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New Zealand (NZX) Utilities Sector Analysis

UpdatedJun 07, 2025
DataAggregated Company Financials
Companies7
  • 7D3.2%
  • 3M5.7%
  • 1Y-1.7%
  • YTD1.2%

In the last week, the Utilities industry is up 3.2%, with Meridian Energy up 6.7%. The industry has been flat over the past 12 months despite the gain this week. Earnings are forecast to grow by 20% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 07 Jun 2025NZ$40.0bNZ$17.0bNZ$735.4m28.5x54.4x2.4x
Mon, 05 May 2025NZ$38.9bNZ$17.1bNZ$700.0m27.9x55.5x2.3x
Wed, 02 Apr 2025NZ$38.0bNZ$17.1bNZ$700.0m27.4x54.3x2.2x
Fri, 28 Feb 2025NZ$38.7bNZ$17.1bNZ$694.2m79.8x55.7x2.3x
Sun, 26 Jan 2025NZ$39.5bNZ$15.9bNZ$1.1b34.1x35.1x2.5x
Tue, 24 Dec 2024NZ$39.6bNZ$15.9bNZ$1.1b33.8x35.2x2.5x
Thu, 21 Nov 2024NZ$39.9bNZ$15.9bNZ$1.1b34x35.4x2.5x
Sat, 19 Oct 2024NZ$40.4bNZ$15.8bNZ$1.2b37.2x34x2.6x
Mon, 16 Sep 2024NZ$39.7bNZ$15.8bNZ$1.2b38.5x33.5x2.5x
Wed, 14 Aug 2024NZ$39.9bNZ$13.6bNZ$580.7m54.4x68.6x2.9x
Fri, 12 Jul 2024NZ$40.4bNZ$13.6bNZ$580.7m54.5x69.6x3x
Sun, 09 Jun 2024NZ$40.2bNZ$13.6bNZ$580.7m55.9x69.3x3x
Tue, 07 May 2024NZ$38.9bNZ$13.6bNZ$669.6m40.5x58.1x2.9x
Thu, 04 Apr 2024NZ$39.4bNZ$13.6bNZ$669.6m43.3x58.9x2.9x
Sat, 02 Mar 2024NZ$38.9bNZ$13.6bNZ$669.6m41.9x58.1x2.9x
Mon, 29 Jan 2024NZ$37.8bNZ$12.1bNZ$738.8m42.2x51.2x3.1x
Wed, 27 Dec 2023NZ$37.3bNZ$12.1bNZ$738.8m41.7x50.5x3.1x
Fri, 24 Nov 2023NZ$35.4bNZ$12.1bNZ$738.8m40.7x47.9x2.9x
Sun, 22 Oct 2023NZ$34.8bNZ$12.1bNZ$723.2m41.8x48.1x2.9x
Tue, 19 Sep 2023NZ$36.9bNZ$12.1bNZ$723.2m43x51x3.1x
Thu, 17 Aug 2023NZ$39.3bNZ$12.7bNZ$1.4b28x27.5x3.1x
Sat, 15 Jul 2023NZ$47.5bNZ$14.7bNZ$1.7b27.4x28.7x3.2x
Mon, 12 Jun 2023NZ$44.2bNZ$14.7bNZ$1.7b25.1x26.7x3x
Wed, 10 May 2023NZ$44.5bNZ$13.8bNZ$1.4b30.7x32.3x3.2x
Fri, 07 Apr 2023NZ$43.7bNZ$13.8bNZ$1.4b30.3x31.8x3.2x
Sun, 05 Mar 2023NZ$43.7bNZ$13.9bNZ$1.4b30.7x31.7x3.2x
Tue, 31 Jan 2023NZ$43.6bNZ$13.9bNZ$1.6b28.8x27x3.1x
Thu, 29 Dec 2022NZ$42.2bNZ$13.9bNZ$1.6b27.9x26.1x3x
Sat, 26 Nov 2022NZ$40.7bNZ$13.9bNZ$1.6b26.6x25.2x2.9x
Mon, 24 Oct 2022NZ$38.9bNZ$13.6bNZ$1.6b20.6x23.8x2.9x
Wed, 21 Sep 2022NZ$43.6bNZ$13.6bNZ$1.6b22.5x26.6x3.2x
Fri, 19 Aug 2022NZ$45.1bNZ$14.5bNZ$1.4b28.5x31.7x3.1x
Sun, 17 Jul 2022NZ$41.3bNZ$14.5bNZ$1.5b22.5x28.4x2.8x
Tue, 14 Jun 2022NZ$39.7bNZ$14.5bNZ$1.5b22.2x27.3x2.7x
Price to Earnings Ratio

27.3x


Total Market Cap: NZ$39.7bTotal Earnings: NZ$1.5bTotal Revenue: NZ$14.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 41.1x202320242025
Current Industry PE
  • Investors are optimistic on the New Zealander Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 54.4x which is higher than its 3-year average PE of 41.1x.
  • The 3-year average PS ratio of 2.9x is higher than the industry's current PS ratio of 2.4x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 20% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.4% 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 Market1.46%
Utilities3.15%
Renewable Energy6.70%
Other Utilities1.21%
Electric Utilities1.01%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 90.5x.
    • Analysts are expecting annual earnings growth of 26.9%, which is lower than the prior year's growth of 37.6% per year.
  • Investors are most pessimistic about the Other Utilities industry, which is trading below its 3-year average of 36.0x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 27% over the next 5 years.
  • However this is lower than its past earnings growth rate of 38% per year.
  • In contrast, the Other Utilities industry is expected to see its earnings grow by 9.3% 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
MEL Meridian EnergyNZ$5.866.7%
+NZ$967.7m		-7.0%PE131x
CEN Contact EnergyNZ$9.301.5%
+NZ$112.4m		1.1%PE33.3x
MCY Mercury NZNZ$5.971.0%
+NZ$84.4m		-10.2%PE171.4x
VCT VectorNZ$4.191.2%
+NZ$50.0m		10.8%PE23.7x
MNW Manawa EnergyNZ$6.460.9%
+NZ$18.8m		52.0%PS4.1x
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Latest News

MEL

NZ$5.86

Meridian Energy

7D

6.7%

1Y

-7.0%

Returns On Capital At Meridian Energy (NZSE:MEL) Paint A Concerning Picture

May 30
Returns On Capital At Meridian Energy (NZSE:MEL) Paint A Concerning Picture

MCY

NZ$5.97

Mercury NZ

7D

1.0%

1Y

-10.2%

Is Mercury NZ (NZSE:MCY) A Risky Investment?

May 28
Is Mercury NZ (NZSE:MCY) A Risky Investment?

MNW

NZ$6.46

Manawa Energy

7D

0.9%

1Y

52.0%

CEN

NZ$9.30

Contact Energy

7D

1.5%

1Y

1.1%

Contact Energy Limited's (NZSE:CEN) Intrinsic Value Is Potentially 96% Above Its Share Price

May 12
Contact Energy Limited's (NZSE:CEN) Intrinsic Value Is Potentially 96% Above Its Share Price

VCT

NZ$4.19

Vector

7D

1.2%

1Y

10.8%

Some Shareholders Feeling Restless Over Vector Limited's (NZSE:VCT) P/E Ratio

May 05
Some Shareholders Feeling Restless Over Vector Limited's (NZSE:VCT) P/E Ratio

GNE

NZ$2.26

Genesis Energy

7D

-0.4%

1Y

8.9%