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New Zealand (NZX) Market Analysis & Valuation

UpdatedSep 15, 2025
DataAggregated Company Financials
Companies105
  • 7D-0.2%
  • 3M4.2%
  • 1Y2.9%
  • YTD1.5%

The market has been flat in the last week, however the Communication Services sector is down 3.9%. In line with that, the market has also been flat over the past year. Earnings are forecast to grow by 22% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 15 Sep 2025NZ$176.6bNZ$115.7bNZ$3.6b17.8x48.5x1.5x
Wed, 13 Aug 2025NZ$169.9bNZ$115.8bNZ$3.5b19.1x48.7x1.5x
Fri, 11 Jul 2025NZ$170.1bNZ$116.2bNZ$3.5b19.3x49.1x1.5x
Sun, 08 Jun 2025NZ$168.2bNZ$116.0bNZ$3.5b18.8x48.6x1.4x
Tue, 06 May 2025NZ$164.6bNZ$115.3bNZ$2.6b18.5x62.7x1.4x
Thu, 03 Apr 2025NZ$163.2bNZ$115.5bNZ$2.6b18.7x62.1x1.4x
Sat, 01 Mar 2025NZ$166.5bNZ$114.1bNZ$2.5b19.5x66x1.5x
Mon, 27 Jan 2025NZ$171.1bNZ$113.6bNZ$3.2b19.7x54.3x1.5x
Wed, 25 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b19.9x54.7x1.5x
Fri, 22 Nov 2024NZ$170.0bNZ$113.6bNZ$3.2b19.5x53.8x1.5x
Sun, 20 Oct 2024NZ$170.4bNZ$112.8bNZ$4.3b19.4x39.8x1.5x
Tue, 17 Sep 2024NZ$165.2bNZ$113.0bNZ$4.6b19.4x36.1x1.5x
Thu, 15 Aug 2024NZ$165.4bNZ$110.8bNZ$4.8b18.7x34.7x1.5x
Sat, 13 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Mon, 10 Jun 2024NZ$155.7bNZ$109.4bNZ$4.3b15.3x36.1x1.4x
Wed, 08 May 2024NZ$154.2bNZ$110.1bNZ$5.8b15.9x26.5x1.4x
Fri, 05 Apr 2024NZ$158.1bNZ$110.0bNZ$5.8b17.6x27.1x1.4x
Sun, 03 Mar 2024NZ$156.1bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Tue, 30 Jan 2024NZ$158.8bNZ$109.3bNZ$6.6b15.7x23.9x1.5x
Thu, 28 Dec 2023NZ$156.4bNZ$109.3bNZ$6.6b15.7x23.5x1.4x
Sat, 25 Nov 2023NZ$150.2bNZ$109.2bNZ$6.6b15.6x22.8x1.4x
Mon, 23 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Wed, 20 Sep 2023NZ$153.6bNZ$110.7bNZ$5.9b16x26x1.4x
Fri, 18 Aug 2023NZ$160.2bNZ$108.0bNZ$6.4b16.4x25.2x1.5x
Sun, 16 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Tue, 13 Jun 2023NZ$157.9bNZ$108.0bNZ$6.2b15.8x25.4x1.5x
Thu, 11 May 2023NZ$164.2bNZ$107.2bNZ$7.6b15.1x21.6x1.5x
Sat, 08 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Mon, 06 Mar 2023NZ$163.3bNZ$105.0bNZ$7.4b16.5x22.1x1.6x
Wed, 01 Feb 2023NZ$164.3bNZ$100.4bNZ$6.6b16.8x24.9x1.6x
Fri, 30 Dec 2022NZ$158.7bNZ$100.1bNZ$6.6b15.9x24x1.6x
Sun, 27 Nov 2022NZ$157.0bNZ$100.4bNZ$7.0b16.1x22.4x1.6x
Tue, 25 Oct 2022NZ$150.3bNZ$99.5bNZ$7.9b16.7x19.1x1.5x
Thu, 22 Sep 2022NZ$160.8bNZ$98.3bNZ$7.7b17.6x20.8x1.6x
Price to Earnings Ratio

20.8x


Total Market Cap: NZ$160.8bTotal Earnings: NZ$7.7bTotal Revenue: NZ$98.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 34.4x202320242025
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 48.5x which is higher than its 3-year average PE of 34.4x.
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 Market-0.22%
Financials2.97%
Tech1.67%
Utilities0.66%
Industrials-0.19%
Real Estate-0.28%
Healthcare-0.82%
Consumer Staples-0.99%
Materials-2.25%
Consumer Discretionary-2.46%
Energy-3.35%
Telecom-3.92%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 45.9x.
    • 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
AIA Auckland International AirportNZ$7.874.2%
+NZ$540.2m		4.4%PE31.6xIndustrials
MCY Mercury NZNZ$6.891.9%
+NZ$182.9m		15.8%PE9694xUtilities
VCT VectorNZ$4.701.7%
+NZ$80.0m		22.4%PE30.4xUtilities
ATM a2 MilkNZ$10.240.9%
+NZ$65.3m		72.7%PE36.6xConsumer Staples
PEB Pacific EdgeNZ$0.2040.1%
+NZ$58.3m		53.1%PS8.9xHealthcare
See more

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Latest News

MCY
NZ$6.89
Mercury NZ
7D
1.9%
1Y
15.8%

Mercury NZ Limited (NZSE:MCY) Investors Are Less Pessimistic Than Expected

Sep 11
Mercury NZ Limited (NZSE:MCY) Investors Are Less Pessimistic Than Expected
SCT
NZ$2.36
Scott Technology
7D
15.7%
1Y
9.3%
CNU
NZ$9.55
Chorus
7D
-2.7%
1Y
6.1%
ATM
NZ$10.24
a2 Milk
7D
0.9%
1Y
72.7%
MFT
NZ$61.95
Mainfreight
7D
-3.5%
1Y
-14.1%
AIA
NZ$7.87
Auckland International Airport
7D
4.2%
1Y
4.4%
EBO
NZ$28.85
EBOS Group
7D
-5.9%
1Y
-20.4%
SPK
NZ$2.34
Spark New Zealand
7D
-10.3%
1Y
-30.4%

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
PEB
NZ$0.20
Pacific Edge
7D
40.1%
1Y
53.1%

Pacific Edge Limited (NZSE:PEB) Held Back By Insufficient Growth Even After Shares Climb 39%

Aug 29
Pacific Edge Limited (NZSE:PEB) Held Back By Insufficient Growth Even After Shares Climb 39%
MEL
NZ$5.64
Meridian Energy
7D
-3.9%
1Y
-8.1%
VCT
NZ$4.70
Vector
7D
1.7%
1Y
22.4%
FPH
NZ$37.70
Fisher & Paykel Healthcare
7D
-1.3%
1Y
-1.8%
FCG
NZ$5.86
Fonterra Co-operative Group
7D
-1.7%
1Y
67.9%
ERD
NZ$2.69
EROAD
7D
5.5%
1Y
128.0%

EROAD Limited's (NZSE:ERD) 42% Share Price Surge Not Quite Adding Up

Aug 07
EROAD Limited's (NZSE:ERD) 42% Share Price Surge Not Quite Adding Up
RYM
NZ$2.47
Ryman Healthcare
7D
-3.5%
1Y
-47.3%
TWR
NZ$1.76
Tower
7D
5.1%
1Y
27.7%