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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies104
  • 7D3.0%
  • 3M-4.3%
  • 1Y8.8%
  • YTD-3.4%

Over the past 7 days, the market has risen 3.0% with the Healthcare sector contributing the most to the gain. As for the past 12 months, the market is up 8.8%. 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, 09 Apr 2026NZ$172.0bNZ$118.4bNZ$4.6b17.2x37.7x1.5x
Sat, 07 Mar 2026NZ$179.6bNZ$117.0bNZ$4.6b18.2x39.2x1.5x
Mon, 02 Feb 2026NZ$178.1bNZ$115.4bNZ$4.0b18.6x45.1x1.5x
Wed, 31 Dec 2025NZ$179.1bNZ$115.4bNZ$3.9b18.6x45.9x1.6x
Fri, 28 Nov 2025NZ$180.0bNZ$115.2bNZ$3.9b17.7x46.3x1.6x
Sun, 26 Oct 2025NZ$179.4bNZ$115.8bNZ$3.5b18.7x51.6x1.5x
Tue, 23 Sep 2025NZ$175.2bNZ$115.8bNZ$3.6b17.9x48.1x1.5x
Thu, 21 Aug 2025NZ$173.4bNZ$115.8bNZ$3.5b19.4x50.1x1.5x
Sat, 19 Jul 2025NZ$171.0bNZ$115.7bNZ$3.5b19x49.4x1.5x
Mon, 16 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Wed, 14 May 2025NZ$169.8bNZ$115.4bNZ$2.6b18.9x65.7x1.5x
Fri, 11 Apr 2025NZ$162.3bNZ$115.4bNZ$2.6b18.1x61.8x1.4x
Sun, 09 Mar 2025NZ$164.1bNZ$114.0bNZ$2.5b19.3x65.9x1.4x
Tue, 04 Feb 2025NZ$170.0bNZ$113.7bNZ$3.2b20.1x54x1.5x
Thu, 02 Jan 2025NZ$171.6bNZ$113.7bNZ$3.1b20.3x54.8x1.5x
Sat, 30 Nov 2024NZ$172.1bNZ$113.6bNZ$3.1b20.1x54.9x1.5x
Mon, 28 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.4x39.7x1.5x
Wed, 25 Sep 2024NZ$160.5bNZ$113.0bNZ$4.6b19x35.1x1.4x
Fri, 23 Aug 2024NZ$164.2bNZ$112.0bNZ$4.6b19.3x35.9x1.5x
Sun, 21 Jul 2024NZ$163.1bNZ$110.9bNZ$4.7b17.1x34.9x1.5x
Tue, 18 Jun 2024NZ$153.6bNZ$109.5bNZ$4.3b15x35.7x1.4x
Thu, 16 May 2024NZ$151.1bNZ$110.1bNZ$5.8b15.2x26x1.4x
Sat, 13 Apr 2024NZ$156.4bNZ$110.0bNZ$5.8b17x26.9x1.4x
Mon, 11 Mar 2024NZ$157.6bNZ$111.1bNZ$5.7b17.2x27.4x1.4x
Wed, 07 Feb 2024NZ$158.4bNZ$109.2bNZ$6.6b14x23.8x1.5x
Fri, 05 Jan 2024NZ$157.1bNZ$109.3bNZ$6.6b15.9x23.6x1.4x
Sun, 03 Dec 2023NZ$152.3bNZ$109.3bNZ$6.6b15.6x22.9x1.4x
Tue, 31 Oct 2023NZ$144.5bNZ$109.3bNZ$5.8b16.2x24.8x1.3x
Thu, 28 Sep 2023NZ$152.5bNZ$109.0bNZ$5.9b15.9x26x1.4x
Sat, 26 Aug 2023NZ$156.6bNZ$109.0bNZ$5.8b16.2x27x1.4x
Mon, 24 Jul 2023NZ$163.3bNZ$108.4bNZ$6.6b16.7x24.6x1.5x
Wed, 21 Jun 2023NZ$161.7bNZ$108.5bNZ$6.6b15.9x24.4x1.5x
Fri, 19 May 2023NZ$163.8bNZ$107.4bNZ$7.7b15.6x21.4x1.5x
Sun, 16 Apr 2023NZ$162.5bNZ$107.4bNZ$7.6b15.6x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$162.5bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.8x202420252026
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 38.8x.
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 3.3% 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 Market3.03%
Healthcare4.43%
Industrials3.99%
Financials3.83%
Energy3.74%
Telecom3.62%
Utilities2.81%
Tech1.69%
Real Estate1.40%
Materials1.03%
Consumer Staples0.91%
Consumer Discretionary-2.85%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 42.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.5% 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
FPH Fisher & Paykel HealthcareNZ$39.337.2%
+NZ$1.5b		14.1%PE52.9xHealthcare
IFT InfratilNZ$12.004.5%
+NZ$519.6m		20.6%PE42.3xFinancials
AIA Auckland International AirportNZ$8.282.6%
+NZ$357.0m		2.5%PE34.3xIndustrials
MEL Meridian EnergyNZ$5.562.0%
+NZ$291.3m		-4.5%PS3.2xUtilities
MCY Mercury NZNZ$6.503.2%
+NZ$285.0m		10.2%PE105.3xUtilities
See more

