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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 16, 2026
DataAggregated Company Financials
Companies104
  • 7D0.006%
  • 3M-3.9%
  • 1Y7.1%
  • YTD-3.4%

The market has been flat over the last week. As for the longer term, the market has risen 6.7% in the past 12 months. Looking forward, 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
Thu, 16 Apr 2026NZ$175.3bNZ$118.4bNZ$4.6b17.3x38.5x1.5x
Sat, 14 Mar 2026NZ$174.5bNZ$117.3bNZ$4.6b17.9x38x1.5x
Mon, 09 Feb 2026NZ$178.5bNZ$115.5bNZ$4.0b18.7x45.1x1.5x
Wed, 07 Jan 2026NZ$180.6bNZ$115.5bNZ$3.9b18.4x46.3x1.6x
Fri, 05 Dec 2025NZ$178.9bNZ$115.3bNZ$3.9b18.3x45.8x1.6x
Sun, 02 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.3x52.1x1.6x
Tue, 30 Sep 2025NZ$175.7bNZ$115.8bNZ$3.5b17.7x50.8x1.5x
Thu, 28 Aug 2025NZ$172.2bNZ$115.5bNZ$3.5b17.6x49.5x1.5x
Sat, 26 Jul 2025NZ$170.9bNZ$115.7bNZ$3.5b19.3x49.2x1.5x
Mon, 23 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Wed, 21 May 2025NZ$168.9bNZ$115.3bNZ$2.7b18.9x63.5x1.5x
Fri, 18 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Sun, 16 Mar 2025NZ$162.9bNZ$113.9bNZ$2.6b19.3x63.6x1.4x
Tue, 11 Feb 2025NZ$170.4bNZ$113.7bNZ$3.2b20x54x1.5x
Thu, 09 Jan 2025NZ$170.7bNZ$113.6bNZ$3.1b19.9x54.4x1.5x
Sat, 07 Dec 2024NZ$169.8bNZ$113.5bNZ$3.1b20x54.2x1.5x
Mon, 04 Nov 2024NZ$167.4bNZ$112.8bNZ$4.3b19.5x39.1x1.5x
Wed, 02 Oct 2024NZ$164.0bNZ$112.7bNZ$4.3b19.4x38.3x1.5x
Fri, 30 Aug 2024NZ$162.6bNZ$112.9bNZ$4.6b20.2x35.3x1.4x
Sun, 28 Jul 2024NZ$162.8bNZ$110.9bNZ$4.7b17.4x34.9x1.5x
Tue, 25 Jun 2024NZ$153.6bNZ$109.5bNZ$4.3b14.5x35.6x1.4x
Thu, 23 May 2024NZ$154.6bNZ$110.9bNZ$5.2b15.7x29.5x1.4x
Sat, 20 Apr 2024NZ$155.3bNZ$110.0bNZ$5.8b16.6x26.7x1.4x
Mon, 18 Mar 2024NZ$155.2bNZ$111.2bNZ$5.7b16.6x27x1.4x
Wed, 14 Feb 2024NZ$156.6bNZ$109.2bNZ$6.6b14x23.6x1.4x
Fri, 12 Jan 2024NZ$158.3bNZ$109.3bNZ$6.6b16.1x23.8x1.4x
Sun, 10 Dec 2023NZ$153.4bNZ$109.3bNZ$6.6b15.5x23.1x1.4x
Tue, 07 Nov 2023NZ$150.6bNZ$109.3bNZ$5.8b16.4x25.8x1.4x
Thu, 05 Oct 2023NZ$151.8bNZ$109.0bNZ$5.8b16.2x26.1x1.4x
Sat, 02 Sep 2023NZ$157.1bNZ$110.7bNZ$5.9b16.4x26.6x1.4x
Mon, 31 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b16.7x24.7x1.5x
Wed, 28 Jun 2023NZ$160.2bNZ$108.3bNZ$6.6b15.8x24.2x1.5x
Fri, 26 May 2023NZ$162.4bNZ$107.2bNZ$7.3b15.7x22.3x1.5x
Sun, 23 Apr 2023NZ$162.7bNZ$107.5bNZ$7.6b15.6x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$162.7bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.5bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.9x202420252026
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 38.9x.
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 3.3% 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 Market0.0055%
Utilities1.89%
Real Estate1.63%
Financials1.60%
Consumer Discretionary0.98%
Consumer Staples0.11%
Materials-0.32%
Healthcare-1.32%
Tech-1.37%
Energy-1.64%
Industrials-1.73%
Telecom-1.74%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 42.5x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.5% 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 105% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 11% 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
FCG Fonterra Co-operative GroupNZ$4.6613.1%
+NZ$1.3b		52.3%PE10.7xConsumer Staples
MCY Mercury NZNZ$6.734.5%
+NZ$413.3m		16.4%PE109xUtilities
MEL Meridian EnergyNZ$5.651.6%
+NZ$238.4m		-1.6%PS3.3xUtilities
IFT InfratilNZ$12.021.9%
+NZ$219.8m		15.6%PE42.4xFinancials
POT Port of TaurangaNZ$8.051.9%
+NZ$102.0m		30.7%PE29.9xIndustrials
See more

