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New Zealand (NZX) Industrials Sector Analysis

UpdatedJun 05, 2026
DataAggregated Company Financials
Companies16
  • 7D0.6%
  • 3M-4.0%
  • 1Y5.1%
  • YTD-4.4%

Over the last 7 days, the Industrials industry has remained flat. As for the the longer term, the industry is up 5.1% over the past 12 months. As for the next few years, earnings are expected to grow by 14% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 05 Jun 2026NZ$36.1bNZ$24.6bNZ$770.9m25.7x46.9x1.5x
Sun, 03 May 2026NZ$35.7bNZ$24.5bNZ$761.4m24.3x46.9x1.5x
Tue, 31 Mar 2026NZ$33.9bNZ$24.5bNZ$761.4m23x44.6x1.4x
Thu, 26 Feb 2026NZ$38.5bNZ$24.5bNZ$880.9m24.8x43.7x1.6x
Sat, 24 Jan 2026NZ$38.1bNZ$24.3bNZ$738.7m25.5x51.6x1.6x
Mon, 22 Dec 2025NZ$37.1bNZ$24.3bNZ$738.7m25.4x50.3x1.5x
Wed, 19 Nov 2025NZ$36.4bNZ$24.3bNZ$733.8m23.3x49.6x1.5x
Fri, 17 Oct 2025NZ$35.8bNZ$24.3bNZ$747.9m26.1x47.9x1.5x
Sun, 14 Sep 2025NZ$34.6bNZ$24.3bNZ$747.9m24x46.3x1.4x
Tue, 12 Aug 2025NZ$33.4bNZ$24.5bNZ$544.3m21.1x61.4x1.4x
Thu, 10 Jul 2025NZ$33.8bNZ$24.5bNZ$545.1m21.2x62.1x1.4x
Sat, 07 Jun 2025NZ$34.6bNZ$24.5bNZ$549.0m23.2x63.1x1.4x
Mon, 05 May 2025NZ$32.9bNZ$24.2bNZ$451.0m20.5x73x1.4x
Wed, 02 Apr 2025NZ$34.2bNZ$24.2bNZ$451.1m19.6x75.9x1.4x
Fri, 28 Feb 2025NZ$34.9bNZ$24.2bNZ$436.9m21.2x79.9x1.4x
Sun, 26 Jan 2025NZ$35.8bNZ$24.4bNZ$464.7m22.4x77.1x1.5x
Tue, 24 Dec 2024NZ$35.4bNZ$24.4bNZ$464.7m22.6x76.3x1.5x
Thu, 21 Nov 2024NZ$33.6bNZ$24.4bNZ$461.6m23x72.8x1.4x
Sat, 19 Oct 2024NZ$33.1bNZ$24.2bNZ$474.2m21.8x69.9x1.4x
Mon, 16 Sep 2024NZ$30.6bNZ$24.2bNZ$478.4m22.5x64x1.3x
Wed, 14 Aug 2024NZ$30.4bNZ$24.8bNZ$998.1m20.1x30.5x1.2x
Fri, 12 Jul 2024NZ$40.9bNZ$28.0bNZ$1.9b19.5x22.1x1.5x
Sun, 09 Jun 2024NZ$38.8bNZ$28.0bNZ$1.9b19.2x21x1.4x
Tue, 07 May 2024NZ$39.3bNZ$27.4bNZ$2.6b19.4x15.1x1.4x
Thu, 04 Apr 2024NZ$41.7bNZ$27.4bNZ$2.6b19.9x16x1.5x
Sat, 02 Mar 2024NZ$40.8bNZ$27.5bNZ$2.6b21x15.6x1.5x
Mon, 29 Jan 2024NZ$42.8bNZ$26.8bNZ$2.8b19.4x15.2x1.6x
Wed, 27 Dec 2023NZ$42.0bNZ$26.7bNZ$2.8b19.2x14.9x1.6x
Fri, 24 Nov 2023NZ$40.8bNZ$26.7bNZ$2.8b19.1x14.4x1.5x
Sun, 22 Oct 2023NZ$39.8bNZ$26.9bNZ$1.8b18.6x22.6x1.5x
Tue, 19 Sep 2023NZ$41.3bNZ$26.8bNZ$1.8b18.3x23.5x1.5x
Thu, 17 Aug 2023NZ$42.4bNZ$24.6bNZ$1.3b19.3x33.4x1.7x
Sat, 15 Jul 2023NZ$35.5bNZ$23.0bNZ$1.1b19.5x33.1x1.5x
Mon, 12 Jun 2023NZ$35.4bNZ$23.0bNZ$1.1b19x32.9x1.5x
Price to Earnings Ratio

32.9x


Total Market Cap: NZ$35.4bTotal Earnings: NZ$1.1bTotal Revenue: NZ$23.0bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 44.7x202420252026
Current Industry PE
  • Investors are relatively neutral on the New Zealander Industrials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 44.7x.
  • 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 declined 10% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.2% 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 Industrials sector?

