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New Zealand (NZX) Market Analysis & Valuation

UpdatedJun 17, 2026
DataAggregated Company Financials
Companies103
  • 7D1.5%
  • 3M1.6%
  • 1Y4.8%
  • YTD-1.2%

The market has climbed 1.5% over the last week, with theIndustrials and Energy sectors leading the way. In the last year, the market has climbed 4.8%. As for the next few years, earnings are expected to grow by 20% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 17 Jun 2026NZ$179.4bNZ$117.8bNZ$5.1b16.3x35.1x1.5x
Fri, 15 May 2026NZ$175.3bNZ$118.6bNZ$4.6b17.3x38.4x1.5x
Sun, 12 Apr 2026NZ$174.5bNZ$118.5bNZ$4.6b17.1x38.3x1.5x
Tue, 10 Mar 2026NZ$173.9bNZ$117.0bNZ$4.6b17.9x37.9x1.5x
Thu, 05 Feb 2026NZ$178.0bNZ$115.5bNZ$4.0b18.4x45x1.5x
Sat, 03 Jan 2026NZ$179.2bNZ$115.4bNZ$3.9b18.6x45.9x1.6x
Mon, 01 Dec 2025NZ$178.8bNZ$115.2bNZ$3.9b18.2x45.8x1.6x
Wed, 29 Oct 2025NZ$179.5bNZ$115.9bNZ$3.5b18.8x51.6x1.5x
Fri, 26 Sep 2025NZ$175.8bNZ$115.7bNZ$3.4b17.8x51.5x1.5x
Sun, 24 Aug 2025NZ$174.7bNZ$115.8bNZ$4.0b18.6x43.6x1.5x
Tue, 22 Jul 2025NZ$172.0bNZ$115.7bNZ$3.5b19.2x49.5x1.5x
Thu, 19 Jun 2025NZ$168.5bNZ$116.0bNZ$3.5b19.5x48.7x1.5x
Sat, 17 May 2025NZ$169.7bNZ$115.4bNZ$2.6b19x65.2x1.5x
Mon, 14 Apr 2025NZ$160.3bNZ$115.3bNZ$2.6b18.4x61.1x1.4x
Wed, 12 Mar 2025NZ$164.6bNZ$114.0bNZ$2.6b19.5x63.9x1.4x
Fri, 07 Feb 2025NZ$169.9bNZ$113.6bNZ$3.2b19.8x53.9x1.5x
Sun, 05 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20.2x54.6x1.5x
Tue, 03 Dec 2024NZ$172.3bNZ$113.6bNZ$3.1b19.9x54.9x1.5x
Thu, 31 Oct 2024NZ$169.3bNZ$112.8bNZ$4.3b19.3x39.5x1.5x
Sat, 28 Sep 2024NZ$164.3bNZ$112.3bNZ$4.4b19.1x37.5x1.5x
Mon, 26 Aug 2024NZ$164.6bNZ$111.9bNZ$4.4b20.6x37.1x1.5x
Wed, 24 Jul 2024NZ$163.5bNZ$110.8bNZ$4.7b17.2x35x1.5x
Fri, 21 Jun 2024NZ$156.4bNZ$109.6bNZ$4.3b14.6x36.3x1.4x
Sun, 19 May 2024NZ$154.0bNZ$110.0bNZ$5.9b15.4x25.9x1.4x
Tue, 16 Apr 2024NZ$156.0bNZ$110.0bNZ$5.8b16.8x26.8x1.4x
Thu, 14 Mar 2024NZ$155.8bNZ$111.2bNZ$5.7b16.8x27.1x1.4x
Sat, 10 Feb 2024NZ$158.0bNZ$109.1bNZ$6.6b14.1x23.8x1.4x
Mon, 08 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Wed, 06 Dec 2023NZ$152.0bNZ$109.2bNZ$6.6b15.5x22.9x1.4x
Fri, 03 Nov 2023NZ$148.1bNZ$109.3bNZ$5.8b16.4x25.4x1.4x
Sun, 01 Oct 2023NZ$152.2bNZ$110.2bNZ$5.9b16.7x26x1.4x
Tue, 29 Aug 2023NZ$156.7bNZ$110.7bNZ$6.3b16.7x24.9x1.4x
Thu, 27 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b17x24.7x1.5x
Sat, 24 Jun 2023NZ$161.5bNZ$108.4bNZ$6.6b16.1x24.4x1.5x
Price to Earnings Ratio

24.4x


Total Market Cap: NZ$161.5bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.7x202420252026
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 35.1x which is lower than its 3-year average PE of 39.7x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 8.3% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.8% 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 Market1.51%
Materials5.28%
Consumer Staples3.91%
Consumer Discretionary2.40%
Industrials2.15%
Telecom1.84%
Real Estate1.66%
Utilities1.32%
Tech0.88%
Healthcare0.61%
Energy0.32%
Financials-0.59%
Sector PE
  • Investors favour the Utilities sector the most for future growth even though it's trading below its 3-year average PE ratio of 74.6x.
    • Analysts are expecting annual earnings growth of 19.6%, which is lower than the prior year's growth of 47.2% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 103% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 14% 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
AIA Auckland International AirportNZ$8.644.6%
+NZ$646.0m		8.5%PE35.8xIndustrials
ATM a2 MilkNZ$7.3213.0%
+NZ$609.4m		-16.0%PE25.6xConsumer Staples
MCY Mercury NZNZ$6.861.6%
+NZ$156.8m		15.8%PE111.1xUtilities
FBU Fletcher BuildingNZ$3.222.9%
+NZ$96.4m		-0.6%PS0.5xIndustrials
SKL Skellerup HoldingsNZ$6.577.4%
+NZ$88.2m		44.4%PE21.7xIndustrials
See more

