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New Zealand (NZX) Market Analysis & Valuation

UpdatedFeb 11, 2026
DataAggregated Company Financials
Companies102
  • 7D0.7%
  • 3M-1.3%
  • 1Y2.7%
  • YTD-0.4%

Over the last 7 days, the market has remained flat, although notably the Communication Services sector declined by 3.9%. In line with that, the market has also been flat over the past year. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 11 Feb 2026NZ$178.5bNZ$115.6bNZ$4.0b18.6x45.1x1.5x
Fri, 09 Jan 2026NZ$181.4bNZ$115.5bNZ$3.9b18.1x46.4x1.6x
Sun, 07 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.1x45.6x1.5x
Tue, 04 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.4x52.1x1.6x
Thu, 02 Oct 2025NZ$179.2bNZ$115.8bNZ$3.5b18.8x51.8x1.5x
Sat, 30 Aug 2025NZ$173.6bNZ$115.6bNZ$3.5b17.7x50x1.5x
Mon, 28 Jul 2025NZ$170.9bNZ$115.7bNZ$3.5b19.3x49.2x1.5x
Wed, 25 Jun 2025NZ$166.7bNZ$116.0bNZ$3.5b19.5x48.1x1.4x
Fri, 23 May 2025NZ$168.8bNZ$115.4bNZ$2.9b18.7x58.7x1.5x
Sun, 20 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Tue, 18 Mar 2025NZ$161.5bNZ$113.9bNZ$2.6b19x63x1.4x
Thu, 13 Feb 2025NZ$170.8bNZ$113.7bNZ$3.2b20.1x54.1x1.5x
Sat, 11 Jan 2025NZ$170.1bNZ$113.7bNZ$3.1b20.1x54.2x1.5x
Mon, 09 Dec 2024NZ$168.8bNZ$113.5bNZ$3.1b20x53.8x1.5x
Wed, 06 Nov 2024NZ$167.6bNZ$112.8bNZ$4.3b19.4x39.1x1.5x
Fri, 04 Oct 2024NZ$165.0bNZ$112.8bNZ$4.3b18.8x38.5x1.5x
Sun, 01 Sep 2024NZ$163.8bNZ$112.9bNZ$4.8b20.2x34.4x1.5x
Tue, 30 Jul 2024NZ$162.4bNZ$110.9bNZ$4.7b17.5x34.8x1.5x
Thu, 27 Jun 2024NZ$156.2bNZ$109.6bNZ$4.3b14.8x36.2x1.4x
Sat, 25 May 2024NZ$155.1bNZ$110.9bNZ$5.3b15.5x29.2x1.4x
Mon, 22 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Wed, 20 Mar 2024NZ$155.8bNZ$111.1bNZ$5.7b16.7x27.2x1.4x
Fri, 16 Feb 2024NZ$155.8bNZ$109.1bNZ$6.6b13.9x23.4x1.4x
Sun, 14 Jan 2024NZ$158.8bNZ$109.2bNZ$6.6b16x23.9x1.5x
Tue, 12 Dec 2023NZ$153.3bNZ$109.2bNZ$6.6b15.4x23.1x1.4x
Thu, 09 Nov 2023NZ$150.0bNZ$109.2bNZ$5.8b16.4x25.7x1.4x
Sat, 07 Oct 2023NZ$152.0bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Mon, 04 Sep 2023NZ$157.1bNZ$110.6bNZ$5.9b16.4x26.6x1.4x
Wed, 02 Aug 2023NZ$164.5bNZ$108.2bNZ$6.6b16.9x24.8x1.5x
Fri, 30 Jun 2023NZ$162.3bNZ$108.4bNZ$6.6b16x24.5x1.5x
Sun, 28 May 2023NZ$160.7bNZ$107.1bNZ$7.0b15.7x23.1x1.5x
Tue, 25 Apr 2023NZ$164.0bNZ$107.5bNZ$7.6b15.6x21.6x1.5x
Thu, 23 Mar 2023NZ$147.2bNZ$102.5bNZ$7.0b15.5x20.9x1.4x
Sat, 18 Feb 2023NZ$166.7bNZ$100.2bNZ$6.4b17.2x25.9x1.7x
Price to Earnings Ratio

