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New Zealand (NZX) Market Analysis & Valuation

UpdatedMay 14, 2026
DataAggregated Company Financials
Companies104
  • 7D-0.1%
  • 3M-3.1%
  • 1Y1.8%
  • YTD-3.4%

Over the last 7 days, the market has remained flat, although notably the Energy sector gained 3.9% in that time. As for the longer term, the market has also been flat over the past year. Earnings are forecast to grow by 19% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 14 May 2026NZ$175.5bNZ$118.6bNZ$4.6b17.5x38.5x1.5x
Sat, 11 Apr 2026NZ$174.5bNZ$118.4bNZ$4.6b17.1x38.3x1.5x
Mon, 09 Mar 2026NZ$178.8bNZ$117.0bNZ$4.6b18.2x39x1.5x
Wed, 04 Feb 2026NZ$178.0bNZ$115.5bNZ$4.0b18.6x45x1.5x
Fri, 02 Jan 2026NZ$179.2bNZ$115.5bNZ$3.9b18.6x45.9x1.6x
Sun, 30 Nov 2025NZ$178.8bNZ$115.2bNZ$3.9b18.2x45.8x1.6x
Tue, 28 Oct 2025NZ$179.4bNZ$115.9bNZ$3.5b18.7x51.6x1.5x
Thu, 25 Sep 2025NZ$175.9bNZ$115.9bNZ$3.6b17.8x48.7x1.5x
Sat, 23 Aug 2025NZ$174.7bNZ$115.9bNZ$4.0b18.6x43.6x1.5x
Mon, 21 Jul 2025NZ$171.0bNZ$115.7bNZ$3.5b19x49.2x1.5x
Wed, 18 Jun 2025NZ$168.8bNZ$116.0bNZ$3.5b19.5x48.7x1.5x
Fri, 16 May 2025NZ$170.7bNZ$115.4bNZ$2.6b19.4x66x1.5x
Sun, 13 Apr 2025NZ$160.3bNZ$115.3bNZ$2.6b18.4x61.1x1.4x
Tue, 11 Mar 2025NZ$165.9bNZ$114.0bNZ$2.6b19.5x64.3x1.5x
Thu, 06 Feb 2025NZ$169.9bNZ$113.6bNZ$3.2b19.8x53.9x1.5x
Sat, 04 Jan 2025NZ$171.6bNZ$113.7bNZ$3.1b20.2x54.8x1.5x
Mon, 02 Dec 2024NZ$172.3bNZ$113.6bNZ$3.1b20.1x54.9x1.5x
Wed, 30 Oct 2024NZ$170.1bNZ$112.8bNZ$4.3b19.3x39.7x1.5x
Fri, 27 Sep 2024NZ$164.3bNZ$112.6bNZ$4.4b18.9x37.2x1.5x
Sun, 25 Aug 2024NZ$164.6bNZ$111.9bNZ$4.4b20.6x37.1x1.5x
Tue, 23 Jul 2024NZ$162.3bNZ$110.8bNZ$4.7b16.8x34.8x1.5x
Thu, 20 Jun 2024NZ$155.1bNZ$109.6bNZ$4.3b14.7x36x1.4x
Sat, 18 May 2024NZ$154.0bNZ$110.0bNZ$5.8b15.4x26.4x1.4x
Mon, 15 Apr 2024NZ$156.4bNZ$110.0bNZ$5.8b17x26.9x1.4x
Wed, 13 Mar 2024NZ$156.3bNZ$111.2bNZ$5.7b17x27.2x1.4x
Fri, 09 Feb 2024NZ$158.9bNZ$109.1bNZ$6.6b14x23.9x1.5x
Sun, 07 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Tue, 05 Dec 2023NZ$152.1bNZ$109.3bNZ$6.6b15.6x22.9x1.4x
Thu, 02 Nov 2023NZ$145.7bNZ$109.3bNZ$5.8b16.4x25x1.3x
Sat, 30 Sep 2023NZ$152.2bNZ$110.2bNZ$5.9b16.7x26x1.4x
Mon, 28 Aug 2023NZ$156.6bNZ$110.7bNZ$6.3b17.2x24.9x1.4x
Wed, 26 Jul 2023NZ$163.6bNZ$108.4bNZ$6.6b17x24.7x1.5x
Fri, 23 Jun 2023NZ$161.6bNZ$108.4bNZ$6.6b15.8x24.4x1.5x
Sun, 21 May 2023NZ$165.3bNZ$107.3bNZ$7.3b15.5x22.8x1.5x
Price to Earnings Ratio

22.8x


Total Market Cap: NZ$165.3bTotal Earnings: NZ$7.3bTotal Revenue: NZ$107.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.3x202420252026
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 39.3x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 14% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.4% 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 Market-0.11%
Energy3.91%
Financials3.42%
Tech2.21%
Consumer Staples1.42%
Materials1.24%
Utilities1.02%
Real Estate-0.15%
Industrials-0.79%
Consumer Discretionary-0.80%
Telecom-1.64%
Healthcare-3.61%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 43.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.9% 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 104% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 13% 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$7.033.4%
+NZ$327.8m		14.1%PE113.8xUtilities
FCG Fonterra Co-operative GroupNZ$4.341.2%
+NZ$120.3m		41.5%PE10xConsumer Staples
VCT VectorNZ$5.202.4%
+NZ$120.0m		22.4%PE34.8xUtilities
IFT InfratilNZ$15.230.6%
+NZ$89.9m		30.7%PE53.7xFinancials
SAN SanfordNZ$8.156.5%
+NZ$46.8m		59.2%PE12xConsumer Staples
See more

