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New Zealand (NZX) Market Analysis & Valuation

UpdatedJun 12, 2026
DataAggregated Company Financials
Companies103
  • 7D0.3%
  • 3M0.9%
  • 1Y3.1%
  • YTD-2.6%

Over the last 7 days, the market has remained flat, although notably the Healthcare sector gained 4.3% in that time. Meanwhile, the market is actually up 3.1% over the past year. Earnings are forecast to grow by 20% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Sat, 22 Jul 2023NZ$163.3bNZ$108.4bNZ$6.6b16.7x24.6x1.5x
Mon, 19 Jun 2023NZ$161.0bNZ$108.5bNZ$6.6b16x24.3x1.5x
Price to Earnings Ratio

24.3x


Total Market Cap: NZ$161.0bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.5bTotal 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 34.6x 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 2.8% 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 Market0.30%
Healthcare4.32%
Telecom3.41%
Consumer Discretionary1.38%
Industrials0.18%
Consumer Staples-0.23%
Real Estate-0.27%
Utilities-1.30%
Tech-2.51%
Financials-2.76%
Energy-2.86%
Materials-6.25%
Sector PE
  • Investors favour the Utilities sector the most for future growth even though it's trading below its 3-year average PE ratio of 74.4x.
    • Analysts are expecting annual earnings growth of 19.5%, which is lower than the prior year's growth of 47.2% 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
FPH Fisher & Paykel HealthcareNZ$39.456.1%
+NZ$1.3b		7.8%PE49.5xHealthcare
ATM a2 MilkNZ$7.2715.0%
+NZ$689.2m		-16.4%PE25.4xConsumer Staples
EBO EBOS GroupNZ$21.416.5%
+NZ$269.0m		-41.4%PE16xHealthcare
MFT MainfreightNZ$65.403.5%
+NZ$220.5m		-2.4%PE26.2xIndustrials
CNU ChorusNZ$9.884.4%
+NZ$182.2m		15.0%PE178.6xTelecom
See more

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Latest News

ATM
NZ$7.27
a2 Milk
7D
15.0%
1Y
-16.4%
FBU
NZ$3.19
Fletcher Building
7D
3.2%
1Y
-0.3%
CNU
NZ$9.88
Chorus
7D
4.4%
1Y
15.0%
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$8.23
Auckland International Airport
7D
-1.2%
1Y
3.3%
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.
MEL
NZ$5.95
Meridian Energy
7D
0.7%
1Y
1.4%
EBO
NZ$21.41
EBOS Group
7D
6.5%
1Y
-41.4%
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.
GNE
NZ$2.59
Genesis Energy
7D
-1.9%
1Y
14.3%
Narrative Update • Jun 07

GNE: Future Returns Will Strain Under Softer Margins And Higher Discount Rate

Analysts have lifted their NZ$ price target for Genesis Energy, pointing to a modestly higher assumed P/E multiple and updated views on revenue growth, margins and discount rate, while keeping their fair value estimate unchanged at NZ$2.18. What's in the News Genesis Energy has reached Final Investment Decision on the second stage of its Battery Energy Storage System programme at Huntly Power Station, adding 100 MW / 200 MWh of capacity for a total of 200 MW / 400 MWh at the site, with an estimated project cost of about NZ$106 million and funding planned on balance sheet.
IFT
NZ$14.81
Infratil
7D
-4.0%
1Y
44.1%
Narrative Update • Jun 04

IFT: Capital Recycling Into Digital And Renewable Assets Will Support Future Returns

Narrative Update on Infratil Analysts have lifted their NZ$ fair value estimate for Infratil from NZ$14.01 to NZ$17.21, citing updated assumptions for revenue growth, profit margins and a lower discount rate following recent Street research. What's in the News Infratil has agreed to sell a 5% stake in Contact Energy, equal to 53.5 million shares, via a fully underwritten block trade at NZ$9.25 per share.
MCY
NZ$6.96
Mercury NZ
7D
-1.4%
1Y
14.5%
Narrative Update • Jun 04

MCY: Geothermal Investment And Margin Improvements Will Support A Steady Forward Outlook

Analysts have nudged their price target for Mercury NZ slightly higher to around NZ$7.12, citing updated assumptions that pair more conservative revenue growth with a modestly stronger profit margin and an essentially unchanged forward P/E multiple. What's in the News Mercury NZ held an Analyst/Investor Day, giving the market a closer look at its plans and assumptions, including updates on growth projects and capital allocation.
CEN
NZ$9.55
Contact Energy
7D
-0.5%
1Y
6.2%
Narrative Update • Jun 04

CEN: Equity Raise And Stake Sale Are Expected To Support Future Returns

Analysts have kept their NZ$10.51 price target for Contact Energy broadly unchanged, citing only very small tweaks to inputs such as discount rate, profit margin and future P/E assumptions that do not materially alter their overall valuation view. What's in the News Infratil Limited, via Infratil Investments Limited, agreed to sell 53.5 million Contact Energy shares, equal to 5% of the company’s issued share capital, through a fully underwritten block trade at NZ$9.25 per share, raising about NZ$495.2 million in gross proceeds.
FPH
NZ$39.45
Fisher & Paykel Healthcare
7D
6.1%
1Y
7.8%
Narrative Update • Jun 02

FPH: Strong Earnings And Higher Dividend Will Support Balanced Future Repricing

Analysts have trimmed their price target on Fisher & Paykel Healthcare from NZ$40.59 to NZ$39.63, citing updated assumptions for revenue growth, profit margins, and future P/E multiples. What's in the News Fisher & Paykel Healthcare reported a 14% gain in operating revenue for the 2026 financial year, according to its full year 2026 earnings call highlights.
MFT
NZ$65.40
Mainfreight
7D
3.5%
1Y
-2.4%
SKC
NZ$0.47
SkyCity Entertainment Group
7D
-7.0%
1Y
-49.5%
Narrative Update • May 29

SKC: Expanded Data Platform Will Support Future Upside Repricing

Analysts have trimmed their SkyCity Entertainment Group price target from NZ$1.09 to NZ$1.04, reflecting updated assumptions that include a higher discount rate along with revised expectations for revenue growth, profit margins and future P/E levels. What's in the News SkyCity is expanding its use of QCI’s Enterprise Platform to create a more integrated, group-wide view of customer and operational data across its properties, product channels, and services, aiming to turn consolidated data into actionable insights.
GTK
NZ$3.68
Gentrack Group
7D
-8.5%
1Y
-67.6%
FCG
NZ$4.42
Fonterra Co-operative Group
7D
-0.9%
1Y
38.1%
SPK
NZ$1.94
Spark New Zealand
7D
3.7%
1Y
-15.8%