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New Zealand (NZX) Industrials Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies17
  • 7D-4.4%
  • 3M-8.6%
  • 1Y-0.2%
  • YTD-9.1%

Over the last 7 days, the Industrials industry has dropped 4.4%, driven by a pullback from Auckland International Airport of 4.0%. On the other hand PaySauce is actually up 21%. Over the last year, the industry has been flat overall. 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
Wed, 25 Mar 2026NZ$34.3bNZ$24.5bNZ$761.4m22.8x45.1x1.4x
Fri, 20 Feb 2026NZ$37.8bNZ$24.4bNZ$886.9m24.9x42.6x1.5x
Sun, 18 Jan 2026NZ$38.2bNZ$24.3bNZ$738.7m26.2x51.8x1.6x
Tue, 16 Dec 2025NZ$36.9bNZ$24.3bNZ$738.7m25.3x50x1.5x
Thu, 13 Nov 2025NZ$36.0bNZ$24.3bNZ$754.8m21.4x47.6x1.5x
Sat, 11 Oct 2025NZ$36.0bNZ$24.3bNZ$747.9m24x48.1x1.5x
Mon, 08 Sep 2025NZ$34.7bNZ$24.3bNZ$747.9m22.2x46.4x1.4x
Wed, 06 Aug 2025NZ$33.4bNZ$24.5bNZ$545.1m22.5x61.2x1.4x
Fri, 04 Jul 2025NZ$34.3bNZ$24.5bNZ$545.1m21.4x62.9x1.4x
Sun, 01 Jun 2025NZ$34.0bNZ$24.5bNZ$549.0m22.8x62x1.4x
Tue, 29 Apr 2025NZ$32.7bNZ$24.2bNZ$451.0m20x72.5x1.4x
Thu, 27 Mar 2025NZ$34.5bNZ$24.2bNZ$451.1m20.1x76.5x1.4x
Sat, 22 Feb 2025NZ$35.6bNZ$24.2bNZ$451.4m22.1x78.8x1.5x
Mon, 20 Jan 2025NZ$35.7bNZ$24.4bNZ$464.7m22.4x76.9x1.5x
Wed, 18 Dec 2024NZ$34.4bNZ$24.4bNZ$464.7m22.6x74.1x1.4x
Fri, 15 Nov 2024NZ$33.1bNZ$24.2bNZ$471.5m21.8x70.1x1.4x
Sun, 13 Oct 2024NZ$32.8bNZ$24.2bNZ$478.4m22x68.6x1.4x
Tue, 10 Sep 2024NZ$30.6bNZ$24.2bNZ$478.4m22.1x64x1.3x
Thu, 08 Aug 2024NZ$30.6bNZ$24.8bNZ$998.1m20.9x30.6x1.2x
Sat, 06 Jul 2024NZ$39.9bNZ$28.0bNZ$1.9b18.9x21.6x1.4x
Mon, 03 Jun 2024NZ$38.7bNZ$28.0bNZ$1.8b19.4x21x1.4x
Wed, 01 May 2024NZ$39.9bNZ$27.4bNZ$2.6b20.4x15.3x1.5x
Fri, 29 Mar 2024NZ$41.7bNZ$27.4bNZ$2.6b19.5x16x1.5x
Sun, 25 Feb 2024NZ$40.6bNZ$27.5bNZ$2.6b20.8x15.5x1.5x
Tue, 23 Jan 2024NZ$42.4bNZ$26.8bNZ$2.8b19x15x1.6x
Thu, 21 Dec 2023NZ$41.7bNZ$26.7bNZ$2.8b19.2x14.8x1.6x
Sat, 18 Nov 2023NZ$40.6bNZ$26.2bNZ$1.7b19.6x24.4x1.5x
Mon, 16 Oct 2023NZ$41.3bNZ$26.8bNZ$1.8b17.7x23.5x1.5x
Wed, 13 Sep 2023NZ$41.7bNZ$26.8bNZ$1.8b18.1x23.7x1.6x
Fri, 11 Aug 2023NZ$42.8bNZ$24.9bNZ$1.4b19.1x30.9x1.7x
Sun, 09 Jul 2023NZ$35.5bNZ$23.0bNZ$1.1b19.1x33.1x1.5x
Tue, 06 Jun 2023NZ$35.2bNZ$23.0bNZ$1.1b19.5x32.8x1.5x
Thu, 04 May 2023NZ$35.4bNZ$23.3bNZ$1.1b16.7x32.1x1.5x
Sat, 01 Apr 2023NZ$35.1bNZ$23.3bNZ$1.1b17.7x31.9x1.5x
Price to Earnings Ratio