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Latest News

TRA
NZ$8.60
Turners Automotive Group
7D
-1.1%
1Y
49.3%
IFT
NZ$12.00
Infratil
7D
4.5%
1Y
20.6%
FPH
NZ$39.33
Fisher & Paykel Healthcare
7D
7.2%
1Y
14.1%

FPH: Refreshed Guidance And Sector Perform Rating Will Shape Measured Future Expectations

Analysts have trimmed the fair value estimate for Fisher & Paykel Healthcare to about NZ$40.69 from NZ$40.89, citing improved company guidance and a higher NZ$36 Street price target as support for the updated view. Analyst Commentary Bullish Takeaways Bullish analysts point to the upgraded company guidance as support for moving to a more neutral stance on the shares, which they see as better aligning expectations with current execution.
ATM
NZ$11.35
a2 Milk
7D
-0.4%
1Y
28.8%

ATM: Dividend Payout And FY26 Guidance Will Support Steady Returns

Analysts have maintained their NZ$10.93 price target for a2 Milk, highlighting only minor adjustments to revenue growth, profit margin and future P/E assumptions, rather than any major change in the outlook. What's in the News a2 Milk raised its earnings guidance for FY26, with management indicating that revenue is trending ahead of prior expectations across all segments and products, and that NPAT is expected to be up on FY25 reported on a continuing operations basis (Corporate Guidance: Raised).
AIA
NZ$8.28
Auckland International Airport
7D
2.6%
1Y
2.5%

AIA: Steady Traffic And Dividend Payout Will Support A Balanced Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, pointing to only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shifts in the core valuation view. What's in the News Auckland International Airport reported February 2026 traffic results, with Auckland Airport handling 1,612,458 total passengers, 13,076 aircraft movements and 637,621 tonnes of MCTOW, while Queenstown Airport saw 228,905 passengers and 1,525 aircraft movements (company traffic update, February 2026).
KMD
NZ$0.072
KMD Brands
7D
-18.2%
1Y
-78.8%
RYM
NZ$2.13
Ryman Healthcare
7D
-0.5%
1Y
-16.5%

RYM: Reaffirmed Sales Guidance Will Support Bullish Long Term Outlook

Analysts have trimmed their NZ$ price target for Ryman Healthcare by about NZ$0.20, reflecting slightly higher discount rate assumptions and a more cautious view on margins, even as revenue growth expectations and future P/E settings remain under review. What's in the News Ryman Healthcare reaffirmed its sales guidance for occupation right agreements for fiscal 2026, keeping the target range at 1,300 to 1,400 agreements.
MCY
NZ$6.50
Mercury NZ
7D
3.2%
1Y
10.2%

MCY: Geothermal Expansion And Upcoming Distribution Will Support Steady Outlook

Analysts have kept their NZ$6.99 price target for Mercury NZ unchanged, reflecting steady assumptions for the discount rate, revenue growth, profit margin, and future P/E multiples in their latest review. What's in the News Mercury officially opened the fifth generation unit at its Nga Tamariki Geothermal Station near Taupo, a NZ$220m expansion project first announced in 2023 with construction starting in 2024 (Key Developments).
EBO
NZ$22.75
EBOS Group
7D
-1.1%
1Y
-41.0%

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

Analysts have made a small upward adjustment to EBOS Group's fair value estimate, with the price target moving from around NZ$33.56 to NZ$33.59 as they fine tune assumptions on long term profitability and the future P/E multiple. What's in the News EBOS Group Limited was dropped from the S&P/ASX 200 Index, which may affect index fund ownership and trading volumes for the stock (Key Developments).
SPK
NZ$2.18
Spark New Zealand
7D
4.8%
1Y
5.1%
GNZ
NZ$1.86
Goodman Property Trust
7D
-1.8%
1Y
-1.3%
CHI
NZ$2.95
Channel Infrastructure NZ
7D
-3.0%
1Y
56.1%
POT
NZ$7.80
Port of Tauranga
7D
-1.1%
1Y
24.6%
MEL
NZ$5.56
Meridian Energy
7D
2.0%
1Y
-4.5%
MFT
NZ$60.00
Mainfreight
7D
1.7%
1Y
-2.2%
FBU
NZ$3.07
Fletcher Building
7D
6.2%
1Y
-1.0%