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New Zealand (NZX) Market Analysis & Valuation

UpdatedSep 07, 2025
DataAggregated Company Financials
Companies105
  • 7D1.9%
  • 3M5.3%
  • 1Y4.4%
  • YTD1.8%

Over the last 7 days, the market has risen 1.9%, driven by gains of 3.3% in the Industrials sector. The market is up 4.4% over the last 12 months. As for the next few years, earnings are expected to grow by 22% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 07 Sep 2025NZ$176.9bNZ$115.7bNZ$3.6b18.2x48.6x1.5x
Tue, 05 Aug 2025NZ$169.0bNZ$115.7bNZ$3.5b19.3x48.7x1.5x
Thu, 03 Jul 2025NZ$170.2bNZ$116.0bNZ$3.5b19.3x49.2x1.5x
Sat, 31 May 2025NZ$165.7bNZ$116.0bNZ$3.5b18.4x47.6x1.4x
Mon, 28 Apr 2025NZ$160.2bNZ$115.2bNZ$2.6b18.2x61.1x1.4x
Wed, 26 Mar 2025NZ$161.0bNZ$115.5bNZ$2.6b18.6x60.8x1.4x
Fri, 21 Feb 2025NZ$172.4bNZ$113.3bNZ$3.1b20.5x55.9x1.5x
Sun, 19 Jan 2025NZ$172.8bNZ$113.7bNZ$3.1b20.5x55x1.5x
Tue, 17 Dec 2024NZ$167.6bNZ$113.6bNZ$3.1b19.5x53.4x1.5x
Thu, 14 Nov 2024NZ$170.6bNZ$112.9bNZ$4.2b19.6x40.4x1.5x
Sat, 12 Oct 2024NZ$169.1bNZ$112.9bNZ$4.3b19.1x39.4x1.5x
Mon, 09 Sep 2024NZ$164.8bNZ$112.8bNZ$4.6b19.9x36x1.5x
Wed, 07 Aug 2024NZ$161.5bNZ$110.6bNZ$4.7b17.3x34.6x1.5x
Fri, 05 Jul 2024NZ$155.3bNZ$109.6bNZ$4.3b15.3x36x1.4x
Sun, 02 Jun 2024NZ$156.4bNZ$110.7bNZ$5.3b14.9x29.5x1.4x
Tue, 30 Apr 2024NZ$155.9bNZ$110.1bNZ$5.8b16.9x26.8x1.4x
Thu, 28 Mar 2024NZ$156.9bNZ$109.9bNZ$5.9b17x26.6x1.4x
Sat, 24 Feb 2024NZ$156.2bNZ$111.0bNZ$6.5b16x24.2x1.4x
Mon, 22 Jan 2024NZ$156.0bNZ$109.3bNZ$6.7b15.7x23.5x1.4x
Wed, 20 Dec 2023NZ$154.7bNZ$109.3bNZ$6.6b15.7x23.3x1.4x
Fri, 17 Nov 2023NZ$151.8bNZ$108.6bNZ$5.6b16.5x27x1.4x
Sun, 15 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Tue, 12 Sep 2023NZ$153.2bNZ$110.7bNZ$5.9b16.6x25.9x1.4x
Thu, 10 Aug 2023NZ$162.4bNZ$108.3bNZ$6.6b17.3x24.7x1.5x
Sat, 08 Jul 2023NZ$164.7bNZ$108.2bNZ$6.6b16.9x24.9x1.5x
Mon, 05 Jun 2023NZ$161.7bNZ$107.9bNZ$6.2b16.1x26.1x1.5x
Wed, 03 May 2023NZ$163.9bNZ$107.3bNZ$7.6b15.3x21.6x1.5x
Fri, 31 Mar 2023NZ$163.5bNZ$107.3bNZ$7.6b15.7x21.6x1.5x
Sun, 26 Feb 2023NZ$163.9bNZ$105.1bNZ$7.3b16.5x22.5x1.6x
Tue, 24 Jan 2023NZ$163.7bNZ$100.3bNZ$6.6b16.4x24.8x1.6x
Thu, 22 Dec 2022NZ$158.1bNZ$100.1bNZ$6.6b15.6x23.9x1.6x
Sat, 19 Nov 2022NZ$156.1bNZ$100.4bNZ$7.9b16.1x19.8x1.6x
Mon, 17 Oct 2022NZ$151.7bNZ$99.7bNZ$7.9b17.4x19.3x1.5x
Wed, 14 Sep 2022NZ$164.9bNZ$98.1bNZ$7.7b17.8x21.3x1.7x
Price to Earnings Ratio

