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New Zealand (NZX) Market Analysis & Valuation

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies103
  • 7D0.9%
  • 3M5.3%
  • 1Y3.4%
  • YTD1.1%

The Communication Services sector gained 6.1% while the market remained flat over the last week. As for the longer term, the market has risen 3.4% in the past 12 months. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

Has the New Zealand Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 24 Aug 2026NZ$183.5bNZ$117.3bNZ$6.0b17.4x30.5x1.6x
Wed, 22 Jul 2026NZ$180.0bNZ$117.7bNZ$5.1b16.8x35.4x1.5x
Fri, 19 Jun 2026NZ$178.4bNZ$117.9bNZ$5.1b16.1x34.9x1.5x
Sun, 17 May 2026NZ$174.6bNZ$118.6bNZ$4.6b17.9x38.2x1.5x
Tue, 14 Apr 2026NZ$173.7bNZ$118.4bNZ$4.6b16.9x38.1x1.5x
Thu, 12 Mar 2026NZ$176.0bNZ$117.3bNZ$4.6b17.9x38.3x1.5x
Sat, 07 Feb 2026NZ$178.5bNZ$115.5bNZ$4.0b18.7x45.1x1.5x
Mon, 05 Jan 2026NZ$179.3bNZ$115.5bNZ$3.9b18.6x45.9x1.6x
Wed, 03 Dec 2025NZ$178.7bNZ$115.3bNZ$3.9b18.3x45.8x1.5x
Fri, 31 Oct 2025NZ$180.1bNZ$115.9bNZ$3.5b19x51.8x1.6x
Sun, 28 Sep 2025NZ$175.5bNZ$115.7bNZ$3.4b17.7x51.3x1.5x
Tue, 26 Aug 2025NZ$175.0bNZ$115.8bNZ$4.0b18.2x43.4x1.5x
Thu, 24 Jul 2025NZ$170.2bNZ$115.7bNZ$3.5b19.1x49x1.5x
Sat, 21 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Mon, 19 May 2025NZ$169.7bNZ$115.4bNZ$2.7b18.9x63.6x1.5x
Wed, 16 Apr 2025NZ$160.1bNZ$115.2bNZ$2.6b18.6x61.1x1.4x
Fri, 14 Mar 2025NZ$162.5bNZ$114.0bNZ$2.6b19.4x63.4x1.4x
Sun, 09 Feb 2025NZ$170.4bNZ$113.7bNZ$3.2b19.7x54x1.5x
Tue, 07 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20.2x54.6x1.5x
Thu, 05 Dec 2024NZ$172.6bNZ$113.6bNZ$3.1b19.9x55x1.5x
Sat, 02 Nov 2024NZ$167.4bNZ$112.8bNZ$4.3b19.5x39.1x1.5x
Mon, 30 Sep 2024NZ$164.4bNZ$112.3bNZ$4.4b19.1x37.5x1.5x
Wed, 28 Aug 2024NZ$163.8bNZ$111.9bNZ$4.4b20.5x36.9x1.5x
Fri, 26 Jul 2024NZ$163.4bNZ$110.8bNZ$4.7b17.6x35x1.5x
Sun, 23 Jun 2024NZ$154.2bNZ$109.5bNZ$4.3b14.8x35.7x1.4x
Tue, 21 May 2024NZ$154.8bNZ$110.1bNZ$5.9b15.5x26.4x1.4x
Thu, 18 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Sat, 16 Mar 2024NZ$155.2bNZ$111.2bNZ$5.7b16.6x27x1.4x
Mon, 12 Feb 2024NZ$157.9bNZ$109.1bNZ$6.6b14.1x23.8x1.4x
Wed, 10 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b16.3x23.7x1.4x
Fri, 08 Dec 2023NZ$153.3bNZ$109.2bNZ$6.6b15.4x23.1x1.4x
Sun, 05 Nov 2023NZ$149.0bNZ$109.3bNZ$5.8b16.4x25.6x1.4x
Tue, 03 Oct 2023NZ$151.8bNZ$110.2bNZ$5.9b16.7x25.9x1.4x
Thu, 31 Aug 2023NZ$157.2bNZ$110.6bNZ$5.9b16.4x26.6x1.4x
Price to Earnings Ratio

26.6x


Total Market Cap: NZ$157.2bTotal Earnings: NZ$5.9bTotal Revenue: NZ$110.6bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 40.4x202420252026
Current Market PE
  • Investors are pessimistic on the New Zealander market, indicating that they anticipate earnings will not grow as fast as they have historically.
  • The market is trading at a PE ratio of 30.5x which is lower than its 3-year average PE of 40.4x.
Past Earnings Growth
  • Both revenue and earnings for New Zealander listed companies have remained mostly flat over the last three years.
  • This means sales and the cost of doing business have remained relatively consistent over this period and subsequently, so have profits.

