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New Zealand (NZX) Market Analysis & Valuation

UpdatedNov 14, 2025
DataAggregated Company Financials
Companies104
  • 7D-0.7%
  • 3M4.4%
  • 1Y4.6%
  • YTD2.8%

Over the last 7 days, the market has remained flat, although notably the Financials sector declined by 4.1%. More promisingly, the market is up 4.6% over the past year. Looking forward, earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 16 Nov 2025NZ$181.7bNZ$116.1bNZ$3.5b19.7x52.5x1.6x
Tue, 14 Oct 2025NZ$178.7bNZ$115.9bNZ$3.5b19x51.5x1.5x
Thu, 11 Sep 2025NZ$177.4bNZ$115.7bNZ$3.6b18x48.7x1.5x
Sat, 09 Aug 2025NZ$170.9bNZ$115.7bNZ$3.5b19.1x49.3x1.5x
Mon, 07 Jul 2025NZ$170.3bNZ$116.1bNZ$3.5b19.3x49.2x1.5x
Wed, 04 Jun 2025NZ$164.7bNZ$116.0bNZ$3.5b18x47.6x1.4x
Fri, 02 May 2025NZ$161.3bNZ$115.3bNZ$2.6b18.4x61.5x1.4x
Sun, 30 Mar 2025NZ$162.9bNZ$115.6bNZ$2.6b18.2x62x1.4x
Tue, 25 Feb 2025NZ$166.7bNZ$113.6bNZ$3.0b20.6x56.5x1.5x
Thu, 23 Jan 2025NZ$171.5bNZ$113.6bNZ$3.1b20x54.6x1.5x
Sat, 21 Dec 2024NZ$167.4bNZ$113.7bNZ$3.1b19.6x53.4x1.5x
Mon, 18 Nov 2024NZ$169.3bNZ$113.5bNZ$3.1b19.3x54x1.5x
Wed, 16 Oct 2024NZ$170.1bNZ$112.8bNZ$4.3b19.2x39.7x1.5x
Fri, 13 Sep 2024NZ$166.8bNZ$113.0bNZ$4.6b19.5x36.5x1.5x
Sun, 11 Aug 2024NZ$160.9bNZ$110.7bNZ$4.8b17.8x33.7x1.5x
Tue, 09 Jul 2024NZ$155.3bNZ$110.8bNZ$4.7b15.4x33.2x1.4x
Thu, 06 Jun 2024NZ$157.6bNZ$109.4bNZ$4.5b15.2x34.8x1.4x
Sat, 04 May 2024NZ$156.3bNZ$110.1bNZ$5.8b16.3x26.8x1.4x
Mon, 01 Apr 2024NZ$158.5bNZ$110.0bNZ$5.9b17.2x26.9x1.4x
Wed, 28 Feb 2024NZ$156.0bNZ$111.1bNZ$6.4b16x24.5x1.4x
Fri, 26 Jan 2024NZ$158.1bNZ$109.3bNZ$6.6b15.7x23.8x1.4x
Sun, 24 Dec 2023NZ$155.6bNZ$109.3bNZ$6.6b15.4x23.4x1.4x
Tue, 21 Nov 2023NZ$150.0bNZ$109.1bNZ$6.8b15.8x22.1x1.4x
Thu, 19 Oct 2023NZ$151.0bNZ$109.2bNZ$5.8b15.8x25.9x1.4x
Sat, 16 Sep 2023NZ$153.0bNZ$110.7bNZ$5.9b15.9x25.9x1.4x
Mon, 14 Aug 2023NZ$162.5bNZ$108.4bNZ$6.4b16.7x25.5x1.5x
Wed, 12 Jul 2023NZ$163.5bNZ$108.2bNZ$6.6b17x24.7x1.5x
Fri, 09 Jun 2023NZ$159.2bNZ$108.0bNZ$6.2b16.4x25.6x1.5x
Sun, 07 May 2023NZ$162.7bNZ$107.3bNZ$7.6b15.3x21.4x1.5x
Tue, 04 Apr 2023NZ$162.1bNZ$107.3bNZ$7.6b15.6x21.4x1.5x
Thu, 02 Mar 2023NZ$163.5bNZ$104.8bNZ$7.4b16.3x22.2x1.6x
Sat, 28 Jan 2023NZ$165.1bNZ$100.4bNZ$6.6b16.4x25x1.6x
Mon, 26 Dec 2022NZ$158.0bNZ$100.1bNZ$6.6b16.1x23.9x1.6x
Wed, 23 Nov 2022NZ$158.0bNZ$100.3bNZ$7.3b16.1x21.7x1.6x
Price to Earnings Ratio

