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New Zealand (NZX) Food Industry Analysis

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies11
  • 7D0.2%
  • 3M4.3%
  • 1Y50.6%
  • YTD51.1%

The Food industry has stayed flat over the last week. As for the the longer term, the industry is up 50% over the past 12 months. Looking forward, earnings are forecast to grow by 15% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 24 Dec 2025NZ$19.9bNZ$32.4bNZ$1.4b10.6x14.8x0.6x
Fri, 21 Nov 2025NZ$20.2bNZ$32.5bNZ$1.3b10.3x15x0.6x
Sun, 19 Oct 2025NZ$19.8bNZ$32.5bNZ$1.3b14.2x15x0.6x
Tue, 16 Sep 2025NZ$19.5bNZ$32.6bNZ$1.5b11.2x13.2x0.6x
Thu, 14 Aug 2025NZ$16.6bNZ$32.4bNZ$1.4b15.7x11.8x0.5x
Sat, 12 Jul 2025NZ$15.7bNZ$32.2bNZ$1.4b14.2x11.4x0.5x
Mon, 09 Jun 2025NZ$16.4bNZ$32.2bNZ$1.4b13.7x12x0.5x
Wed, 07 May 2025NZ$16.0bNZ$32.2bNZ$1.4b18.4x11.8x0.5x
Fri, 04 Apr 2025NZ$16.0bNZ$32.2bNZ$1.4b18.6x11.8x0.5x
Sun, 02 Mar 2025NZ$16.3bNZ$30.6bNZ$1.2b17.4x13.4x0.5x
Tue, 28 Jan 2025NZ$14.0bNZ$30.5bNZ$1.2b13.8x11.8x0.5x
Thu, 26 Dec 2024NZ$13.3bNZ$30.5bNZ$1.2b18.6x11.3x0.4x
Sat, 23 Nov 2024NZ$13.0bNZ$30.5bNZ$1.2b18.6x11x0.4x
Mon, 21 Oct 2024NZ$13.1bNZ$30.4bNZ$1.2b18.6x11.1x0.4x
Wed, 18 Sep 2024NZ$11.6bNZ$30.5bNZ$1.4b18.2x8.4x0.4x
Fri, 16 Aug 2024NZ$11.9bNZ$30.3bNZ$1.3b23.1x8.9x0.4x
Sun, 14 Jul 2024NZ$12.0bNZ$30.3bNZ$1.4b12.3x8.8x0.4x
Tue, 11 Jun 2024NZ$12.1bNZ$29.2bNZ$988.0m10.1x12.2x0.4x
Thu, 09 May 2024NZ$10.5bNZ$30.5bNZ$1.5b11.1x7x0.3x
Sat, 06 Apr 2024NZ$10.3bNZ$30.5bNZ$1.5b12.4x6.8x0.3x
Mon, 04 Mar 2024NZ$10.6bNZ$31.7bNZ$1.4b13.1x7.5x0.3x
Wed, 31 Jan 2024NZ$10.0bNZ$31.9bNZ$1.4b7.5x6.9x0.3x
Fri, 29 Dec 2023NZ$10.1bNZ$31.9bNZ$1.4b6.8x7x0.3x
Sun, 26 Nov 2023NZ$9.2bNZ$31.9bNZ$1.4b7.2x6.4x0.3x
Tue, 24 Oct 2023NZ$9.5bNZ$31.8bNZ$1.5b6x6.4x0.3x
Thu, 21 Sep 2023NZ$10.3bNZ$33.3bNZ$1.5b10.3x6.8x0.3x
Sat, 19 Aug 2023NZ$10.8bNZ$33.3bNZ$1.5b16.9x7.1x0.3x
Mon, 17 Jul 2023NZ$11.2bNZ$33.2bNZ$1.5b18.9x7.3x0.3x
Wed, 14 Jun 2023NZ$11.1bNZ$32.7bNZ$1.1b17.9x9.9x0.3x
Fri, 12 May 2023NZ$10.7bNZ$32.7bNZ$1.1b18.5x9.6x0.3x
Sun, 09 Apr 2023NZ$11.4bNZ$32.7bNZ$1.1b19.2x10.2x0.3x
Tue, 07 Mar 2023NZ$12.0bNZ$30.5bNZ$872.6m18.8x13.8x0.4x
Thu, 02 Feb 2023NZ$12.6bNZ$30.3bNZ$873.8m16.6x14.4x0.4x
Sat, 31 Dec 2022NZ$12.4bNZ$30.3bNZ$876.1m15.2x14.1x0.4x
Price to Earnings Ratio

14.1x


Total Market Cap: NZ$12.4bTotal Earnings: NZ$876.1mTotal Revenue: NZ$30.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Food Industry Price to Earnings3Y Average 10.3x202320242025
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 14.8x which is higher than its 3-year average PE of 10.3x.
  • The industry is trading close to its 3-year average PS ratio of 0.42x.
Past Earnings Growth
  • The earnings for companies in the Food industry have grown 16% per year over the last three years.
  • Revenues for these companies have grown 2.3% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

NZ Market0.74%
Consumer Staples0.046%
Food0.18%
Packaged Foods and Meats0.21%
Agricultural Products-0.10%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry which is trading above its 3-year average PE ratio of 9.7x.
    • Analysts are expecting annual earnings growth of 15.5%, which is lower than the prior year's growth of 21.1% 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 16% over the next 5 years.
  • However this is lower than its past earnings growth rate of 21% per year.
  • In contrast, the Agricultural Products industry is expected to see its earnings grow by 12% 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$10.520.9%
+NZ$65.3m		65.7%PE37.6x
SCL ScalesNZ$5.891.6%
+NZ$13.1m		45.8%PE16.7x
SAN SanfordNZ$7.241.3%
+NZ$8.4m		70.4%PE10.6x

Latest News

NZK
NZ$0.19
New Zealand King Salmon Investments
7D
-1.0%
1Y
-13.8%
ATM
NZ$10.52
a2 Milk
7D
0.9%
1Y
65.7%

The a2 Milk Company Limited's (NZSE:ATM) Price Is Out Of Tune With Earnings

Dec 15
The a2 Milk Company Limited's (NZSE:ATM) Price Is Out Of Tune With Earnings
SCL
NZ$5.89
Scales
7D
1.6%
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.
SEK
NZ$4.60
Seeka
7D
-3.6%
1Y
43.8%
FCG
NZ$5.92
Fonterra Co-operative Group
7D
-0.5%
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
SAN
NZ$7.24
Sanford
7D
1.3%
1Y
70.4%
ALF
NZ$0.79
Allied Farmers
7D
-0.6%
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$2.23
T&G Global
7D
-1.8%
1Y
43.9%

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?