31.9x


Total Market Cap: NZ$35.1bTotal Earnings: NZ$1.1bTotal Revenue: NZ$23.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 43.8x202420252026
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 43.8x.
  • 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 Market-3.36%
Industrials-4.45%
Professional Services10.71%
Transportation1.41%
Industrials0%0
Airlines-1.15%
Machinery-1.99%
Infrastructure-3.81%
Logistics-6.25%
Building-6.81%
Electrical-7.41%
Commercial Services-45.45%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 75.8x.
    • 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 Airlines industry, expecting annual earnings growth of 61% 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
PYS PaySauceNZ$0.3220.8%
+NZ$9.0m		82.9%PE62.8x
SCT Scott TechnologyNZ$2.322.2%
+NZ$4.2m		31.8%PE13.6x
MPG Metro Performance GlassNZ$0.972.1%
+NZ$491.8k		-58.9%PS0.1x

Latest News

AIR
NZ$0.43
Air New Zealand
7D
-1.1%
1Y
-30.4%
PYS
NZ$0.32
PaySauce
7D
20.8%
1Y
82.9%

NZ company with gumption aims to provide services to SMEs across The Ditch

Great to see a NZ company with the gumption to exploit a niche in services to SMEs (who often miss out on affordable software to run their businesses) both sides of the Tasman. Questions I'd like to ask: as of March 2026 why no NZ releases since May 2025 ?
AIA
NZ$8.08
Auckland International Airport
7D
-4.0%
1Y
-0.1%

AIA: Passenger Volumes And Stable Margins Will Support A Steady Dividend Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, citing only marginal tweaks to the discount rate, profit margin assumptions and future P/E inputs rather than any shift in the core outlook. What's in the News Traffic data for February 2026 shows Auckland Airport handling 1,612,458 total passengers and 13,076 aircraft movements, with maximum certified take off weight (MCTOW) of 637,621 tonnes.
SKL
NZ$5.38
Skellerup Holdings
7D
-1.3%
1Y
10.9%

SKL: Dividend And FY26 NPAT Guidance Will Support Future Upside Potential

Analysts have kept their NZ$6.25 price target on Skellerup Holdings unchanged, citing only minor model tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions that do not materially shift their valuation view. What's in the News The board declared an interim dividend of 10.0 cents per share for the period ended 31 December 2025, imputed at 40%, payable on 19 March 2026 to shareholders on the register at 5 p.m. on 6 March 2026 (Key Developments).
FRW
NZ$12.40
Freightways Group
7D
-6.7%
1Y
15.9%

FRW: Dividend Timeline Will Support A More Confident Forward Earnings Outlook

Freightways Group's analyst price target has been adjusted slightly higher to around NZ$15.28 from NZ$15.27. Analysts point to updated assumptions on discount rates, revenue growth, profit margins and future P/E as the key drivers of this fine tuning.
MPG
NZ$0.97
Metro Performance Glass
7D
2.1%
1Y
-58.9%
SCT
NZ$2.32
Scott Technology
7D
2.2%
1Y
31.8%
THL
NZ$2.16
Tourism Holdings
7D
-4.8%
1Y
18.7%
POT
NZ$7.96
Port of Tauranga
7D
-0.4%
1Y
19.5%
MFT
NZ$58.20
Mainfreight
7D
-5.1%
1Y
-11.5%
FBU
NZ$3.14
Fletcher Building
7D
-6.5%
1Y
-5.1%