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New Zealand (NZX) Industrials Sector Analysis

UpdatedFeb 08, 2026
DataAggregated Company Financials
Companies17
  • 7D-0.7%
  • 3M4.0%
  • 1Y4.1%
  • YTD-0.8%

Over the last 7 days, the Industrials industry has remained flat, although notably Mainfreight declined by 4.7%. The past year has been better, since the industry has gained 4.1% in that time. 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
Sun, 08 Feb 2026NZ$37.5bNZ$24.3bNZ$738.7m25x50.7x1.5x
Tue, 06 Jan 2026NZ$37.8bNZ$24.3bNZ$738.7m25.7x51.1x1.6x
Thu, 04 Dec 2025NZ$36.8bNZ$24.3bNZ$738.7m24.7x49.8x1.5x
Sat, 01 Nov 2025NZ$36.2bNZ$24.3bNZ$754.5m21.1x48x1.5x
Mon, 29 Sep 2025NZ$34.8bNZ$24.3bNZ$747.9m24.5x46.6x1.4x
Wed, 27 Aug 2025NZ$33.3bNZ$24.2bNZ$644.6m22.1x51.6x1.4x
Fri, 25 Jul 2025NZ$34.0bNZ$24.5bNZ$545.1m21x62.3x1.4x
Sun, 22 Jun 2025NZ$34.5bNZ$24.5bNZ$549.0m22.6x62.9x1.4x
Tue, 20 May 2025NZ$34.6bNZ$24.2bNZ$451.0m21x76.6x1.4x
Thu, 17 Apr 2025NZ$33.0bNZ$24.2bNZ$451.1m20.5x73.1x1.4x
Sat, 15 Mar 2025NZ$35.0bNZ$24.2bNZ$451.1m20.4x77.5x1.4x
Mon, 10 Feb 2025NZ$36.0bNZ$24.4bNZ$464.7m22.1x77.5x1.5x
Wed, 08 Jan 2025NZ$35.7bNZ$24.4bNZ$464.7m22.2x76.7x1.5x
Fri, 06 Dec 2024NZ$34.5bNZ$24.4bNZ$464.7m22.3x74.3x1.4x
Sun, 03 Nov 2024NZ$32.5bNZ$24.2bNZ$471.5m24.2x68.9x1.3x
Tue, 01 Oct 2024NZ$31.6bNZ$24.2bNZ$478.4m21.4x66.1x1.3x
Thu, 29 Aug 2024NZ$30.7bNZ$24.3bNZ$693.9m22.3x44.2x1.3x
Sat, 27 Jul 2024NZ$41.3bNZ$28.0bNZ$1.9b20.1x22.3x1.5x
Mon, 24 Jun 2024NZ$39.2bNZ$28.0bNZ$1.9b18.9x21.2x1.4x
Wed, 22 May 2024NZ$37.8bNZ$28.3bNZ$2.0b17.8x19x1.3x
Fri, 19 Apr 2024NZ$40.5bNZ$27.4bNZ$2.6b21.3x15.5x1.5x
Sun, 17 Mar 2024NZ$41.1bNZ$27.4bNZ$2.6b21.1x15.7x1.5x
Tue, 13 Feb 2024NZ$41.7bNZ$26.8bNZ$2.8b18.7x14.8x1.6x
Thu, 11 Jan 2024NZ$42.8bNZ$26.8bNZ$2.8b19.3x15.2x1.6x
Sat, 09 Dec 2023NZ$41.6bNZ$26.7bNZ$2.8b19.2x14.8x1.6x
Mon, 06 Nov 2023NZ$39.9bNZ$26.9bNZ$1.8b18.7x22.7x1.5x
Wed, 04 Oct 2023NZ$40.8bNZ$26.8bNZ$1.8b17.7x23.2x1.5x
Fri, 01 Sep 2023NZ$41.7bNZ$26.8bNZ$1.8b16.6x23.7x1.6x
Sun, 30 Jul 2023NZ$34.7bNZ$23.0bNZ$1.1b18.5x32.4x1.5x
Tue, 27 Jun 2023NZ$35.0bNZ$23.0bNZ$1.1b18.9x32.6x1.5x
Thu, 25 May 2023NZ$35.8bNZ$23.3bNZ$1.1b17.1x32.5x1.5x
Sat, 22 Apr 2023NZ$35.1bNZ$23.3bNZ$1.1b17.3x31.8x1.5x
Mon, 20 Mar 2023NZ$35.3bNZ$23.3bNZ$1.1b18.5x32.1x1.5x
Wed, 15 Feb 2023NZ$36.2bNZ$20.7bNZ$762.9m17.8x47.4x1.7x
Price to Earnings Ratio

