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New Zealand (NZX) Healthcare Sector Analysis

UpdatedMay 22, 2026
DataAggregated Company Financials
Companies14
  • 7D-0.9%
  • 3M-12.4%
  • 1Y-18.1%
  • YTD-16.8%

The Healthcare is pretty flat in the last 7 days, but Fisher & Paykel Healthcare has stood out, gaining 3.8%. As for the longer term, the industry has declined 18% in the last year. Looking forward, earnings are forecast to grow by 21% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 23 May 2026NZ$29.4bNZ$20.0bNZ$450.3m17.9x65.2x1.5x
Mon, 20 Apr 2026NZ$32.3bNZ$20.0bNZ$452.4m17.3x71.3x1.6x
Wed, 18 Mar 2026NZ$33.3bNZ$19.9bNZ$451.2m18x73.9x1.7x
Fri, 13 Feb 2026NZ$35.2bNZ$18.5bNZ$538.5m20.1x65.4x1.9x
Sun, 11 Jan 2026NZ$35.7bNZ$18.4bNZ$536.1m20.9x66.6x1.9x
Tue, 09 Dec 2025NZ$35.4bNZ$18.2bNZ$532.1m21.2x66.5x1.9x
Thu, 06 Nov 2025NZ$34.7bNZ$17.9bNZ$577.4m21.1x60.2x1.9x
Sat, 04 Oct 2025NZ$34.8bNZ$17.7bNZ$573.9m19.4x60.7x2x
Mon, 01 Sep 2025NZ$34.3bNZ$17.5bNZ$567.8m18.7x60.4x2x
Wed, 30 Jul 2025NZ$36.3bNZ$17.6bNZ$571.2m19.2x63.6x2.1x
Fri, 27 Jun 2025NZ$35.0bNZ$17.4bNZ$567.7m15.7x61.6x2x
Sun, 25 May 2025NZ$35.3bNZ$17.3bNZ$721.4m16.9x48.9x2x
Tue, 22 Apr 2025NZ$33.1bNZ$17.1bNZ$651.8m15.8x50.8x1.9x
Thu, 20 Mar 2025NZ$31.9bNZ$17.4bNZ$657.8m17.8x48.5x1.8x
Sat, 15 Feb 2025NZ$35.9bNZ$18.3bNZ$736.0m16.7x48.7x2x
Mon, 13 Jan 2025NZ$36.5bNZ$18.2bNZ$728.7m14x50.1x2x
Wed, 11 Dec 2024NZ$35.9bNZ$18.1bNZ$731.8m13.2x49x2x
Fri, 08 Nov 2024NZ$37.0bNZ$18.3bNZ$968.7m17.9x38.2x2x
Sun, 06 Oct 2024NZ$36.5bNZ$18.2bNZ$967.5m18.9x37.7x2x
Tue, 03 Sep 2024NZ$36.8bNZ$18.0bNZ$963.5m20.9x38.2x2x
Thu, 01 Aug 2024NZ$33.9bNZ$17.6bNZ$974.6m19.3x34.8x1.9x
Sat, 29 Jun 2024NZ$30.1bNZ$17.5bNZ$973.0m16.8x30.9x1.7x
Mon, 27 May 2024NZ$30.1bNZ$17.3bNZ$1.3b20.2x23.5x1.7x
Wed, 24 Apr 2024NZ$29.5bNZ$17.3bNZ$1.3b23.9x22.9x1.7x
Fri, 22 Mar 2024NZ$28.8bNZ$17.3bNZ$1.3b24.7x22.4x1.7x
Sun, 18 Feb 2024NZ$29.5bNZ$16.5bNZ$1.1b18.6x26.1x1.8x
Tue, 16 Jan 2024NZ$29.4bNZ$16.6bNZ$1.1b23.1x26x1.8x
Thu, 14 Dec 2023NZ$28.1bNZ$16.6bNZ$1.1b23.4x24.9x1.7x
Sat, 11 Nov 2023NZ$28.0bNZ$16.5bNZ$1.1b26.1x25.3x1.7x
Mon, 09 Oct 2023NZ$28.2bNZ$16.3bNZ$1.1b31x25.5x1.7x
Wed, 06 Sep 2023NZ$29.3bNZ$16.5bNZ$1.1b30x26.7x1.8x
Fri, 04 Aug 2023NZ$30.5bNZ$15.7bNZ$1.1b29.6x28.4x1.9x
Sun, 02 Jul 2023NZ$30.1bNZ$15.8bNZ$1.1b29.2x28x1.9x
Tue, 30 May 2023NZ$31.0bNZ$15.7bNZ$1.6b19.6x19.7x2x
Price to Earnings Ratio

19.7x


Total Market Cap: NZ$31.0bTotal Earnings: NZ$1.6bTotal Revenue: NZ$15.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Healthcare Sector Price to Earnings3Y Average 44.1x202420252026
Current Industry PE
  • Investors are optimistic on the New Zealander Healthcare industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 65.2x which is higher than its 3-year average PE of 44.1x.
  • The 3-year average PS ratio of 1.9x is higher than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Healthcare industry have declined 34% per year over the last three years.
  • Meanwhile revenues for these companies have grown 8.4% per year.
  • This means that although more sales are being generated, 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 Healthcare sector?

