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New Zealand (NZX) Industrials Sector Analysis

UpdatedFeb 24, 2026
DataAggregated Company Financials
Companies17
  • 7D3.3%
  • 3M5.0%
  • 1Y10.1%
  • YTD1.5%

Over the last 7 days, the Industrials industry has risen 3.3%, driven by gains from Auckland International Airport of 7.0%. In the last 12 months, the industry was up 10%. Looking forward, 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
Tue, 24 Feb 2026NZ$38.3bNZ$24.5bNZ$880.9m24.9x43.5x1.6x
Thu, 22 Jan 2026NZ$38.0bNZ$24.3bNZ$738.7m25.6x51.4x1.6x
Sat, 20 Dec 2025NZ$37.2bNZ$24.3bNZ$738.7m25.4x50.3x1.5x
Mon, 17 Nov 2025NZ$36.4bNZ$24.3bNZ$733.8m23.3x49.6x1.5x
Wed, 15 Oct 2025NZ$35.4bNZ$24.3bNZ$747.9m25.8x47.4x1.5x
Fri, 12 Sep 2025NZ$34.2bNZ$24.3bNZ$747.9m23.1x45.7x1.4x
Sun, 10 Aug 2025NZ$33.4bNZ$24.5bNZ$544.3m21.4x61.3x1.4x
Tue, 08 Jul 2025NZ$34.2bNZ$24.5bNZ$545.1m22x62.8x1.4x
Thu, 05 Jun 2025NZ$34.3bNZ$24.5bNZ$549.0m22.7x62.4x1.4x
Sat, 03 May 2025NZ$32.9bNZ$24.2bNZ$451.0m20.5x73x1.4x
Mon, 31 Mar 2025NZ$34.4bNZ$24.2bNZ$451.1m19.7x76.3x1.4x
Wed, 26 Feb 2025NZ$34.8bNZ$24.2bNZ$436.9m21.5x79.7x1.4x
Fri, 24 Jan 2025NZ$35.6bNZ$24.4bNZ$464.7m22.6x76.5x1.5x
Sun, 22 Dec 2024NZ$35.0bNZ$24.4bNZ$464.7m22.2x75.3x1.4x
Tue, 19 Nov 2024NZ$33.4bNZ$24.4bNZ$461.6m21.8x72.3x1.4x
Thu, 17 Oct 2024NZ$32.8bNZ$24.2bNZ$478.4m20.9x68.6x1.4x
Sat, 14 Sep 2024NZ$30.6bNZ$24.2bNZ$478.4m22.5x64x1.3x
Mon, 12 Aug 2024NZ$30.2bNZ$24.8bNZ$998.1m20.6x30.3x1.2x
Wed, 10 Jul 2024NZ$40.2bNZ$28.0bNZ$1.9b19x21.7x1.4x
Fri, 07 Jun 2024NZ$39.3bNZ$28.0bNZ$1.9b19.4x21.2x1.4x
Sun, 05 May 2024NZ$39.8bNZ$27.4bNZ$2.6b19.8x15.3x1.5x
Tue, 02 Apr 2024NZ$41.7bNZ$27.4bNZ$2.6b19.5x16x1.5x
Thu, 29 Feb 2024NZ$40.6bNZ$27.5bNZ$2.6b21x15.5x1.5x
Sat, 27 Jan 2024NZ$42.8bNZ$26.8bNZ$2.8b19.4x15.2x1.6x
Mon, 25 Dec 2023NZ$42.0bNZ$26.7bNZ$2.8b19.2x14.9x1.6x
Wed, 22 Nov 2023NZ$40.3bNZ$26.7bNZ$2.8b18.8x14.3x1.5x
Fri, 20 Oct 2023NZ$40.3bNZ$26.9bNZ$1.8b18.4x22.9x1.5x
Sun, 17 Sep 2023NZ$41.1bNZ$26.8bNZ$1.8b18.5x23.3x1.5x
Tue, 15 Aug 2023NZ$42.7bNZ$24.9bNZ$1.4b19x30.8x1.7x
Thu, 13 Jul 2023NZ$35.1bNZ$23.0bNZ$1.1b19.1x32.8x1.5x
Sat, 10 Jun 2023NZ$35.4bNZ$23.0bNZ$1.1b19x32.9x1.5x
Mon, 08 May 2023NZ$35.5bNZ$23.3bNZ$1.1b16.7x32.3x1.5x
Wed, 05 Apr 2023NZ$35.4bNZ$23.3bNZ$1.1b17.7x32.2x1.5x
Fri, 03 Mar 2023NZ$35.8bNZ$23.2bNZ$1.1b17.8x32.5x1.5x
Price to Earnings Ratio

