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New Zealand (NZX) Food Industry Analysis

UpdatedMay 23, 2026
DataAggregated Company Financials
Companies11
  • 7D-2.7%
  • 3M-12.2%
  • 1Y12.2%
  • YTD-9.9%

Over the last 7 days, the Food industry has dropped 2.7%, driven by a2 Milk declining 7.9%. On the other hand Livestock Improvement is actually up 5.3%. In the past year, the industry has gained 12%. Earnings are forecast to grow by 18% annually.

Industry Valuation and Performance

Has the New Zealand Food Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 23 May 2026NZ$18.3bNZ$34.1bNZ$1.4b9.9x13.3x0.5x
Mon, 20 Apr 2026NZ$20.7bNZ$34.1bNZ$1.4b10.8x15.2x0.6x
Wed, 18 Mar 2026NZ$21.1bNZ$33.0bNZ$1.4b10x15x0.6x
Fri, 13 Feb 2026NZ$19.9bNZ$32.4bNZ$1.3b10.8x14.8x0.6x
Sun, 11 Jan 2026NZ$20.3bNZ$32.4bNZ$1.4b11.2x15x0.6x
Tue, 09 Dec 2025NZ$19.8bNZ$32.4bNZ$1.4b10.5x14.7x0.6x
Thu, 06 Nov 2025NZ$20.3bNZ$32.5bNZ$1.3b15.3x15.4x0.6x
Sat, 04 Oct 2025NZ$19.5bNZ$32.5bNZ$1.3b14.7x14.8x0.6x
Mon, 01 Sep 2025NZ$19.8bNZ$32.6bNZ$1.5b11.4x13.4x0.6x
Wed, 30 Jul 2025NZ$16.5bNZ$32.3bNZ$1.4b14.2x11.9x0.5x
Fri, 27 Jun 2025NZ$16.1bNZ$32.2bNZ$1.4b13.8x11.7x0.5x
Sun, 25 May 2025NZ$16.3bNZ$32.2bNZ$1.4b13.3x11.8x0.5x
Tue, 22 Apr 2025NZ$16.1bNZ$32.2bNZ$1.4b18.6x11.9x0.5x
Thu, 20 Mar 2025NZ$16.9bNZ$30.6bNZ$1.3b16x13.5x0.6x
Sat, 15 Feb 2025NZ$14.2bNZ$30.5bNZ$1.2b14.5x11.9x0.5x
Mon, 13 Jan 2025NZ$13.4bNZ$30.5bNZ$1.2b18.7x11.3x0.4x
Wed, 11 Dec 2024NZ$13.5bNZ$30.5bNZ$1.2b18.5x11.5x0.4x
Fri, 08 Nov 2024NZ$12.8bNZ$30.4bNZ$1.2b18.5x10.9x0.4x
Sun, 06 Oct 2024NZ$12.5bNZ$30.4bNZ$1.2b18.6x10.6x0.4x
Tue, 03 Sep 2024NZ$12.0bNZ$30.5bNZ$1.4b18.9x8.8x0.4x
Thu, 01 Aug 2024NZ$12.2bNZ$30.3bNZ$1.3b18.8x9.1x0.4x
Sat, 29 Jun 2024NZ$11.6bNZ$29.2bNZ$988.0m11x11.7x0.4x
Mon, 27 May 2024NZ$12.1bNZ$30.5bNZ$1.5b10.3x8.1x0.4x
Wed, 24 Apr 2024NZ$10.1bNZ$30.5bNZ$1.5b12.1x6.7x0.3x
Fri, 22 Mar 2024NZ$11.3bNZ$30.5bNZ$1.6b12.1x7.1x0.4x
Sun, 18 Feb 2024NZ$10.2bNZ$31.9bNZ$1.4b6.6x7.1x0.3x
Tue, 16 Jan 2024NZ$9.9bNZ$31.9bNZ$1.4b7.2x6.8x0.3x
Thu, 14 Dec 2023NZ$9.6bNZ$31.9bNZ$1.4b6.7x6.6x0.3x
Sat, 11 Nov 2023NZ$9.2bNZ$31.8bNZ$1.5b6.1x6.2x0.3x
Mon, 09 Oct 2023NZ$9.5bNZ$31.8bNZ$1.5b6.1x6.4x0.3x
Wed, 06 Sep 2023NZ$10.3bNZ$33.3bNZ$1.5b11.8x6.8x0.3x
Fri, 04 Aug 2023NZ$11.1bNZ$33.2bNZ$1.6b15.1x7.1x0.3x
Sun, 02 Jul 2023NZ$11.3bNZ$33.2bNZ$1.5b18.2x7.3x0.3x
Tue, 30 May 2023NZ$11.2bNZ$32.7bNZ$1.1b18.9x10x0.3x
Price to Earnings Ratio

