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New Zealand (NZX) Market Analysis & Valuation

UpdatedDec 31, 2025
DataAggregated Company Financials
Companies103
  • 7D0.2%
  • 3M-0.09%
  • 1Y2.3%
  • YTD2.6%

The market has been flat over the last week. Similarly, the market is flat for the past 12 months. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 31 Dec 2025NZ$179.1bNZ$115.4bNZ$3.9b18.6x45.9x1.6x
Fri, 28 Nov 2025NZ$180.0bNZ$115.2bNZ$3.9b17.7x46.3x1.6x
Sun, 26 Oct 2025NZ$179.4bNZ$115.8bNZ$3.5b18.7x51.6x1.5x
Tue, 23 Sep 2025NZ$175.2bNZ$115.8bNZ$3.6b17.9x48.1x1.5x
Thu, 21 Aug 2025NZ$173.4bNZ$115.8bNZ$3.5b19.4x50.1x1.5x
Sat, 19 Jul 2025NZ$171.0bNZ$115.7bNZ$3.5b19x49.4x1.5x
Mon, 16 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Wed, 14 May 2025NZ$169.8bNZ$115.4bNZ$2.6b18.9x65.7x1.5x
Fri, 11 Apr 2025NZ$162.3bNZ$115.4bNZ$2.6b18.1x61.8x1.4x
Sun, 09 Mar 2025NZ$164.1bNZ$114.0bNZ$2.5b19.3x65.9x1.4x
Tue, 04 Feb 2025NZ$170.0bNZ$113.7bNZ$3.2b20.1x54x1.5x
Thu, 02 Jan 2025NZ$171.6bNZ$113.7bNZ$3.1b20.3x54.8x1.5x
Sat, 30 Nov 2024NZ$172.1bNZ$113.6bNZ$3.1b20.1x54.9x1.5x
Mon, 28 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.4x39.7x1.5x
Wed, 25 Sep 2024NZ$160.5bNZ$113.0bNZ$4.6b19x35.1x1.4x
Fri, 23 Aug 2024NZ$164.2bNZ$112.0bNZ$4.6b19.3x35.9x1.5x
Sun, 21 Jul 2024NZ$163.1bNZ$110.9bNZ$4.7b17.1x34.9x1.5x
Tue, 18 Jun 2024NZ$153.6bNZ$109.5bNZ$4.3b15x35.7x1.4x
Thu, 16 May 2024NZ$151.1bNZ$110.1bNZ$5.8b15.2x26x1.4x
Sat, 13 Apr 2024NZ$156.4bNZ$110.0bNZ$5.8b17x26.9x1.4x
Mon, 11 Mar 2024NZ$157.6bNZ$111.1bNZ$5.7b17.2x27.4x1.4x
Wed, 07 Feb 2024NZ$158.4bNZ$109.2bNZ$6.6b14x23.8x1.5x
Fri, 05 Jan 2024NZ$157.1bNZ$109.3bNZ$6.6b15.9x23.6x1.4x
Sun, 03 Dec 2023NZ$152.3bNZ$109.3bNZ$6.6b15.6x22.9x1.4x
Tue, 31 Oct 2023NZ$144.5bNZ$109.3bNZ$5.8b16.2x24.8x1.3x
Thu, 28 Sep 2023NZ$152.5bNZ$109.0bNZ$5.9b15.9x26x1.4x
Sat, 26 Aug 2023NZ$156.6bNZ$109.0bNZ$5.8b16.2x27x1.4x
Mon, 24 Jul 2023NZ$163.3bNZ$108.4bNZ$6.6b16.7x24.6x1.5x
Wed, 21 Jun 2023NZ$161.7bNZ$108.5bNZ$6.6b15.9x24.4x1.5x
Fri, 19 May 2023NZ$163.8bNZ$107.4bNZ$7.7b15.6x21.4x1.5x
Sun, 16 Apr 2023NZ$162.5bNZ$107.4bNZ$7.6b15.6x21.4x1.5x
Tue, 14 Mar 2023NZ$160.4bNZ$104.8bNZ$7.3b15.9x21.9x1.5x
Thu, 09 Feb 2023NZ$166.2bNZ$100.5bNZ$6.6b16.8x25.1x1.7x
Sat, 07 Jan 2023NZ$159.7bNZ$100.3bNZ$6.6b16x24.2x1.6x
Price to Earnings Ratio

24.2x


Total Market Cap: NZ$159.7bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.1x20242025
Current Market PE
  • Investors are optimistic on the New Zealander market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 45.9x which is higher than its 3-year average PE of 37.1x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.8% 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.

