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New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies102
  • 7D-2.4%
  • 3M-2.0%
  • 1Y-1.2%
  • YTD-3.1%

Over the last 7 days, the market has dropped 2.4%, driven by a loss of 6.6% in the Healthcare sector. Overall the market has been flat in the last year. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026NZ$174.4bNZ$115.6bNZ$4.0b18.5x43.2x1.5x
Fri, 16 Jan 2026NZ$181.1bNZ$115.5bNZ$4.0b18.6x45.7x1.6x
Sun, 14 Dec 2025NZ$177.1bNZ$115.3bNZ$3.9b18.1x45.4x1.5x
Tue, 11 Nov 2025NZ$181.2bNZ$116.1bNZ$3.5b19.1x52x1.6x
Thu, 09 Oct 2025NZ$181.3bNZ$115.9bNZ$3.5b19.3x52.2x1.6x
Sat, 06 Sep 2025NZ$176.9bNZ$115.7bNZ$3.6b18.2x48.6x1.5x
Mon, 04 Aug 2025NZ$169.4bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Wed, 02 Jul 2025NZ$168.2bNZ$116.0bNZ$3.5b19.2x48.6x1.5x
Fri, 30 May 2025NZ$164.3bNZ$115.7bNZ$3.3b18.6x50x1.4x
Sun, 27 Apr 2025NZ$160.2bNZ$115.2bNZ$2.6b18.2x61.1x1.4x
Tue, 25 Mar 2025NZ$160.6bNZ$115.4bNZ$2.5b18.7x63x1.4x
Thu, 20 Feb 2025NZ$173.0bNZ$114.3bNZ$3.2b20.4x54.8x1.5x
Sat, 18 Jan 2025NZ$171.0bNZ$113.7bNZ$3.1b20.5x54.4x1.5x
Mon, 16 Dec 2024NZ$167.6bNZ$113.6bNZ$3.1b19.7x53.4x1.5x
Wed, 13 Nov 2024NZ$170.6bNZ$112.9bNZ$4.2b19.6x40.4x1.5x
Fri, 11 Oct 2024NZ$168.1bNZ$112.9bNZ$4.3b19.3x39.2x1.5x
Sun, 08 Sep 2024NZ$164.8bNZ$112.9bNZ$4.7b20.1x35.4x1.5x
Tue, 06 Aug 2024NZ$161.8bNZ$110.5bNZ$4.7b17.7x34.7x1.5x
Thu, 04 Jul 2024NZ$155.9bNZ$109.6bNZ$4.3b15.1x36.2x1.4x
Sat, 01 Jun 2024NZ$151.9bNZ$110.8bNZ$5.3b14.9x28.7x1.4x
Mon, 29 Apr 2024NZ$154.9bNZ$110.1bNZ$5.8b17x26.6x1.4x
Wed, 27 Mar 2024NZ$157.2bNZ$109.9bNZ$5.9b17.1x26.6x1.4x
Fri, 23 Feb 2024NZ$154.7bNZ$110.3bNZ$6.5b15x23.9x1.4x
Sun, 21 Jan 2024NZ$156.0bNZ$109.3bNZ$6.7b15.7x23.5x1.4x
Tue, 19 Dec 2023NZ$154.7bNZ$109.3bNZ$6.6b15.9x23.3x1.4x
Thu, 16 Nov 2023NZ$149.8bNZ$108.6bNZ$5.7b17x26.5x1.4x
Sat, 14 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Mon, 11 Sep 2023NZ$154.1bNZ$110.6bNZ$5.9b16.7x26.1x1.4x
Wed, 09 Aug 2023NZ$162.9bNZ$108.3bNZ$6.6b17.2x24.8x1.5x
Fri, 07 Jul 2023NZ$164.3bNZ$108.2bNZ$6.6b16.7x24.8x1.5x
Sun, 04 Jun 2023NZ$161.7bNZ$108.1bNZ$6.2b16.1x26x1.5x
Tue, 02 May 2023NZ$163.9bNZ$107.3bNZ$7.6b15.1x21.6x1.5x
Thu, 30 Mar 2023NZ$160.9bNZ$107.2bNZ$7.5b15.6x21.5x1.5x
Sat, 25 Feb 2023NZ$163.9bNZ$105.4bNZ$6.8b16.4x24x1.6x
Price to Earnings Ratio

