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New Zealand (NZX) Utilities Sector Analysis

UpdatedMar 12, 2026
DataAggregated Company Financials
Companies5
  • 7D-0.8%
  • 3M0.7%
  • 1Y5.2%
  • YTD-1.5%

The Utilities industry has been flat over the last week, but Meridian Energy has lost 5.8%. The past year has been better, since the industry has gained 5.2% in that time. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 13 Mar 2026NZ$40.0bNZ$15.9bNZ$720.5m28.1x55.5x2.5x
Sun, 08 Feb 2026NZ$41.6bNZ$16.5bNZ$203.8m30.7x203.9x2.5x
Tue, 06 Jan 2026NZ$40.7bNZ$16.5bNZ$203.8m29.6x199.9x2.5x
Thu, 04 Dec 2025NZ$40.5bNZ$16.5bNZ$203.8m29.8x198.9x2.5x
Sat, 01 Nov 2025NZ$41.9bNZ$16.5bNZ$203.8m30.2x205.5x2.5x
Mon, 29 Sep 2025NZ$40.7bNZ$16.5bNZ$203.8m28.8x199.9x2.5x
Wed, 27 Aug 2025NZ$39.2bNZ$16.7bNZ$772.8m29.6x50.8x2.3x
Fri, 25 Jul 2025NZ$39.7bNZ$16.5bNZ$736.2m32.2x53.9x2.4x
Sun, 22 Jun 2025NZ$39.2bNZ$17.0bNZ$735.4m27.7x53.3x2.3x
Tue, 20 May 2025NZ$39.7bNZ$17.0bNZ$735.4m27.9x54x2.3x
Thu, 17 Apr 2025NZ$38.6bNZ$17.1bNZ$700.0m28x55.2x2.3x
Sat, 15 Mar 2025NZ$37.5bNZ$17.1bNZ$700.0m27.3x53.6x2.2x
Mon, 10 Feb 2025NZ$39.8bNZ$15.9bNZ$1.1b33.8x35.3x2.5x
Wed, 08 Jan 2025NZ$39.6bNZ$15.9bNZ$1.1b34.1x35.1x2.5x
Fri, 06 Dec 2024NZ$39.5bNZ$15.9bNZ$1.1b33.1x35.1x2.5x
Sun, 03 Nov 2024NZ$39.0bNZ$15.8bNZ$1.2b35.7x32.9x2.5x
Tue, 01 Oct 2024NZ$38.7bNZ$15.8bNZ$1.2b36.1x32.6x2.4x
Thu, 29 Aug 2024NZ$39.3bNZ$15.8bNZ$1.2b34.2x33.4x2.5x
Sat, 27 Jul 2024NZ$40.8bNZ$13.6bNZ$580.7m56.8x70.3x3x
Mon, 24 Jun 2024NZ$39.6bNZ$13.6bNZ$580.7m56.7x68.2x2.9x
Wed, 22 May 2024NZ$39.6bNZ$13.6bNZ$580.7m55.1x68.2x2.9x
Fri, 19 Apr 2024NZ$38.7bNZ$13.6bNZ$669.6m41.6x57.8x2.9x
Sun, 17 Mar 2024NZ$38.2bNZ$13.6bNZ$669.6m43.3x57x2.8x
Tue, 13 Feb 2024NZ$38.0bNZ$12.1bNZ$738.8m42.5x51.5x3.2x
Thu, 11 Jan 2024NZ$38.4bNZ$12.1bNZ$738.8m41.6x52x3.2x
Sat, 09 Dec 2023NZ$36.2bNZ$12.1bNZ$738.8m41.4x49x3x
Mon, 06 Nov 2023NZ$35.1bNZ$12.1bNZ$723.2m41.1x48.5x2.9x
Wed, 04 Oct 2023NZ$36.2bNZ$12.1bNZ$723.2m42.6x50.1x3x
Fri, 01 Sep 2023NZ$37.3bNZ$12.1bNZ$723.2m44x51.5x3.1x
Sun, 30 Jul 2023NZ$47.3bNZ$14.7bNZ$1.7b27.1x28.6x3.2x
Tue, 27 Jun 2023NZ$46.0bNZ$14.7bNZ$1.7b26.3x27.8x3.1x
Thu, 25 May 2023NZ$44.9bNZ$14.0bNZ$1.7b25.4x27.1x3.2x
Sat, 22 Apr 2023NZ$43.1bNZ$13.8bNZ$1.4b30.2x31.4x3.1x
Mon, 20 Mar 2023NZ$42.9bNZ$13.8bNZ$1.4b29.7x31.2x3.1x
Price to Earnings Ratio

31.2x


Total Market Cap: NZ$42.9bTotal Earnings: NZ$1.4bTotal Revenue: NZ$13.8bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 72.1x202420252026
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 56.5x which is lower than its 3-year average PE of 72.1x.
  • 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 Market-1.86%
Utilities-0.76%
Other Utilities1.05%
Electric Utilities-0.71%
Renewable Energy-1.42%
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 7.7% 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
No data available

Latest News

CEN
NZ$9.30
Contact Energy
7D
-1.6%
1Y
5.1%
MCY
NZ$6.30
Mercury NZ
7D
-1.4%
1Y
9.9%

MCY: Slightly Lower Fair Value Will Be Balanced By Upcoming Distribution

Analysts have slightly reduced their 12 month price target for Mercury NZ, with their estimate of fair value moving from NZ$7.02 to NZ$6.99. This revision reflects updated assumptions around revenue growth, profit margins and a modestly higher future P/E multiple.
VCT
NZ$4.71
Vector
7D
-0.4%
1Y
12.4%
MEL
NZ$5.34
Meridian Energy
7D
-5.8%
1Y
-2.9%
GNE
NZ$2.16
Genesis Energy
7D
-4.0%
1Y
-4.8%