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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 21, 2026
DataAggregated Company Financials
Companies104
  • 7D-0.3%
  • 3M-4.7%
  • 1Y5.5%
  • YTD-4.6%

The market has been flat in the last week, however the Materials sector is down 3.2%. Meanwhile, the market is actually up 5.6% over the past 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
Tue, 21 Apr 2026NZ$173.2bNZ$118.5bNZ$4.6b16.6x38x1.5x
Thu, 19 Mar 2026NZ$176.0bNZ$117.3bNZ$4.6b17.8x38.3x1.5x
Sat, 14 Feb 2026NZ$179.2bNZ$115.6bNZ$4.0b18.4x45.2x1.5x
Mon, 12 Jan 2026NZ$181.3bNZ$115.5bNZ$4.0b18.3x45.8x1.6x
Wed, 10 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.5x45.7x1.5x
Fri, 07 Nov 2025NZ$181.3bNZ$116.0bNZ$3.5b19.2x52.1x1.6x
Sun, 05 Oct 2025NZ$180.3bNZ$115.8bNZ$3.5b18.9x51.9x1.6x
Tue, 02 Sep 2025NZ$175.5bNZ$115.6bNZ$3.6b17.9x48.2x1.5x
Thu, 31 Jul 2025NZ$170.7bNZ$115.7bNZ$3.5b19.1x49.1x1.5x
Sat, 28 Jun 2025NZ$167.7bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Mon, 26 May 2025NZ$168.0bNZ$115.4bNZ$2.9b18.6x58.4x1.5x
Wed, 23 Apr 2025NZ$157.8bNZ$115.1bNZ$2.6b18.7x60.2x1.4x
Fri, 21 Mar 2025NZ$159.9bNZ$115.4bNZ$2.6b18.6x62.3x1.4x
Sun, 16 Feb 2025NZ$171.7bNZ$113.7bNZ$3.2b20x54.4x1.5x
Tue, 14 Jan 2025NZ$169.7bNZ$113.6bNZ$3.1b20.4x54.1x1.5x
Thu, 12 Dec 2024NZ$167.8bNZ$113.6bNZ$3.1b19.7x53.5x1.5x
Sat, 09 Nov 2024NZ$167.5bNZ$112.9bNZ$4.3b19.5x39.1x1.5x
Mon, 07 Oct 2024NZ$165.7bNZ$112.8bNZ$4.3b19x38.6x1.5x
Wed, 04 Sep 2024NZ$164.9bNZ$113.0bNZ$4.6b20.4x36x1.5x
Fri, 02 Aug 2024NZ$164.4bNZ$110.7bNZ$4.7b17.9x35.2x1.5x
Sun, 30 Jun 2024NZ$154.5bNZ$109.6bNZ$4.3b15x35.9x1.4x
Tue, 28 May 2024NZ$154.8bNZ$111.0bNZ$5.2b15.5x30x1.4x
Thu, 25 Apr 2024NZ$156.3bNZ$110.1bNZ$5.8b16.6x26.8x1.4x
Sat, 23 Mar 2024NZ$157.6bNZ$109.9bNZ$5.9b16.7x26.7x1.4x
Mon, 19 Feb 2024NZ$156.5bNZ$109.1bNZ$6.4b14.9x24.5x1.4x
Wed, 17 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Fri, 15 Dec 2023NZ$153.3bNZ$109.3bNZ$6.6b15.6x23.1x1.4x
Sun, 12 Nov 2023NZ$149.1bNZ$108.5bNZ$5.7b17.2x26x1.4x
Tue, 10 Oct 2023NZ$150.9bNZ$109.0bNZ$5.8b16.1x25.9x1.4x
Thu, 07 Sep 2023NZ$155.7bNZ$110.6bNZ$5.9b16.6x26.4x1.4x
Sat, 05 Aug 2023NZ$164.0bNZ$108.4bNZ$6.6b16.5x24.8x1.5x
Mon, 03 Jul 2023NZ$163.6bNZ$108.3bNZ$6.6b16.1x24.7x1.5x
Wed, 31 May 2023NZ$161.3bNZ$108.0bNZ$6.2b15.9x25.8x1.5x
Fri, 28 Apr 2023NZ$162.6bNZ$107.4bNZ$7.6b15.4x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$162.6bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39x202420252026
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 39.0x.
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 3.4% 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-0.30%
Financials1.84%
Tech0.82%
Utilities0.38%
Consumer Staples-0.42%
Healthcare-0.52%
Telecom-0.55%
Consumer Discretionary-0.87%
Industrials-0.97%
Materials-1.17%
Real Estate-2.04%
Energy-3.29%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 42.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.4% 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 11% 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
FCG Fonterra Co-operative GroupNZ$4.593.8%
+NZ$409.1m		49.3%PE10.6xConsumer Staples
IFT InfratilNZ$12.301.9%
+NZ$229.8m		15.7%PE43.4xFinancials
MEL Meridian EnergyNZ$5.651.4%
+NZ$211.9m		-0.3%PS3.3xUtilities
GNE Genesis EnergyNZ$2.262.7%
+NZ$78.5m		1.8%PE15.3xUtilities
CEN Contact EnergyNZ$9.390.2%
+NZ$68.1m		3.2%PE25.6xUtilities
See more

