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New Zealand (NZX) Utilities Sector Analysis

UpdatedJun 06, 2026
DataAggregated Company Financials
Companies5
  • 7D0.9%
  • 3M6.3%
  • 1Y7.9%
  • YTD5.6%

Last week, the Utilities industry hasn't moved much but Genesis Energy is up 5.2% in that time. As for the the longer term, the industry is up 7.9% over the past 12 months. As for the next few years, earnings are expected to grow by 19% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Jun 2026NZ$44.4bNZ$15.9bNZ$720.5m29.6x61.6x2.8x
Tue, 05 May 2026NZ$43.6bNZ$15.9bNZ$720.5m29.8x60.5x2.7x
Thu, 02 Apr 2026NZ$40.5bNZ$15.9bNZ$720.5m28.4x56.3x2.5x
Sat, 28 Feb 2026NZ$40.9bNZ$15.9bNZ$720.5m28.4x56.7x2.6x
Mon, 26 Jan 2026NZ$40.9bNZ$16.5bNZ$203.8m29.7x200.4x2.5x
Wed, 24 Dec 2025NZ$40.7bNZ$16.5bNZ$203.8m29.7x199.6x2.5x
Fri, 21 Nov 2025NZ$41.1bNZ$16.5bNZ$203.8m30.2x201.7x2.5x
Sun, 19 Oct 2025NZ$41.2bNZ$16.5bNZ$203.8m29.7x202.3x2.5x
Tue, 16 Sep 2025NZ$40.7bNZ$16.5bNZ$203.8m28.7x199.7x2.5x
Thu, 14 Aug 2025NZ$39.3bNZ$16.5bNZ$730.2m39.6x53.8x2.4x
Sat, 12 Jul 2025NZ$40.5bNZ$17.0bNZ$735.4m28.9x55x2.4x
Mon, 09 Jun 2025NZ$40.0bNZ$17.0bNZ$735.4m28.5x54.4x2.4x
Wed, 07 May 2025NZ$39.0bNZ$17.1bNZ$700.0m27.7x55.7x2.3x
Fri, 04 Apr 2025NZ$38.3bNZ$17.1bNZ$700.0m27.5x54.7x2.2x
Sun, 02 Mar 2025NZ$39.1bNZ$17.1bNZ$700.0m27.9x55.9x2.3x
Tue, 28 Jan 2025NZ$39.5bNZ$15.9bNZ$1.1b34.2x35.1x2.5x
Thu, 26 Dec 2024NZ$39.7bNZ$15.9bNZ$1.1b33.7x35.2x2.5x
Sat, 23 Nov 2024NZ$39.6bNZ$15.9bNZ$1.1b34x35.2x2.5x
Mon, 21 Oct 2024NZ$40.4bNZ$15.8bNZ$1.2b37.2x34.1x2.6x
Wed, 18 Sep 2024NZ$38.7bNZ$15.8bNZ$1.2b37.2x32.6x2.4x
Fri, 16 Aug 2024NZ$41.5bNZ$13.6bNZ$580.7m54x71.4x3x
Sun, 14 Jul 2024NZ$40.8bNZ$13.6bNZ$580.7m55.2x70.3x3x
Tue, 11 Jun 2024NZ$40.5bNZ$13.6bNZ$580.7m56.1x69.7x3x
Thu, 09 May 2024NZ$38.6bNZ$13.6bNZ$669.6m40.1x57.7x2.8x
Sat, 06 Apr 2024NZ$39.3bNZ$13.6bNZ$669.6m42.5x58.7x2.9x
Mon, 04 Mar 2024NZ$38.9bNZ$13.6bNZ$669.6m41.9x58.1x2.9x
Wed, 31 Jan 2024NZ$38.4bNZ$12.1bNZ$738.8m42.2x51.9x3.2x
Fri, 29 Dec 2023NZ$37.7bNZ$12.1bNZ$738.8m42x51x3.1x
Sun, 26 Nov 2023NZ$35.5bNZ$12.1bNZ$738.8m40.9x48x2.9x
Tue, 24 Oct 2023NZ$34.8bNZ$12.1bNZ$723.2m41.8x48.1x2.9x
Thu, 21 Sep 2023NZ$36.6bNZ$12.1bNZ$723.2m42.5x50.6x3x
Sat, 19 Aug 2023NZ$38.8bNZ$12.7bNZ$1.4b27.4x27.1x3x
Mon, 17 Jul 2023NZ$47.5bNZ$14.7bNZ$1.7b27.4x28.7x3.2x
Wed, 14 Jun 2023NZ$44.0bNZ$14.7bNZ$1.7b24.9x26.6x3x
Price to Earnings Ratio

26.6x


Total Market Cap: NZ$44.0bTotal Earnings: NZ$1.7bTotal Revenue: NZ$14.7bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 74.3x202420252026
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 61.6x which is lower than its 3-year average PE of 74.3x.
  • 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-0.28%
Utilities0.93%
Electric Utilities1.67%
Renewable Energy0.68%
Other Utilities-1.79%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry, which is trading close to its 3-year average PE ratio of 38.1x.
    • Analysts are expecting annual earnings growth of 10.0%, 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 10% 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
GNE Genesis EnergyNZ$2.645.2%
+NZ$170.1m		16.8%PE17.8x
MCY Mercury NZNZ$7.061.6%
+NZ$156.8m		18.3%PE114.3x
MEL Meridian EnergyNZ$5.910.7%
+NZ$105.9m		0.9%PS3.4x
CEN Contact EnergyNZ$9.600.6%
+NZ$64.2m		3.2%PE26.2x

Latest News

MEL
NZ$5.91
Meridian Energy
7D
0.7%
1Y
0.9%
MCY
NZ$7.06
Mercury NZ
7D
1.6%
1Y
18.3%
Narrative Update • Jun 04

MCY: Geothermal Investment And Margin Improvements Will Support A Steady Forward Outlook

Analysts have nudged their price target for Mercury NZ slightly higher to around NZ$7.12, citing updated assumptions that pair more conservative revenue growth with a modestly stronger profit margin and an essentially unchanged forward P/E multiple. What's in the News Mercury NZ held an Analyst/Investor Day, giving the market a closer look at its plans and assumptions, including updates on growth projects and capital allocation.
VCT
NZ$4.95
Vector
7D
-1.8%
1Y
18.1%
CEN
NZ$9.60
Contact Energy
7D
0.6%
1Y
3.2%
Narrative Update • Jun 04

CEN: Equity Raise And Stake Sale Are Expected To Support Future Returns

Analysts have kept their NZ$10.51 price target for Contact Energy broadly unchanged, citing only very small tweaks to inputs such as discount rate, profit margin and future P/E assumptions that do not materially alter their overall valuation view. What's in the News Infratil Limited, via Infratil Investments Limited, agreed to sell 53.5 million Contact Energy shares, equal to 5% of the company’s issued share capital, through a fully underwritten block trade at NZ$9.25 per share, raising about NZ$495.2 million in gross proceeds.
GNE
NZ$2.64
Genesis Energy
7D
5.2%
1Y
16.8%