21.7x


Total Market Cap: NZ$158.0bTotal Earnings: NZ$7.3bTotal Revenue: NZ$100.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 36.2x202320242025
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 52.5x which is higher than its 3-year average PE of 36.2x.
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 5.0% 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 Market-0.70%
Consumer Discretionary1.86%
Energy1.18%
Industrials1.14%
Utilities0.23%
Materials-0.43%
Consumer Staples-0.78%
Healthcare-1.37%
Telecom-1.44%
Tech-2.08%
Real Estate-3.23%
Financials-4.06%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 56.0x.
    • Analysts are expecting annual earnings growth of 20.6%, 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 10.0% 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
MFT MainfreightNZ$67.5815.2%
+NZ$898.2m		-7.8%PE26.9xIndustrials
POT Port of TaurangaNZ$7.722.3%
+NZ$115.6m		30.6%PE30.3xIndustrials
SUM Summerset Group HoldingsNZ$12.253.3%
+NZ$94.5m		-3.8%PE8.1xHealthcare
SKC SkyCity Entertainment GroupNZ$0.8311.3%
+NZ$93.7m		-40.4%PE31.5xConsumer Discretionary
CEN Contact EnergyNZ$9.600.8%
+NZ$79.6m		12.9%PE28.8xUtilities
See more

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MFT
NZ$67.58
Mainfreight
7D
15.2%
1Y
-7.8%
IFT
NZ$11.78
Infratil
7D
-4.5%
1Y
-6.9%

IFT: Lower Discount Rate And Data Centre Expansion Will Drive Future Upside

Analysts have raised Infratil's fair value estimate significantly, increasing it from $10.48 to $13.72. This change reflects updated assumptions about its discount rate, revenue growth, and profit margins.
SKC
NZ$0.83
SkyCity Entertainment Group
7D
11.3%
1Y
-40.4%

SKC: Asset Sales And Equity Raise Will Support Financial Recovery

Analysts have maintained their price target for SkyCity Entertainment Group at $1.08, citing stable expectations for revenue growth and profit margins. A minor decrease in the discount rate also slightly improves the stock's valuation outlook.
FRW
NZ$13.71
Freightways Group
7D
-5.1%
1Y
30.0%

FRW: Dividend Payment And Forecast Adjustments Will Shape Near-Term Outlook

Analysts have slightly reduced their price target for Freightways Group, lowering it from $13.21 to $13.20. This change reflects minor adjustments to discount rate assumptions and updated forecasts for growth and profitability.
ATM
NZ$10.69
a2 Milk
7D
-0.9%
1Y
100.2%

Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being

Nov 13
Shareholders Will Probably Hold Off On Increasing The a2 Milk Company Limited's (NZSE:ATM) CEO Compensation For The Time Being
SUM
NZ$12.25
Summerset Group Holdings
7D
3.3%
1Y
-3.8%
CEN
NZ$9.60
Contact Energy
7D
0.8%
1Y
12.9%

Contact Energy (NZSE:CEN) Seems To Use Debt Quite Sensibly

Nov 10
Contact Energy (NZSE:CEN) Seems To Use Debt Quite Sensibly
RYM
NZ$2.84
Ryman Healthcare
7D
-3.7%
1Y
-40.8%

RYM: Stable Forecasts Will Support Current Share Price Levels

Narrative Update on Ryman Healthcare Analyst Price Target Analysts have maintained their price target for Ryman Healthcare at $3.07, with only minor adjustments to underlying assumptions. They cite stable forecasts for revenue growth and profit margins as reasons for the consistent valuation.
AIR
NZ$0.63
Air New Zealand
7D
3.3%
1Y
17.9%

AIR: Cost Controls And Sector Demand Will Shape Recovery Amid Headwinds

Analysts have adjusted Air New Zealand’s fair value estimate downward from $0.67 to $0.66. This change is attributed to slightly lower projected revenue growth and profit margins, as well as a modest reduction in discount rate assumptions.
FPH
NZ$37.69
Fisher & Paykel Healthcare
7D
-2.1%
1Y
1.8%

FPH: Fair Value Assessment Will Remain Steady With Minor Discount Rate Adjustment

Analysts have marginally increased their price target for Fisher & Paykel Healthcare to $36.61. This reflects minor adjustments in company fundamentals and updated discount rate assumptions.
AIA
NZ$7.80
Auckland International Airport
7D
-3.3%
1Y
7.1%

Returns On Capital At Auckland International Airport (NZSE:AIA) Have Stalled

Nov 03
Returns On Capital At Auckland International Airport (NZSE:AIA) Have Stalled
CNU
NZ$9.26
Chorus
7D
-2.5%
1Y
4.0%
SKO
NZ$2.59
Serko
7D
9.7%
1Y
-30.6%
MEL
NZ$5.83
Meridian Energy
7D
0.2%
1Y
-0.8%
POT
NZ$7.72
Port of Tauranga
7D
2.3%
1Y
30.6%

Here's Why We Think Port of Tauranga (NZSE:POT) Is Well Worth Watching

Oct 01
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VHP
NZ$1.93
Vital Healthcare Property Trust
7D
-11.5%
1Y
-1.8%