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New Zealand (NZX) Industrials Sector Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies17
  • 7D4.0%
  • 3M-6.6%
  • 1Y11.2%
  • YTD-5.7%

Over the last 7 days, the Industrials industry has risen 4.0%, driven by gains from Auckland International Airport of 2.6%. In the last 12 months, the industry was up 11%. 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, 10 Apr 2026NZ$35.6bNZ$24.5bNZ$761.4m24.1x46.8x1.5x
Sun, 08 Mar 2026NZ$37.6bNZ$24.5bNZ$761.4m25.3x49.4x1.5x
Tue, 03 Feb 2026NZ$37.7bNZ$24.3bNZ$738.7m25.3x51x1.5x
Thu, 01 Jan 2026NZ$37.7bNZ$24.3bNZ$738.7m25.7x51x1.5x
Sat, 29 Nov 2025NZ$36.2bNZ$24.3bNZ$738.2m24.9x49x1.5x
Mon, 27 Oct 2025NZ$36.1bNZ$24.3bNZ$754.5m20.8x47.9x1.5x
Wed, 24 Sep 2025NZ$34.7bNZ$24.3bNZ$747.9m24.6x46.4x1.4x
Fri, 22 Aug 2025NZ$34.0bNZ$24.1bNZ$336.7m21.4x100.9x1.4x
Sun, 20 Jul 2025NZ$34.3bNZ$24.5bNZ$545.1m21.5x62.9x1.4x
Tue, 17 Jun 2025NZ$35.2bNZ$24.5bNZ$549.0m22.9x64.2x1.4x
Thu, 15 May 2025NZ$35.0bNZ$24.2bNZ$451.0m21.1x77.5x1.4x
Sat, 12 Apr 2025NZ$33.3bNZ$24.2bNZ$451.1m20.8x73.9x1.4x
Mon, 10 Mar 2025NZ$34.9bNZ$24.2bNZ$451.1m20.6x77.3x1.4x
Wed, 05 Feb 2025NZ$36.0bNZ$24.4bNZ$464.7m22x77.4x1.5x
Fri, 03 Jan 2025NZ$36.0bNZ$24.4bNZ$464.7m22.5x77.4x1.5x
Sun, 01 Dec 2024NZ$34.2bNZ$24.4bNZ$464.7m23.6x73.7x1.4x
Tue, 29 Oct 2024NZ$33.0bNZ$24.2bNZ$474.2m21.7x69.5x1.4x
Thu, 26 Sep 2024NZ$31.0bNZ$24.2bNZ$478.4m21.2x64.7x1.3x
Sat, 24 Aug 2024NZ$30.9bNZ$24.2bNZ$721.2m22.5x42.8x1.3x
Mon, 22 Jul 2024NZ$42.1bNZ$28.0bNZ$1.9b19.7x22.8x1.5x
Wed, 19 Jun 2024NZ$38.5bNZ$28.0bNZ$1.9b19.5x20.8x1.4x
Fri, 17 May 2024NZ$38.1bNZ$27.4bNZ$2.6b18x14.6x1.4x
Sun, 14 Apr 2024NZ$40.8bNZ$27.4bNZ$2.6b21.2x15.6x1.5x
Tue, 12 Mar 2024NZ$41.0bNZ$27.4bNZ$2.6b21.3x15.7x1.5x
Thu, 08 Feb 2024NZ$42.2bNZ$26.8bNZ$2.8b18.9x15x1.6x
Sat, 06 Jan 2024NZ$42.5bNZ$26.8bNZ$2.8b19.8x15.1x1.6x
Mon, 04 Dec 2023NZ$41.0bNZ$26.7bNZ$2.8b19.5x14.6x1.5x
Wed, 01 Nov 2023NZ$38.1bNZ$26.9bNZ$1.8b17.7x21.7x1.4x
Fri, 29 Sep 2023NZ$40.9bNZ$26.8bNZ$1.8b17.5x23.2x1.5x
Sun, 27 Aug 2023NZ$41.6bNZ$26.6bNZ$1.7b20.3x23.9x1.6x
Tue, 25 Jul 2023NZ$35.4bNZ$23.0bNZ$1.1b18.9x33x1.5x
Thu, 22 Jun 2023NZ$35.3bNZ$23.0bNZ$1.1b19.6x32.9x1.5x
Sat, 20 May 2023NZ$36.1bNZ$23.3bNZ$1.1b17.1x32.8x1.6x
Mon, 17 Apr 2023NZ$35.4bNZ$23.3bNZ$1.1b16.8x32.1x1.5x
Price to Earnings Ratio

