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New Zealand (NZX) Utilities Sector Analysis

UpdatedApr 09, 2026
DataAggregated Company Financials
Companies5
  • 7D2.8%
  • 3M-1.5%
  • 1Y5.4%
  • YTD-0.6%

All of the companies in the Utilities industry have been up over the last week, with the industry up 2.8%. In the last 12 months, the industry was up 5.4%. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 09 Apr 2026NZ$41.7bNZ$15.9bNZ$720.5m29.2x57.9x2.6x
Sat, 07 Mar 2026NZ$41.1bNZ$15.9bNZ$720.5m28.2x57.1x2.6x
Mon, 02 Feb 2026NZ$40.7bNZ$16.5bNZ$203.8m29.7x199.7x2.5x
Wed, 31 Dec 2025NZ$40.6bNZ$16.5bNZ$203.8m29.8x199.4x2.5x
Fri, 28 Nov 2025NZ$41.7bNZ$16.5bNZ$203.8m30x204.6x2.5x
Sun, 26 Oct 2025NZ$41.9bNZ$16.5bNZ$203.8m30.2x205.6x2.5x
Tue, 23 Sep 2025NZ$40.5bNZ$16.5bNZ$203.8m28.5x198.9x2.5x
Thu, 21 Aug 2025NZ$40.1bNZ$16.6bNZ$789.2m27.4x50.8x2.4x
Sat, 19 Jul 2025NZ$39.5bNZ$16.5bNZ$736.2m32.2x53.7x2.4x
Mon, 16 Jun 2025NZ$39.9bNZ$17.0bNZ$735.4m27.9x54.2x2.3x
Wed, 14 May 2025NZ$40.1bNZ$17.1bNZ$700.0m28.6x57.3x2.4x
Fri, 11 Apr 2025NZ$38.8bNZ$17.1bNZ$700.0m27.9x55.4x2.3x
Sun, 09 Mar 2025NZ$37.7bNZ$17.1bNZ$700.0m27.8x53.8x2.2x
Tue, 04 Feb 2025NZ$39.7bNZ$15.9bNZ$1.1b33.5x35.3x2.5x
Thu, 02 Jan 2025NZ$39.3bNZ$15.9bNZ$1.1b34.1x34.9x2.5x
Sat, 30 Nov 2024NZ$40.7bNZ$15.9bNZ$1.1b34.8x36.2x2.6x
Mon, 28 Oct 2024NZ$39.4bNZ$15.8bNZ$1.2b36x33.2x2.5x
Wed, 25 Sep 2024NZ$37.9bNZ$15.8bNZ$1.2b36.4x31.9x2.4x
Fri, 23 Aug 2024NZ$40.1bNZ$14.9bNZ$823.1m42.6x48.7x2.7x
Sun, 21 Jul 2024NZ$41.9bNZ$13.6bNZ$580.7m55.3x72.2x3.1x
Tue, 18 Jun 2024NZ$39.9bNZ$13.6bNZ$580.7m55.7x68.8x2.9x
Thu, 16 May 2024NZ$38.8bNZ$13.6bNZ$669.6m40x57.9x2.9x
Sat, 13 Apr 2024NZ$38.7bNZ$13.6bNZ$669.6m41.6x57.7x2.9x
Mon, 11 Mar 2024NZ$39.5bNZ$13.6bNZ$669.6m42.4x59x2.9x
Wed, 07 Feb 2024NZ$38.0bNZ$12.1bNZ$738.8m41.9x51.5x3.2x
Fri, 05 Jan 2024NZ$37.3bNZ$12.1bNZ$738.8m41.7x50.5x3.1x
Sun, 03 Dec 2023NZ$36.0bNZ$12.1bNZ$738.8m40.8x48.7x3x
Tue, 31 Oct 2023NZ$34.2bNZ$12.1bNZ$723.2m40.8x47.3x2.8x
Thu, 28 Sep 2023NZ$36.5bNZ$12.1bNZ$723.2m42.7x50.4x3x
Sat, 26 Aug 2023NZ$36.9bNZ$12.4bNZ$1.1b27x32.3x3x
Mon, 24 Jul 2023NZ$46.6bNZ$14.7bNZ$1.7b26.6x28.1x3.2x
Wed, 21 Jun 2023NZ$46.1bNZ$14.7bNZ$1.7b26.2x27.8x3.1x
Fri, 19 May 2023NZ$44.7bNZ$14.0bNZ$1.4b28x31.2x3.2x
Sun, 16 Apr 2023NZ$43.4bNZ$13.8bNZ$1.4b30.5x31.6x3.1x
Price to Earnings Ratio

31.6x


Total Market Cap: NZ$43.4bTotal Earnings: NZ$1.4bTotal Revenue: NZ$13.8bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 72.7x202420252026
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 57.9x which is lower than its 3-year average PE of 72.7x.
  • 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 19% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.7% 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 Market3.03%
Utilities2.81%
Other Utilities3.58%
Electric Utilities2.80%
Renewable Energy2.58%
Industry PE
  • Investors are most optimistic about the Other Utilities industry even though it's trading below its 3-year average PE ratio of 37.1x.
    • Analysts are expecting annual earnings growth of 16.6%, which is higher than its past year's earnings decline of 14.4% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 31% over the next 5 years.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 7.5% 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$5.562.0%
+NZ$291.3m		-4.5%PS3.2x
MCY Mercury NZNZ$6.503.2%
+NZ$285.0m		10.2%PE105.3x
VCT VectorNZ$4.882.1%
+NZ$100.0m		18.4%PE32.6x
GNE Genesis EnergyNZ$2.190.9%
+NZ$26.2m		1.9%PE14.8x

Latest News

GNE
NZ$2.19
Genesis Energy
7D
0.9%
1Y
1.9%
MCY
NZ$6.50
Mercury NZ
7D
3.2%
1Y
10.2%

MCY: Geothermal Expansion And Upcoming Distribution Will Support Steady Outlook

Analysts have kept their NZ$6.99 price target for Mercury NZ unchanged, reflecting steady assumptions for the discount rate, revenue growth, profit margin, and future P/E multiples in their latest review. What's in the News Mercury officially opened the fifth generation unit at its Nga Tamariki Geothermal Station near Taupo, a NZ$220m expansion project first announced in 2023 with construction starting in 2024 (Key Developments).
VCT
NZ$4.88
Vector
7D
2.1%
1Y
18.4%

VCT: Future Fair Value View Will Rely On Stable Distribution Volumes

Analysts have kept their NZ$4.98 price target for Vector unchanged. This reflects steady assumptions around fair value, discount rate, revenue growth, profit margin and future P/E.
MEL
NZ$5.56
Meridian Energy
7D
2.0%
1Y
-4.5%