32.5x


Total Market Cap: NZ$35.8bTotal Earnings: NZ$1.1bTotal Revenue: NZ$23.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 43.4x202420252026
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 43.4x.
  • 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 7.1% 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 Market1.86%
Industrials3.28%
Transportation13.19%
Infrastructure5.54%
Machinery3.57%
Electrical1.12%
Industrials0%0
Commercial Services0%0
Logistics-0.017%
Building-0.31%
Airlines-0.87%
Professional Services-3.31%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 76.8x.
    • Analysts are expecting annual earnings growth of 3.6%, which is lower than the prior year's growth of 74.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Building industry, expecting annual earnings growth of 56% 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$9.007.0%
+NZ$1.0b		12.6%PE37.2x
MFT MainfreightNZ$64.353.0%
+NZ$186.3m		-4.0%PE25.6x
POT Port of TaurangaNZ$7.922.5%
+NZ$129.2m		19.6%PE31.1x
THL Tourism HoldingsNZ$2.6718.1%
+NZ$90.7m		56.1%PS0.6x
FBU Fletcher BuildingNZ$3.551.4%
+NZ$53.5m		9.2%PS0.5x

Latest News

SKL
NZ$5.84
Skellerup Holdings
7D
2.6%
1Y
19.2%
AIA
NZ$9.00
Auckland International Airport
7D
7.0%
1Y
12.6%
MFT
NZ$64.35
Mainfreight
7D
3.0%
1Y
-4.0%
AIR
NZ$0.57
Air New Zealand
7D
-1.7%
1Y
-4.2%

AIR: Future Earnings Will Weigh Traffic Resilience Against Sector Margin And Execution Risks

Analysts have adjusted their NZ$ price target framework for Air New Zealand by slightly lowering the discount rate and using a higher future P/E multiple, while keeping fair value unchanged at NZ$0.55. Analyst Commentary Recent Street research activity around aviation and aerospace peers highlights a cautious tone that is relevant when you think about Air New Zealand’s valuation framework and execution risks.
FBU
NZ$3.55
Fletcher Building
7D
1.4%
1Y
9.2%
FRW
NZ$14.50
Freightways Group
7D
-0.1%
1Y
34.3%
SPN
NZ$9.15
South Port New Zealand
7D
-0.1%
1Y
55.1%
POT
NZ$7.92
Port of Tauranga
7D
2.5%
1Y
19.6%
NPH
NZ$3.75
Napier Port Holdings
7D
1.4%
1Y
43.1%

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

Analysts have maintained their fair value estimate for Napier Port Holdings at $3.72 per share, with only minor adjustments to inputs such as the discount rate and the assumed future P/E multiple influencing the latest price target update. What's in the News Reported first quarter 2026 trade volume data, with total container volumes at 45,000 TEU compared with 44,000 TEU a year earlier, including a 1.4% change in underlying cargo laden container volumes and a 1.8% change in empty and other container movements (company announcement).
PYS
NZ$0.26
PaySauce
7D
-3.8%
1Y
29.4%
MOV
NZ$0.23
MOVE Logistics Group
7D
-11.8%
1Y
-2.2%
MPG
NZ$0.038
Metro Performance Glass
7D
-2.6%
1Y
-38.7%
THL
NZ$2.67
Tourism Holdings
7D
18.1%
1Y
56.1%
SCT
NZ$2.70
Scott Technology
7D
10.2%
1Y
28.6%