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New Zealand (NZX) Market Analysis & Valuation

UpdatedAug 16, 2026
DataAggregated Company Financials
Companies103
  • 7D0.2%
  • 3M4.4%
  • 1Y4.6%
  • YTD0.2%

The Materials sector gained 5.6% while the market remained flat over the last week. More promisingly, the market is up 4.6% over the past year. Looking forward, earnings are forecast to grow by 17% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 17 Aug 2026NZ$182.0bNZ$117.7bNZ$5.1b16.9x35.5x1.5x
Wed, 15 Jul 2026NZ$180.0bNZ$117.6bNZ$5.1b17.1x35.3x1.5x
Fri, 12 Jun 2026NZ$176.8bNZ$117.8bNZ$5.1b16.2x34.6x1.5x
Sun, 10 May 2026NZ$176.2bNZ$118.5bNZ$4.6b17.1x38.6x1.5x
Tue, 07 Apr 2026NZ$171.3bNZ$118.5bNZ$4.6b17.1x37.6x1.4x
Thu, 05 Mar 2026NZ$180.1bNZ$117.0bNZ$4.6b18.1x39.3x1.5x
Sat, 31 Jan 2026NZ$177.5bNZ$115.4bNZ$4.0b18.6x44.9x1.5x
Mon, 29 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.5x45.8x1.5x
Wed, 26 Nov 2025NZ$180.4bNZ$116.6bNZ$4.0b20.3x45.6x1.5x
Fri, 24 Oct 2025NZ$179.0bNZ$115.8bNZ$3.5b18.5x51.5x1.5x
Sun, 21 Sep 2025NZ$175.7bNZ$115.8bNZ$3.6b17.7x48.2x1.5x
Tue, 19 Aug 2025NZ$172.3bNZ$116.0bNZ$3.6b19.2x48.3x1.5x
Thu, 17 Jul 2025NZ$169.8bNZ$115.8bNZ$3.5b19.3x49x1.5x
Sat, 14 Jun 2025NZ$168.0bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Mon, 12 May 2025NZ$167.5bNZ$115.4bNZ$2.6b18.5x64.8x1.5x
Wed, 09 Apr 2025NZ$158.5bNZ$115.3bNZ$2.6b18x60.4x1.4x
Fri, 07 Mar 2025NZ$164.6bNZ$114.0bNZ$2.5b19.4x66x1.4x
Sun, 02 Feb 2025NZ$171.3bNZ$113.6bNZ$3.2b20.2x54.4x1.5x
Tue, 31 Dec 2024NZ$172.5bNZ$113.6bNZ$3.1b20.1x55.1x1.5x
Thu, 28 Nov 2024NZ$173.1bNZ$113.3bNZ$3.1b20.3x56.1x1.5x
Sat, 26 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.4x39.7x1.5x
Mon, 23 Sep 2024NZ$162.7bNZ$113.0bNZ$4.6b19x35.6x1.4x
Wed, 21 Aug 2024NZ$165.0bNZ$111.6bNZ$5.0b20x33.3x1.5x
Fri, 19 Jul 2024NZ$162.9bNZ$110.8bNZ$4.7b16.5x34.8x1.5x
Sun, 16 Jun 2024NZ$155.8bNZ$109.5bNZ$4.3b14.9x36.2x1.4x
Tue, 14 May 2024NZ$152.6bNZ$110.1bNZ$5.8b15.3x26.2x1.4x
Thu, 11 Apr 2024NZ$157.1bNZ$110.0bNZ$5.8b17.1x27x1.4x
Sat, 09 Mar 2024NZ$156.4bNZ$111.1bNZ$5.8b17.2x27.2x1.4x
Mon, 05 Feb 2024NZ$158.5bNZ$109.2bNZ$6.6b15.6x23.9x1.5x
Wed, 03 Jan 2024NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Fri, 01 Dec 2023NZ$150.4bNZ$109.1bNZ$6.7b15.6x22.6x1.4x
Sun, 29 Oct 2023NZ$144.9bNZ$109.3bNZ$5.8b16.2x24.8x1.3x
Tue, 26 Sep 2023NZ$153.7bNZ$109.4bNZ$5.9b16.4x26.1x1.4x
Thu, 24 Aug 2023NZ$158.3bNZ$109.1bNZ$6.0b16.6x26.5x1.5x
Price to Earnings Ratio