25.9x


Total Market Cap: NZ$166.7bTotal Earnings: NZ$6.4bTotal Revenue: NZ$100.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37.9x202420252026
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 45.1x which is higher than its 3-year average PE of 37.9x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 15% per year over the last three years.
  • Meanwhile revenues for these companies have grown 4.9% 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 Market0.66%
Industrials2.01%
Utilities1.81%
Financials1.26%
Healthcare0.44%
Real Estate0.28%
Materials-0.31%
Consumer Staples-0.66%
Tech-1.78%
Consumer Discretionary-2.12%
Energy-2.43%
Telecom-3.85%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 69.8x.
    • Analysts are expecting annual earnings growth of 21.1%, 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 Financials sector is expected to see its earnings decline by 7.1% 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$8.533.0%
+NZ$423.8m		-2.5%PE34.4xIndustrials
CEN Contact EnergyNZ$9.653.7%
+NZ$338.1m		3.8%PE29xUtilities
MEL Meridian EnergyNZ$5.721.8%
+NZ$263.9m		-4.3%PS3.1xUtilities
FRW Freightways GroupNZ$14.956.0%
+NZ$152.1m		37.3%PE33.5xIndustrials
IFT InfratilNZ$11.181.4%
+NZ$149.9m		0.7%PE39.5xFinancials
See more

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FRW
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Freightways Group
7D
3.0%
1Y
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FPH
NZ$39.41
Fisher & Paykel Healthcare
7D
-1.5%
1Y
12.2%

FPH: Updated Guidance And Dividend Increase Will Support Fairly Valued Outlook

Analysts have made slight adjustments to their price target for Fisher & Paykel Healthcare, keeping fair value broadly unchanged at about $39.15 per share. They have updated inputs such as the discount rate and assumed future P/E to reflect refreshed views on risk and long-term valuation assumptions.
ATM
NZ$10.13
a2 Milk
7D
1.3%
1Y
55.6%

ATM: China Registration Progress And 2026 Guidance Will Support Balanced Outlook

Analysts kept their fair value estimate for a2 Milk steady at A$10.38 while making only very small adjustments to the discount rate, profit margin and future P/E assumptions, reflecting largely unchanged views on the stock's risk profile and earnings power. What's in the News a2 Milk received approvals from New Zealand's Ministry for Primary Industries and the General Administration of China Customs to progress the transition of two China label infant milk formula registrations linked to the Pokeno facility into a2 Milk branded products.
CNU
NZ$9.20
Chorus
7D
-5.5%
1Y
6.0%

CNU: Debt Offering And Refined Assumptions Will Guide Balanced Outlook

Analysts have slightly raised their price target on Chorus, lifting fair value from $9.37 to $9.45. They cited modest tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions.
IFT
NZ$11.29
Infratil
7D
3.2%
1Y
1.6%

IFT: Upcoming Dividend And Reinforced Fair Value Will Support Upside

Analysts have maintained their fair value estimate for Infratil at $14.02 per share, making small adjustments to assumptions such as a slightly lower discount rate and a modestly reduced future P/E. These changes reflect updated views on risk and long-term earnings potential.
EBO
NZ$25.00
EBOS Group
7D
-2.3%
1Y
-40.8%

EBOS Group (NZSE:EBO) Will Want To Turn Around Its Return Trends

Jan 31
EBOS Group (NZSE:EBO) Will Want To Turn Around Its Return Trends
AIA
NZ$8.54
Auckland International Airport
7D
2.2%
1Y
-0.9%
CEN
NZ$9.65
Contact Energy
7D
0.8%
1Y
4.3%

CEN: Higher Fair Value And Margin Outlook Will Support Future Upside

Analysts have revised their price target on Contact Energy slightly higher to $10.40 from $10.31. This reflects updated assumptions around discount rates, revenue expectations, profit margins and a lower future P/E of 24.92x.
SPK
NZ$2.19
Spark New Zealand
7D
-2.7%
1Y
-23.2%
SUM
NZ$11.11
Summerset Group Holdings
7D
-3.1%
1Y
-14.4%
SKL
NZ$5.57
Skellerup Holdings
7D
9.0%
1Y
7.1%
SKO
NZ$2.40
Serko
7D
-12.7%
1Y
-36.0%
MFT
NZ$64.57
Mainfreight
7D
2.3%
1Y
-8.0%

Mainfreight Limited's (NZSE:MFT) Popularity With Investors Is Under Threat From Overpricing

Jan 14
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MEL
NZ$5.67
Meridian Energy
7D
-0.7%
1Y
-4.7%

Meridian Energy Limited (NZSE:MEL) Shares Could Be 40% Below Their Intrinsic Value Estimate

Jan 12
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FCG
NZ$6.05
Fonterra Co-operative Group
7D
1.0%
1Y
35.3%

These 4 Measures Indicate That Fonterra Co-operative Group (NZSE:FCG) Is Using Debt Reasonably Well

Jan 05
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BGP
NZ$4.80
Briscoe Group
7D
-4.0%
1Y
1.1%

Briscoe Group (NZSE:BGP) Is Paying Out Less In Dividends Than Last Year

Sep 12
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