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New Zealand (NZX) Market Analysis & Valuation

UpdatedMar 01, 2026
DataAggregated Company Financials
Companies103
  • 7D2.6%
  • 3M0.9%
  • 1Y6.0%
  • YTD0.4%

The market has climbed 2.6% in the last 7 days, lead by the Healthcare sector with a gain of 6.1%. Meanwhile, the Materials sector has underperformed, shrinking 9.8% in that time. As for the past 12 months, the market is up 6.0%. Earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 01 Mar 2026NZ$181.3bNZ$116.9bNZ$4.5b17.9x39.9x1.6x
Tue, 27 Jan 2026NZ$178.6bNZ$115.5bNZ$4.0b18.7x45.2x1.5x
Thu, 25 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.5x45.8x1.6x
Sat, 22 Nov 2025NZ$179.4bNZ$116.6bNZ$4.1b20.4x43.7x1.5x
Mon, 20 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b19x51.1x1.5x
Wed, 17 Sep 2025NZ$176.1bNZ$115.7bNZ$3.6b17.9x48.4x1.5x
Fri, 15 Aug 2025NZ$170.6bNZ$115.9bNZ$3.5b19.1x48.6x1.5x
Sun, 13 Jul 2025NZ$169.0bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Tue, 10 Jun 2025NZ$168.1bNZ$116.0bNZ$3.5b18.8x48.5x1.4x
Thu, 08 May 2025NZ$165.9bNZ$115.3bNZ$2.6b18.4x63.2x1.4x
Sat, 05 Apr 2025NZ$162.3bNZ$115.4bNZ$2.6b18.1x61.9x1.4x
Mon, 03 Mar 2025NZ$167.4bNZ$114.0bNZ$2.5b19.6x67.7x1.5x
Wed, 29 Jan 2025NZ$170.4bNZ$113.6bNZ$3.2b20.3x54.1x1.5x
Fri, 27 Dec 2024NZ$171.5bNZ$113.7bNZ$3.1b19.9x54.7x1.5x
Sun, 24 Nov 2024NZ$171.5bNZ$113.5bNZ$3.0b19.9x57.2x1.5x
Tue, 22 Oct 2024NZ$171.6bNZ$112.8bNZ$4.3b19.7x40x1.5x
Thu, 19 Sep 2024NZ$163.6bNZ$113.0bNZ$4.6b19.3x35.8x1.4x
Sat, 17 Aug 2024NZ$167.0bNZ$110.8bNZ$4.8b19.9x35.1x1.5x
Mon, 15 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Wed, 12 Jun 2024NZ$155.1bNZ$109.5bNZ$4.3b15x36x1.4x
Fri, 10 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.4x26.4x1.4x
Sun, 07 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Tue, 05 Mar 2024NZ$155.9bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Thu, 01 Feb 2024NZ$158.6bNZ$109.3bNZ$6.6b15.6x23.9x1.5x
Sat, 30 Dec 2023NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Mon, 27 Nov 2023NZ$150.2bNZ$109.1bNZ$6.6b15.6x22.8x1.4x
Wed, 25 Oct 2023NZ$147.6bNZ$109.3bNZ$5.8b17x25.3x1.4x
Fri, 22 Sep 2023NZ$153.3bNZ$110.6bNZ$5.9b16.6x26x1.4x
Sun, 20 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Tue, 18 Jul 2023NZ$163.4bNZ$108.2bNZ$6.6b17x24.7x1.5x
Thu, 15 Jun 2023NZ$159.6bNZ$108.0bNZ$6.2b16x25.7x1.5x
Sat, 13 May 2023NZ$163.4bNZ$107.3bNZ$7.6b15.2x21.5x1.5x
Mon, 10 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Wed, 08 Mar 2023NZ$163.7bNZ$105.0bNZ$7.4b16.5x22.2x1.6x
Price to Earnings Ratio

22.2x


Total Market Cap: NZ$163.7bTotal Earnings: NZ$7.4bTotal Revenue: NZ$105.0bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.2x202420252026
Current Market PE
  • Investors are relatively neutral on the New Zealander market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading at a PE ratio close to its 3-year average PE ratio of 38.2x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 15% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.6% 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 Market2.56%
Healthcare6.06%
Tech6.04%
Energy5.11%
Financials3.33%
Telecom2.81%
Consumer Staples2.02%
Real Estate1.69%
Industrials1.62%
Consumer Discretionary1.12%
Utilities0.75%
Materials-9.85%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 40.2x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.2% which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 90% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 7.9% 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
FPH Fisher & Paykel HealthcareNZ$40.909.6%
+NZ$2.1b		20.0%PE55xHealthcare
AIA Auckland International AirportNZ$9.163.2%
+NZ$474.6m		12.0%PE37.8xIndustrials
IFT InfratilNZ$11.223.5%
+NZ$379.7m		3.0%PE39.6xFinancials
MCY Mercury NZNZ$6.393.6%
+NZ$311.8m		7.9%PE102.9xUtilities
ATM a2 MilkNZ$11.553.4%
+NZ$275.7m		30.7%PE40.4xConsumer Staples
See more

Market Insights

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VCT: Fair Value View Will Reflect Shifts In Network Volumes

Analysts have lifted their fair value estimate for Vector from NZ$4.77 to NZ$4.98, reflecting updated views on revenue growth, profit margins, and a slightly lower future P/E multiple. What's in the News Vector reported unaudited operating results for the six months ended 31 December 2025, providing a fresh look at recent activity across its networks (company announcement).
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FPH
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FPH: Improved Guidance And Rating Upgrade Will Support Fairly Valued Outlook

Analysts have lifted their NZ$ fair value estimate for Fisher & Paykel Healthcare from NZ$39.15 to NZ$40.81, citing improved company guidance and a recent upgrade in Street price targets as key supports for the higher range of outcomes. Analyst Commentary Bullish Takeaways Bullish analysts see the higher company guidance as a key support for the uplift in fair value to NZ$40.81, suggesting more confidence in the near term earnings outlook than previously reflected in models.
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ATM: Dividend Policy And 2026 Guidance Will Support Balanced Outlook

Analysts have modestly lifted their price target for a2 Milk to NZ$10.93 from NZ$10.38, citing updated assumptions that keep revenue growth expectations similar while slightly adjusting profit margin and future P/E inputs. What's in the News a2 Milk has declared an interim dividend of NZ$0.115 per share, described as unimputed and fully franked.
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Analysts are maintaining their NZ$14.02 price target on Infratil, making only small adjustments to assumptions for the discount rate, revenue growth, profit margin, and future P/E ratio while keeping their view of fair value unchanged. Valuation Changes Fair Value: The analysts' NZ$14.02 fair value estimate is unchanged, with no revision to the headline valuation level.
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