21.3x


Total Market Cap: NZ$164.9bTotal Earnings: NZ$7.7bTotal Revenue: NZ$98.1bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 34.2x202320242025
Current Market PE
  • Investors are optimistic on the New Zealander market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 48.6x which is higher than its 3-year average PE of 34.2x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 22% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.6% 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 Market1.89%
Financials5.62%
Real Estate3.59%
Industrials3.26%
Healthcare1.62%
Tech1.59%
Utilities1.12%
Consumer Discretionary0.87%
Energy0.84%
Materials0.58%
Telecom-0.11%
Consumer Staples-0.59%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 44.6x.
    • Analysts are expecting annual earnings growth of 20.8%, which is lower than the prior year's growth of 34.9% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 100% 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$37.893.5%
+NZ$757.5m		1.3%PE59xHealthcare
IFT InfratilNZ$12.086.3%
+NZ$705.3m		1.5%PS3.1xFinancials
MFT MainfreightNZ$63.887.6%
+NZ$456.2m		-12.5%PE23.4xIndustrials
POT Port of TaurangaNZ$7.415.0%
+NZ$238.1m		34.2%PE29.1xIndustrials
MCY Mercury NZNZ$6.722.4%
+NZ$225.1m		3.7%PE9454.8xUtilities
See more

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GTK
NZ$9.98
Gentrack Group
7D
-4.1%
1Y
-4.2%
SPK
NZ$2.56
Spark New Zealand
7D
-0.8%
1Y
-27.3%

Spark New Zealand's (NZSE:SPK) Dividend Is Being Reduced To NZ$0.1415

Sep 05
Spark New Zealand's (NZSE:SPK) Dividend Is Being Reduced To NZ$0.1415
POT
NZ$7.41
Port of Tauranga
7D
5.0%
1Y
34.2%

Port of Tauranga's (NZSE:POT) Earnings Are Weaker Than They Seem

Sep 05
Port of Tauranga's (NZSE:POT) Earnings Are Weaker Than They Seem
SUM
NZ$10.66
Summerset Group Holdings
7D
-3.0%
1Y
-9.4%

Summerset Group Holdings (NZSE:SUM) Posted Weak Earnings But There Is More To Worry About

Sep 04
Summerset Group Holdings (NZSE:SUM) Posted Weak Earnings But There Is More To Worry About
MCY
NZ$6.72
Mercury NZ
7D
2.4%
1Y
3.7%

Wind, Geothermal And Battery Projects Will Fuel New Zealand Decarbonization

With analysts providing no new reasoning for their valuation, both revenue growth and net profit margin forecasts for Mercury NZ remained stable, resulting in an unchanged consensus price target of NZ$6.89. What's in the News Mercury NZ provided FY26 dividend guidance of 25.0 cps, representing a 4% increase on FY25.
EBO
NZ$30.84
EBOS Group
7D
-5.4%
1Y
-11.9%

EBOS Group's (NZSE:EBO) Weak Earnings May Only Reveal A Part Of The Whole Picture

Sep 03
EBOS Group's (NZSE:EBO) Weak Earnings May Only Reveal A Part Of The Whole Picture
KPG
NZ$1.03
Kiwi Property Group
7D
-1.0%
1Y
6.7%
MFT
NZ$63.88
Mainfreight
7D
7.6%
1Y
-12.5%

Estimating The Fair Value Of Mainfreight Limited (NZSE:MFT)

Sep 01
Estimating The Fair Value Of Mainfreight Limited (NZSE:MFT)
GMT
NZ$2.16
Goodman Property Trust
7D
5.4%
1Y
3.1%
VCT
NZ$4.60
Vector
7D
-1.3%
1Y
20.4%
CEN
NZ$9.19
Contact Energy
7D
1.7%
1Y
10.1%

Contact Energy's (NZSE:CEN) Earnings Are Weaker Than They Seem

Aug 25
Contact Energy's (NZSE:CEN) Earnings Are Weaker Than They Seem
ATM
NZ$10.25
a2 Milk
7D
-4.2%
1Y
69.7%
FPH
NZ$37.89
Fisher & Paykel Healthcare
7D
3.5%
1Y
1.3%
BGP
NZ$5.66
Briscoe Group
7D
-0.9%
1Y
19.2%
RYM
NZ$2.58
Ryman Healthcare
7D
7.9%
1Y
-44.2%
IFT
NZ$12.08
Infratil
7D
6.3%
1Y
1.5%