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New Zealand (NZX) Market Analysis & Valuation

UpdatedJun 20, 2026
DataAggregated Company Financials
Companies103
  • 7D0.8%
  • 3M4.5%
  • 1Y6.0%
  • YTD-0.6%

The Energy sector gained 5.9% while the market remained flat over the last week. As for the longer term, the market has risen 6.0% in the past 12 months. Looking forward, 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
Sat, 20 Jun 2026NZ$180.4bNZ$118.0bNZ$5.1b17.2x35.4x1.5x
Mon, 18 May 2026NZ$174.6bNZ$118.6bNZ$4.6b17.9x38.2x1.5x
Wed, 15 Apr 2026NZ$173.9bNZ$118.4bNZ$4.6b17.2x38.2x1.5x
Fri, 13 Mar 2026NZ$174.6bNZ$117.3bNZ$4.6b17.9x38x1.5x
Sun, 08 Feb 2026NZ$178.5bNZ$115.5bNZ$4.0b18.7x45.1x1.5x
Tue, 06 Jan 2026NZ$179.8bNZ$115.5bNZ$3.9b18.5x46.1x1.6x
Thu, 04 Dec 2025NZ$178.8bNZ$115.2bNZ$3.9b18.5x45.8x1.6x
Sat, 01 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.3x52.1x1.6x
Mon, 29 Sep 2025NZ$175.5bNZ$115.7bNZ$3.4b17.7x51.3x1.5x
Wed, 27 Aug 2025NZ$173.4bNZ$116.0bNZ$4.0b17.9x43x1.5x
Fri, 25 Jul 2025NZ$170.3bNZ$115.7bNZ$3.5b19.1x49x1.5x
Sun, 22 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Tue, 20 May 2025NZ$168.4bNZ$115.3bNZ$2.7b18.9x63.1x1.5x
Thu, 17 Apr 2025NZ$160.6bNZ$115.3bNZ$2.6b18.7x61.2x1.4x
Sat, 15 Mar 2025NZ$162.9bNZ$113.9bNZ$2.6b19.3x63.6x1.4x
Mon, 10 Feb 2025NZ$170.4bNZ$113.7bNZ$3.2b19.7x54x1.5x
Wed, 08 Jan 2025NZ$171.3bNZ$113.6bNZ$3.1b20.1x54.7x1.5x
Fri, 06 Dec 2024NZ$170.1bNZ$113.5bNZ$3.1b19.8x54.2x1.5x
Sun, 03 Nov 2024NZ$167.4bNZ$112.8bNZ$4.3b19.5x39.1x1.5x
Tue, 01 Oct 2024NZ$164.2bNZ$112.3bNZ$4.4b19x37.5x1.5x
Thu, 29 Aug 2024NZ$164.0bNZ$112.9bNZ$4.9b20.4x33.4x1.5x
Sat, 27 Jul 2024NZ$162.8bNZ$110.9bNZ$4.7b17.4x34.9x1.5x
Mon, 24 Jun 2024NZ$154.2bNZ$109.5bNZ$4.3b14.8x35.7x1.4x
Wed, 22 May 2024NZ$154.3bNZ$111.0bNZ$5.2b15.5x29.5x1.4x
Fri, 19 Apr 2024NZ$155.3bNZ$110.0bNZ$5.8b16.6x26.7x1.4x
Sun, 17 Mar 2024NZ$155.2bNZ$111.2bNZ$5.7b16.6x27x1.4x
Tue, 13 Feb 2024NZ$156.7bNZ$109.1bNZ$6.6b14.1x23.6x1.4x
Thu, 11 Jan 2024NZ$158.9bNZ$109.3bNZ$6.6b16.2x23.9x1.5x
Sat, 09 Dec 2023NZ$153.2bNZ$109.2bNZ$6.6b15.5x23.1x1.4x
Mon, 06 Nov 2023NZ$149.0bNZ$109.3bNZ$5.8b16.4x25.6x1.4x
Wed, 04 Oct 2023NZ$151.8bNZ$109.0bNZ$5.8b16.7x26.1x1.4x
Fri, 01 Sep 2023NZ$157.5bNZ$110.7bNZ$5.9b16.4x26.7x1.4x
Sun, 30 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b16.7x24.7x1.5x
Tue, 27 Jun 2023NZ$160.0bNZ$108.3bNZ$6.6b15.8x24.2x1.5x
Price to Earnings Ratio