24x


Total Market Cap: NZ$163.9bTotal Earnings: NZ$6.8bTotal Revenue: NZ$105.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38x202420252026
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 43.2x which is higher than its 3-year average PE of 38.0x.
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 3.9% 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-2.35%
Consumer Staples2.43%
Energy-0.36%
Materials-1.14%
Telecom-1.14%
Financials-1.15%
Real Estate-1.52%
Industrials-1.74%
Utilities-2.13%
Consumer Discretionary-3.93%
Healthcare-6.61%
Tech-7.21%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 70.8x.
    • Analysts are expecting annual earnings growth of 20.7%, which is lower than the prior year's growth of 52.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 101% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.1% 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
ATM a2 MilkNZ$11.1913.3%
+NZ$950.3m		37.8%PE40xConsumer Staples
FCG Fonterra Co-operative GroupNZ$6.090.8%
+NZ$80.2m		35.9%PE9.7xConsumer Staples
SKL Skellerup HoldingsNZ$5.691.6%
+NZ$17.6m		6.6%PE18.8xIndustrials
AIR Air New ZealandNZ$0.580.9%
+NZ$16.2m		-7.9%PE15xIndustrials
WIN Winton LandNZ$1.952.4%
+NZ$13.3m		5.1%PE55.9xReal Estate
See more

Market Insights

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Last Week

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Latest News

CEN
NZ$9.20
Contact Energy
7D
-4.7%
1Y
-1.4%

CEN: Equity Raise And Stable Outlook Will Shape Future Returns

Analysts have maintained their NZ$10.40 fair value estimate for Contact Energy. Updated assumptions include a higher discount rate, a shift in revenue growth expectations to 2.39%, a lower profit margin of 10.74%, and a higher future P/E of 39.75x.
ATM
NZ$11.19
a2 Milk
7D
13.3%
1Y
37.8%
SKL
NZ$5.69
Skellerup Holdings
7D
1.6%
1Y
6.6%

Skellerup Holdings (NZSE:SKL) Will Pay A Dividend Of NZ$0.1071

Feb 16
Skellerup Holdings (NZSE:SKL) Will Pay A Dividend Of NZ$0.1071
FPH
NZ$35.68
Fisher & Paykel Healthcare
7D
-10.8%
1Y
0.9%

Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) Shareholders Might Be Looking For Exit

Feb 15
Fisher & Paykel Healthcare Corporation Limited's (NZSE:FPH) Shareholders Might Be Looking For Exit
FCG
NZ$6.09
Fonterra Co-operative Group
7D
0.8%
1Y
35.9%
TRA
NZ$8.35
Turners Automotive Group
7D
1.2%
1Y
41.0%

TRA: Dividend Policy And Five Year Plan Will Shape Future Returns

Analysts have nudged their price target for Turners Automotive Group slightly higher to NZ$7.81 from NZ$7.76, citing updated assumptions for the discount rate, revenue growth, profit margin and future P/E, which collectively support a modestly higher valuation. What's in the News Turners Automotive Group has scheduled an Analyst/Investor Day to provide an update on the Group's strategic plan and targets for the next five years, giving investors more clarity on management priorities and capital allocation intentions (Key Developments).
EBO
NZ$23.74
EBOS Group
7D
-8.0%
1Y
-43.6%

EBO: Analyst Day Will Support Future Capital Efficiency Reassessment

Analysts have nudged their fair value estimate for EBOS Group higher from A$35.02 to A$35.22, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What's in the News EBOS Group held an Analyst/Investor Day, providing management with a forum to outline its business priorities and respond to questions from the investment community (Key Developments).
AIR
NZ$0.58
Air New Zealand
7D
0.9%
1Y
-7.9%

AIR: Future Earnings Will Balance Traffic Resilience And Sector Margin Execution Risks

Analysts have maintained their fair value estimate for Air New Zealand at $0.55. They are now using a slightly lower discount rate, marginally higher revenue growth and profit margin assumptions, and a modestly reduced future P/E, reflecting updated views on sector fundamentals and capital deployment drawn from recent aviation and aerospace research.
RYM
NZ$2.45
Ryman Healthcare
7D
-10.9%
1Y
-44.6%

RYM: Higher Margins And Flat Unit Sales Will Support Balanced Outlook

Analysts have made a small reduction to their price target for Ryman Healthcare to reflect updated assumptions. These include slightly higher long term revenue growth, a higher projected profit margin of about 66% and a modestly lower future P/E of roughly 5.8x.
IFT
NZ$10.74
Infratil
7D
-3.9%
1Y
-3.9%

IFT: Upcoming Dividend And Reinforced Fair Value Will Support Upside

Analysts have maintained their fair value estimate for Infratil at $14.02 per share, making small adjustments to assumptions such as a slightly lower discount rate and a modestly reduced future P/E. These changes reflect updated views on risk and long-term earnings potential.
FBU
NZ$3.50
Fletcher Building
7D
-6.2%
1Y
9.7%
MFT
NZ$62.50
Mainfreight
7D
-3.8%
1Y
-10.6%

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
WIN
NZ$1.95
Winton Land
7D
2.4%
1Y
5.1%
RAK
NZ$1.48
Rakon
7D
1.4%
1Y
150.0%
MEL
NZ$5.60
Meridian Energy
7D
-2.1%
1Y
-5.7%

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
IPL
NZ$1.11
Investore Property
7D
1.4%
1Y
-3.9%