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New Zealand (NZX) Market Analysis & Valuation

UpdatedMay 04, 2026
DataAggregated Company Financials
Companies104
  • 7D0.9%
  • 3M-2.7%
  • 1Y5.0%
  • YTD-3.7%

The Financials sector gained 3.7% while the market remained flat over the last week. Meanwhile, the market is actually up 5.0% over the past year. As for the next few years, earnings are expected to grow by 16% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 05 May 2026NZ$175.0bNZ$118.6bNZ$4.6b17.3x38.4x1.5x
Thu, 02 Apr 2026NZ$170.1bNZ$118.4bNZ$4.6b17.2x37.3x1.4x
Sat, 28 Feb 2026NZ$180.4bNZ$116.9bNZ$4.6b17.9x38.9x1.5x
Mon, 26 Jan 2026NZ$178.6bNZ$115.5bNZ$4.0b18.9x45.2x1.5x
Wed, 24 Dec 2025NZ$178.4bNZ$115.3bNZ$3.9b18.6x45.7x1.5x
Fri, 21 Nov 2025NZ$178.1bNZ$116.7bNZ$4.1b19.8x43.6x1.5x
Sun, 19 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b19x51.1x1.5x
Tue, 16 Sep 2025NZ$176.1bNZ$115.7bNZ$3.6b17.7x48.4x1.5x
Thu, 14 Aug 2025NZ$170.0bNZ$115.9bNZ$3.5b19x48.4x1.5x
Sat, 12 Jul 2025NZ$170.1bNZ$116.2bNZ$3.5b19.3x49.1x1.5x
Mon, 09 Jun 2025NZ$168.2bNZ$116.0bNZ$3.5b18.8x48.6x1.4x
Wed, 07 May 2025NZ$164.8bNZ$115.3bNZ$2.6b18.5x62.8x1.4x
Fri, 04 Apr 2025NZ$163.5bNZ$115.4bNZ$2.6b18.5x62.2x1.4x
Sun, 02 Mar 2025NZ$167.4bNZ$114.1bNZ$2.5b19.5x67.2x1.5x
Tue, 28 Jan 2025NZ$171.1bNZ$113.7bNZ$3.2b20.1x54.3x1.5x
Thu, 26 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b19.9x54.8x1.5x
Sat, 23 Nov 2024NZ$168.7bNZ$113.4bNZ$3.0b19.7x55.3x1.5x
Mon, 21 Oct 2024NZ$170.4bNZ$112.8bNZ$4.3b19.4x39.8x1.5x
Wed, 18 Sep 2024NZ$164.8bNZ$113.0bNZ$4.6b19.4x36.1x1.5x
Fri, 16 Aug 2024NZ$166.9bNZ$110.8bNZ$4.8b18.9x35x1.5x
Sun, 14 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Tue, 11 Jun 2024NZ$155.0bNZ$109.5bNZ$4.3b14.9x36x1.4x
Thu, 09 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.8x26.5x1.4x
Sat, 06 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Mon, 04 Mar 2024NZ$156.1bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Wed, 31 Jan 2024NZ$158.8bNZ$109.3bNZ$6.6b15.6x23.9x1.5x
Fri, 29 Dec 2023NZ$156.5bNZ$109.3bNZ$6.6b15.8x23.5x1.4x
Sun, 26 Nov 2023NZ$150.2bNZ$109.1bNZ$6.6b15.6x22.8x1.4x
Tue, 24 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Thu, 21 Sep 2023NZ$153.3bNZ$110.6bNZ$5.9b16.2x26.1x1.4x
Sat, 19 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Mon, 17 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Wed, 14 Jun 2023NZ$158.3bNZ$108.0bNZ$6.2b16x25.5x1.5x
Fri, 12 May 2023NZ$163.0bNZ$107.2bNZ$7.6b15.2x21.5x1.5x
Price to Earnings Ratio

21.5x


Total Market Cap: NZ$163.0bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.2x202420252026
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 39.2x.
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 3.4% 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 Market0.94%
Financials3.72%
Utilities2.12%
Industrials1.91%
Materials1.75%
Tech1.56%
Real Estate1.53%
Telecom0.70%
Energy0.33%
Consumer Discretionary0.27%
Healthcare-0.25%
Consumer Staples-3.27%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 43.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 21.3% 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 Financials sector is expected to see its earnings decline by 15% 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
IFT InfratilNZ$12.875.3%
+NZ$649.6m		15.2%PE45.4xFinancials
MEL Meridian EnergyNZ$5.803.8%
+NZ$556.2m		2.5%PS3.3xUtilities
FPH Fisher & Paykel HealthcareNZ$36.802.3%
+NZ$481.6m		3.4%PE49.5xHealthcare
AIA Auckland International AirportNZ$8.452.8%
+NZ$391.0m		7.0%PE35xIndustrials
CEN Contact EnergyNZ$9.703.9%
+NZ$385.4m		5.7%PE26.4xUtilities
See more

