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New Zealand (NZX) Industrials Sector Analysis

UpdatedJan 12, 2026
DataAggregated Company Financials
Companies17
  • 7D1.2%
  • 3M6.8%
  • 1Y8.4%
  • YTD1.0%

The Industrials industry is up 1.2% in the last week, with Auckland International Airport up 3.0%. This means that the industry has gained 8.4% over the past year. As for the next few years, earnings are expected to grow by 13% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 12 Jan 2026NZ$38.1bNZ$24.3bNZ$738.7m25.8x51.6x1.6x
Wed, 10 Dec 2025NZ$36.9bNZ$24.3bNZ$738.7m24.8x49.9x1.5x
Fri, 07 Nov 2025NZ$36.2bNZ$24.3bNZ$754.5m20.9x48x1.5x
Sun, 05 Oct 2025NZ$36.1bNZ$24.3bNZ$747.9m23.5x48.2x1.5x
Tue, 02 Sep 2025NZ$34.1bNZ$24.3bNZ$747.9m21.9x45.6x1.4x
Thu, 31 Jul 2025NZ$33.3bNZ$24.5bNZ$545.1m22x61.1x1.4x
Sat, 28 Jun 2025NZ$33.9bNZ$24.5bNZ$545.1m21x62.1x1.4x
Mon, 26 May 2025NZ$34.5bNZ$24.2bNZ$456.0m23x75.6x1.4x
Wed, 23 Apr 2025NZ$32.3bNZ$24.2bNZ$451.0m19.7x71.5x1.3x
Fri, 21 Mar 2025NZ$34.0bNZ$24.2bNZ$451.1m20.6x75.4x1.4x
Sun, 16 Feb 2025NZ$36.1bNZ$24.4bNZ$470.0m21.9x76.8x1.5x
Tue, 14 Jan 2025NZ$35.2bNZ$24.4bNZ$464.7m22.1x75.7x1.4x
Thu, 12 Dec 2024NZ$34.3bNZ$24.4bNZ$464.7m22.2x73.8x1.4x
Sat, 09 Nov 2024NZ$33.0bNZ$24.2bNZ$471.5m24.2x70x1.4x
Mon, 07 Oct 2024NZ$31.8bNZ$24.2bNZ$478.4m22x66.5x1.3x
Wed, 04 Sep 2024NZ$30.6bNZ$24.3bNZ$478.4m22.4x64.1x1.3x
Fri, 02 Aug 2024NZ$41.6bNZ$28.0bNZ$1.9b20.2x22.5x1.5x
Sun, 30 Jun 2024NZ$39.4bNZ$28.0bNZ$1.9b18.9x21.3x1.4x
Tue, 28 May 2024NZ$38.5bNZ$28.3bNZ$2.0b19.2x19.4x1.4x
Thu, 25 Apr 2024NZ$40.2bNZ$27.4bNZ$2.6b20.8x15.4x1.5x
Sat, 23 Mar 2024NZ$40.9bNZ$27.4bNZ$2.6b19.5x15.7x1.5x
Mon, 19 Feb 2024NZ$40.9bNZ$26.8bNZ$2.6b20x15.7x1.5x
Wed, 17 Jan 2024NZ$42.8bNZ$26.8bNZ$2.8b19.6x15.2x1.6x
Fri, 15 Dec 2023NZ$41.7bNZ$26.7bNZ$2.8b19.1x14.8x1.6x
Sun, 12 Nov 2023NZ$40.1bNZ$26.2bNZ$1.7b19x24.1x1.5x
Tue, 10 Oct 2023NZ$40.9bNZ$26.8bNZ$1.8b17.9x23.2x1.5x
Thu, 07 Sep 2023NZ$42.1bNZ$26.8bNZ$1.8b16.9x23.9x1.6x
Sat, 05 Aug 2023NZ$43.1bNZ$24.9bNZ$1.4b19.2x31.1x1.7x
Mon, 03 Jul 2023NZ$35.6bNZ$23.0bNZ$1.1b18.9x33.1x1.5x
Wed, 31 May 2023NZ$35.5bNZ$23.0bNZ$1.1b19.1x33.1x1.5x
Fri, 28 Apr 2023NZ$35.7bNZ$23.3bNZ$1.1b17x32.4x1.5x
Sun, 26 Mar 2023NZ$34.9bNZ$23.3bNZ$1.1b17.8x31.8x1.5x
Tue, 21 Feb 2023NZ$35.9bNZ$20.9bNZ$683.6m17.9x52.5x1.7x
Thu, 19 Jan 2023NZ$35.4bNZ$20.7bNZ$763.6m17.6x46.3x1.7x
Price to Earnings Ratio

