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New Zealand (NZX) Market Analysis & Valuation

UpdatedJul 11, 2026
DataAggregated Company Financials
Companies103
  • 7D0.8%
  • 3M4.2%
  • 1Y5.7%
  • YTD0.04%

In the last week, the market has stayed flat, however the Healthcare sector stood out, gaining 3.2%. As for the longer term, the market has risen 5.2% in the past 12 months. Looking forward, earnings are forecast to grow by 18% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Jul 2026NZ$181.7bNZ$117.7bNZ$5.1b16.9x35.7x1.5x
Mon, 08 Jun 2026NZ$177.0bNZ$117.9bNZ$5.1b16.7x34.6x1.5x
Wed, 06 May 2026NZ$174.5bNZ$118.6bNZ$4.6b17x38.3x1.5x
Fri, 03 Apr 2026NZ$171.2bNZ$118.4bNZ$4.6b17.1x37.6x1.4x
Sun, 01 Mar 2026NZ$181.3bNZ$116.9bNZ$4.5b17.9x39.9x1.6x
Tue, 27 Jan 2026NZ$178.6bNZ$115.5bNZ$4.0b18.7x45.2x1.5x
Thu, 25 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.5x45.8x1.6x
Sat, 22 Nov 2025NZ$179.4bNZ$116.6bNZ$4.1b20.4x43.7x1.5x
Mon, 20 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b19x51.1x1.5x
Wed, 17 Sep 2025NZ$176.1bNZ$115.7bNZ$3.6b17.9x48.4x1.5x
Fri, 15 Aug 2025NZ$170.6bNZ$115.9bNZ$3.5b19.1x48.6x1.5x
Sun, 13 Jul 2025NZ$169.0bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Tue, 10 Jun 2025NZ$168.1bNZ$116.0bNZ$3.5b18.8x48.5x1.4x
Thu, 08 May 2025NZ$165.9bNZ$115.3bNZ$2.6b18.4x63.2x1.4x
Sat, 05 Apr 2025NZ$162.3bNZ$115.4bNZ$2.6b18.1x61.9x1.4x
Mon, 03 Mar 2025NZ$167.4bNZ$114.0bNZ$2.5b19.6x67.7x1.5x
Wed, 29 Jan 2025NZ$170.4bNZ$113.6bNZ$3.2b20.3x54.1x1.5x
Fri, 27 Dec 2024NZ$171.5bNZ$113.7bNZ$3.1b19.9x54.7x1.5x
Sun, 24 Nov 2024NZ$171.5bNZ$113.5bNZ$3.0b19.9x57.2x1.5x
Tue, 22 Oct 2024NZ$171.6bNZ$112.8bNZ$4.3b19.7x40x1.5x
Thu, 19 Sep 2024NZ$163.6bNZ$113.0bNZ$4.6b19.3x35.8x1.4x
Sat, 17 Aug 2024NZ$167.0bNZ$110.8bNZ$4.8b19.9x35.1x1.5x
Mon, 15 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Wed, 12 Jun 2024NZ$155.1bNZ$109.5bNZ$4.3b15x36x1.4x
Fri, 10 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.4x26.4x1.4x
Sun, 07 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Tue, 05 Mar 2024NZ$155.9bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Thu, 01 Feb 2024NZ$158.6bNZ$109.3bNZ$6.6b15.6x23.9x1.5x
Sat, 30 Dec 2023NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Mon, 27 Nov 2023NZ$150.2bNZ$109.1bNZ$6.6b15.6x22.8x1.4x
Wed, 25 Oct 2023NZ$147.6bNZ$109.3bNZ$5.8b17x25.3x1.4x
Fri, 22 Sep 2023NZ$153.3bNZ$110.6bNZ$5.9b16.6x26x1.4x
Sun, 20 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Tue, 18 Jul 2023NZ$163.4bNZ$108.2bNZ$6.6b17x24.7x1.5x
Price to Earnings Ratio

24.7x


Total Market Cap: NZ$163.4bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.9x202420252026
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 35.7x which is lower than its 3-year average PE of 39.9x.
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 2.9% 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 Market0.83%
Energy2.54%
Financials2.06%
Industrials1.73%
Healthcare1.52%
Materials0.73%
Telecom0.62%
Consumer Discretionary0.31%
Real Estate0.038%
Utilities0.024%
Consumer Staples-0.68%
Tech-0.76%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 31.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 16.7% 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 103% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 13% 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$8.852.9%
+NZ$425.0m		18.5%PE36.7xIndustrials
IFT InfratilNZ$15.502.5%
+NZ$380.8m		42.2%PE57.6xFinancials
FPH Fisher & Paykel HealthcareNZ$40.251.4%
+NZ$317.1m		13.0%PE50.5xHealthcare
FBU Fletcher BuildingNZ$3.616.8%
+NZ$246.4m		18.0%PS0.6xIndustrials
EBO EBOS GroupNZ$22.155.6%
+NZ$242.1m		-44.9%PE16.6xHealthcare
See more