Market Insights

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Latest News

AIA
NZ$8.45
Auckland International Airport
7D
2.8%
1Y
7.0%

AIA: Passenger Volumes And Dividend Policy Will Support A Steady Outlook

Analysts have nudged their 12 month price target for Auckland International Airport slightly lower from about NZ$8.67 to around NZ$8.66, reflecting small adjustments to fair value, discount rate, expected revenue growth, profit margins and future P/E assumptions. What's in the News Reported March 2026 traffic data, with Auckland Airport handling 1,719,050 passengers and 13,961 aircraft movements, and Queenstown Airport handling 247,220 passengers and 1,671 aircraft movements (company traffic update).
IFT
NZ$12.87
Infratil
7D
5.3%
1Y
15.2%

IFT: Updated Cash Flow Assumptions Will Balance Execution Risks And Future Earnings Visibility

Narrative Update on Infratil Analysts have slightly adjusted their price target on Infratil from NZ$14.06 to NZ$14.01, reflecting updated views on revenue trends, margins, and a higher implied future P/E, informed in part by recent Street research coverage reinstating the stock. Analyst Commentary Recent Street commentary around the updated NZ$14.01 price target focuses on how current revenue expectations, margin assumptions, and the implied P/E line up with execution risks and potential growth options in Infratil's portfolio.
CEN
NZ$9.70
Contact Energy
7D
3.9%
1Y
5.7%

CEN: Equity Raise And Improved Margins Will Support Higher Future Returns

Analysts have nudged their price target for Contact Energy to NZ$10.64 from NZ$10.53, reflecting updated assumptions around slightly higher revenue growth, profit margins, and a modestly lower future P/E multiple. What's in the News Contact Energy completed a follow-on equity offering of Ordinary Shares, raising NZ$125 million through the issue of 14,285,714 common shares at NZ$8.75, under Regulation S (Key Developments).
RYM
NZ$2.22
Ryman Healthcare
7D
-2.6%
1Y
-7.5%

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.
FBU
NZ$2.92
Fletcher Building
7D
5.4%
1Y
-9.6%
SKC
NZ$0.64
SkyCity Entertainment Group
7D
-2.3%
1Y
-44.3%

SKC: Data Integration Push Will Support Margin Outlook And Undervalued Case

Analysts have adjusted their price target for SkyCity Entertainment Group to NZ$0.88, reflecting updated assumptions for the discount rate, revenue growth, profit margin, and future P/E multiple, while keeping the assessed fair value unchanged at NZ$0.88. What's in the News SkyCity is expanding its use of QCI’s Enterprise Platform to create a more integrated view of customer and operational data across its properties, product channels, and services, aiming for a single source of insight across the group.
MFT
NZ$61.50
Mainfreight
7D
2.8%
1Y
-3.1%
ARG
NZ$1.09
Argosy Property
7D
-1.8%
1Y
5.8%

ARG: Slightly Higher Discount Rate Will Still Support Attractive Pricing

Analysts have kept their NZ$1.28 price target for Argosy Property broadly unchanged, with only very small adjustments to the discount rate and forward P/E assumptions reflected in the latest update. Valuation Changes Fair Value: The fair value of NZ$1.28 remains unchanged, indicating the latest inputs have not shifted the central valuation point.
FPH
NZ$36.80
Fisher & Paykel Healthcare
7D
2.3%
1Y
3.4%

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.
ATM
NZ$8.05
a2 Milk
7D
-11.8%
1Y
-11.0%

ATM: Dividend And Mid Double-Digit FY26 Growth Outlook Will Support Upside

Analysts have trimmed their 12 month price target on a2 Milk from NZ$10.93 to NZ$10.53, reflecting updated assumptions for revenue, profit margins and future P/E multiples. What's in the News a2 Milk updated FY26 guidance to revenue growth in the low to mid double-digit range versus FY25, clarifying that double digit refers to 10% to 20% (Corporate guidance).
CNU
NZ$10.18
Chorus
7D
3.1%
1Y
24.1%

CNU: Stable Outlook Will Depend On Dividend Timetable And Refined Assumptions

Analysts have nudged their Chorus price target fractionally lower to NZ$9.46. This reflects updated assumptions around fair value, discount rate, revenue growth, profit margin and future P/E that are only slightly different from prior estimates.
FCG
NZ$4.33
Fonterra Co-operative Group
7D
-7.3%
1Y
43.4%
AIR
NZ$0.42
Air New Zealand
7D
-5.6%
1Y
-27.0%
SUM
NZ$8.04
Summerset Group Holdings
7D
-4.5%
1Y
-27.3%
DGL
NZ$3.91
Delegat Group
7D
-4.2%
1Y
3.4%
MEL
NZ$5.80
Meridian Energy
7D
3.8%
1Y
2.5%