Returns On Capital At Auckland International Airport (NZSE:AIA) Have Stalled
Nov 03
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New Zealand (NZX) Industrials Sector Analysis
UpdatedNov 11, 2025
DataAggregated Company Financials
Companies17
- 7D0.8%
- 3M8.3%
- 1Y10.3%
- YTD2.4%
Last week, the Industrials industry hasn't moved much but Mainfreight is up 6.5% in that time. The past year has been better, since the industry has gained 10% in that time. Looking forward, earnings are forecast to grow by 12% annually.
Sector Valuation and Performance
Has the New Zealand Industrials Sector valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Thu, 13 Nov 2025 | NZ$36.1b | NZ$24.3b | NZ$754.5m | 21x | 47.9x | 1.5x |
| Sat, 11 Oct 2025 | NZ$36.0b | NZ$24.3b | NZ$747.9m | 24x | 48.1x | 1.5x |
| Mon, 08 Sep 2025 | NZ$34.7b | NZ$24.3b | NZ$747.9m | 22.2x | 46.4x | 1.4x |
| Wed, 06 Aug 2025 | NZ$33.4b | NZ$24.5b | NZ$545.1m | 22.5x | 61.2x | 1.4x |
| Fri, 04 Jul 2025 | NZ$34.3b | NZ$24.5b | NZ$545.1m | 21.4x | 62.9x | 1.4x |
| Sun, 01 Jun 2025 | NZ$34.0b | NZ$24.5b | NZ$549.0m | 22.8x | 62x | 1.4x |
| Tue, 29 Apr 2025 | NZ$32.7b | NZ$24.2b | NZ$451.0m | 20x | 72.5x | 1.4x |
| Thu, 27 Mar 2025 | NZ$34.5b | NZ$24.2b | NZ$451.1m | 20.1x | 76.5x | 1.4x |
| Sat, 22 Feb 2025 | NZ$35.6b | NZ$24.2b | NZ$451.4m | 22.1x | 78.8x | 1.5x |
| Mon, 20 Jan 2025 | NZ$35.7b | NZ$24.4b | NZ$464.7m | 22.4x | 76.9x | 1.5x |
| Wed, 18 Dec 2024 | NZ$34.4b | NZ$24.4b | NZ$464.7m | 22.6x | 74.1x | 1.4x |
| Fri, 15 Nov 2024 | NZ$33.1b | NZ$24.2b | NZ$471.5m | 21.8x | 70.1x | 1.4x |
| Sun, 13 Oct 2024 | NZ$32.8b | NZ$24.2b | NZ$478.4m | 22x | 68.6x | 1.4x |
| Tue, 10 Sep 2024 | NZ$30.6b | NZ$24.2b | NZ$478.4m | 22.1x | 64x | 1.3x |
| Thu, 08 Aug 2024 | NZ$30.6b | NZ$24.8b | NZ$998.1m | 20.9x | 30.6x | 1.2x |
| Sat, 06 Jul 2024 | NZ$39.9b | NZ$28.0b | NZ$1.9b | 18.9x | 21.6x | 1.4x |
| Mon, 03 Jun 2024 | NZ$38.7b | NZ$28.0b | NZ$1.8b | 19.4x | 21x | 1.4x |
| Wed, 01 May 2024 | NZ$39.9b | NZ$27.4b | NZ$2.6b | 20.4x | 15.3x | 1.5x |
| Fri, 29 Mar 2024 | NZ$41.7b | NZ$27.4b | NZ$2.6b | 19.5x | 16x | 1.5x |
| Sun, 25 Feb 2024 | NZ$40.6b | NZ$27.5b | NZ$2.6b | 20.8x | 15.5x | 1.5x |
| Tue, 23 Jan 2024 | NZ$42.4b | NZ$26.8b | NZ$2.8b | 19x | 15x | 1.6x |
| Thu, 21 Dec 2023 | NZ$41.7b | NZ$26.7b | NZ$2.8b | 19.2x | 14.8x | 1.6x |
| Sat, 18 Nov 2023 | NZ$40.6b | NZ$26.2b | NZ$1.7b | 19.6x | 24.4x | 1.5x |
| Mon, 16 Oct 2023 | NZ$41.3b | NZ$26.8b | NZ$1.8b | 17.7x | 23.5x | 1.5x |
| Wed, 13 Sep 2023 | NZ$41.7b | NZ$26.8b | NZ$1.8b | 18.1x | 23.7x | 1.6x |
| Fri, 11 Aug 2023 | NZ$42.8b | NZ$24.9b | NZ$1.4b | 19.1x | 30.9x | 1.7x |
| Sun, 09 Jul 2023 | NZ$35.5b | NZ$23.0b | NZ$1.1b | 19.1x | 33.1x | 1.5x |
| Tue, 06 Jun 2023 | NZ$35.2b | NZ$23.0b | NZ$1.1b | 19.5x | 32.8x | 1.5x |
| Thu, 04 May 2023 | NZ$35.4b | NZ$23.3b | NZ$1.1b | 16.7x | 32.1x | 1.5x |
| Sat, 01 Apr 2023 | NZ$35.1b | NZ$23.3b | NZ$1.1b | 17.7x | 31.9x | 1.5x |
| Mon, 27 Feb 2023 | NZ$35.9b | NZ$23.2b | NZ$1.1b | 17.8x | 32.7x | 1.5x |
| Wed, 25 Jan 2023 | NZ$35.6b | NZ$20.7b | NZ$763.6m | 17.9x | 46.7x | 1.7x |
| Fri, 23 Dec 2022 | NZ$34.5b | NZ$20.7b | NZ$763.6m | 17.3x | 45.2x | 1.7x |
| Sun, 20 Nov 2022 | NZ$34.6b | NZ$20.7b | NZ$763.7m | 19.6x | 45.4x | 1.7x |
Price to Earnings Ratio
45.4x
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 47.9x which is higher than its 3-year average PE of 43.1x.
- 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 Market | 0.12% | |
| Industrials | 0.76% | |
| Building | 4.97% | |
| Logistics | 3.61% | |
| Airlines | 2.46% | |
| Transportation | 0.39% | |
| Industrials | 0% | 0 |
| Commercial Services | 0% | 0 |
| Professional Services | -0.39% | |
| Infrastructure | -1.13% | |
| Machinery | -2.22% | |
| Electrical | -4.12% | |
Industry PE
- Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 78.5x.
- Analysts are expecting annual earnings growth of 2.2%, 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 75% per year over the next few years.
Top Stock Gainers and Losers
Which companies have driven the market over the last 7 days?
| Company | Last Price | 7D | 1Y | Valuation | |
|---|---|---|---|---|---|
| MFT Mainfreight | NZ$68.50 | 14.9% +NZ$896.2m | -6.3% | PE27.2x | |
| POT Port of Tauranga | NZ$7.72 | 2.5% +NZ$129.2m | 30.0% | PE30.3x | |
| SKL Skellerup Holdings | NZ$5.49 | 2.6% +NZ$27.5m | 12.3% | PE19.7x | |
| MPG Metro Performance Glass | NZ$0.045 | 7.1% +NZ$3.0m | -25.0% | PS0.2x | |
| AGL Accordant Group | NZ$0.30 | 5.2% +NZ$508.8k | -47.4% | PS0.07x |