Market Insights

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Latest News

IFT
NZ$15.50
Infratil
7D
2.5%
1Y
42.2%
ATM
NZ$8.75
a2 Milk
7D
-3.8%
1Y
9.6%
EBO
NZ$22.15
EBOS Group
7D
5.6%
1Y
-44.9%
Narrative Update • Jul 08

EBO: Distribution Contracts And Animal Care Expansion Will Support Future Upside Potential

Analysts have adjusted their price target on EBOS Group to reflect a revised fair value of NZ$36.57, down from NZ$41.16. They cite updated assumptions for discount rates, revenue growth, profit margins, and future P/E multiples.
FPH
NZ$40.25
Fisher & Paykel Healthcare
7D
1.4%
1Y
13.0%
Narrative Update • Jul 08

FPH: Removal From Conviction List Will Meet Higher Dividend Outlook

Analysts have modestly raised the fair value estimate for Fisher & Paykel Healthcare from NZ$46.00 to NZ$47.00, citing updated assumptions on revenue growth, profit margins, and future P/E multiples, along with the stock's recent removal from an APAC Conviction List. What's in the News for Fisher & Paykel Healthcare Fisher & Paykel Healthcare Corporation Limited announced a dividend of NZ$0.38823529 per share for the six months ended March 31, 2026.
SUM
NZ$8.75
Summerset Group Holdings
7D
-1.7%
1Y
-24.8%
GNE
NZ$2.58
Genesis Energy
7D
-0.8%
1Y
9.3%
Narrative Update • Jul 06

GNE: Future Battery Expansion And Equity Raise Will Drive Upside Potential

Analysts lifted their fair value estimate for Genesis Energy to NZ$3.03 from NZ$2.63, citing valuation support and referencing recent Street research in which a related stock was upgraded on similar grounds. What’s in the News for Genesis Energy Genesis Energy reached Final Investment Decision on the second stage of its Battery Energy Storage System programme at Huntly Power Station, adding 100 MW / 200 MWh and bringing total planned BESS capacity at the site to 200 MW / 400 MWh. The expanded Huntly BESS is described as the lowest cost committed grid scale battery project in New Zealand to date, using existing land, infrastructure, grid connection and shared plant from the first stage.
MFT
NZ$62.00
Mainfreight
7D
-2.6%
1Y
-3.1%
MCY
NZ$6.93
Mercury NZ
7D
1.3%
1Y
12.0%
AIR
NZ$0.43
Air New Zealand
7D
-3.3%
1Y
-26.3%
AIA
NZ$8.85
Auckland International Airport
7D
2.9%
1Y
18.5%
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.
CEN
NZ$9.20
Contact Energy
7D
-0.8%
1Y
1.8%
Narrative Update • Jun 22

CEN: Greener Generation Mix And Cost Efficiencies Are Expected To Support Returns

Analysts have slightly lowered their fair value estimate for Contact Energy from NZ$10.51 to NZ$10.44, reflecting updated assumptions around revenue growth, profit margins and future P/E expectations. What’s in the News for Contact Energy Contact Energy reported a 47% reduction in generation costs in May 2026, supported by changes in its generation mix, according to recent news reports.
SKC
NZ$0.54
SkyCity Entertainment Group
7D
-5.3%
1Y
-46.5%
POT
NZ$8.76
Port of Tauranga
7D
2.5%
1Y
25.3%
Analysis Article • Jun 19

Port Of Tauranga (NZSE:POT) Stock Looks Fully Priced After Infrastructure Push

Infrastructure push reshapes the Port of Tauranga investment story Port of Tauranga (NZSE:POT) is in the spotlight as recent updates outline heavy infrastructure spending, automation projects, and sustainability initiatives designed to handle Upper North Island population and import growth, alongside Auckland capacity constraints. See our latest analysis for Port of Tauranga. Port of Tauranga’s share price has gained 7.01% over the past 90 days and 8.39% year to date to NZ$8.40. Its 1 year...
VCT
NZ$4.85
Vector
7D
-1.4%
1Y
9.0%
FBU
NZ$3.61
Fletcher Building
7D
6.8%
1Y
18.0%
FCG
NZ$4.25
Fonterra Co-operative Group
7D
1.0%
1Y
35.6%