NZ Market-0.35%
Industrials0.61%
Transportation15.91%
Professional Services3.57%
Infrastructure0.84%
Logistics0.66%
Machinery0.53%
Building0.044%
Industrials0%0
Commercial Services0%0
Electrical-5.33%
Airlines-6.74%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 73.1x.
    • Analysts are expecting annual earnings growth of 3.9%, which is lower than the prior year's growth of 67.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Transportation industry, expecting annual earnings growth of 66% over the next 5 years.
  • In contrast, the Professional Services industry is expected to see its earnings decline by 63% 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$8.330.7%
+NZ$102.0m		6.5%PE34.5x
POT Port of TaurangaNZ$8.241.4%
+NZ$74.8m		21.9%PE30.6x
FRW Freightways GroupNZ$13.670.6%
+NZ$14.3m		23.5%PE27.9x
SCT Scott TechnologyNZ$2.552.4%
+NZ$5.1m		44.9%PE15.1x
AOF AoFrioNZ$0.0758.7%
+NZ$2.6m		-24.2%PS0.4x

Latest News

PYS
NZ$0.24
PaySauce
7D
4.3%
1Y
44.1%
THL
NZ$2.47
Tourism Holdings
7D
-6.8%
1Y
79.0%
SKL
NZ$5.93
Skellerup Holdings
7D
-3.6%
1Y
24.8%
Narrative Update • Jun 01

SKL: Fair Value View Will Rely On Stable Margins And FY26 Earnings Guidance

Analysts have reaffirmed their NZ$6.25 price target on Skellerup Holdings, with only minimal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. This reflects a largely unchanged view of the stock's valuation profile.
MFT
NZ$63.21
Mainfreight
7D
-2.4%
1Y
-10.3%
FBU
NZ$3.09
Fletcher Building
7D
-1.6%
1Y
0.7%
AGL
NZ$0.14
Accordant Group
7D
0.7%
1Y
-45.8%
AOF
NZ$0.075
AoFrio
7D
8.7%
1Y
-24.2%
MPG
NZ$1.20
Metro Performance Glass
7D
5.3%
1Y
-47.4%
AIA
NZ$8.33
Auckland International Airport
7D
0.7%
1Y
6.5%
Narrative Update • May 26

AIA: Passenger Volumes Will Steady Outlook Despite Middle East Travel Risks

Analysts have trimmed Auckland International Airport's fair value estimate from NZ$8.66 to NZ$8.58, reflecting a lower NZ$8.25 price target, as they factor in a more uncertain near term outlook and the potential for travel disruptions linked to the Middle East conflict through fiscal 2027. Analyst Commentary Recent research updates on Auckland International Airport point to a more cautious stance, with attention on both valuation and the risk that travel patterns could be disrupted through fiscal 2027 by the ongoing Middle East conflict.
NPH
NZ$3.65
Napier Port Holdings
7D
-0.8%
1Y
15.9%
Narrative Update • May 23

NPH: Container Strength And Stable Margins Will Support Future Returns

Analysts have lifted their price target on Napier Port Holdings slightly to NZ$3.74 from NZ$3.72, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Half year to 31 March 2026 trade data shows total container volumes of 116k TEU, up 3.5% from 112k TEU in the prior period, indicating higher container activity through the port (company announcement).
FRW
NZ$13.67
Freightways Group
7D
0.6%
1Y
23.5%
Narrative Update • May 22

FRW: Future Dividend Profile Will Support A More Confident Earnings Outlook

Analysts have trimmed their price target on Freightways Group slightly, with fair value moving from NZ$15.36 to NZ$15.19 as they factor in updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. Valuation Changes Fair Value: NZ$15.36 has edged down slightly to NZ$15.19.
POT
NZ$8.24
Port of Tauranga
7D
1.4%
1Y
21.9%
SCT
NZ$2.55
Scott Technology
7D
2.4%
1Y
44.9%
AIR
NZ$0.42
Air New Zealand
7D
-3.4%
1Y
-28.0%
SPN
NZ$8.75
South Port New Zealand
7D
-1.7%
1Y
43.4%
MOV
NZ$0.20
MOVE Logistics Group
7D
-5.7%
1Y
3.7%