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New Zealand (NZX) Utilities Sector Analysis

UpdatedDec 21, 2025
DataAggregated Company Financials
Companies5
  • 7D1.2%
  • 3M-0.2%
  • 1Y2.9%
  • YTD1.8%

In the last week, the Utilities industry is up 1.2%, with Vector up 5.0%. Overall in the last year, the industry is flat. Looking forward, earnings are forecast to grow by 22% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 21 Dec 2025NZ$40.4bNZ$16.5bNZ$203.8m29.8x198.4x2.4x
Tue, 18 Nov 2025NZ$42.2bNZ$16.5bNZ$203.8m30.3x207.1x2.6x
Thu, 16 Oct 2025NZ$41.4bNZ$16.5bNZ$203.8m29.7x202.9x2.5x
Sat, 13 Sep 2025NZ$41.0bNZ$16.5bNZ$203.8m29x201.4x2.5x
Mon, 11 Aug 2025NZ$39.4bNZ$16.5bNZ$730.2m40.3x54x2.4x
Wed, 09 Jul 2025NZ$40.8bNZ$17.0bNZ$735.4m28.6x55.5x2.4x
Fri, 06 Jun 2025NZ$39.5bNZ$17.0bNZ$735.4m28.5x53.8x2.3x
Sun, 04 May 2025NZ$38.9bNZ$17.1bNZ$700.0m27.9x55.5x2.3x
Tue, 01 Apr 2025NZ$37.7bNZ$17.1bNZ$700.0m27.5x53.8x2.2x
Thu, 27 Feb 2025NZ$38.2bNZ$17.0bNZ$594.6m89.8x64.2x2.2x
Sat, 25 Jan 2025NZ$39.4bNZ$15.9bNZ$1.1b34.1x35x2.5x
Mon, 23 Dec 2024NZ$39.0bNZ$15.9bNZ$1.1b32.8x34.6x2.5x
Wed, 20 Nov 2024NZ$39.4bNZ$15.9bNZ$1.1b34.8x34.9x2.5x
Fri, 18 Oct 2024NZ$39.3bNZ$15.8bNZ$1.2b36.5x33.1x2.5x
Sun, 15 Sep 2024NZ$39.7bNZ$15.8bNZ$1.2b38.5x33.5x2.5x
Tue, 13 Aug 2024NZ$39.3bNZ$13.6bNZ$580.7m54.5x67.7x2.9x
Thu, 11 Jul 2024NZ$40.5bNZ$13.6bNZ$580.7m54.7x69.8x3x
Sat, 08 Jun 2024NZ$40.2bNZ$13.6bNZ$580.7m55.9x69.3x3x
Mon, 06 May 2024NZ$39.2bNZ$13.6bNZ$669.6m40.7x58.5x2.9x
Wed, 03 Apr 2024NZ$39.7bNZ$13.6bNZ$669.6m42.4x59.2x2.9x
Fri, 01 Mar 2024NZ$38.6bNZ$13.6bNZ$669.6m42.4x57.6x2.8x
Sun, 28 Jan 2024NZ$37.8bNZ$12.1bNZ$738.8m42.2x51.2x3.1x
Tue, 26 Dec 2023NZ$37.3bNZ$12.1bNZ$738.8m41.7x50.5x3.1x
Thu, 23 Nov 2023NZ$35.1bNZ$12.1bNZ$738.8m40.5x47.4x2.9x
Sat, 21 Oct 2023NZ$34.8bNZ$12.1bNZ$723.2m41.8x48.1x2.9x
Mon, 18 Sep 2023NZ$36.8bNZ$12.1bNZ$723.2m42.8x50.9x3x
Wed, 16 Aug 2023NZ$39.4bNZ$12.7bNZ$1.4b28.2x27.6x3.1x
Fri, 14 Jul 2023NZ$47.5bNZ$14.7bNZ$1.7b27.4x28.7x3.2x
Sun, 11 Jun 2023NZ$44.2bNZ$14.7bNZ$1.7b25.1x26.7x3x
Tue, 09 May 2023NZ$44.4bNZ$13.8bNZ$1.4b30.4x32.3x3.2x
Thu, 06 Apr 2023NZ$43.7bNZ$13.8bNZ$1.4b30.1x31.8x3.2x
Sat, 04 Mar 2023NZ$43.7bNZ$13.9bNZ$1.4b30.7x31.7x3.2x
Mon, 30 Jan 2023NZ$43.5bNZ$13.9bNZ$1.6b28.9x26.9x3.1x
Wed, 28 Dec 2022NZ$41.7bNZ$13.9bNZ$1.6b27.6x25.8x3x
Price to Earnings Ratio

25.8x


Total Market Cap: NZ$41.7bTotal Earnings: NZ$1.6bTotal Revenue: NZ$13.9bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Utilities Sector Price to Earnings3Y Average 61.6x202320242025
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 196x which is higher than its 3-year average PE of 61.4x.
  • The 3-year average PS ratio of 2.8x 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 50% per year over the last three years.
  • Meanwhile revenues for these companies have grown 6.0% 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-0.37%
Utilities1.23%
Other Utilities5.00%
Renewable Energy1.28%
Electric Utilities0.36%
Industry PE
  • Investors are most optimistic about the Electric Utilities industry which is trading above its 3-year average PE ratio of 37.3x.
    • Analysts are expecting annual earnings growth of 9.6%, which is lower than the prior year's growth of 29.0% per year.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 42% over the next 5 years.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 9.6% 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
VCT VectorNZ$4.835.0%
+NZ$230.0m		22.3%PE31.2x
MEL Meridian EnergyNZ$5.531.3%
+NZ$184.8m		-6.0%PS3x
CEN Contact EnergyNZ$9.451.2%
+NZ$109.4m		7.6%PE28.4x
GNE Genesis EnergyNZ$2.410.8%
+NZ$22.2m		6.2%PE15.8x

Latest News

MCY
NZ$6.30
Mercury NZ
7D
-0.6%
1Y
4.3%

Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk

Dec 15
Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk
MEL
NZ$5.53
Meridian Energy
7D
1.3%
1Y
-6.0%
CEN
NZ$9.45
Contact Energy
7D
1.2%
1Y
7.6%
GNE
NZ$2.41
Genesis Energy
7D
0.8%
1Y
6.2%
VCT
NZ$4.83
Vector
7D
5.0%
1Y
22.3%

Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate

Nov 04
Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate