27. Analysts point to updated assumptions on discount rates, revenue growth, profit margins and future P/E as the key drivers of this fine tuning.
CEN
NZ$9.16
Contact Energy
7D
-0.1%
1Y
6.5%
VCT
NZ$4.66
Vector
7D
-0.9%
1Y
13.7%

VCT: Future Fair Value View Will Reflect Stable Network Volumes

Analysts have kept their NZ$ fair value estimate for Vector unchanged, reflecting consistent assumptions for discount rate, revenue growth, profit margin and future P/E that support a steady price target outlook. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing investors with updated data on its electricity and gas distribution activities (company announcement).
SPK
NZ$2.29
Spark New Zealand
7D
1.8%
1Y
11.2%
MCY
NZ$6.40
Mercury NZ
7D
1.6%
1Y
13.9%

MCY: Slightly Lower Fair Value Will Be Balanced By Upcoming Distribution

Analysts have slightly reduced their 12 month price target for Mercury NZ, with their estimate of fair value moving from NZ$7.02 to NZ$6.99. This revision reflects updated assumptions around revenue growth, profit margins and a modestly higher future P/E multiple.
CNU
NZ$9.11
Chorus
7D
-1.1%
1Y
17.1%
AIA
NZ$8.29
Auckland International Airport
7D
-0.8%
1Y
4.5%
FPH
NZ$38.35
Fisher & Paykel Healthcare
7D
0.9%
1Y
16.9%

FPH: Refreshed Guidance And Sector Perform Upgrade Will Support Fair Value View

Narrative Update Analysts have lifted their price target for Fisher & Paykel Healthcare to NZ$41.12 from NZ$40.81, citing refreshed guidance and recent Street research that includes an upgrade to Sector Perform with a higher NZ$36 target. Analyst Commentary Bullish analysts see the refreshed guidance as a key reason to reassess Fisher & Paykel Healthcare, with one recent upgrade moving the stock to Sector Perform and lifting the price target to NZ$36 from NZ$31.
THL
NZ$2.24
Tourism Holdings
7D
-6.7%
1Y
31.8%
AIR
NZ$0.43
Air New Zealand
7D
-7.4%
1Y
-29.8%

Air New Zealand (NZX:AIR)

Company Overview Air New Zealand has struggled to regain stable profitability since the COVID‑19 pandemic severely disrupted global aviation. As an island nation with a heavy reliance on air travel, New Zealand was particularly exposed to prolonged border closures and suppressed passenger demand.
RYM
NZ$2.31
Ryman Healthcare
7D
2.7%
1Y
-17.5%

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.
IFT
NZ$10.84
Infratil
7D
2.3%
1Y
4.4%

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

Analysts have kept their NZ$14.02 price target for Infratil unchanged, with slightly updated assumptions around the discount rate, revenue growth, profit margin, and future P/E multiples shaping their current view. Valuation Changes Fair Value: The fair value estimate remains unchanged at NZ$14.02.
PCT
NZ$1.10
Precinct Properties NZ & Precinct Properties Investments
7D
3.3%
1Y
-3.1%
CHI
NZ$2.94
Channel Infrastructure NZ
7D
7.3%
1Y
50.0%
MEL
NZ$5.38
Meridian Energy
7D
-1.6%
1Y
0.6%