32.1x


Total Market Cap: NZ$35.4bTotal Earnings: NZ$1.1bTotal Revenue: NZ$23.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 44x202420252026
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 44.0x.
  • 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 12% per year over the last three years.
  • Meanwhile revenues have remained mostly flat.
  • This means that although sales have remained flat, 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 Market3.03%
Industrials3.99%
Airlines9.20%
Transportation8.10%
Machinery6.05%
Building4.78%
Logistics4.68%
Infrastructure3.02%
Industrials0%0
Commercial Services0%0
Electrical-4.00%
Professional Services-6.14%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 75.2x.
    • Analysts are expecting annual earnings growth of 3.5%, which is lower than the prior year's growth of 67.6% per year.
Forecasted Growth
  • Analysts are most optimistic on the Airlines industry, expecting annual earnings growth of 60% 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$8.282.6%
+NZ$357.0m		2.5%PE34.3x
FBU Fletcher BuildingNZ$3.076.2%
+NZ$192.8m		-1.0%PS0.5x
MFT MainfreightNZ$60.001.7%
+NZ$101.7m		-2.2%PE23.9x
SKL Skellerup HoldingsNZ$5.638.3%
+NZ$84.3m		29.4%PE18.6x
FRW Freightways GroupNZ$12.903.7%
+NZ$82.3m		21.9%PE26.3x

Latest News

SKL
NZ$5.63
Skellerup Holdings
7D
8.3%
1Y
29.4%
AIA
NZ$8.28
Auckland International Airport
7D
2.6%
1Y
2.5%

AIA: Steady Traffic And Dividend Payout Will Support A Balanced Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, pointing to only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shifts in the core valuation view. What's in the News Auckland International Airport reported February 2026 traffic results, with Auckland Airport handling 1,612,458 total passengers, 13,076 aircraft movements and 637,621 tonnes of MCTOW, while Queenstown Airport saw 228,905 passengers and 1,525 aircraft movements (company traffic update, February 2026).
THL
NZ$2.25
Tourism Holdings
7D
7.1%
1Y
37.2%
FRW
NZ$12.90
Freightways Group
7D
3.7%
1Y
21.9%

FRW: Upcoming Dividend Schedule Will Support A More Confident Earnings Outlook

Analysts have nudged their price target for Freightways Group slightly higher to NZ$15.31 from NZ$15.28. This reflects updated assumptions around the discount rate, long-term revenue growth, profit margins and future P/E multiples.
NPH
NZ$3.65
Napier Port Holdings
7D
5.8%
1Y
40.9%

NPH: Stable Trade Volumes And Margins Will Support Steady Future Returns

Analysts have kept their price target for Napier Port Holdings at NZ$3.72, citing only minor adjustments to assumptions such as the discount rate, long-term revenue growth, profit margin and future P/E, which they say do not materially change their overall valuation view. What's in the News Napier Port Holdings released trade volume data for the first quarter ended 31 December 2025, providing a recent snapshot of operational activity.
AIR
NZ$0.46
Air New Zealand
7D
5.7%
1Y
-21.4%
POT
NZ$7.80
Port of Tauranga
7D
-1.1%
1Y
24.6%
MFT
NZ$60.00
Mainfreight
7D
1.7%
1Y
-2.2%
FBU
NZ$3.07
Fletcher Building
7D
6.2%
1Y
-1.0%
SPN
NZ$8.37
South Port New Zealand
7D
-1.4%
1Y
43.8%