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New Zealand (NZX) Market Analysis & Valuation

UpdatedJun 04, 2026
DataAggregated Company Financials
Companies103
  • 7D-0.4%
  • 3M-2.5%
  • 1Y4.1%
  • YTD-3.0%

In the last week, the market has stayed flat, however the Materials sector stood out, gaining 7.0%. As for the longer term, the market has risen 4.1% in the past 12 months. Looking forward, earnings are forecast to grow by 18% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 04 Jun 2026NZ$176.1bNZ$117.8bNZ$5.0b17.2x35x1.5x
Sat, 02 May 2026NZ$175.0bNZ$118.6bNZ$4.6b17.3x38.4x1.5x
Mon, 30 Mar 2026NZ$171.7bNZ$118.2bNZ$4.5b17.5x37.8x1.5x
Wed, 25 Feb 2026NZ$178.1bNZ$115.7bNZ$4.2b18.6x42.8x1.5x
Fri, 23 Jan 2026NZ$178.2bNZ$115.4bNZ$4.0b18.7x45.1x1.5x
Sun, 21 Dec 2025NZ$176.5bNZ$115.3bNZ$3.9b18.1x45.2x1.5x
Tue, 18 Nov 2025NZ$180.2bNZ$116.5bNZ$4.0b19.8x44.8x1.5x
Thu, 16 Oct 2025NZ$178.1bNZ$115.9bNZ$3.5b19x51.3x1.5x
Sat, 13 Sep 2025NZ$176.6bNZ$115.7bNZ$3.6b17.8x48.5x1.5x
Mon, 11 Aug 2025NZ$170.9bNZ$115.8bNZ$3.5b19.2x49x1.5x
Wed, 09 Jul 2025NZ$171.5bNZ$116.1bNZ$3.5b19.6x49.6x1.5x
Fri, 06 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b18.3x48.5x1.4x
Sun, 04 May 2025NZ$163.6bNZ$115.3bNZ$2.6b18.4x62.3x1.4x
Tue, 01 Apr 2025NZ$162.5bNZ$115.5bNZ$2.6b18.4x61.8x1.4x
Thu, 27 Feb 2025NZ$163.8bNZ$114.0bNZ$2.5b20.1x66.7x1.4x
Sat, 25 Jan 2025NZ$171.4bNZ$113.7bNZ$3.2b19.7x54.4x1.5x
Mon, 23 Dec 2024NZ$169.6bNZ$113.6bNZ$3.1b19.6x54.1x1.5x
Wed, 20 Nov 2024NZ$170.1bNZ$113.6bNZ$3.1b19.5x54.3x1.5x
Fri, 18 Oct 2024NZ$167.9bNZ$112.8bNZ$4.3b19.9x39.2x1.5x
Sun, 15 Sep 2024NZ$167.1bNZ$113.0bNZ$4.6b19.4x36.6x1.5x
Tue, 13 Aug 2024NZ$161.3bNZ$110.7bNZ$4.8b17.8x33.8x1.5x
Thu, 11 Jul 2024NZ$157.7bNZ$110.9bNZ$4.7b16.2x33.7x1.4x
Sat, 08 Jun 2024NZ$155.7bNZ$109.4bNZ$4.3b15.3x36.1x1.4x
Mon, 06 May 2024NZ$156.3bNZ$110.1bNZ$5.8b16.3x26.8x1.4x
Wed, 03 Apr 2024NZ$158.5bNZ$110.0bNZ$5.9b17.4x26.9x1.4x
Fri, 01 Mar 2024NZ$156.4bNZ$111.2bNZ$5.8b17.2x27x1.4x
Sun, 28 Jan 2024NZ$158.2bNZ$109.3bNZ$6.6b15.8x23.8x1.4x
Tue, 26 Dec 2023NZ$155.6bNZ$109.3bNZ$6.6b15.4x23.4x1.4x
Thu, 23 Nov 2023NZ$149.5bNZ$109.1bNZ$6.8b15.6x22x1.4x
Sat, 21 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Mon, 18 Sep 2023NZ$153.6bNZ$110.7bNZ$5.9b16x26x1.4x
Wed, 16 Aug 2023NZ$162.2bNZ$108.2bNZ$6.5b16.8x25.1x1.5x
Fri, 14 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Sun, 11 Jun 2023NZ$158.8bNZ$108.0bNZ$6.2b16.1x25.6x1.5x
Price to Earnings Ratio

25.6x


Total Market Cap: NZ$158.8bTotal Earnings: NZ$6.2bTotal Revenue: NZ$108.0bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.6x202420252026
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 35.0x which is lower than its 3-year average PE of 39.6x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 6.8% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.9% 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-0.43%
Materials7.03%
Real Estate1.92%
Industrials0.85%
Utilities0.12%
Consumer Staples0.08%
Consumer Discretionary-0.068%
Tech-0.78%
Healthcare-1.55%
Energy-2.77%
Financials-3.01%
Telecom-3.30%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 30.1x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.7% 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 104% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings grow 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
MCY Mercury NZNZ$7.042.0%
+NZ$199.5m		18.9%PE114xUtilities
MEL Meridian EnergyNZ$5.911.2%
+NZ$185.4m		3.1%PS3.4xUtilities
GNE Genesis EnergyNZ$2.615.2%
+NZ$170.1m		15.5%PE17.6xUtilities
POT Port of TaurangaNZ$8.261.8%
+NZ$102.0m		21.3%PE30.6xIndustrials
HGH Heartland Group HoldingsNZ$1.249.3%
+NZ$99.2m		60.4%PB0.9xFinancials
See more

