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New Zealand (NZX) Industrials Sector Analysis

UpdatedMar 16, 2026
DataAggregated Company Financials
Companies17
  • 7D-4.2%
  • 3M-2.4%
  • 1Y3.5%
  • YTD-4.5%

Over the last 7 days, the Industrials industry has dropped 4.2%, driven by pullbacks in Air New Zealand and Freightways Group of 6.5% and 3.8%, respectively. Over the past 12 months, the industry was up 3.5%. 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
Tue, 17 Mar 2026NZ$36.0bNZ$24.5bNZ$761.4m24.1x47.3x1.5x
Thu, 12 Feb 2026NZ$38.0bNZ$24.3bNZ$738.7m24.6x51.4x1.6x
Sat, 10 Jan 2026NZ$38.1bNZ$24.3bNZ$738.7m25.8x51.6x1.6x
Mon, 08 Dec 2025NZ$37.0bNZ$24.3bNZ$738.7m25.1x50x1.5x
Wed, 05 Nov 2025NZ$36.2bNZ$24.3bNZ$754.5m21x47.9x1.5x
Fri, 03 Oct 2025NZ$36.0bNZ$24.3bNZ$747.9m23.7x48.1x1.5x
Sun, 31 Aug 2025NZ$33.6bNZ$24.3bNZ$647.6m21.6x51.8x1.4x
Tue, 29 Jul 2025NZ$34.3bNZ$24.5bNZ$545.1m21.4x62.9x1.4x
Thu, 26 Jun 2025NZ$33.8bNZ$24.5bNZ$549.0m22.7x61.6x1.4x
Sat, 24 May 2025NZ$34.5bNZ$24.2bNZ$456.0m23x75.6x1.4x
Mon, 21 Apr 2025NZ$33.0bNZ$24.2bNZ$451.0m19.8x73.1x1.4x
Wed, 19 Mar 2025NZ$34.2bNZ$24.2bNZ$451.1m20.4x75.9x1.4x
Fri, 14 Feb 2025NZ$36.0bNZ$24.4bNZ$464.7m22.3x77.4x1.5x
Sun, 12 Jan 2025NZ$35.2bNZ$24.4bNZ$464.7m22.3x75.7x1.4x
Tue, 10 Dec 2024NZ$34.6bNZ$24.4bNZ$464.7m21.6x74.4x1.4x
Thu, 07 Nov 2024NZ$33.1bNZ$24.2bNZ$471.5m23.8x70.3x1.4x
Sat, 05 Oct 2024NZ$31.8bNZ$24.2bNZ$478.4m22x66.5x1.3x
Mon, 02 Sep 2024NZ$30.8bNZ$24.2bNZ$660.4m22.2x46.6x1.3x
Wed, 31 Jul 2024NZ$41.3bNZ$28.0bNZ$1.9b20.2x22.3x1.5x
Fri, 28 Jun 2024NZ$39.4bNZ$28.0bNZ$1.9b18.9x21.3x1.4x
Sun, 26 May 2024NZ$38.7bNZ$28.3bNZ$2.0b19x19.4x1.4x
Tue, 23 Apr 2024NZ$40.1bNZ$27.4bNZ$2.6b21.2x15.4x1.5x
Thu, 21 Mar 2024NZ$41.0bNZ$27.4bNZ$2.6b20.6x15.7x1.5x
Sat, 17 Feb 2024NZ$40.6bNZ$26.8bNZ$2.6b20x15.6x1.5x
Mon, 15 Jan 2024NZ$43.1bNZ$26.8bNZ$2.8b19.3x15.3x1.6x
Wed, 13 Dec 2023NZ$41.2bNZ$26.7bNZ$2.8b18.6x14.6x1.5x
Fri, 10 Nov 2023NZ$39.7bNZ$26.9bNZ$1.8b19x22.5x1.5x
Sun, 08 Oct 2023NZ$41.0bNZ$26.8bNZ$1.8b18.5x23.3x1.5x
Tue, 05 Sep 2023NZ$42.1bNZ$26.8bNZ$1.8b16.7x23.9x1.6x
Thu, 03 Aug 2023NZ$43.1bNZ$24.9bNZ$1.4b19.2x31.1x1.7x
Sat, 01 Jul 2023NZ$35.6bNZ$23.0bNZ$1.1b18.9x33.1x1.5x
Mon, 29 May 2023NZ$35.5bNZ$23.0bNZ$1.1b17.1x32.6x1.5x
Wed, 26 Apr 2023NZ$35.8bNZ$23.3bNZ$1.1b17.2x32.4x1.5x
Fri, 24 Mar 2023NZ$35.2bNZ$23.3bNZ$1.1b18.1x32.1x1.5x
Price to Earnings Ratio

32.1x


Total Market Cap: NZ$35.2bTotal Earnings: NZ$1.1bTotal Revenue: NZ$23.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Industrials Sector Price to Earnings3Y Average 43.7x202420252026
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 47.3x which is higher than its 3-year average PE of 43.7x.
  • 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-2.47%
Industrials-4.17%
Professional Services3.26%
Industrials0%0
Building-1.05%
Machinery-2.46%
Infrastructure-3.66%
Logistics-5.27%
Electrical-6.98%
Transportation-8.66%
Commercial Services-9.09%
Airlines-11.76%
Industry PE
  • Investors are most optimistic about the Infrastructure industry even though it's trading below its 3-year average PE ratio of 76.1x.
    • 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 62% 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
MFT MainfreightNZ$61.301.2%
+NZ$72.5m		-6.9%PE24.4x
AIA Auckland International AirportNZ$8.380.5%
+NZ$67.8m		6.5%PE34.6x
FBU Fletcher BuildingNZ$3.381.8%
+NZ$64.2m		3.4%PS0.5x
SKL Skellerup HoldingsNZ$5.501.9%
+NZ$19.6m		15.8%PE18.2x
POT Port of TaurangaNZ$7.870.3%
+NZ$13.6m		22.4%PE29.2x

Latest News

SKL
NZ$5.50
Skellerup Holdings
7D
1.9%
1Y
15.8%

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$13.00
Freightways Group
7D
-3.8%
1Y
19.3%

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$1.05
Metro Performance Glass
7D
-28.6%
1Y
-56.3%
AIA
NZ$8.38
Auckland International Airport
7D
0.5%
1Y
6.5%
SCT
NZ$2.27
Scott Technology
7D
-4.6%
1Y
19.5%
THL
NZ$2.13
Tourism Holdings
7D
-11.3%
1Y
28.3%
AIR
NZ$0.43
Air New Zealand
7D
-6.5%
1Y
-29.3%

Air New Zealand (NZX:AIR)

Company Overview Air New Zealand has struggled to regain stable profitability since the COVID‑19 pandemic severely disrupted global aviation. As an island nation with a heavy reliance on air travel, New Zealand was particularly exposed to prolonged border closures and suppressed passenger demand.
POT
NZ$7.87
Port of Tauranga
7D
0.3%
1Y
22.4%
AOF
NZ$0.081
AoFrio
7D
-1.2%
1Y
-15.6%
MFT
NZ$61.30
Mainfreight
7D
1.2%
1Y
-6.9%
FBU
NZ$3.38
Fletcher Building
7D
1.8%
1Y
3.4%
SPN
NZ$8.90
South Port New Zealand
7D
-1.3%
1Y
48.3%
PYS
NZ$0.27
PaySauce
7D
3.9%
1Y
32.5%
MOV
NZ$0.23
MOVE Logistics Group
7D
2.2%
1Y
12.2%