46.3x


Total Market Cap: NZ$35.4bTotal Earnings: NZ$763.6mTotal Revenue: NZ$20.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 43.3x202420252026
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 51.6x which is higher than its 3-year average PE of 43.3x.
  • 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 Market1.09%
Industrials1.17%
Commercial Services7.69%
Electrical7.61%
Building2.42%
Infrastructure2.00%
Airlines1.72%
Industrials0%0
Machinery-0.13%
Transportation-0.78%
Logistics-0.94%
Professional Services-4.81%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 77.5x.
    • 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$8.603.0%
+NZ$423.8m		1.8%PE34.7x
FBU Fletcher BuildingNZ$3.801.3%
+NZ$53.5m		35.7%PS0.6x
NPH Napier Port HoldingsNZ$3.894.6%
+NZ$33.9m		52.0%PE25.1x
FRW Freightways GroupNZ$14.120.5%
+NZ$12.5m		35.2%PE31.6x
SKL Skellerup HoldingsNZ$5.271.2%
+NZ$11.8m		3.9%PE18.9x

Latest News

AIA
NZ$8.60
Auckland International Airport
7D
3.0%
1Y
1.8%
NPH
NZ$3.89
Napier Port Holdings
7D
4.6%
1Y
52.0%

NPH: Higher Fully Imputed Dividends And Stable Margins Will Support Steady Returns

Analysts have kept their price target for Napier Port Holdings effectively unchanged at $3.72. This reflects only very small tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E assumptions rather than any shift in their core view.
MOV
NZ$0.29
MOVE Logistics Group
7D
3.6%
1Y
52.6%

What MOVE Logistics Group Limited's (NZSE:MOV) 45% Share Price Gain Is Not Telling You

Jan 06
What MOVE Logistics Group Limited's (NZSE:MOV) 45% Share Price Gain Is Not Telling You
FRW
NZ$14.12
Freightways Group
7D
0.5%
1Y
35.2%

FRW: Future Revenue And Margin Assumptions Will Shape Fairly Balanced Outlook

Analysts have raised their price target for Freightways Group slightly, from NZ$13.51 to NZ$13.69. This reflects modestly stronger expectations for revenue growth and margins, even as long term valuation multiples edge lower.
THL
NZ$2.56
Tourism Holdings
7D
-0.4%
1Y
29.9%
SKL
NZ$5.27
Skellerup Holdings
7D
1.2%
1Y
3.9%
PYS
NZ$0.26
PaySauce
7D
-3.7%
1Y
20.9%
FBU
NZ$3.80
Fletcher Building
7D
1.3%
1Y
35.7%
MFT
NZ$68.31
Mainfreight
7D
-0.4%
1Y
-4.6%
SCT
NZ$2.87
Scott Technology
7D
-0.7%
1Y
30.5%
SPN
NZ$8.20
South Port New Zealand
7D
-0.6%
1Y
39.0%

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
AOF
NZ$0.10
AoFrio
7D
6.4%
1Y
0%

AoFrio Limited (NZSE:AOF) Stock Catapults 26% Though Its Price And Business Still Lag The Industry

Oct 14
AoFrio Limited (NZSE:AOF) Stock Catapults 26% Though Its Price And Business Still Lag The Industry