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New Zealand (NZX) Industrials Sector Analysis

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies17
  • 7D1.5%
  • 3M7.2%
  • 1Y5.9%
  • YTD5.5%

The Industrials industry is up 1.5% in the last week, with Auckland International Airport up 1.8%. This means that the industry has gained 5.9% over the past year. Earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 26 Dec 2025NZ$37.5bNZ$24.3bNZ$738.7m25.6x50.8x1.5x
Sun, 23 Nov 2025NZ$36.3bNZ$24.3bNZ$730.3m24.9x49.7x1.5x
Tue, 21 Oct 2025NZ$35.7bNZ$24.3bNZ$747.9m26.1x47.7x1.5x
Thu, 18 Sep 2025NZ$34.9bNZ$24.3bNZ$747.9m24.4x46.7x1.4x
Sat, 16 Aug 2025NZ$33.6bNZ$24.5bNZ$544.3m21.9x61.6x1.4x
Mon, 14 Jul 2025NZ$33.6bNZ$24.5bNZ$545.1m21.8x61.6x1.4x
Wed, 11 Jun 2025NZ$34.6bNZ$24.5bNZ$549.0m23.4x63x1.4x
Fri, 09 May 2025NZ$33.8bNZ$24.2bNZ$451.0m20.4x74.9x1.4x
Sun, 06 Apr 2025NZ$33.8bNZ$24.2bNZ$451.1m19.9x75x1.4x
Tue, 04 Mar 2025NZ$35.8bNZ$24.2bNZ$451.1m21.1x79.3x1.5x
Thu, 30 Jan 2025NZ$36.2bNZ$24.4bNZ$464.7m22.1x77.9x1.5x
Sat, 28 Dec 2024NZ$35.5bNZ$24.4bNZ$464.7m22.5x76.3x1.5x
Mon, 25 Nov 2024NZ$34.2bNZ$24.4bNZ$463.6m24.3x73.8x1.4x
Wed, 23 Oct 2024NZ$33.1bNZ$24.2bNZ$474.2m21.7x69.8x1.4x
Fri, 20 Sep 2024NZ$30.2bNZ$24.2bNZ$478.4m21.5x63.1x1.2x
Sun, 18 Aug 2024NZ$31.4bNZ$24.8bNZ$996.0m21.4x31.5x1.3x
Tue, 16 Jul 2024NZ$41.2bNZ$28.0bNZ$1.9b19.4x22.3x1.5x
Thu, 13 Jun 2024NZ$38.3bNZ$28.0bNZ$1.9b19.6x20.7x1.4x
Sat, 11 May 2024NZ$39.1bNZ$27.4bNZ$2.6b18.2x15x1.4x
Mon, 08 Apr 2024NZ$41.4bNZ$27.4bNZ$2.6b21.1x15.8x1.5x
Wed, 06 Mar 2024NZ$40.9bNZ$27.5bNZ$2.6b21.4x15.6x1.5x
Fri, 02 Feb 2024NZ$42.5bNZ$26.8bNZ$2.8b19x15.1x1.6x
Sun, 31 Dec 2023NZ$42.7bNZ$26.7bNZ$2.8b19.4x15.2x1.6x
Tue, 28 Nov 2023NZ$40.4bNZ$26.7bNZ$2.8b19.2x14.3x1.5x
Thu, 26 Oct 2023NZ$39.2bNZ$26.9bNZ$1.8b18.6x22.3x1.5x
Sat, 23 Sep 2023NZ$41.4bNZ$26.8bNZ$1.8b18.4x23.5x1.5x
Mon, 21 Aug 2023NZ$42.1bNZ$24.6bNZ$1.3b19.5x33.2x1.7x
Wed, 19 Jul 2023NZ$35.3bNZ$23.0bNZ$1.1b19.4x32.9x1.5x
Fri, 16 Jun 2023NZ$35.1bNZ$23.0bNZ$1.1b19.4x32.7x1.5x
Sun, 14 May 2023NZ$35.6bNZ$23.3bNZ$1.1b16.6x32.3x1.5x
Tue, 11 Apr 2023NZ$35.0bNZ$23.3bNZ$1.1b17.5x31.9x1.5x
Thu, 09 Mar 2023NZ$35.9bNZ$23.3bNZ$1.1b17.8x32.7x1.5x
Sat, 04 Feb 2023NZ$36.1bNZ$20.7bNZ$763.6m17.9x47.3x1.7x
Mon, 02 Jan 2023NZ$33.7bNZ$20.7bNZ$763.6m17.4x44.2x1.6x
Price to Earnings Ratio

44.2x


Total Market Cap: NZ$33.7bTotal Earnings: NZ$763.6mTotal Revenue: NZ$20.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 43.2x20242025
Current Industry PE
  • Investors are optimistic on the New Zealander Industrials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 50.8x which is higher than its 3-year average PE of 43.2x.
  • The industry is trading close to its 3-year average PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Industrials industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 5.6% 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 and as a result, profits have held steady.

