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New Zealand (NZX) Food Industry Analysis

UpdatedFeb 21, 2026
DataAggregated Company Financials
Companies11
  • 7D5.1%
  • 3M2.5%
  • 1Y28.9%
  • YTD2.7%

The Food industry is up 5.1% in the last week, with a2 Milk up 12%. During this same period, the Synlait Milk underperformed, falling 6.0%. In the last 12 months, the industry was up 29%. 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, 21 Feb 2026NZ$21.0bNZ$32.6bNZ$1.3b11.4x15.5x0.6x
Mon, 19 Jan 2026NZ$20.5bNZ$32.4bNZ$1.4b11x15.2x0.6x
Wed, 17 Dec 2025NZ$19.9bNZ$32.4bNZ$1.4b10.4x14.7x0.6x
Fri, 14 Nov 2025NZ$20.2bNZ$32.5bNZ$1.3b15.5x15.3x0.6x
Sun, 12 Oct 2025NZ$19.7bNZ$32.5bNZ$1.3b14.3x14.9x0.6x
Tue, 09 Sep 2025NZ$19.5bNZ$32.6bNZ$1.5b11.2x13.2x0.6x
Thu, 07 Aug 2025NZ$16.6bNZ$32.3bNZ$1.4b13.7x12x0.5x
Sat, 05 Jul 2025NZ$16.4bNZ$32.2bNZ$1.4b14.4x11.9x0.5x
Mon, 02 Jun 2025NZ$16.3bNZ$32.2bNZ$1.4b13.5x11.9x0.5x
Wed, 30 Apr 2025NZ$16.0bNZ$32.2bNZ$1.4b18x11.8x0.5x
Fri, 28 Mar 2025NZ$16.3bNZ$32.2bNZ$1.4b16.6x11.9x0.5x
Sun, 23 Feb 2025NZ$16.1bNZ$30.6bNZ$1.2b14.6x13.5x0.5x
Tue, 21 Jan 2025NZ$14.1bNZ$30.5bNZ$1.2b19.1x11.9x0.5x
Thu, 19 Dec 2024NZ$13.5bNZ$30.5bNZ$1.2b18.4x11.4x0.4x
Sat, 16 Nov 2024NZ$13.7bNZ$30.4bNZ$1.2b18.6x11.6x0.4x
Mon, 14 Oct 2024NZ$13.5bNZ$30.4bNZ$1.2b18.5x11.4x0.4x
Wed, 11 Sep 2024NZ$11.6bNZ$30.5bNZ$1.4b18.3x8.5x0.4x
Fri, 09 Aug 2024NZ$11.7bNZ$30.3bNZ$1.3b18.8x8.7x0.4x
Sun, 07 Jul 2024NZ$11.7bNZ$30.3bNZ$1.4b11.8x8.6x0.4x
Tue, 04 Jun 2024NZ$11.7bNZ$30.5bNZ$1.5b10.5x7.8x0.4x
Thu, 02 May 2024NZ$10.5bNZ$30.5bNZ$1.5b11.9x7x0.3x
Sat, 30 Mar 2024NZ$10.5bNZ$30.5bNZ$1.6b12.6x6.7x0.3x
Mon, 26 Feb 2024NZ$10.8bNZ$31.8bNZ$1.5b10.6x7.4x0.3x
Wed, 24 Jan 2024NZ$10.2bNZ$31.9bNZ$1.4b7.6x7.1x0.3x
Fri, 22 Dec 2023NZ$9.9bNZ$31.9bNZ$1.4b6.6x6.9x0.3x
Sun, 19 Nov 2023NZ$9.0bNZ$31.9bNZ$1.4b7x6.2x0.3x
Tue, 17 Oct 2023NZ$9.7bNZ$31.8bNZ$1.5b6.3x6.5x0.3x
Thu, 14 Sep 2023NZ$10.4bNZ$33.3bNZ$1.5b11.2x6.9x0.3x
Sat, 12 Aug 2023NZ$11.1bNZ$33.3bNZ$1.5b15.3x7.3x0.3x
Mon, 10 Jul 2023NZ$11.3bNZ$33.2bNZ$1.5b19.3x7.3x0.3x
Wed, 07 Jun 2023NZ$11.5bNZ$32.7bNZ$1.1b18.4x10.2x0.4x
Fri, 05 May 2023NZ$10.8bNZ$32.7bNZ$1.1b18.5x9.6x0.3x
Sun, 02 Apr 2023NZ$11.8bNZ$32.7bNZ$1.1b19.7x10.5x0.4x
Tue, 28 Feb 2023NZ$11.9bNZ$30.5bNZ$872.1m19.1x13.6x0.4x
Price to Earnings Ratio

13.6x


Total Market Cap: NZ$11.9bTotal Earnings: NZ$872.1mTotal Revenue: NZ$30.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Food Industry Price to Earnings3Y Average 10.4x202420252026
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 15.5x which is higher than its 3-year average PE of 10.4x.
  • The industry is trading close to its 3-year average PS ratio of 0.43x.
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 2.2% 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 Market0.27%
Consumer Staples4.80%
Food5.15%
Packaged Foods and Meats5.53%
Agricultural Products1.15%
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 18.3%, 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 18% 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 11% 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$11.1711.7%
+NZ$848.7m		31.3%PE39.1x
FCG Fonterra Co-operative GroupNZ$6.121.2%
+NZ$112.3m		30.2%PE9.8x
SAN SanfordNZ$7.746.0%
+NZ$41.1m		62.9%PE11.4x
SCL ScalesNZ$6.143.0%
+NZ$26.1m		44.1%PE17.4x
SEK SeekaNZ$4.704.2%
+NZ$8.0m		44.6%PE6.7x

Latest News

SCL
NZ$6.14
Scales
7D
3.0%
1Y
44.1%
ATM
NZ$11.17
a2 Milk
7D
11.7%
1Y
31.3%

The a2 Milk Company Limited (NZSE:ATM) Just Reported And Analysts Have Been Lifting Their Price Targets

Feb 18
The a2 Milk Company Limited (NZSE:ATM) Just Reported And Analysts Have Been Lifting Their Price Targets
FCG
NZ$6.12
Fonterra Co-operative Group
7D
1.2%
1Y
30.2%
SML
NZ$0.47
Synlait Milk
7D
-6.0%
1Y
-48.4%

SML: Lower Earnings Assumptions Will Temper Upside While Risks Remain Contained

Analysts have reduced their fair value estimate for Synlait Milk from $0.92 to $0.57, citing updated assumptions for revenue growth, profit margins, discount rate and future P/E that reflect more cautious expectations for the business. Valuation Changes Fair Value Estimate reduced from NZ$0.92 to NZ$0.57, implying a materially lower assessed valuation per share.
NZK
NZ$0.20
New Zealand King Salmon Investments
7D
2.5%
1Y
-12.8%

NZK: Steady Assumptions Will Support Future Upside Potential

Analysts have held their fair value estimate for New Zealand King Salmon Investments steady at $0.30 per share, citing only minor tweaks to assumptions such as the discount rate and future P/E that did not materially shift their overall view on the stock. Valuation Changes Fair Value: The fair value estimate held steady at NZ$0.30 per share.
SEK
NZ$4.70
Seeka
7D
4.2%
1Y
44.6%
TGG
NZ$2.62
T&G Global
7D
-5.1%
1Y
63.7%
PGW
NZ$2.32
PGG Wrightson
7D
1.8%
1Y
6.9%
SAN
NZ$7.74
Sanford
7D
6.0%
1Y
62.9%
ALF
NZ$0.76
Allied Farmers
7D
0.7%
1Y
-3.2%

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