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Latest News

FPH
NZ$38.57
Fisher & Paykel Healthcare
7D
-1.9%
1Y
15.1%
POT
NZ$7.96
Port of Tauranga
7D
2.1%
1Y
30.3%
ATM
NZ$9.23
a2 Milk
7D
-18.7%
1Y
4.1%
MFT
NZ$57.90
Mainfreight
7D
-3.5%
1Y
-0.2%
MCY
NZ$6.69
Mercury NZ
7D
2.9%
1Y
15.3%

MCY: Geothermal Expansion And Upcoming Distribution Will Support Steady Outlook

Analysts have kept their NZ$6.99 price target for Mercury NZ unchanged. This reflects broadly consistent assumptions for fair value, discount rate, revenue growth, profit margin and future P/E in their latest updates.
IFT
NZ$12.18
Infratil
7D
1.5%
1Y
14.6%
EBO
NZ$22.30
EBOS Group
7D
-2.0%
1Y
-39.5%

EBO: Index Removal And P/E Outlook Will Support Future Capital Efficiency Reassessment

Analysts have nudged their fair value estimate for EBOS Group to NZ$33.94 from NZ$33.59, reflecting slightly updated assumptions for long term profit margins and future P/E multiples, while keeping revenue growth and discount rate broadly unchanged. What's in the News EBOS Group Limited was removed from the S&P/ASX 200 Index, which can affect how some index funds and benchmark aware investors are exposed to the stock (Key Developments).
FCG
NZ$4.87
Fonterra Co-operative Group
7D
18.2%
1Y
58.5%
AIA
NZ$8.18
Auckland International Airport
7D
-1.2%
1Y
2.5%

AIA: Steady Traffic And Dividend Payout Will Support A Balanced Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, pointing to only marginal tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions rather than any shifts in the core valuation view. What's in the News Auckland International Airport reported February 2026 traffic results, with Auckland Airport handling 1,612,458 total passengers, 13,076 aircraft movements and 637,621 tonnes of MCTOW, while Queenstown Airport saw 228,905 passengers and 1,525 aircraft movements (company traffic update, February 2026).
CEN
NZ$9.49
Contact Energy
7D
1.2%
1Y
4.3%

CEN: Recent Equity Raises And Stable Metrics Will Support Future Upside

Analysts have kept their NZ$10.53 price target for Contact Energy unchanged. This reflects consistent views on fair value, discount rate, revenue growth and profit margins despite the latest review of their models.
GNE
NZ$2.29
Genesis Energy
7D
4.6%
1Y
3.2%
SUM
NZ$8.60
Summerset Group Holdings
7D
-6.0%
1Y
-23.9%
SPK
NZ$2.11
Spark New Zealand
7D
-3.2%
1Y
0.5%
GNZ
NZ$1.94
Goodman Property Trust
7D
4.0%
1Y
2.9%
MEL
NZ$5.71
Meridian Energy
7D
2.7%
1Y
0.8%
FBU
NZ$2.96
Fletcher Building
7D
-3.6%
1Y
-8.1%