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New Zealand (NZX) Consumer Staples Sector Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies16
  • 7D1.0%
  • 3M2.2%
  • 1Y46.6%
  • YTD47.2%

The Consumer Staples is pretty flat in the last 7 days, but a2 Milk has stood out, gaining 3.1%. The past year has been better, since the industry has gained 47% in that time. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Dec 2025NZ$20.7bNZ$33.7bNZ$1.3b9.5x15.7x0.6x
Sun, 23 Nov 2025NZ$21.0bNZ$33.8bNZ$1.3b9.6x16x0.6x
Tue, 21 Oct 2025NZ$20.5bNZ$33.8bNZ$1.3b9.2x16x0.6x
Thu, 18 Sep 2025NZ$20.1bNZ$33.9bNZ$1.4b8.9x14x0.6x
Sat, 16 Aug 2025NZ$17.4bNZ$33.7bNZ$1.4b13.8x12.8x0.5x
Mon, 14 Jul 2025NZ$16.4bNZ$33.5bNZ$1.3b11.4x12.5x0.5x
Wed, 11 Jun 2025NZ$17.2bNZ$33.5bNZ$1.3b11x13x0.5x
Fri, 09 May 2025NZ$16.8bNZ$33.5bNZ$1.3b13.3x12.9x0.5x
Sun, 06 Apr 2025NZ$16.6bNZ$33.5bNZ$1.3b13.5x12.8x0.5x
Tue, 04 Mar 2025NZ$17.1bNZ$31.9bNZ$1.2b13x14.7x0.5x
Thu, 30 Jan 2025NZ$14.7bNZ$31.8bNZ$1.2b8.9x12.7x0.5x
Sat, 28 Dec 2024NZ$14.1bNZ$31.8bNZ$1.1b15.1x12.3x0.4x
Mon, 25 Nov 2024NZ$14.4bNZ$31.8bNZ$1.1b15.1x12.6x0.5x
Wed, 23 Oct 2024NZ$14.1bNZ$31.7bNZ$1.1b17.1x12.4x0.4x
Fri, 20 Sep 2024NZ$12.4bNZ$31.8bNZ$1.3b17.3x9.3x0.4x
Sun, 18 Aug 2024NZ$13.0bNZ$31.7bNZ$1.4b13.3x9.2x0.4x
Tue, 16 Jul 2024NZ$12.9bNZ$31.6bNZ$1.4b9.9x8.9x0.4x
Thu, 13 Jun 2024NZ$12.8bNZ$30.5bNZ$1.1b10.7x12x0.4x
Sat, 11 May 2024NZ$11.4bNZ$31.8bNZ$1.6b10.9x7.2x0.4x
Mon, 08 Apr 2024NZ$11.4bNZ$31.8bNZ$1.6b11.7x7.2x0.4x
Wed, 06 Mar 2024NZ$11.7bNZ$33.0bNZ$1.5b11.6x7.8x0.4x
Fri, 02 Feb 2024NZ$11.0bNZ$33.2bNZ$1.5b12x7.1x0.3x
Sun, 31 Dec 2023NZ$11.2bNZ$33.2bNZ$1.5b11.6x7.3x0.3x
Tue, 28 Nov 2023NZ$10.4bNZ$33.2bNZ$1.5b11.4x6.7x0.3x
Thu, 26 Oct 2023NZ$10.8bNZ$33.2bNZ$1.6b11.9x6.8x0.3x
Sat, 23 Sep 2023NZ$11.9bNZ$33.5bNZ$1.6b12.6x7.3x0.4x
Mon, 21 Aug 2023NZ$12.3bNZ$34.6bNZ$1.6b16.6x7.5x0.4x
Wed, 19 Jul 2023NZ$12.6bNZ$34.5bNZ$1.6b16.2x7.7x0.4x
Fri, 16 Jun 2023NZ$12.8bNZ$34.0bNZ$1.2b14.7x10.3x0.4x
Sun, 14 May 2023NZ$12.4bNZ$34.2bNZ$1.3b14.5x9.9x0.4x
Tue, 11 Apr 2023NZ$12.9bNZ$34.2bNZ$1.3b14.4x10.3x0.4x
Thu, 09 Mar 2023NZ$13.7bNZ$32.0bNZ$989.1m14.1x13.8x0.4x
Sat, 04 Feb 2023NZ$14.2bNZ$31.8bNZ$1.0b14.3x14.2x0.4x
Mon, 02 Jan 2023NZ$14.1bNZ$31.8bNZ$1.0b14.4x14.1x0.4x
Price to Earnings Ratio

14.1x


Total Market Cap: NZ$14.1bTotal Earnings: NZ$1.0bTotal Revenue: NZ$31.8bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Consumer Staples Sector Price to Earnings3Y Average 10.9x20242025
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 15.7x which is higher than its 3-year average PE of 10.9x.
  • The industry is trading close to its 3-year average PS ratio of 0.43x.
Past Earnings Growth
  • The earnings for companies in the Consumer Staples industry have grown 9.5% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

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

NZ Market1.83%
Consumer Staples1.00%
Food1.14%
Food and Staples Retail-2.06%
Beverage-2.78%
Personal Products-3.77%
Industry PE
  • Investors are most optimistic about the Food industry which is trading above its 3-year average PE ratio of 10.3x.
    • Analysts are expecting annual earnings growth of 15.2%, which is lower than the prior year's growth of 73.5% per year.
Forecasted Growth
  • Analysts are most optimistic on the Personal Products industry, expecting annual earnings growth of 66% over the next 5 years.
  • In contrast, the Food and Staples Retail industry is expected to see its earnings grow by 6.2% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
ATM a2 MilkNZ$10.523.1%
+NZ$232.1m		65.7%PE37.6x
SCL ScalesNZ$5.892.1%
+NZ$17.4m		45.8%PE16.7x
SAN SanfordNZ$7.241.3%
+NZ$8.4m		70.4%PE10.6x
SML Synlait MilkNZ$0.631.6%
+NZ$6.0m		53.7%PS0.2x
TGG T&G GlobalNZ$2.250.9%
+NZ$2.5m		45.2%PE64.2x