24.2x


Total Market Cap: NZ$160.0bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.3bTotal 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 35.4x 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 2.9% 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 Market0.76%
Energy5.90%
Consumer Discretionary4.37%
Consumer Staples3.81%
Materials3.81%
Tech3.25%
Real Estate2.45%
Financials1.51%
Utilities1.05%
Industrials0.83%
Healthcare-2.28%
Telecom-2.95%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 30.7x.
    • 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 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
ATM a2 MilkNZ$8.1111.6%
+NZ$609.4m		-8.6%PE28.4xConsumer Staples
AIA Auckland International AirportNZ$8.503.3%
+NZ$459.0m		7.3%PE35.2xIndustrials
IFT InfratilNZ$15.071.8%
+NZ$259.8m		40.8%PE55.9xFinancials
MEL Meridian EnergyNZ$6.031.3%
+NZ$211.9m		6.5%PS3.5xUtilities
AIR Air New ZealandNZ$0.4713.1%
+NZ$178.2m		-18.8%PS0.2xIndustrials
See more

Market Insights

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Latest News

MEL
NZ$6.03
Meridian Energy
7D
1.3%
1Y
6.5%
Analysis Article • 18h

Meridian Energy (NZSE:MEL) Stock Could Be 32.2% Below Fair Value After Waitaki Extension

Meridian Energy (NZSE:MEL) is back in focus after the New Zealand Environment Court granted a 35 year extension for the Waitaki Power Scheme, alongside fresh data on contracted retail sales and generation volumes. See our latest analysis for Meridian Energy. At a latest share price of NZ$6.03, Meridian Energy has seen a 9.84% 90 day share price return and an 11.11% 1 year total shareholder return. This suggests momentum has been building alongside the Waitaki extension, as well as higher...
SKC
NZ$0.58
SkyCity Entertainment Group
7D
24.7%
1Y
-36.3%
VCT
NZ$4.98
Vector
7D
-0.4%
1Y
21.2%
ATM
NZ$8.11
a2 Milk
7D
11.6%
1Y
-8.6%
SPK
NZ$1.86
Spark New Zealand
7D
-4.1%
1Y
-19.3%
Analysis Article • Jun 18

Spark New Zealand (NZSE:SPK) Stock Could Be 13.9% Undervalued After Dividend Reset

Spark New Zealand (NZSE:SPK) has reset its dividend lower after reduced profitability in a softer New Zealand economy, a shift that puts more attention on the company’s earnings resilience and data centre growth plans. See our latest analysis for Spark New Zealand. At a latest share price of NZ$1.895, Spark New Zealand’s 30 day share price return has fallen 6.19%, while the 1 year total shareholder return is down 9.62%. This may signal fading momentum as investors reassess earnings strength...
CEN
NZ$9.69
Contact Energy
7D
1.5%
1Y
8.0%
IFT
NZ$15.07
Infratil
7D
1.8%
1Y
40.8%
FRW
NZ$13.21
Freightways Group
7D
-2.9%
1Y
20.0%
Analysis Article • Jun 17

Should You Be Adding Freightways Group (NZSE:FRW) To Your Watchlist Today?

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
FPH
NZ$38.37
Fisher & Paykel Healthcare
7D
-2.7%
1Y
5.1%
RYM
NZ$2.27
Ryman Healthcare
7D
-1.3%
1Y
1.3%
Narrative Update • Jun 14

RYM: Capital Management And Governance Turnaround Will Support Future Upside

Analysts have kept their NZ$ fair value estimate for Ryman Healthcare unchanged, pointing to only very small adjustments in the discount rate, revenue growth outlook, profit margin assumptions and future P/E that did not materially shift their overall price target narrative. What's in the News Ryman Healthcare completed a six year fixed rate secured unsubordinated bond offer, allocating NZ$150 million after taking up oversubscriptions beyond the initial NZ$100 million target.
AIR
NZ$0.47
Air New Zealand
7D
13.1%
1Y
-18.8%
CNU
NZ$9.64
Chorus
7D
-2.4%
1Y
13.4%
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$8.50
Auckland International Airport
7D
3.3%
1Y
7.3%
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.
EBO
NZ$20.53
EBOS Group
7D
-4.1%
1Y
-44.7%
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.
MFT
NZ$61.15
Mainfreight
7D
-6.5%
1Y
-6.4%
GNZ
NZ$2.15
Goodman Property Trust
7D
5.4%
1Y
8.9%