Sector Trends

Which sectors have driven the changes within the New Zealand Market?

NZ Market0.87%
Telecom6.09%
Tech3.32%
Healthcare2.32%
Utilities1.41%
Consumer Staples1.24%
Financials-0.47%
Consumer Discretionary-0.65%
Industrials-0.89%
Real Estate-1.31%
Energy-1.82%
Materials-6.55%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 32.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.0% which is higher than its past year's earnings decline of 19.3% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 101% over the next 5 years.
  • In contrast, the Telecom sector is expected to see its earnings grow by 9.2% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
MCY Mercury NZNZ$6.956.9%
+NZ$641.3m		5.9%PE30.9xUtilities
FPH Fisher & Paykel HealthcareNZ$43.521.9%
+NZ$469.8m		15.6%PE54.6xHealthcare
SPK Spark New ZealandNZ$2.1712.4%
+NZ$453.6m		-14.4%PE8.4xTelecom
EBO EBOS GroupNZ$22.757.2%
+NZ$314.6m		-43.2%PE17.4xHealthcare
FBU Fletcher BuildingNZ$3.996.1%
+NZ$249.9m		32.1%PE21.5xIndustrials
See more

Market Insights

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Latest News

AIA
NZ$8.64
Auckland International Airport
7D
-1.7%
1Y
13.7%
FPH
NZ$43.52
Fisher & Paykel Healthcare
7D
1.9%
1Y
15.6%
EBO
NZ$22.75
EBOS Group
7D
7.2%
1Y
-43.2%
Analysis Article • Aug 21

EBOS Group Limited Just Missed Earnings - But Analysts Have Updated Their Models

It's been a good week for EBOS Group Limited ( NZSE:EBO ) shareholders, because the company has just released its...
FBU
NZ$3.99
Fletcher Building
7D
6.1%
1Y
32.1%
SPK
NZ$2.17
Spark New Zealand
7D
12.4%
1Y
-14.4%
Narrative Update • Aug 20

SPK: Digital Services Review Will Expose Weakness In Earnings Outlook

Analysts have revised their fair value estimate for Spark New Zealand from NZ$1.90 to NZ$1.80. The change reflects slightly higher assumed discount rates, updated expectations for revenue growth returning to positive territory, a modestly improved profit margin outlook, and a lower future P/E multiple in their updated models.
MCY
NZ$6.95
Mercury NZ
7D
6.9%
1Y
5.9%
VCT
NZ$4.88
Vector
7D
-1.4%
1Y
9.9%
FCG
NZ$4.42
Fonterra Co-operative Group
7D
2.3%
1Y
10.5%
FRW
NZ$13.48
Freightways Group
7D
-4.1%
1Y
11.4%
POT
NZ$8.11
Port of Tauranga
7D
-1.2%
1Y
17.4%
MEL
NZ$5.60
Meridian Energy
7D
0.9%
1Y
-1.5%
CEN
NZ$9.02
Contact Energy
7D
-1.5%
1Y
-1.2%
Analysis Article • Aug 13

Contact Energy Limited (NZSE:CEN) Just Released Its Annual Earnings: Here's What Analysts Think

The full-year results for Contact Energy Limited ( NZSE:CEN ) were released last week, making it a good time to revisit...
SUM
NZ$7.75
Summerset Group Holdings
7D
-2.8%
1Y
-28.7%
RYM
NZ$2.15
Ryman Healthcare
7D
3.9%
1Y
-13.3%
IFT
NZ$14.99
Infratil
7D
-0.9%
1Y
25.9%
MFT
NZ$68.30
Mainfreight
7D
-2.1%
1Y
14.9%