Market Insights

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Latest News

MCY
NZ$7.03
Mercury NZ
7D
3.4%
1Y
14.1%
Narrative Update • May 10

MCY: Geothermal Expansion And Distribution Will Support A Steady Future Outlook

Analysts have nudged their fair value estimate for Mercury NZ higher, lifting the price target from NZ$6.99 to NZ$7.09. This reflects updated assumptions around discount rates, revenue growth, profit margins and a slightly lower future P/E multiple.
IFT
NZ$15.23
Infratil
7D
0.6%
1Y
30.7%
SAN
NZ$8.15
Sanford
7D
6.5%
1Y
59.2%
ATM
NZ$7.48
a2 Milk
7D
-8.2%
1Y
-18.4%
Narrative Update • May 07

ATM: Dividend Policy And FY26 Guidance Will Support Upside Potential

Analysts have kept their NZ$10.53 price target for a2 Milk steady, citing only slight adjustments in discount rate, long term revenue growth, profit margin and future P/E assumptions as the rationale for leaving the valuation unchanged. What's in the News a2 Milk updated FY26 earnings guidance, now expecting revenue growth in the low to mid double-digit range versus FY25, with double-digit defined as 10% to 20%, compared with previous guidance of mid double-digit growth (Corporate Guidance, New/Confirmed).
SML
NZ$0.48
Synlait Milk
7D
14.3%
1Y
-34.2%
VCT
NZ$5.20
Vector
7D
2.4%
1Y
22.4%
Narrative Update • May 01

VCT: Future Fair Value View Will Rely On Stable Distribution Volumes

Analysts have kept their NZ$4.98 price target for Vector steady, reflecting unchanged assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. What's in the News Vector reported unaudited operating results for the nine months ended 31 March 2026, including 637,247 electricity customers compared with 630,004 a year earlier and 9,670 new electricity connections compared with 9,480 a year earlier (Key Developments).
RYM
NZ$2.14
Ryman Healthcare
7D
-4.9%
1Y
-10.1%
Narrative Update • Apr 30

RYM: Higher Long Term Margins Will Support Improved Future Earnings Multiple

Analysts have nudged their NZ$ price target on Ryman Healthcare slightly higher, citing updated assumptions around discount rates, modest revenue growth adjustments, stronger long term profit margins, and a lower future P/E multiple as the main drivers of the change. Valuation Changes Fair Value: NZ$3.70 remains unchanged, with no adjustment to the overall fair value estimate.
MFT
NZ$56.20
Mainfreight
7D
-4.5%
1Y
-17.5%
SKL
NZ$6.13
Skellerup Holdings
7D
3.0%
1Y
25.1%
Narrative Update • Apr 27

SKL: Stable Outlook Will Rely On Higher Dividend And FY26 Earnings Guidance

Analysts have maintained their NZ$6.25 price target for Skellerup Holdings, noting only very small adjustments to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions that do not materially change their view on the shares. What's in the News Skellerup Holdings updated earnings guidance for FY26, indicating NPAT is now expected to be in a range of $57m to $62m, following a strong first half result and assessment of near term demand (company guidance).
EBO
NZ$20.75
EBOS Group
7D
-4.6%
1Y
-47.8%
Narrative Update • Apr 24

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

Analysts have trimmed their EBOS Group price target slightly from about NZ$33.94 to around NZ$33.63, reflecting updated assumptions for revenue growth, profit margins, and a modestly higher future P/E multiple. What's in the News EBOS Group Limited was removed from the S&P/ASX 200 Index, which may influence how some index and rules based funds treat the shares (Key Developments).
FPH
NZ$34.15
Fisher & Paykel Healthcare
7D
-4.6%
1Y
-9.1%
Narrative Update • Apr 23

FPH: Upgraded Guidance And Sector Perform Rating Will Support Bullish Repricing

Analysts have trimmed their fair value estimate for Fisher & Paykel Healthcare by about NZ$0.10 to reflect slightly higher discount rate assumptions, while also acknowledging improved profit margin expectations and recent upgrades in Street price targets, including a move to NZ$36 at one major firm. Analyst Commentary Bullish Takeaways Bullish analysts point to the company’s updated guidance as a key reason for shifting to a more neutral stance, seeing this as support for the revised fair value and the NZ$36 price target.
FCG
NZ$4.34
Fonterra Co-operative Group
7D
1.2%
1Y
41.5%
BGP
NZ$4.80
Briscoe Group
7D
3.9%
1Y
0.8%
AIR
NZ$0.41
Air New Zealand
7D
-8.0%
1Y
-33.6%
SUM
NZ$7.40
Summerset Group Holdings
7D
-5.6%
1Y
-36.7%
SPK
NZ$2.01
Spark New Zealand
7D
-3.8%
1Y
-9.9%