New Zealand (NZX) Consumer Staples Sector Analysis

Sector Valuation and Performance

Has the New Zealand Consumer Staples Sector valuation changed over the past few years?

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Tue, 11 Aug 2026	NZ$20.0b	NZ$35.4b	NZ$1.4b	9.8x	14.7x	0.6x
Thu, 09 Jul 2026	NZ$20.4b	NZ$35.4b	NZ$1.4b	9.7x	14.9x	0.6x
Sat, 06 Jun 2026	NZ$19.0b	NZ$35.4b	NZ$1.4b	9.8x	13.9x	0.5x
Mon, 04 May 2026	NZ$20.7b	NZ$35.4b	NZ$1.4b	10.6x	15.4x	0.6x
Wed, 01 Apr 2026	NZ$21.7b	NZ$35.4b	NZ$1.4b	9x	16x	0.6x
Fri, 27 Feb 2026	NZ$21.7b	NZ$34.2b	NZ$1.4b	9.7x	15.8x	0.6x
Sun, 25 Jan 2026	NZ$20.2b	NZ$33.7b	NZ$1.3b	9.7x	15.4x	0.6x
Tue, 23 Dec 2025	NZ$20.7b	NZ$33.7b	NZ$1.3b	9.4x	15.7x	0.6x
Thu, 20 Nov 2025	NZ$20.9b	NZ$33.8b	NZ$1.3b	9.7x	15.9x	0.6x
Sat, 18 Oct 2025	NZ$20.5b	NZ$33.8b	NZ$1.3b	9.2x	16x	0.6x
Mon, 15 Sep 2025	NZ$20.1b	NZ$33.9b	NZ$1.4b	8.9x	14x	0.6x
Wed, 13 Aug 2025	NZ$17.2b	NZ$33.7b	NZ$1.4b	13.8x	12.7x	0.5x
Fri, 11 Jul 2025	NZ$16.4b	NZ$33.5b	NZ$1.3b	11.6x	12.4x	0.5x
Sun, 08 Jun 2025	NZ$17.1b	NZ$33.5b	NZ$1.3b	11.2x	12.9x	0.5x
Tue, 06 May 2025	NZ$16.7b	NZ$33.5b	NZ$1.3b	14x	12.9x	0.5x
Thu, 03 Apr 2025	NZ$16.7b	NZ$33.5b	NZ$1.3b	13.7x	12.9x	0.5x
Sat, 01 Mar 2025	NZ$17.2b	NZ$31.9b	NZ$1.2b	12.5x	14.6x	0.5x
Mon, 27 Jan 2025	NZ$14.8b	NZ$31.8b	NZ$1.2b	9.5x	12.7x	0.5x
Wed, 25 Dec 2024	NZ$14.1b	NZ$31.8b	NZ$1.1b	15.8x	12.3x	0.4x
Fri, 22 Nov 2024	NZ$13.8b	NZ$31.8b	NZ$1.1b	15.2x	12x	0.4x
Sun, 20 Oct 2024	NZ$13.9b	NZ$31.7b	NZ$1.1b	17.7x	12.2x	0.4x
Tue, 17 Sep 2024	NZ$12.6b	NZ$31.8b	NZ$1.3b	17.5x	9.4x	0.4x
Thu, 15 Aug 2024	NZ$12.8b	NZ$31.7b	NZ$1.4b	13.1x	9x	0.4x
Sat, 13 Jul 2024	NZ$12.9b	NZ$31.6b	NZ$1.4b	10.3x	8.9x	0.4x
Mon, 10 Jun 2024	NZ$13.0b	NZ$30.5b	NZ$1.1b	11.1x	12.1x	0.4x
Wed, 08 May 2024	NZ$11.4b	NZ$31.8b	NZ$1.6b	10.5x	7.2x	0.4x
Fri, 05 Apr 2024	NZ$11.4b	NZ$31.8b	NZ$1.6b	11.7x	7.2x	0.4x
Sun, 03 Mar 2024	NZ$11.7b	NZ$33.0b	NZ$1.5b	11.9x	7.8x	0.4x
Tue, 30 Jan 2024	NZ$11.1b	NZ$33.2b	NZ$1.5b	11.5x	7.2x	0.3x
Thu, 28 Dec 2023	NZ$11.2b	NZ$33.2b	NZ$1.5b	11.9x	7.3x	0.3x
Sat, 25 Nov 2023	NZ$10.5b	NZ$33.2b	NZ$1.5b	11.4x	6.8x	0.3x
Mon, 23 Oct 2023	NZ$10.9b	NZ$33.2b	NZ$1.6b	11.9x	6.9x	0.3x
Wed, 20 Sep 2023	NZ$11.8b	NZ$34.7b	NZ$1.6b	13x	7.3x	0.3x
Fri, 18 Aug 2023	NZ$12.6b	NZ$34.6b	NZ$1.6b	13.3x	7.7x	0.4x

Current Industry PE

Investors are optimistic on the New Zealander Consumer Staples industry, and appear confident in long term growth rates.

The industry is trading at a PE ratio of 14.7x which is higher than its 3-year average PE of 11.8x.

The industry is trading close to its 3-year average PS ratio of 0.47x.

Past Earnings Growth

The earnings for companies in the Consumer Staples industry have declined 6.1% per year over the last three years.
Meanwhile revenues have remained mostly flat.
This means that although sales have remained flat, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

Which industries have driven the changes within the New Zealand Consumer Staples sector?


NZ Market	0.61%
Consumer Staples	0.57%
Beverage	1.26%
Food and Staples Retail	1.21%
Food	0.55%
Personal Products	-0.66%

Industry PE

Investors are most optimistic about the Food industry which is trading above its 3-year average PE ratio of 11.1x.