Market Insights

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Latest News

THL
NZ$2.56
Tourism Holdings
7D
21.3%
1Y
89.6%
FPH
NZ$36.90
Fisher & Paykel Healthcare
7D
-1.9%
1Y
-0.4%
Narrative Update • Jun 02

FPH: Strong Earnings And Higher Dividend Will Support Balanced Future Repricing

Analysts have trimmed their price target on Fisher & Paykel Healthcare from NZ$40.59 to NZ$39.63, citing updated assumptions for revenue growth, profit margins, and future P/E multiples. What's in the News Fisher & Paykel Healthcare reported a 14% gain in operating revenue for the 2026 financial year, according to its full year 2026 earnings call highlights.
HGH
NZ$1.27
Heartland Group Holdings
7D
14.0%
1Y
66.4%
IFT
NZ$15.30
Infratil
7D
-4.4%
1Y
45.7%
GXH
NZ$2.07
Green Cross Health
7D
45.8%
1Y
158.8%
MFT
NZ$62.74
Mainfreight
7D
7.0%
1Y
-8.4%
GNZ
NZ$2.06
Goodman Property Trust
7D
6.2%
1Y
7.6%
ATM
NZ$6.59
a2 Milk
7D
-3.5%
1Y
-24.5%
Narrative Update • May 28

ATM: Settlement Resolution And FY26 Guidance Will Support Further Upside Potential

Analysts have maintained their NZ$10.53 price target for a2 Milk, citing only minor adjustments to underlying assumptions such as revenue growth, profit margins and the future P/E multiple, rather than any change in the core outlook. What's in the News a2 Milk has updated its earnings guidance for fiscal 2026, now expecting revenue growth in the low to mid double digit range of about 10% to 20% compared with fiscal 2025.
AIA
NZ$8.21
Auckland International Airport
7D
-1.1%
1Y
6.3%
Narrative Update • May 26

AIA: Passenger Volumes Will Steady Outlook Despite Middle East Travel Risks

Analysts have trimmed Auckland International Airport's fair value estimate from NZ$8.66 to NZ$8.58, reflecting a lower NZ$8.25 price target, as they factor in a more uncertain near term outlook and the potential for travel disruptions linked to the Middle East conflict through fiscal 2027. Analyst Commentary Recent research updates on Auckland International Airport point to a more cautious stance, with attention on both valuation and the risk that travel patterns could be disrupted through fiscal 2027 by the ongoing Middle East conflict.
FCG
NZ$4.44
Fonterra Co-operative Group
7D
0.9%
1Y
41.7%
CNU
NZ$9.52
Chorus
7D
-4.3%
1Y
13.7%
Narrative Update • May 25

CNU: Future Returns Will Depend On Dividend Settings And Stable Assumptions

Analysts have maintained their NZ$ price target for Chorus, with only minor tweaks to assumptions such as a slightly higher discount rate and small adjustments to revenue growth, profit margin, and future P/E, resulting in an unchanged fair value estimate of NZ$9.46. What's in the News Chorus has set the foreign exchange rate for its HY26 unimputed interim dividend to Australian investors at NZD/A$ 0.82484, clarifying the payout conversion for cross border holders.
CEN
NZ$9.59
Contact Energy
7D
1.5%
1Y
4.1%
Narrative Update • May 20

CEN: Equity Raise And Margins Are Expected To Support Future Returns

Analysts have trimmed their price target for Contact Energy slightly to NZ$10.51 from NZ$10.64, reflecting updated assumptions around discount rates, profit margins and future P/E expectations. What's in the News Contact Energy completed a follow on equity offering totaling NZ$125 million in ordinary shares.
EBO
NZ$19.20
EBOS Group
7D
-3.2%
1Y
-47.8%
Narrative Update • May 19

EBO: Index Removal And Discount Rate Shift Will Support Capital Efficiency Reassessment

Analysts now cite a slightly lower fair value estimate for EBOS Group, trimming the indicative price target from around NZ$33.63 to NZ$33.31 as modest adjustments to the discount rate, profit margin and assumed future P/E feed through their models. What's in the News EBOS Group Limited (ASX:EBO) was removed from the S&P/ASX 200 Index.
SPK
NZ$1.88
Spark New Zealand
7D
-2.6%
1Y
-17.0%
GNE
NZ$2.60
Genesis Energy
7D
4.4%
1Y
14.0%
MEL
NZ$5.79
Meridian Energy
7D
-1.7%
1Y
0.7%