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New Zealand (NZX) Food Industry Analysis

UpdatedApr 15, 2026
DataAggregated Company Financials
Companies11
  • 7D-1.4%
  • 3M0.5%
  • 1Y29.0%
  • YTD1.4%

Over the last 7 days, the Food industry has dropped 1.4%, driven by a2 Milk declining 16%. On the other hand Fonterra Co-operative Group is actually up 13%. In the past year, the industry has gained 29%. Earnings are forecast to grow by 17% annually.

Industry Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 15 Apr 2026NZ$20.5bNZ$34.1bNZ$1.4b10.4x15.1x0.6x
Fri, 13 Mar 2026NZ$21.2bNZ$33.0bNZ$1.4b10x15x0.6x
Sun, 08 Feb 2026NZ$19.6bNZ$32.4bNZ$1.3b10.9x14.6x0.6x
Tue, 06 Jan 2026NZ$20.2bNZ$32.4bNZ$1.4b10.9x15x0.6x
Thu, 04 Dec 2025NZ$20.0bNZ$32.4bNZ$1.4b10.7x14.8x0.6x
Sat, 01 Nov 2025NZ$20.2bNZ$32.5bNZ$1.3b15.3x15.3x0.6x
Mon, 29 Sep 2025NZ$19.5bNZ$32.4bNZ$1.3b13.9x15.3x0.6x
Wed, 27 Aug 2025NZ$19.5bNZ$32.6bNZ$1.5b11x13.2x0.6x
Fri, 25 Jul 2025NZ$16.3bNZ$32.3bNZ$1.4b14.3x11.8x0.5x
Sun, 22 Jun 2025NZ$16.5bNZ$32.2bNZ$1.4b13.6x12x0.5x
Tue, 20 May 2025NZ$16.4bNZ$32.2bNZ$1.4b13.5x11.9x0.5x
Thu, 17 Apr 2025NZ$15.9bNZ$32.2bNZ$1.4b19.1x11.8x0.5x
Sat, 15 Mar 2025NZ$17.0bNZ$30.6bNZ$1.3b16.2x13.5x0.6x
Mon, 10 Feb 2025NZ$14.1bNZ$30.5bNZ$1.2b14.5x11.8x0.5x
Wed, 08 Jan 2025NZ$13.2bNZ$30.5bNZ$1.2b18.4x11.1x0.4x
Fri, 06 Dec 2024NZ$13.6bNZ$30.5bNZ$1.2b18.6x11.5x0.4x
Sun, 03 Nov 2024NZ$13.3bNZ$30.4bNZ$1.2b18.6x11.4x0.4x
Tue, 01 Oct 2024NZ$13.0bNZ$30.1bNZ$1.3b17.7x10.2x0.4x
Thu, 29 Aug 2024NZ$11.8bNZ$30.5bNZ$1.4b18.9x8.6x0.4x
Sat, 27 Jul 2024NZ$11.9bNZ$30.3bNZ$1.3b19.1x8.9x0.4x
Mon, 24 Jun 2024NZ$11.4bNZ$29.2bNZ$988.0m10x11.6x0.4x
Wed, 22 May 2024NZ$12.1bNZ$30.5bNZ$1.5b10.5x8x0.4x
Fri, 19 Apr 2024NZ$10.1bNZ$30.5bNZ$1.5b12x6.7x0.3x
Sun, 17 Mar 2024NZ$10.6bNZ$31.7bNZ$1.4b11.9x7.5x0.3x
Tue, 13 Feb 2024NZ$10.4bNZ$31.9bNZ$1.4b7.3x7.2x0.3x
Thu, 11 Jan 2024NZ$10.1bNZ$31.9bNZ$1.4b7.2x7x0.3x
Sat, 09 Dec 2023NZ$9.4bNZ$31.9bNZ$1.4b6.6x6.5x0.3x
Mon, 06 Nov 2023NZ$9.3bNZ$31.8bNZ$1.5b6.1x6.2x0.3x
Wed, 04 Oct 2023NZ$9.8bNZ$31.8bNZ$1.5b6x6.5x0.3x
Fri, 01 Sep 2023NZ$10.4bNZ$33.3bNZ$1.5b11.9x6.9x0.3x
Sun, 30 Jul 2023NZ$11.2bNZ$33.2bNZ$1.6b15.7x7.2x0.3x
Tue, 27 Jun 2023NZ$11.2bNZ$33.2bNZ$1.5b17.1x7.3x0.3x
Thu, 25 May 2023NZ$11.0bNZ$32.7bNZ$1.1b18.4x9.8x0.3x
Sat, 22 Apr 2023NZ$11.4bNZ$32.7bNZ$1.1b19.1x10.2x0.3x
Price to Earnings Ratio

