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New Zealand (NZX) Industrials Sector Analysis

UpdatedFeb 16, 2026
DataAggregated Company Financials
Companies17
  • 7D-0.5%
  • 3M2.0%
  • 1Y3.3%
  • YTD-1.3%

The Industrials is pretty flat in the last 7 days, but Skellerup Holdings has stood out, gaining 11%. As for the the longer term, the industry is up 3.3% over the past 12 months. 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, 16 Feb 2026NZ$37.3bNZ$24.4bNZ$746.1m24.2x49.9x1.5x
Wed, 14 Jan 2026NZ$37.9bNZ$24.3bNZ$738.7m26.4x51.3x1.6x
Fri, 12 Dec 2025NZ$36.7bNZ$24.3bNZ$738.7m25.1x49.7x1.5x
Sun, 09 Nov 2025NZ$36.0bNZ$24.3bNZ$754.5m20.8x47.7x1.5x
Tue, 07 Oct 2025NZ$35.9bNZ$24.3bNZ$747.9m23.6x48x1.5x
Thu, 04 Sep 2025NZ$34.4bNZ$24.3bNZ$747.9m22x46x1.4x
Sat, 02 Aug 2025NZ$33.0bNZ$24.5bNZ$545.1m21.8x60.6x1.3x
Mon, 30 Jun 2025NZ$33.9bNZ$24.5bNZ$545.1m21x62.1x1.4x
Wed, 28 May 2025NZ$34.1bNZ$24.2bNZ$456.0m23x74.8x1.4x
Fri, 25 Apr 2025NZ$32.9bNZ$24.2bNZ$451.0m19.9x73x1.4x
Sun, 23 Mar 2025NZ$34.1bNZ$24.2bNZ$451.1m20.3x75.6x1.4x
Tue, 18 Feb 2025NZ$36.1bNZ$24.5bNZ$473.8m21.9x76.2x1.5x
Thu, 16 Jan 2025NZ$35.2bNZ$24.4bNZ$464.7m22.8x75.8x1.4x
Sat, 14 Dec 2024NZ$34.5bNZ$24.4bNZ$464.7m22.3x74.3x1.4x
Mon, 11 Nov 2024NZ$33.3bNZ$24.2bNZ$471.5m24.2x70.6x1.4x
Wed, 09 Oct 2024NZ$31.6bNZ$24.2bNZ$478.4m21.8x66x1.3x
Fri, 06 Sep 2024NZ$30.7bNZ$24.3bNZ$478.4m23x64.3x1.3x
Sun, 04 Aug 2024NZ$31.1bNZ$24.8bNZ$998.1m22.4x31.1x1.3x
Tue, 02 Jul 2024NZ$39.8bNZ$28.0bNZ$1.9b19.1x21.5x1.4x
Thu, 30 May 2024NZ$38.3bNZ$28.0bNZ$1.9b19x20.6x1.4x
Sat, 27 Apr 2024NZ$40.0bNZ$27.4bNZ$2.6b20.8x15.3x1.5x
Mon, 25 Mar 2024NZ$40.9bNZ$27.4bNZ$2.6b19.5x15.7x1.5x
Wed, 21 Feb 2024NZ$40.7bNZ$26.8bNZ$2.6b20.9x15.7x1.5x
Fri, 19 Jan 2024NZ$42.4bNZ$26.8bNZ$2.8b19.2x15x1.6x
Sun, 17 Dec 2023NZ$41.6bNZ$26.7bNZ$2.8b19.6x14.8x1.6x
Tue, 14 Nov 2023NZ$40.1bNZ$26.2bNZ$1.7b18.9x24.1x1.5x
Thu, 12 Oct 2023NZ$41.1bNZ$26.8bNZ$1.8b17.5x23.3x1.5x
Sat, 09 Sep 2023NZ$41.7bNZ$26.8bNZ$1.8b17.2x23.7x1.6x
Mon, 07 Aug 2023NZ$43.1bNZ$24.9bNZ$1.4b19.2x31.1x1.7x
Wed, 05 Jul 2023NZ$35.7bNZ$23.0bNZ$1.1b18.3x33.2x1.5x
Fri, 02 Jun 2023NZ$35.6bNZ$23.0bNZ$1.1b19x33.1x1.5x
Sun, 30 Apr 2023NZ$35.6bNZ$23.3bNZ$1.1b17.3x32.3x1.5x
Tue, 28 Mar 2023NZ$34.8bNZ$23.3bNZ$1.1b17.6x31.6x1.5x
Thu, 23 Feb 2023NZ$35.7bNZ$21.0bNZ$685.1m17.8x52.1x1.7x
Price to Earnings Ratio