Latest News

ATM
NZ$10.52
a2 Milk
7D
3.1%
1Y
65.7%

ATM: China Regulatory Progress And New Distribution Will Shape Balanced Outlook

Analysts have modestly raised their price target on a2 Milk to approximately $10.16 per share from about $9.93, reflecting slightly higher long term profit margin expectations and a marginally richer future P/E multiple. What's in the News a2 Milk received approvals from New Zealand's Ministry for Primary Industries and China's General Administration of Customs to progress regulatory steps needed to transition two China label infant formula registrations to a2-branded products, with final SAMR approval to be sought in December 2025 and a potential product launch targeted for late first half 2027 (Regulatory Authority – Compliance) The company confirmed earnings guidance for 2026, expecting low double digit percentage revenue growth versus FY25, reinforcing management confidence in medium term performance (Corporate Guidance – New/Confirmed) a2 Milk expanded its long term strategic cooperation with China State Farm Agribusiness Holding Shanghai to include English label infant milk formula products in the cross border eCommerce channel from early calendar 2026, broadening distribution for a2 Genesis and paving the way for other products such as a2 Platinum (Client Announcements) The enhanced partnership with China State Farm, a state owned enterprise with deep reach into mother and baby stores and major online platforms, is expected to strengthen a2 Milk's brand position and control over its English label distribution in China (Client Announcements) Valuation Changes Fair Value: Increased slightly from around NZ$9.93 to approximately NZ$10.16 per share.
NZK
NZ$0.19
New Zealand King Salmon Investments
7D
-3.0%
1Y
-13.8%
SCL
NZ$5.89
Scales
7D
2.1%
1Y
45.8%

SCL: Index Inclusion And Stable Outlook Will Support Fair Value Assessment

Analysts have raised their price target on Scales from 6.33 to 6.68, citing a modestly higher long term fair value and a slightly richer future earnings multiple, despite only marginal adjustments to growth and margin assumptions. What's in the News Announced a gross distribution of $0.14930556 per share for the first half of 2025, with a total cash distribution of $0.12500000 per share.
SML
NZ$0.63
Synlait Milk
7D
1.6%
1Y
53.7%

SML: Going Concern Warning Will Drive Higher Risk And Overvaluation

Analysts have raised their price target on Synlait Milk from NZ$0.41 to NZ$0.59, reflecting a higher required return as well as expectations of improved long term valuation support despite weaker near term revenue growth and margin assumptions. What's in the News Auditor KPMG issued an unqualified opinion on Synlait Milk's annual report for the year ended July 31, 2025, and highlighted significant doubt about the company's ability to continue as a going concern (Annual report / KPMG audit) The going concern warning indicates that Synlait Milk may face challenges meeting its financial obligations over the next 12 months without successful refinancing, asset sales, or improved operating performance (Annual report / KPMG audit) The combination of higher required returns from investors and formal going concern doubts points to elevated risk in Synlait Milk's capital structure and long term funding outlook (Annual report / KPMG audit) Valuation Changes The fair value estimate has increased from NZ$0.41 to NZ$0.59, rising significantly despite weaker near-term operating assumptions.
GXH
NZ$1.07
Green Cross Health
7D
-3.6%
1Y
30.5%

Green Cross Health's (NZSE:GXH) Solid Earnings Are Supported By Other Strong Factors

Dec 05
Green Cross Health's (NZSE:GXH) Solid Earnings Are Supported By Other Strong Factors
FCG
NZ$5.92
Fonterra Co-operative Group
7D
-0.3%
1Y
40.0%

We Think Some Shareholders May Hesitate To Increase Fonterra Co-operative Group Limited's (NZSE:FCG) CEO Compensation

Dec 04
We Think Some Shareholders May Hesitate To Increase Fonterra Co-operative Group Limited's (NZSE:FCG) CEO Compensation
MFB
NZ$0.24
My Food Bag Group
7D
2.1%
1Y
11.6%
SAN
NZ$7.24
Sanford
7D
1.3%
1Y
70.4%
CVT
NZ$0.51
Comvita
7D
-3.8%
1Y
-37.0%
ALF
NZ$0.79
Allied Farmers
7D
-1.3%
1Y
0%

We Think The Compensation For Allied Farmers Limited's (NZSE:ALF) CEO Looks About Right

Oct 30
We Think The Compensation For Allied Farmers Limited's (NZSE:ALF) CEO Looks About Right
TGG
NZ$2.25
T&G Global
7D
0.9%
1Y
45.2%

Does T&G Global (NZSE:TGG) Have A Healthy Balance Sheet?

Oct 14
Does T&G Global (NZSE:TGG) Have A Healthy Balance Sheet?
PGW
NZ$2.21
PGG Wrightson
7D
-3.5%
1Y
39.0%

Is PGG Wrightson (NZSE:PGW) Using Too Much Debt?

Oct 10
Is PGG Wrightson (NZSE:PGW) Using Too Much Debt?
DGL
NZ$4.50
Delegat Group
7D
-3.0%
1Y
-8.2%