Analysts are expecting annual earnings growth of 15.4%, which is lower than the prior year's growth of 89.7% per year.

Forecasted Growth

Analysts are most optimistic on the Food industry, expecting annual earnings growth of 15% over the next 5 years.
However this is lower than its past earnings growth rate of 90% per year.

In contrast, the Beverage industry is expected to see its earnings grow by 8.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

Company	Last Price	7D	1Y	Valuation
FCG Fonterra Co-operative Group	NZ$4.26	0.2% +NZ$24.1m	28.3%	PE9.8x
ATM a2 Milk	NZ$8.20	0.2% +NZ$14.5m	-1.8%	PE28.7x
NZK New Zealand King Salmon Investments	NZ$0.25	8.7% +NZ$10.8m	19.0%	PS0.8x
SCL Scales	NZ$6.87	1.0% +NZ$10.2m	49.3%	PE9.9x
SAN Sanford	NZ$7.10	1.0% +NZ$6.5m	27.9%	PE9.2x

The A2 Milk Company Presents Results From Growth Monitoring Study Of A2-Type Protein Infant Formula

The a2 Milk Company presented results from Growth Monitoring Study as a late-breaking oral presentation at NUTRITION 2026. The study evaluated infant milk formula made from cow’s milk free from A1-type beta-casein (A1PF) and found it supported normal growth and safety through to 16 weeks of age, meeting predefined U.S. Food and Drug Administration criteria and remaining within World Health Organization-defined healthy growth ranges. Exploratory analyses found greater average gains in length and weight among infants fed A1PF formula compared to conventional formula. The Growth Monitoring Study was funded by The a2 Milk Company and conducted in line with U.S. Food and Drug Administration (FDA) requirements for new formula registration. Results found that A1PF formula supported normal growth and safety throughout the 16-week period in healthy term infants. Beta-casein is one of the main proteins found in cow’s milk. It occurs as a number of natural variants, which can be classified as either A1- or A2-type beta-casein. Most conventional cow’s milk contains a combination of both protein types. A1- and A2-type beta-casein differ by a single amino acid, which affects how the proteins are broken down during digestion. A1PF formula is made with milk containing only A2-type beta-casein and no A1-type beta-casein. The study’s primary objective was to determine whether A1PF formula performed comparably to conventional formula in supporting weight gain over the 16-week study period. Between baseline and week 16, infants fed A1PF formula had a mean daily weight gain of 31.94 grams, compared with 30.15 grams among infants fed conventional formula. The difference of 1.79 grams per day exceeded the study’s predefined non-inferiority threshold of minus 3 grams per day. Growth was evaluated in the context of World Health Organization (WHO) growth standards and infants fed A1PF formula remained within the WHO-defined healthy ranges throughout the study. There were also no significant differences between groups for adverse events experiences. Together, these results demonstrated that A1PF formula supported appropriate growth and safety within FDA guidelines. Post hoc analyses were conducted to further explore growth outcomes. These analyses were not part of the study’s primary objective and should be considered exploratory. Throughout the 16-week study period, infants fed A1PF formula achieved significantly greater average weight gain. A1PF formula-fed infants gained 3,577.78 grams compared with 3,376.50 among infants fed conventional formula, which represented an approximately 6% greater weight gain. Demonstrated significantly greater length gain. A1PF formula-fed infants gained 12.88 cm compared with 12.08 for infants fed conventional formula, which represents an approximately 6.6% greater length gain. Had significantly higher weight-for-age and length-for-age z-scores at week 16, which compare an infant’s growth with WHO age-based reference standards. Additional analyses found approximately 11% higher protein-to-growth ratios for weight among infants fed A1PF formula compared with infants fed conventional formula. These exploratory findings suggest that A1PF formula may support more favorable protein conversion efficiency. The FDA requires new formulas be tested under clinical study conditions to ensure new formulas support normal physical growth, such that they are non-inferior to commercially available formulas with regards to safety, weight gain and normal physical growth. In a randomized, controlled, double-blind clinical trial conducted in the United States, healthy full-term infants younger than 14 days of age were randomized to receive either A1PF or a conventional formula for 16 weeks. Growth and safety outcomes were assessed at baseline and throughout the study. The primary endpoint was mean daily weight gain from baseline through week 16. Additional assessments included length, head circumference, age-standardized growth measures, formula intake and adverse events.

New Zealand (NZX) Consumer Staples Sector Analysis

Sector Valuation and Performance

Industry Trends

Top Stock Gainers and Losers

Latest News

New major risk - Financial position

Now 26% undervalued after recent price drop

Comvita Limited to Report Fiscal Year 2026 Results on Aug 28, 2026

Scales Corporation Limited to Report First Half, 2026 Results on Aug 26, 2026

Fonterra Co-Operative Group Limited Announces Stepping Down of Brent Goldsack from the Board

Livestock Improvement Corporation Limited, Annual General Meeting, Sep 23, 2026

PGG Wrightson Limited to Report Fiscal Year 2026 Results on Aug 11, 2026

Delegat Group Limited to Report Fiscal Year 2026 Results on Aug 28, 2026

The A2 Milk Company Presents Results From Growth Monitoring Study Of A2-Type Protein Infant Formula

New major risk - Revenue and earnings growth

SML: Future Returns Will Rely On Restored Confidence In Product Safety

NZK: Higher FY26 Harvest Guidance Will Support Future Upside

Investor sentiment improves as stock rises 37%

New minor risk - Share price stability

First half dividend of NZ$0.059 announced