26.5x


Total Market Cap: NZ$158.3bTotal Earnings: NZ$6.0bTotal Revenue: NZ$109.1bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 40.3x202420252026
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 35.5x which is lower than its 3-year average PE of 40.3x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 6.4% 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 Market0.23%
Materials5.62%
Financials1.21%
Healthcare1.08%
Consumer Staples0.77%
Real Estate0.68%
Consumer Discretionary0.57%
Industrials0.24%
Telecom-0.49%
Tech-0.92%
Utilities-1.02%
Energy-2.37%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 32.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.0% 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 101% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 12% 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
FPH Fisher & Paykel HealthcareNZ$42.722.4%
+NZ$599.0m		14.3%PE53.6xHealthcare
IFT InfratilNZ$15.131.2%
+NZ$180.4m		26.7%PE56.2xFinancials
FCG Fonterra Co-operative GroupNZ$4.321.6%
+NZ$168.4m		30.4%PE9.9xConsumer Staples
VCT VectorNZ$4.952.1%
+NZ$100.0m		13.3%PE33.1xUtilities
WIN Winton LandNZ$1.4427.4%
+NZ$92.0m		-31.4%PE37.4xReal Estate
See more

Market Insights

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Investing in a theme primarily based on demand could come unstuck. As the European heatwave has shown, adoption can be far more complicated than whether a product is needed, which is exactly the part investors tend to skip.
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Latest News

WIN
NZ$1.44
Winton Land
7D
27.4%
1Y
-31.4%
VHP
NZ$1.84
Vital Healthcare Property Trust
7D
-3.2%
1Y
-7.5%
CEN
NZ$9.16
Contact Energy
7D
0.9%
1Y
2.6%
Analysis Article • Aug 13

Contact Energy Limited (NZSE:CEN) Just Released Its Annual Earnings: Here's What Analysts Think

The full-year results for Contact Energy Limited ( NZSE:CEN ) were released last week, making it a good time to revisit...
EBO
NZ$21.23
EBOS Group
7D
-2.3%
1Y
-47.5%
Narrative Update • Aug 13

EBO: Higher Required Returns Will Temper Margin Outlook Yet Keep Shares Steady

Analysts have trimmed their price target for EBOS Group from NZ$23.77 to NZ$22.81, citing updated assumptions for the discount rate, profit margin, revenue growth and future P/E, which together point to a slightly lower fair value estimate. What's in the News for EBOS Group No recent company specific news items for EBOS Group were identified in the provided sources up to 13 August 2026.
FPH
NZ$42.72
Fisher & Paykel Healthcare
7D
2.4%
1Y
14.3%
Narrative Update • Aug 08

FPH: Conviction List Removal And Rich Multiple Will Pressure Shares

Analysts have nudged their fair value estimate for Fisher & Paykel Healthcare to NZ$31.37 from NZ$30.59, reflecting updated assumptions on growth, profitability and P/E multiples after the stock was removed from a regional conviction list in recent research. What’s in the News for Fisher & Paykel Healthcare Fisher & Paykel Healthcare declared a dividend of NZ$0.38823529 per share for the six months ended March 31, 2026.
MEL
NZ$5.55
Meridian Energy
7D
-1.1%
1Y
-0.2%
FCG
NZ$4.32
Fonterra Co-operative Group
7D
1.6%
1Y
30.4%
AFT
NZ$4.40
AFT Pharmaceuticals
7D
-6.4%
1Y
71.9%
GNE
NZ$2.66
Genesis Energy
7D
1.9%
1Y
10.6%
MCY
NZ$6.50
Mercury NZ
7D
-5.4%
1Y
3.8%
VCT
NZ$4.95
Vector
7D
2.1%
1Y
13.3%
SUM
NZ$7.97
Summerset Group Holdings
7D
-5.3%
1Y
-26.5%
CNU
NZ$9.47
Chorus
7D
-0.8%
1Y
2.5%
CHI
NZ$3.30
Channel Infrastructure NZ
7D
-2.4%
1Y
56.4%
IFT
NZ$15.13
Infratil
7D
1.2%
1Y
26.7%
AIA
NZ$8.79
Auckland International Airport
7D
0.3%
1Y
14.2%
New Narrative • Jun 24

Auckland International Airport (AIA) - Quality is not the question, price is.

Price NZ$8.18 (≈ A$7.50) · mkt cap ~NZ$13.9b · EV ~NZ$16.4b · as of late Apr 2026 · FY ends 30 June · NZD · prepared through the Franchise Blueprint (v3) Franchise Score 15 / 22 Rating - High-B Verdict WATCH Accumulate below ~NZ$5.75 (≈ A$5.30). A near-irreplaceable monopoly gateway — but capital-heavy, FCF-negative mid-build and priced at ~22–24× EBITDAFI, leaving a sub-hurdle owner's return and a negative margin of safety.