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New Zealand (NZX) Consumer Staples Sector Analysis

UpdatedJul 20, 2026
DataAggregated Company Financials
Companies16
  • 7D-1.5%
  • 3M-5.6%
  • 1Y18.4%
  • YTD-4.9%

Over the last 7 days, the Consumer Staples industry has dropped 1.5%, driven by a2 Milk declining 4.3%. Meanwhile, Synlait Milk actually outperformed within the industry, gaining 6.7% in the last week. Over the past 12 months, the industry was up 18%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 20 Jul 2026NZ$20.0bNZ$35.4bNZ$1.4b9.7x14.7x0.6x
Wed, 17 Jun 2026NZ$19.6bNZ$35.4bNZ$1.4b9.8x14.4x0.6x
Fri, 15 May 2026NZ$19.5bNZ$35.4bNZ$1.4b10.1x14.4x0.6x
Sun, 12 Apr 2026NZ$21.5bNZ$35.4bNZ$1.4b9.2x15.9x0.6x
Tue, 10 Mar 2026NZ$21.9bNZ$34.3bNZ$1.4b9.3x15.6x0.6x
Thu, 05 Feb 2026NZ$20.6bNZ$33.7bNZ$1.3b10.3x15.7x0.6x
Sat, 03 Jan 2026NZ$21.0bNZ$33.7bNZ$1.3b9.7x15.9x0.6x
Mon, 01 Dec 2025NZ$21.0bNZ$33.7bNZ$1.3b9.7x16x0.6x
Wed, 29 Oct 2025NZ$20.6bNZ$33.8bNZ$1.3b9.2x16x0.6x
Fri, 26 Sep 2025NZ$20.1bNZ$33.7bNZ$1.2b9.4x16.1x0.6x
Sun, 24 Aug 2025NZ$19.8bNZ$33.9bNZ$1.4b9.3x14.1x0.6x
Tue, 22 Jul 2025NZ$16.9bNZ$33.6bNZ$1.3b11.6x12.7x0.5x
Thu, 19 Jun 2025NZ$17.0bNZ$33.5bNZ$1.3b11.3x12.9x0.5x
Sat, 17 May 2025NZ$17.0bNZ$33.5bNZ$1.3b11.4x12.9x0.5x
Mon, 14 Apr 2025NZ$16.8bNZ$33.5bNZ$1.3b13.6x12.9x0.5x
Wed, 12 Mar 2025NZ$17.3bNZ$31.9bNZ$1.2b12.9x14.4x0.5x
Fri, 07 Feb 2025NZ$14.9bNZ$31.8bNZ$1.2b10x12.8x0.5x
Sun, 05 Jan 2025NZ$14.1bNZ$31.8bNZ$1.1b15.3x12.3x0.4x
Tue, 03 Dec 2024NZ$14.6bNZ$31.8bNZ$1.1b17.1x12.8x0.5x
Thu, 31 Oct 2024NZ$14.4bNZ$31.7bNZ$1.1b17.1x12.6x0.5x
Sat, 28 Sep 2024NZ$13.7bNZ$31.4bNZ$1.2b17.3x11x0.4x
Mon, 26 Aug 2024NZ$12.6bNZ$31.8bNZ$1.4b12.8x8.8x0.4x
Wed, 24 Jul 2024NZ$12.7bNZ$31.6bNZ$1.4b13.3x8.9x0.4x
Fri, 21 Jun 2024NZ$12.5bNZ$30.5bNZ$1.1b9.7x11.6x0.4x
Sun, 19 May 2024NZ$12.6bNZ$31.8bNZ$1.6b10.5x7.9x0.4x
Tue, 16 Apr 2024NZ$11.2bNZ$31.8bNZ$1.6b11.5x7.1x0.4x
Thu, 14 Mar 2024NZ$11.9bNZ$33.0bNZ$1.5b11.7x8x0.4x
Sat, 10 Feb 2024NZ$11.1bNZ$33.2bNZ$1.5b10.9x7.2x0.3x
Mon, 08 Jan 2024NZ$11.3bNZ$33.2bNZ$1.5b11.7x7.3x0.3x
Wed, 06 Dec 2023NZ$10.5bNZ$33.2bNZ$1.5b10.7x6.8x0.3x
Fri, 03 Nov 2023NZ$10.6bNZ$33.2bNZ$1.6b11.7x6.6x0.3x
Sun, 01 Oct 2023NZ$11.2bNZ$34.4bNZ$1.6b12.2x6.9x0.3x
Tue, 29 Aug 2023NZ$12.0bNZ$34.7bNZ$1.6b13x7.4x0.3x
Thu, 27 Jul 2023NZ$12.7bNZ$34.5bNZ$1.7b13.8x7.6x0.4x
Price to Earnings Ratio