NZ Market-1.11%
Healthcare-0.87%
Biotech57.14%
Pharma7.37%
Medical Equipment-0.91%
Healthcare Services-2.47%
Industry PE
  • Investors are most optimistic about the Healthcare Services industry which is trading above its 3-year average PE ratio of 51.3x.
    • Analysts are expecting annual earnings growth of 38.8%, which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Biotech industry, expecting annual earnings growth of 51% over the next 5 years.
  • In contrast, the Medical Equipment industry is expected to see its earnings grow by 13% 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
FPH Fisher & Paykel HealthcareNZ$34.103.8%
+NZ$734.1m		-5.6%PE45.8x
SUM Summerset Group HoldingsNZ$7.707.1%
+NZ$124.2m		-31.2%PE7.2x
RYM Ryman HealthcareNZ$2.182.3%
+NZ$50.7m		-12.8%PS2.7x
AFT AFT PharmaceuticalsNZ$3.8811.2%
+NZ$40.9m		39.6%PE27.6x
OCA Oceania HealthcareNZ$0.714.4%
+NZ$21.7m		7.6%PE9.8x

Latest News

AFT
NZ$3.88
AFT Pharmaceuticals
7D
11.2%
1Y
39.6%
EBO
NZ$20.25
EBOS Group
7D
-3.2%
1Y
-47.6%
Narrative Update • May 19

EBO: Index Removal And Discount Rate Shift Will Support Capital Efficiency Reassessment

Analysts now cite a slightly lower fair value estimate for EBOS Group, trimming the indicative price target from around NZ$33.63 to NZ$33.31 as modest adjustments to the discount rate, profit margin and assumed future P/E feed through their models. What's in the News EBOS Group Limited (ASX:EBO) was removed from the S&P/ASX 200 Index.
RYM
NZ$2.18
Ryman Healthcare
7D
2.3%
1Y
-12.8%
Narrative Update • May 16

RYM: Higher Discount Rate And P/E Assumptions Will Support Bullish Long Term Outlook

Analysts have reduced their NZ$ fair value estimate for Ryman Healthcare from NZ$2.95 to NZ$2.68, citing updated assumptions for discount rates, future P/E, revenue growth and profit margins. Valuation Changes Fair Value: NZ$ fair value estimate revised from NZ$2.95 to NZ$2.68, indicating a lower central valuation point for the stock.
RAD
NZ$0.40
Radius Residential Care
7D
-1.2%
1Y
42.9%
OCA
NZ$0.71
Oceania Healthcare
7D
4.4%
1Y
7.6%
Narrative Update • May 12

OCA: Higher Future P/E Assumptions Will Support A Stronger Share Outlook

Analysts have raised their NZ$ fair value estimate for Oceania Healthcare from NZ$0.88 to NZ$0.97, reflecting updated assumptions for the discount rate, revenue growth, profit margins and a higher future P/E multiple. Valuation Changes Fair Value: The NZ$ fair value estimate has risen from NZ$0.88 to NZ$0.97.
FPH
NZ$34.10
Fisher & Paykel Healthcare
7D
3.8%
1Y
-5.6%
Narrative Update • Apr 23

FPH: Upgraded Guidance And Sector Perform Rating Will Support Bullish Repricing

Analysts have trimmed their fair value estimate for Fisher & Paykel Healthcare by about NZ$0.10 to reflect slightly higher discount rate assumptions, while also acknowledging improved profit margin expectations and recent upgrades in Street price targets, including a move to NZ$36 at one major firm. Analyst Commentary Bullish Takeaways Bullish analysts point to the company’s updated guidance as a key reason for shifting to a more neutral stance, seeing this as support for the revised fair value and the NZ$36 price target.
SUM
NZ$7.70
Summerset Group Holdings
7D
7.1%
1Y
-31.2%
RUA
NZ$0.028
Rua Bioscience
7D
-3.4%
1Y
-6.7%
TRU
NZ$0.017
TruScreen Group
7D
-5.6%
1Y
-43.3%
PHL
NZ$0.54
Promisia Healthcare
7D
3.9%
1Y
59.7%