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New Zealand (NZX) Industrials Sector Analysis

UpdatedJan 02, 2026
DataAggregated Company Financials
Companies17
  • 7D0.4%
  • 3M4.5%
  • 1Y4.8%
  • YTDn/a

In the last week, Industrials has been flat. The past year has been better, since the industry has gained 4.8% in that time. Looking forward, 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, 02 Jan 2026NZ$37.7bNZ$24.3bNZ$738.7m25.7x51x1.5x
Sun, 30 Nov 2025NZ$36.5bNZ$24.3bNZ$738.7m24.9x49.4x1.5x
Tue, 28 Oct 2025NZ$36.1bNZ$24.3bNZ$754.5m20.8x47.9x1.5x
Thu, 25 Sep 2025NZ$34.7bNZ$24.3bNZ$747.9m24.7x46.4x1.4x
Sat, 23 Aug 2025NZ$33.4bNZ$24.2bNZ$695.2m21.8x48.1x1.4x
Mon, 21 Jul 2025NZ$34.3bNZ$24.5bNZ$545.1m21.5x62.9x1.4x
Wed, 18 Jun 2025NZ$35.0bNZ$24.5bNZ$549.0m22.8x63.8x1.4x
Fri, 16 May 2025NZ$35.1bNZ$24.2bNZ$451.0m21.2x77.9x1.5x
Sun, 13 Apr 2025NZ$33.3bNZ$24.2bNZ$451.1m20.8x73.9x1.4x
Tue, 11 Mar 2025NZ$35.4bNZ$24.2bNZ$451.1m20.9x78.4x1.5x
Thu, 06 Feb 2025NZ$35.9bNZ$24.4bNZ$464.7m21.7x77.3x1.5x
Sat, 04 Jan 2025NZ$36.0bNZ$24.4bNZ$464.7m22.2x77.4x1.5x
Mon, 02 Dec 2024NZ$34.2bNZ$24.4bNZ$464.7m23.6x73.7x1.4x
Wed, 30 Oct 2024NZ$33.3bNZ$24.2bNZ$474.2m22x70.2x1.4x
Fri, 27 Sep 2024NZ$31.2bNZ$24.2bNZ$478.4m21.3x65.3x1.3x
Sun, 25 Aug 2024NZ$30.9bNZ$24.2bNZ$719.0m22.5x42.9x1.3x
Tue, 23 Jul 2024NZ$41.8bNZ$28.0bNZ$1.9b19.8x22.6x1.5x
Thu, 20 Jun 2024NZ$40.3bNZ$28.0bNZ$1.9b19.3x21.8x1.4x
Sat, 18 May 2024NZ$38.4bNZ$27.4bNZ$2.6b17.9x14.7x1.4x
Mon, 15 Apr 2024NZ$40.8bNZ$27.4bNZ$2.6b21.2x15.6x1.5x
Wed, 13 Mar 2024NZ$40.8bNZ$27.4bNZ$2.6b20.7x15.6x1.5x
Fri, 09 Feb 2024NZ$42.2bNZ$26.8bNZ$2.8b19.1x15x1.6x
Sun, 07 Jan 2024NZ$42.4bNZ$26.8bNZ$2.8b19.8x15x1.6x
Tue, 05 Dec 2023NZ$41.2bNZ$26.7bNZ$2.8b19.4x14.6x1.5x
Thu, 02 Nov 2023NZ$38.8bNZ$26.9bNZ$1.8b18.7x22x1.4x
Sat, 30 Sep 2023NZ$41.4bNZ$26.8bNZ$1.8b17.9x23.5x1.5x
Mon, 28 Aug 2023NZ$41.6bNZ$26.6bNZ$1.7b20.3x23.9x1.6x
Wed, 26 Jul 2023NZ$35.1bNZ$23.0bNZ$1.1b18.2x32.7x1.5x
Fri, 23 Jun 2023NZ$35.3bNZ$23.0bNZ$1.1b19.2x32.9x1.5x
Sun, 21 May 2023NZ$36.1bNZ$23.3bNZ$1.1b17.1x32.8x1.6x
Tue, 18 Apr 2023NZ$35.3bNZ$23.3bNZ$1.1b17x32x1.5x
Thu, 16 Mar 2023NZ$34.9bNZ$23.3bNZ$1.1b18.5x31.8x1.5x
Sat, 11 Feb 2023NZ$36.5bNZ$20.7bNZ$762.9m17.8x47.9x1.8x
Mon, 09 Jan 2023NZ$34.1bNZ$20.7bNZ$763.6m17x44.6x1.6x
Price to Earnings Ratio

44.6x


Total Market Cap: NZ$34.1bTotal 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 51.0x 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 Market0.22%
Industrials0.37%
Building1.36%
Transportation1.18%
Machinery1.09%
Logistics0.37%
Infrastructure0.16%
Industrials0%0
Airlines0%0
Professional Services-2.61%
Electrical-3.16%
Commercial Services-7.14%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 77.7x.
    • 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$8.330.6%
+NZ$84.8m		-4.3%PE33.6x
FRW Freightways GroupNZ$14.452.9%
+NZ$73.4m		35.8%PE32.4x
FBU Fletcher BuildingNZ$3.681.4%
+NZ$53.5m		29.1%PS0.6x
NPH Napier Port HoldingsNZ$3.741.6%
+NZ$12.0m		45.5%PE24.2x
SKL Skellerup HoldingsNZ$5.250.8%
+NZ$7.8m		1.5%PE18.9x

Latest News

FRW
NZ$14.45
Freightways Group
7D
2.9%
1Y
35.8%

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$2.58
Tourism Holdings
7D
1.2%
1Y
29.6%
SKL
NZ$5.25
Skellerup Holdings
7D
0.8%
1Y
1.5%
PYS
NZ$0.28
PaySauce
7D
-3.5%
1Y
34.1%
NPH
NZ$3.74
Napier Port Holdings
7D
1.6%
1Y
45.5%

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).
FBU
NZ$3.68
Fletcher Building
7D
1.4%
1Y
29.1%
POT
NZ$7.71
Port of Tauranga
7D
-1.2%
1Y
19.9%

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$68.62
Mainfreight
7D
-0.6%
1Y
-6.6%
WCO
NZ$0.013
WasteCo Group
7D
-7.1%
1Y
-48.0%
AIA
NZ$8.33
Auckland International Airport
7D
0.6%
1Y
-4.3%

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$2.91
Scott Technology
7D
2.5%
1Y
30.5%
SPN
NZ$8.28
South Port New Zealand
7D
-1.4%
1Y
44.0%

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$0.092
AoFrio
7D
-3.2%
1Y
-11.5%

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
MOV
NZ$0.26
MOVE Logistics Group
7D
4.0%
1Y
23.8%