Industry Trends

Which industries have driven the changes within the New Zealand Industrials sector?

NZ Market1.61%
Industrials1.52%
Transportation4.08%
Electrical3.26%
Infrastructure1.74%
Logistics1.67%
Machinery1.21%
Building0.55%
Industrials0%0
Airlines0%0
Professional Services-0.31%
Commercial Services-6.67%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 77.8x.
    • Analysts are expecting annual earnings growth of 2.2%, which is lower than the prior year's growth of 85.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Transportation industry, expecting annual earnings growth of 63% over the next 5 years.
  • In contrast, the Professional Services industry is expected to see its earnings decline by 86% 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
AIA Auckland International AirportNZ$8.281.8%
+NZ$254.3m		-2.8%PE33.4x
MFT MainfreightNZ$69.011.9%
+NZ$126.9m		-4.7%PE27.4x
POT Port of TaurangaNZ$7.800.9%
+NZ$47.6m		20.9%PE30.6x
THL Tourism HoldingsNZ$2.554.5%
+NZ$24.3m		23.8%PS0.6x
AIR Air New ZealandNZ$0.580.9%
+NZ$16.2m		-0.9%PE14.9x

Latest News

THL
NZ$2.55
Tourism Holdings
7D
4.5%
1Y
23.8%
AIR
NZ$0.58
Air New Zealand
7D
0.9%
1Y
-0.9%

AIR: Future Earnings Will Balance Cost Pressures And Emerging Electric Aircraft Opportunities

Analysts have nudged their price target on Air New Zealand modestly higher, citing slightly stronger expected revenue growth, firmer profit margins, and a marginally lower discount rate that together support a fair value of $0.55 per share. Analyst Commentary While the modest increase in fair value reflects incremental improvements in Air New Zealand's outlook, bearish analysts continue to flag several areas of concern that could limit upside and keep the shares trading at a discount to peers.
SKL
NZ$5.21
Skellerup Holdings
7D
-1.1%
1Y
4.2%
PYS
NZ$0.28
PaySauce
7D
3.6%
1Y
42.5%
NPH
NZ$3.68
Napier Port Holdings
7D
-0.3%
1Y
39.4%

NPH: Rising Dividends And Stable Margins Will Support Steady Future Returns

Analysts have modestly raised their price target for Napier Port Holdings from $3.72 to $3.72, reflecting slightly lower discount rate assumptions and a maintained view on long term growth and profitability. What's in the News Napier Port Holdings declared a fully imputed final 2025 dividend of $16 million, or $0.08 per share, payable on 16 December to shareholders on the register as at 3 December (company announcement).
FRW
NZ$14.04
Freightways Group
7D
-1.1%
1Y
31.5%

FRW: Future Margins And Discount Rate Tweaks Will Guide Near-Term Outlook

Analysts have made a marginal downward revision to their price target for Freightways Group, trimming fair value by about NZ$0.02 to approximately NZ$13.51, as they fine tune assumptions around discount rates, revenue growth, and long term profit margins. Valuation Changes Fair Value edged down slightly from NZ$13.53 to NZ$13.51 per share, reflecting a marginally lower central valuation estimate.
FBU
NZ$3.63
Fletcher Building
7D
-0.5%
1Y
30.1%
AGL
NZ$0.27
Accordant Group
7D
-1.9%
1Y
-44.8%

Health Check: How Prudently Does Accordant Group (NZSE:AGL) Use Debt?

Dec 11
Health Check: How Prudently Does Accordant Group (NZSE:AGL) Use Debt?
POT
NZ$7.80
Port of Tauranga
7D
0.9%
1Y
20.9%

Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return

Dec 05
Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return
MFT
NZ$69.01
Mainfreight
7D
1.9%
1Y
-4.7%
WCO
NZ$0.014
WasteCo Group
7D
-6.7%
1Y
-48.1%
AIA
NZ$8.28
Auckland International Airport
7D
1.8%
1Y
-2.8%

We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt

Nov 24
We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt
SCT
NZ$2.84
Scott Technology
7D
1.4%
1Y
23.5%
SPN
NZ$8.40
South Port New Zealand
7D
1.2%
1Y
52.5%

South Port New Zealand (NZSE:SPN) Will Pay A Larger Dividend Than Last Year At NZ$0.2412

Oct 29
South Port New Zealand (NZSE:SPN) Will Pay A Larger Dividend Than Last Year At NZ$0.2412