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New Zealand (NZX) Utilities Sector Analysis

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies5
  • 7D-0.7%
  • 3M1.8%
  • 1Y3.1%
  • YTD1.4%

The Utilities industry has been flat over the last week, but Mercury NZ has lost 3.2%. As for the the longer term, the industry is up 3.1% over the past 12 months. Earnings are forecast to grow by 19% annually.

Sector Valuation and Performance

Has the New Zealand Utilities Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 22 Jul 2026NZ$42.6bNZ$15.9bNZ$720.5m29.2x59.2x2.7x
Fri, 19 Jun 2026NZ$43.3bNZ$15.9bNZ$720.5m29.7x60.2x2.7x
Sun, 17 May 2026NZ$44.4bNZ$15.9bNZ$720.5m30.5x61.7x2.8x
Tue, 14 Apr 2026NZ$41.8bNZ$15.9bNZ$720.5m29x58.1x2.6x
Thu, 12 Mar 2026NZ$40.7bNZ$15.9bNZ$720.5m28.4x56.5x2.6x
Sat, 07 Feb 2026NZ$41.6bNZ$16.5bNZ$203.8m30.7x203.9x2.5x
Mon, 05 Jan 2026NZ$40.7bNZ$16.5bNZ$203.8m29.7x199.7x2.5x
Wed, 03 Dec 2025NZ$40.5bNZ$16.5bNZ$203.8m29.8x198.9x2.5x
Fri, 31 Oct 2025NZ$41.8bNZ$16.5bNZ$203.8m30.1x205.2x2.5x
Sun, 28 Sep 2025NZ$40.7bNZ$16.5bNZ$203.8m28.8x199.9x2.5x
Tue, 26 Aug 2025NZ$40.1bNZ$16.5bNZ$765.6m29.5x52.4x2.4x
Thu, 24 Jul 2025NZ$39.7bNZ$16.5bNZ$736.2m32.2x53.9x2.4x
Sat, 21 Jun 2025NZ$39.2bNZ$17.0bNZ$735.4m27.7x53.3x2.3x
Mon, 19 May 2025NZ$39.5bNZ$17.0bNZ$735.4m28.2x53.8x2.3x
Wed, 16 Apr 2025NZ$38.6bNZ$17.1bNZ$700.0m27.3x55.2x2.3x
Fri, 14 Mar 2025NZ$37.7bNZ$17.1bNZ$700.0m27.6x53.9x2.2x
Sun, 09 Feb 2025NZ$39.8bNZ$15.9bNZ$1.1b33.8x35.3x2.5x
Tue, 07 Jan 2025NZ$39.3bNZ$15.9bNZ$1.1b34.6x34.9x2.5x
Thu, 05 Dec 2024NZ$40.6bNZ$15.9bNZ$1.1b33.7x36.1x2.6x
Sat, 02 Nov 2024NZ$39.0bNZ$15.8bNZ$1.2b35.7x32.9x2.5x
Mon, 30 Sep 2024NZ$38.5bNZ$15.8bNZ$1.2b36.3x32.4x2.4x
Wed, 28 Aug 2024NZ$39.2bNZ$14.8bNZ$831.7m40.3x47.1x2.6x
Fri, 26 Jul 2024NZ$41.2bNZ$13.6bNZ$580.7m55.8x70.9x3x
Sun, 23 Jun 2024NZ$39.6bNZ$13.6bNZ$580.7m56.7x68.2x2.9x
Tue, 21 May 2024NZ$39.5bNZ$13.6bNZ$580.7m56.3x68.1x2.9x
Thu, 18 Apr 2024NZ$38.6bNZ$13.6bNZ$669.6m41.4x57.6x2.8x
Sat, 16 Mar 2024NZ$38.2bNZ$13.6bNZ$669.6m43.3x57x2.8x
Mon, 12 Feb 2024NZ$38.4bNZ$12.1bNZ$738.8m42.5x52x3.2x
Wed, 10 Jan 2024NZ$38.1bNZ$12.1bNZ$738.8m42.1x51.5x3.2x
Fri, 08 Dec 2023NZ$36.3bNZ$12.1bNZ$738.8m41.3x49.2x3x
Sun, 05 Nov 2023NZ$35.1bNZ$12.1bNZ$723.2m41.1x48.5x2.9x
Tue, 03 Oct 2023NZ$36.2bNZ$12.1bNZ$723.2m42.4x50.1x3x
Thu, 31 Aug 2023NZ$37.3bNZ$12.1bNZ$723.2m43.8x51.5x3.1x
Sat, 29 Jul 2023NZ$47.3bNZ$14.7bNZ$1.7b27.1x28.6x3.2x
Price to Earnings Ratio

28.6x


Total Market Cap: NZ$47.3bTotal Earnings: NZ$1.7bTotal Revenue: NZ$14.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 75.6x202420252026
Current Industry PE
  • Investors are pessimistic on the New Zealander Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 59.2x which is lower than its 3-year average PE of 75.6x.
  • The industry is trading close to its 3-year average PS ratio of 2.7x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 24% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.7% 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, which has decreased profits.

Industry Trends

Which industries have driven the changes within the New Zealand Utilities sector?

NZ Market-0.16%
Utilities-0.67%
Other Utilities1.84%
Renewable Energy-0.88%
Electric Utilities-1.06%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry even though it's trading below its 3-year average PE ratio of 38.4x.
    • Analysts are expecting annual earnings growth of 8.9%, which is lower than the prior year's growth of 75.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 35% over the next 5 years.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 8.9% 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
CEN Contact EnergyNZ$9.251.9%
+NZ$182.0m		2.3%PE25.2x
MEL Meridian EnergyNZ$5.630.9%
+NZ$132.4m		-2.4%PS3.3x
VCT VectorNZ$4.960.2%
+NZ$10.0m		13.0%PE33.2x

Latest News

VCT
NZ$4.96
Vector
7D
0.2%
1Y
13.0%
MCY
NZ$6.70
Mercury NZ
7D
-3.2%
1Y
9.5%
CEN
NZ$9.25
Contact Energy
7D
1.9%
1Y
2.3%
Narrative Update • Jun 22

CEN: Greener Generation Mix And Cost Efficiencies Are Expected To Support Returns

Analysts have slightly lowered their fair value estimate for Contact Energy from NZ$10.51 to NZ$10.44, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What’s in the News for Contact Energy Contact Energy reported a 47% reduction in generation costs in May 2026, supported by changes in its generation mix, according to recent news reports.
MEL
NZ$5.63
Meridian Energy
7D
0.9%
1Y
-2.4%
Analysis Article • Jun 20

Meridian Energy (NZSE:MEL) Stock Could Be 32.2% Below Fair Value After Waitaki Extension

Meridian Energy (NZSE:MEL) is back in focus after the New Zealand Environment Court granted a 35 year extension for the Waitaki Power Scheme, alongside fresh data on contracted retail sales and generation volumes. See our latest analysis for Meridian Energy. At a latest share price of NZ$6.03, Meridian Energy has seen a 9.84% 90 day share price return and an 11.11% 1 year total shareholder return. This suggests momentum has been building alongside the Waitaki extension, as well as higher...