Sector Trends

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

NZ Market0.18%
Real Estate0.96%
Materials0.77%
Consumer Discretionary0.69%
Tech0.63%
Financials0.61%
Industrials0.52%
Telecom0.46%
Consumer Staples0.28%
Utilities-0.11%
Energy-0.35%
Healthcare-0.51%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 63.1x.
    • Analysts are expecting annual earnings growth of 22.1%, which is lower than the prior year's growth of 34.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 96% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 6.2% 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
ATM a2 MilkNZ$10.782.5%
+NZ$188.6m		71.1%PE38.5xConsumer Staples
MEL Meridian EnergyNZ$5.600.9%
+NZ$132.0m		-5.2%PS3.1xUtilities
MCY Mercury NZNZ$6.481.4%
+NZ$127.6m		10.8%PE9184.7xUtilities
AIA Auckland International AirportNZ$8.330.6%
+NZ$84.8m		-4.3%PE33.6xIndustrials
FRW Freightways GroupNZ$14.452.9%
+NZ$73.4m		35.8%PE32.4xIndustrials
See more

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Latest News

IFT
NZ$11.08
Infratil
7D
-2.0%
1Y
-12.1%

Subdued Growth No Barrier To Infratil Limited's (NZSE:IFT) Price

Dec 31
Subdued Growth No Barrier To Infratil Limited's (NZSE:IFT) Price
AFT
NZ$3.38
AFT Pharmaceuticals
7D
-3.4%
1Y
16.6%
FRW
NZ$14.45
Freightways Group
7D
2.9%
1Y
35.8%

FRW: Future Revenue And Margin Assumptions Will Shape Fairly Balanced Outlook

Analysts have raised their price target for Freightways Group slightly, from NZ$13.51 to NZ$13.69. This reflects modestly stronger expectations for revenue growth and margins, even as long term valuation multiples edge lower.
ATM
NZ$10.78
a2 Milk
7D
2.5%
1Y
71.1%

ATM: China Regulatory Progress And New Distribution Will Shape Balanced Outlook

Analysts have modestly raised their price target on a2 Milk to approximately $10.16 per share from about $9.93, reflecting slightly higher long term profit margin expectations and a marginally richer future P/E multiple. What's in the News a2 Milk received approvals from New Zealand's Ministry for Primary Industries and China's General Administration of Customs to progress regulatory steps needed to transition two China label infant formula registrations to a2-branded products, with final SAMR approval to be sought in December 2025 and a potential product launch targeted for late first half 2027 (Regulatory Authority – Compliance) The company confirmed earnings guidance for 2026, expecting low double digit percentage revenue growth versus FY25, reinforcing management confidence in medium term performance (Corporate Guidance – New/Confirmed) a2 Milk expanded its long term strategic cooperation with China State Farm Agribusiness Holding Shanghai to include English label infant milk formula products in the cross border eCommerce channel from early calendar 2026, broadening distribution for a2 Genesis and paving the way for other products such as a2 Platinum (Client Announcements) The enhanced partnership with China State Farm, a state owned enterprise with deep reach into mother and baby stores and major online platforms, is expected to strengthen a2 Milk's brand position and control over its English label distribution in China (Client Announcements) Valuation Changes Fair Value: Increased slightly from around NZ$9.93 to approximately NZ$10.16 per share.
RYM
NZ$2.91
Ryman Healthcare
7D
-1.7%
1Y
-38.2%

RYM: Higher Margins Will Support Balanced Outlook Amid Flat Unit Sales

Analysts have raised their price target on Ryman Healthcare by approximately 17 percent to reflect a higher assessed fair value of around $2.94 per share, supported by expectations of stronger profit margins despite slightly lower projected revenue growth and a modestly higher discount rate. What's in the News Ryman Healthcare Limited hosted an Analyst and Investor Day, providing updates on strategy, operating performance, and capital allocation priorities (company event).
FPH
NZ$37.75
Fisher & Paykel Healthcare
7D
-0.3%
1Y
-1.7%

FPH: Dividend Increase And Earnings Upgrade Will Support Fair Future Returns

Analysts have slightly raised their price target on Fisher & Paykel Healthcare to $NZD 39.33, reflecting modestly lower discount rate assumptions and a slightly higher future P/E multiple, partly offset by a small downward revision to projected profit margins. What's in the News Directors approved an increased interim dividend of 19.0 cents per ordinary share, up from 18.5 cents in the prior first half, to be paid on 16 December 2025 with a record date of 4 December 2025 (company announcement).
SPK
NZ$2.28
Spark New Zealand
7D
1.3%
1Y
-22.7%
MCY
NZ$6.48
Mercury NZ
7D
1.4%
1Y
10.8%

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$5.60
Meridian Energy
7D
0.9%
1Y
-5.2%
FBU
NZ$3.68
Fletcher Building
7D
1.4%
1Y
29.1%
EBO
NZ$27.62
EBOS Group
7D
-1.5%
1Y
-25.5%

EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings

Dec 08
EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings
POT
NZ$7.71
Port of Tauranga
7D
-1.2%
1Y
19.9%

Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return

Dec 05
Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return
MFT
NZ$68.62
Mainfreight
7D
-0.6%
1Y
-6.6%
CEN
NZ$9.25
Contact Energy
7D
-1.5%
1Y
-2.6%
AIA
NZ$8.33
Auckland International Airport
7D
0.6%
1Y
-4.3%

We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt

Nov 24
We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt
VCT
NZ$4.88
Vector
7D
1.0%
1Y
25.1%

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