52.1x


Total Market Cap: NZ$35.7bTotal Earnings: NZ$685.1mTotal Revenue: NZ$21.0bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 43.5x202420252026
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 49.9x which is higher than its 3-year average PE of 43.5x.
  • 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 grown 2.9% per year over the last three years.
  • Revenues for these companies have grown 5.0% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

NZ Market-1.62%
Industrials-0.55%
Machinery7.29%
Professional Services1.81%
Infrastructure0.057%
Industrials0%0
Commercial Services0%0
Airlines0%0
Building-1.35%
Electrical-2.15%
Logistics-2.46%
Transportation-5.71%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 76.9x.
    • Analysts are expecting annual earnings growth of 2.1%, which is lower than the prior year's growth of 74.7% 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 88% 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
SKL Skellerup HoldingsNZ$5.742.1%
+NZ$23.5m		7.9%PE19x
SPN South Port New ZealandNZ$9.202.9%
+NZ$6.8m		55.9%PE15.1x
NPH Napier Port HoldingsNZ$3.700.3%
+NZ$2.0m		34.5%PE23.9x
PYS PaySauceNZ$0.271.9%
+NZ$822.1k		26.2%PE52x

Latest News

SKL
NZ$5.74
Skellerup Holdings
7D
2.1%
1Y
7.9%
FRW
NZ$14.61
Freightways Group
7D
-2.6%
1Y
26.7%
SPN
NZ$9.20
South Port New Zealand
7D
2.9%
1Y
55.9%

South Port New Zealand's (NZSE:SPN) Dividend Will Be NZ$0.10

Feb 15
South Port New Zealand's (NZSE:SPN) Dividend Will Be NZ$0.10
POT
NZ$7.70
Port of Tauranga
7D
-2.2%
1Y
15.8%
NPH
NZ$3.70
Napier Port Holdings
7D
0.3%
1Y
34.5%

NPH: Stable Trade Volumes And Rising Fully Imputed Dividends Will Support Returns

Analysts have maintained their fair value estimate for Napier Port Holdings at $3.72 per share, with only minor adjustments to inputs such as the discount rate and the assumed future P/E multiple influencing the latest price target update. What's in the News Reported first quarter 2026 trade volume data, with total container volumes at 45,000 TEU compared with 44,000 TEU a year earlier, including a 1.4% change in underlying cargo laden container volumes and a 1.8% change in empty and other container movements (company announcement).
AIR
NZ$0.57
Air New Zealand
7D
-0.9%
1Y
-9.4%

AIR: Future Earnings Will Balance Traffic Resilience And Sector Margin Execution Risks

Analysts have maintained their fair value estimate for Air New Zealand at $0.55. They are now using a slightly lower discount rate, marginally higher revenue growth and profit margin assumptions, and a modestly reduced future P/E, reflecting updated views on sector fundamentals and capital deployment drawn from recent aviation and aerospace research.
PYS
NZ$0.27
PaySauce
7D
1.9%
1Y
26.2%
AIA
NZ$8.39
Auckland International Airport
7D
-1.5%
1Y
-1.9%
FBU
NZ$3.54
Fletcher Building
7D
-3.0%
1Y
11.0%
MFT
NZ$63.00
Mainfreight
7D
-1.6%
1Y
-10.4%

Mainfreight Limited's (NZSE:MFT) Popularity With Investors Is Under Threat From Overpricing

Jan 14
Mainfreight Limited's (NZSE:MFT) Popularity With Investors Is Under Threat From Overpricing
THL
NZ$2.35
Tourism Holdings
7D
-4.1%
1Y
25.7%
SCT
NZ$2.56
Scott Technology
7D
-8.6%
1Y
23.1%