47.4x


Total Market Cap: NZ$36.2bTotal Earnings: NZ$762.9mTotal Revenue: NZ$20.7bTotal 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 50.7x 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 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%
Industrials-0.67%
Electrical1.09%
Infrastructure0.81%
Machinery0.67%
Industrials0%0
Professional Services0%0
Airlines-0.86%
Building-1.78%
Logistics-3.32%
Transportation-4.67%
Commercial Services-7.69%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 77.1x.
    • Analysts are expecting annual earnings growth of 2.1%, 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 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
AIA Auckland International AirportNZ$8.401.7%
+NZ$237.3m		-3.6%PE33.8x
FRW Freightways GroupNZ$14.640.3%
+NZ$7.2m		33.5%PE32.8x
SKL Skellerup HoldingsNZ$5.200.6%
+NZ$5.9m		1.0%PE18.7x
SCT Scott TechnologyNZ$2.861.1%
+NZ$2.5m		33.6%PE16.7x
NPH Napier Port HoldingsNZ$3.790.3%
+NZ$2.0m		40.4%PE24.5x

Latest News

AIR
NZ$0.57
Air New Zealand
7D
-0.9%
1Y
-8.0%

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.
AIA
NZ$8.40
Auckland International Airport
7D
1.7%
1Y
-3.6%
FRW
NZ$14.64
Freightways Group
7D
0.3%
1Y
33.5%

FRW: Updated Growth And Margin Assumptions Will Shape A Fairly Balanced Outlook

Analysts have raised their fair value estimate for Freightways Group from NZ$13.79 to NZ$14.28. They cite updated assumptions that include modestly higher revenue growth, slightly stronger profit margins, and small adjustments to the discount rate and future P/E multiple.
NPH
NZ$3.79
Napier Port Holdings
7D
0.3%
1Y
40.4%

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

Analysts have kept their price target for Napier Port Holdings broadly steady at around $3.72 per share, with only minor tweaks to inputs such as the discount rate, revenue growth, profit margin and future P/E, supporting an essentially unchanged valuation view. What's in the News Reported first quarter trade volume data for the period ended 31 December 2025, with total container volumes at 45,000 TEU compared to 44,000 TEU a year earlier, and bulk cargo volumes at 0.94 million tonnes compared to the same period a year ago (Key Developments).
MOV
NZ$0.27
MOVE Logistics Group
7D
-7.0%
1Y
20.5%
SPN
NZ$8.95
South Port New Zealand
7D
-2.3%
1Y
59.0%
FBU
NZ$3.68
Fletcher Building
7D
-1.6%
1Y
24.7%
POT
NZ$7.91
Port of Tauranga
7D
-1.2%
1Y
21.1%
SKL
NZ$5.20
Skellerup Holdings
7D
0.6%
1Y
1.0%
MPG
NZ$0.039
Metro Performance Glass
7D
-17.0%
1Y
-37.1%
MFT
NZ$64.00
Mainfreight
7D
-4.7%
1Y
-9.5%

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$2.45
Tourism Holdings
7D
-4.7%
1Y
27.6%
SCT
NZ$2.86
Scott Technology
7D
1.1%
1Y
33.6%
AOF
NZ$0.093
AoFrio
7D
1.1%
1Y
-9.7%

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