10x


Total Market Cap: NZ$11.2bTotal Earnings: NZ$1.1bTotal Revenue: NZ$32.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Food Industry Price to Earnings3Y Average 10.7x202420252026
Current Industry PE
  • Investors are optimistic on the New Zealander Food industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 13.3x which is higher than its 3-year average PE of 10.7x.
  • The industry is trading close to its 3-year average PS ratio of 0.45x.
Past Earnings Growth
  • The earnings for companies in the Food industry have grown 6.8% 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 industry?

NZ Market0.00022%
Consumer Staples-2.67%
Food-2.71%
Agricultural Products-1.16%
Packaged Foods and Meats-2.87%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry which is trading above its 3-year average PE ratio of 10.2x.
    • Analysts are expecting annual earnings growth of 20.3%, which is higher than its past year's earnings growth of 7.7% per year.
  • Investors are most pessimistic about the Agricultural Products industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average.
Forecasted Growth
  • Analysts are most optimistic on the Packaged Foods and Meats industry, expecting annual earnings growth of 20% over the next 5 years.
  • This is better than its past earnings growth rate of 7.7% per year.
  • In contrast, the Agricultural Products industry is expected to see its earnings grow by 3.4% 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
LIC Livestock ImprovementNZ$1.205.3%
+NZ$8.5m		23.7%PE6.7x
TGG T&G GlobalNZ$2.351.3%
+NZ$3.7m		38.2%PE28.2x

Latest News

SAN
NZ$7.60
Sanford
7D
-4.9%
1Y
42.1%
SCL
NZ$5.91
Scales
7D
-2.3%
1Y
34.3%
Narrative Update • May 10

SCL: Stable Earnings Outlook Will Balance Modestly Higher Perceived Risk

Analysts have kept Scales' fair value view broadly steady, with a modest tweak to the discount rate and future P/E assumptions leading to a small adjustment in their NZ$ price target. This reflects slightly higher perceived risk rather than a change in the core earnings outlook.
ATM
NZ$6.91
a2 Milk
7D
-7.9%
1Y
-21.8%
Narrative Update • May 07

ATM: Dividend Policy And FY26 Guidance Will Support Upside Potential

Analysts have kept their NZ$10.53 price target for a2 Milk steady, citing only slight adjustments in discount rate, long term revenue growth, profit margin and future P/E assumptions as the rationale for leaving the valuation unchanged. What's in the News a2 Milk updated FY26 earnings guidance, now expecting revenue growth in the low to mid double-digit range versus FY25, with double-digit defined as 10% to 20%, compared with previous guidance of mid double-digit growth (Corporate Guidance, New/Confirmed).
SML
NZ$0.42
Synlait Milk
7D
-7.6%
1Y
-41.0%
ALF
NZ$0.66
Allied Farmers
7D
-4.4%
1Y
-12.7%
NZK
NZ$0.21
New Zealand King Salmon Investments
7D
-2.3%
1Y
-10.4%
TGG
NZ$2.35
T&G Global
7D
1.3%
1Y
38.2%
PGW
NZ$2.11
PGG Wrightson
7D
-4.1%
1Y
10.5%
SEK
NZ$5.04
Seeka
7D
-1.9%
1Y
27.3%
LIC
NZ$1.20
Livestock Improvement
7D
5.3%
1Y
23.7%
Analysis Article • Jan 30

Livestock Improvement's (NZSE:LIC) Earnings Are Of Questionable Quality

Despite posting some strong earnings, the market for Livestock Improvement Corporation Limited's ( NZSE:LIC ) stock...