10.2x


Total Market Cap: NZ$11.4bTotal Earnings: NZ$1.1bTotal Revenue: NZ$32.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Food Industry Price to Earnings3Y Average 10.5x202420252026
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 15.1x which is higher than its 3-year average PE of 10.5x.
  • The industry is trading close to its 3-year average PS ratio of 0.44x.
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 Market0.38%
Consumer Staples-1.05%
Food-1.40%
Agricultural Products1.03%
Packaged Foods and Meats-1.61%
Industry PE
  • Investors are most optimistic about the Packaged Foods and Meats industry which is trading above its 3-year average PE ratio of 9.9x.
    • Analysts are expecting annual earnings growth of 18.5%, 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 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
FCG Fonterra Co-operative GroupNZ$4.6613.1%
+NZ$1.3b		52.3%PE10.7x
SAN SanfordNZ$7.402.6%
+NZ$17.8m		57.4%PE10.9x
SEK SeekaNZ$5.157.1%
+NZ$14.4m		29.1%PE6.8x
LIC Livestock ImprovementNZ$1.104.8%
+NZ$7.1m		11.1%PE6.2x

Latest News

ATM
NZ$9.40
a2 Milk
7D
-16.1%
1Y
8.0%
SML
NZ$0.41
Synlait Milk
7D
-3.5%
1Y
-43.2%

SML: Slightly Firmer Margins Will Support Future Upside Potential

Analysts have trimmed their NZ$ price target for Synlait Milk slightly. This reflects a small uplift in the discount rate, a marginally softer revenue growth outlook, a modestly higher expected profit margin and a slightly lower future P/E, with no recent Street Research reports cited beyond these updated model inputs.
SCL
NZ$6.10
Scales
7D
-1.5%
1Y
48.1%

SCL: Stable Sector Framework Will Support Future Upside Case

Analysts have kept their NZ$6.90 price target on Scales unchanged, pointing to largely stable assumptions around fair value, discount rate, growth and margins, while recent sector research helps support the case for maintaining the current valuation framework. Analyst Commentary Recent sector research around chemicals and related industrial names gives some context for how analysts are thinking about valuation frameworks and risk, even when direct references to Scales are limited.
NZK
NZ$0.19
New Zealand King Salmon Investments
7D
-5.0%
1Y
-12.1%

NZK: Permanent CFO Appointment And Steady Assumptions Will Support Future Upside Potential

Analysts have kept their fair value estimate for New Zealand King Salmon Investments steady at NZ$0.30, with the unchanged discount rate, revenue growth outlook, profit margin expectations and future P/E assumptions all supporting a consistent price target view. What's in the News Katie Bennett has been appointed Chief Financial Officer of New Zealand King Salmon Investments, with the role effective from March 18, 2026, after serving as interim CFO since November 28, 2025 (Key Developments).
FCG
NZ$4.66
Fonterra Co-operative Group
7D
13.1%
1Y
52.3%
PGW
NZ$2.15
PGG Wrightson
7D
-1.8%
1Y
12.0%
SEK
NZ$5.15
Seeka
7D
7.1%
1Y
29.1%
SAN
NZ$7.40
Sanford
7D
2.6%
1Y
57.4%
TGG
NZ$2.45
T&G Global
7D
-0.8%
1Y
48.5%
LIC
NZ$1.10
Livestock Improvement
7D
4.8%
1Y
11.1%

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

Jan 30
Livestock Improvement's (NZSE:LIC) Earnings Are Of Questionable Quality
ALF
NZ$0.65
Allied Farmers
7D
-7.1%
1Y
-8.5%

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