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Latest News

AIA
NZ$8.15
Auckland International Airport
7D
-0.7%
1Y
3.8%

AIA: Stable Passenger Trends And Dividend Policy Will Support A Fair Outlook

Analysts have nudged their price target for Auckland International Airport slightly higher to NZ$8.67 from NZ$8.65, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E that are only marginally different from prior views. What's in the News Reported March 2026 traffic with Auckland Airport total passengers at 1,719,050 and aircraft movements at 13,961, alongside Queenstown Airport passengers at 247,220 and 1,671 aircraft movements (company traffic update).
FPH
NZ$37.92
Fisher & Paykel Healthcare
7D
-0.3%
1Y
16.7%

If EPS Growth Is Important To You, Fisher & Paykel Healthcare (NZSE:FPH) Presents An Opportunity

Apr 18
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FBU
NZ$2.88
Fletcher Building
7D
-4.0%
1Y
-7.7%
IFT
NZ$12.33
Infratil
7D
3.0%
1Y
21.6%

IFT: Revised Cash Flow Assumptions Will Support Confidence In Future Earnings Quality

Analysts have increased their Infratil fair value estimate from NZ$14.00 to NZ$14.06, reflecting updated assumptions around discount rates, revenue contraction, profit margins, and future P/E multiples following recent Street research. Analyst Commentary Bullish Takeaways Bullish analysts see the revised fair value of NZ$14.06 as broadly aligned with their updated models, suggesting that recent work on discount rates and P/E assumptions still supports the current valuation framework.
POT
NZ$8.08
Port of Tauranga
7D
1.3%
1Y
31.6%
ATM
NZ$8.99
a2 Milk
7D
-5.9%
1Y
3.5%
MFT
NZ$59.20
Mainfreight
7D
1.7%
1Y
7.6%
FRW
NZ$12.10
Freightways Group
7D
-5.5%
1Y
20.8%

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

Analysts have made a small upward revision to their Freightways Group valuation, nudging the fair value estimate from NZ$15.31 to NZ$15.34 as they refresh assumptions around the discount rate, long run revenue growth, profit margins, and future P/E expectations. 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 you clear visibility on the latest payout terms (Key Developments).
MCY
NZ$6.48
Mercury NZ
7D
-1.8%
1Y
14.6%

MCY: Geothermal Expansion And Upcoming Distribution Will Support Steady Outlook

Analysts have kept their NZ$6.99 price target for Mercury NZ unchanged. This reflects broadly consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E in their latest updates.
EBO
NZ$22.25
EBOS Group
7D
0.9%
1Y
-38.9%

EBO: Index Removal And P/E Outlook Will Support Future Capital Efficiency Reassessment

Analysts have nudged their fair value estimate for EBOS Group to NZ$33.94 from NZ$33.59, reflecting slightly updated assumptions for long term profit margins and future P/E multiples, while keeping revenue growth and discount rate broadly unchanged. What's in the News EBOS Group Limited was removed from the S&P/ASX 200 Index, which can affect how some index funds and benchmark aware investors are exposed to the stock (Key Developments).
FCG
NZ$4.60
Fonterra Co-operative Group
7D
2.2%
1Y
49.7%
CNU
NZ$9.65
Chorus
7D
2.6%
1Y
22.9%

CNU: Stable Outlook Will Rely On Minor Assumption Tweaks And Dividend Clarity

Analysts have kept their NZ$9.46 price target on Chorus broadly steady, citing only small tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions rather than any major shift in their outlook. What's in the News Chorus has set the foreign exchange rate for its HY26 unimputed interim dividend to Australian investors at NZ$0.82484 per A$1.00.
GNE
NZ$2.27
Genesis Energy
7D
2.7%
1Y
2.9%
SUM
NZ$7.99
Summerset Group Holdings
7D
-9.2%
1Y
-28.3%
SPK
NZ$2.11
Spark New Zealand
7D
-2.3%
1Y
5.0%
MEL
NZ$5.59
Meridian Energy
7D
1.5%
1Y
1.2%