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Latest News

MEL
NZ$5.82
Meridian Energy
7D
-1.0%
1Y
2.1%
IFT
NZ$14.85
Infratil
7D
-1.3%
1Y
37.4%
FPH
NZ$38.85
Fisher & Paykel Healthcare
7D
0.4%
1Y
5.4%
AIR
NZ$0.45
Air New Zealand
7D
5.9%
1Y
-22.4%
ATM
NZ$7.32
a2 Milk
7D
13.0%
1Y
-16.0%
Narrative Update • Jun 12

ATM: Settlement Agreement And FY26 Outlook Will Support Further Upside Potential

Analysts have trimmed their NZ$ fair value estimate for a2 Milk slightly, with the updated NZ$10.23 price target reflecting modest adjustments to assumed revenue growth, profit margins and future P/E multiples. What's in the News The a2 Milk Company updated its earnings guidance for fiscal 2026, now expecting revenue growth in the low to mid double digit range versus fiscal 2025, where double digit refers to roughly 10% to 20% growth.
FBU
NZ$3.22
Fletcher Building
7D
2.9%
1Y
-0.6%
CNU
NZ$9.67
Chorus
7D
-1.1%
1Y
13.1%
Narrative Update • Jun 10

CNU: Future Returns Will Rely On Interim Dividend Settings Remaining Steady

Analysts have kept their NZ$9.46 price target for Chorus broadly unchanged, with only minor tweaks to inputs such as discount rate, revenue growth, profit margin and future P/E assumptions driving the latest update. What's in the News Chorus has set the foreign exchange rate for its HY26 unimputed interim dividend to Australian investors at NZ$1 to A$0.82484, according to the company.
AIA
NZ$8.64
Auckland International Airport
7D
4.6%
1Y
8.5%
Narrative Update • Jun 10

AIA: Passenger Recovery Will Face Prolonged Middle East Conflict Uncertainty

Auckland International Airport's consensus analyst price target has been cut from NZ$9.00 to NZ$8.25, as analysts factor in a more uncertain near term outlook linked to the expected impact of the current Middle East conflict through fiscal 2027. What's in the News Auckland International Airport reported April 2026 traffic with 1,555,588 total passengers, 12,656 aircraft movements and 582,863 tonnes of MCTOW at Auckland Airport, alongside 240,036 passengers and 1,704 aircraft movements at Queenstown Airport.
VCT
NZ$4.90
Vector
7D
-1.4%
1Y
18.1%
Narrative Update • Jun 08

VCT: Future Fair Value View Balances Fibre Retention With Stable Distribution Volumes

Analysts have nudged their Vector price target up by NZ$0.04 to NZ$5.02, citing small adjustments in fair value estimates, discount rates, revenue growth, profit margin assumptions, and future P/E expectations. What's in the News Vector plans to retain its Fibre business after a review, keeping it as a core part of its energy and communications portfolio, according to recent news reports.
EBO
NZ$19.98
EBOS Group
7D
-4.4%
1Y
-46.0%
Narrative Update • Jun 07

EBO: Discount Rate Shift Will Support Future Capital Efficiency Reassessment

Analysts have trimmed their NZ$ fair value estimate for EBOS Group from NZ$33.31 to NZ$31.32, citing updated assumptions for discount rates, revenue growth, profit margins and future P/E multiples. What's in the News No recent company specific news, periodical coverage or key development items were provided for EBOS Group, so there are currently no additional news highlights to summarize.
FRW
NZ$13.15
Freightways Group
7D
-4.0%
1Y
19.8%
Narrative Update • Jun 05

FRW: Future Dividend Profile Will Support A More Balanced Earnings Outlook

Analysts have made a very small adjustment to their Freightways Group price target, moving it from NZ$15.19 to NZ$15.18, reflecting updated assumptions for the discount rate, revenue growth, profit margin and future P/E multiple. What's in the News No recent company specific news items were available from the provided sources for Freightways Group.
MCY
NZ$6.86
Mercury NZ
7D
1.6%
1Y
15.8%
Narrative Update • Jun 04

MCY: Geothermal Investment And Margin Improvements Will Support A Steady Forward Outlook

Analysts have nudged their price target for Mercury NZ slightly higher to around NZ$7.12, citing updated assumptions that pair more conservative revenue growth with a modestly stronger profit margin and an essentially unchanged forward P/E multiple. What's in the News Mercury NZ held an Analyst/Investor Day, giving the market a closer look at its plans and assumptions, including updates on growth projects and capital allocation.
SKL
NZ$6.57
Skellerup Holdings
7D
7.4%
1Y
44.4%
Narrative Update • Jun 01

SKL: Fair Value View Will Rely On Stable Margins And FY26 Earnings Guidance

Analysts have reaffirmed their NZ$6.25 price target on Skellerup Holdings, with only minimal tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions. This reflects a largely unchanged view of the stock's valuation profile.
MFT
NZ$63.77
Mainfreight
7D
-2.6%
1Y
-5.7%
GTK
NZ$3.68
Gentrack Group
7D
-4.4%
1Y
-68.3%
FCG
NZ$4.43
Fonterra Co-operative Group
7D
0.7%
1Y
39.3%