7.6x


Total Market Cap: NZ$12.7bTotal Earnings: NZ$1.7bTotal Revenue: NZ$34.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Consumer Staples Sector Price to Earnings3Y Average 11.6x202420252026
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 11.6x.
  • 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 6.6% 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-0.65%
Consumer Staples-1.47%
Personal Products2.82%
Beverage0.44%
Food and Staples Retail-1.20%
Food-1.54%
Industry PE
  • Investors are most optimistic about the Food industry which is trading above its 3-year average PE ratio of 11.0x.
    • Analysts are expecting annual earnings growth of 15.9%, which is lower than the prior year's growth of 70.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Personal Products industry, expecting annual earnings growth of 50% over the next 5 years.
  • In contrast, the Food and Staples Retail industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
FCG Fonterra Co-operative GroupNZ$4.251.2%
+NZ$120.3m		34.5%PE9.8x
SAN SanfordNZ$7.002.9%
+NZ$18.7m		20.9%PE9.1x
SML Synlait MilkNZ$0.406.7%
+NZ$15.1m		-37.5%PS0.1x
ATM a2 MilkNZ$8.570.2%
+NZ$14.5m		0.5%PE30x
DGL Delegat GroupNZ$4.202.4%
+NZ$10.1m		0.5%PE7.2x

Latest News

LIC
NZ$1.22
Livestock Improvement
7D
0.8%
1Y
28.4%
FCG
NZ$4.25
Fonterra Co-operative Group
7D
1.2%
1Y
34.5%
ALF
NZ$0.62
Allied Farmers
7D
-3.1%
1Y
-21.5%
ATM
NZ$8.57
a2 Milk
7D
0.2%
1Y
0.5%
Narrative Update • Jul 10

ATM: Recall Management And 2026 Guidance Will Support Bullish Re-Rating

Analysts have trimmed their fair value estimate for a2 Milk from about NZ$12.40 to roughly NZ$10.88, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. This comes even as recent Street research highlights a NZ$7.90 price target and describes the business as transitioning to a more robust model.
SML
NZ$0.40
Synlait Milk
7D
6.7%
1Y
-37.5%
Narrative Update • Jul 08

SML: Higher Discount Rate And Recall Risks Will Shape Balanced Outlook

Analysts have lowered their Synlait Milk price target from NZ$0.57 to NZ$0.40, citing updated assumptions that include a higher discount rate, softer revenue expectations, revised profit margin estimates, and a lower future P/E multiple. What’s in the News for Synlait Milk Synlait Milk is working with The a2 Milk Company on a voluntary recall of three batches of a2 Platinum USA label infant milk formula, after cereulide was detected through additional testing prompted by new directives from New Zealand’s Ministry for Primary Industries.
SCL
NZ$6.65
Scales
7D
0.3%
1Y
40.9%
Narrative Update • Jun 25

SCL: Stable Assumptions And Higher Multiple Will Support Future Repricing

Analysts have kept their NZ$6.95 price target for Scales unchanged, reflecting consistent assumptions around the discount rate, expected revenue growth, profit margin and future P/E, despite the latest review of their valuation model. What’s in the News for Scales No recent Scales specific news items were provided in the primary news source.
DGL
NZ$4.20
Delegat Group
7D
2.4%
1Y
0.5%
NZK
NZ$0.23
New Zealand King Salmon Investments
7D
2.2%
1Y
7.0%
Narrative Update • Jun 07

NZK: Higher FY26 Harvest Guidance Will Support Future Upside

Analysts have adjusted their price target for New Zealand King Salmon Investments from NZ$0.31 to NZ$0.34, citing updated assumptions for discount rate, revenue growth, profit margins, and future P/E as key drivers of the change. What's in the News New Zealand King Salmon Investments upgraded its FY26 production guidance, with expected whole gilled and gutted harvest volumes now in a range of 5,800MT to 6,100MT, compared with the prior guidance of 5,500MT to 5,900MT.
GXH
NZ$1.96
Green Cross Health
7D
-0.3%
1Y
139.0%
CVT
NZ$0.70
Comvita
7D
-1.4%
1Y
48.9%
SAN
NZ$7.00
Sanford
7D
2.9%
1Y
20.9%
TGG
NZ$2.30
T&G Global
7D
-2.1%
1Y
0%
PGW
NZ$2.22
PGG Wrightson
7D
-1.3%
1Y
1.8%
SEK
NZ$4.92
Seeka
7D
-1.6%
1Y
23.0%