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New Zealand (NZX) Market Analysis & Valuation

UpdatedJun 27, 2026
DataAggregated Company Financials
Companies103
  • 7D-0.6%
  • 3M4.4%
  • 1Y5.3%
  • YTD-1.3%

The market has been flat in the last week, however the Utilities sector is down 3.7%. As for the longer term, the market has risen 5.3% in the past 12 months. As for the next few years, earnings are expected to grow by 20% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 27 Jun 2026NZ$179.3bNZ$118.0bNZ$5.1b17.5x35.2x1.5x
Mon, 25 May 2026NZ$174.6bNZ$118.6bNZ$4.5b16.8x39x1.5x
Wed, 22 Apr 2026NZ$173.5bNZ$118.5bNZ$4.6b16.6x38.1x1.5x
Fri, 20 Mar 2026NZ$172.7bNZ$117.3bNZ$4.6b17.6x37.6x1.5x
Sun, 15 Feb 2026NZ$175.6bNZ$115.6bNZ$4.0b18.4x44.3x1.5x
Tue, 13 Jan 2026NZ$181.2bNZ$115.5bNZ$4.0b18.4x45.8x1.6x
Thu, 11 Dec 2025NZ$177.6bNZ$115.3bNZ$3.9b18.6x45.5x1.5x
Sat, 08 Nov 2025NZ$180.9bNZ$116.0bNZ$3.5b19.7x52x1.6x
Mon, 06 Oct 2025NZ$180.3bNZ$115.8bNZ$3.5b18.9x51.9x1.6x
Wed, 03 Sep 2025NZ$175.5bNZ$115.6bNZ$3.6b18x48.2x1.5x
Fri, 01 Aug 2025NZ$170.4bNZ$115.7bNZ$3.5b19.4x49.1x1.5x
Sun, 29 Jun 2025NZ$167.7bNZ$116.0bNZ$3.5b19.1x48.5x1.4x
Tue, 27 May 2025NZ$167.4bNZ$115.3bNZ$2.9b18.3x58.2x1.5x
Thu, 24 Apr 2025NZ$158.8bNZ$115.2bNZ$2.6b18.2x60.6x1.4x
Sat, 22 Mar 2025NZ$160.4bNZ$115.3bNZ$2.6b19x62.5x1.4x
Mon, 17 Feb 2025NZ$171.7bNZ$113.7bNZ$3.2b20x54.4x1.5x
Wed, 15 Jan 2025NZ$169.0bNZ$113.6bNZ$3.1b20.4x53.9x1.5x
Fri, 13 Dec 2024NZ$167.9bNZ$113.6bNZ$3.1b19.7x53.5x1.5x
Sun, 10 Nov 2024NZ$169.7bNZ$112.9bNZ$4.2b19.3x40.2x1.5x
Tue, 08 Oct 2024NZ$165.8bNZ$112.9bNZ$4.3b19.2x38.6x1.5x
Thu, 05 Sep 2024NZ$164.4bNZ$112.9bNZ$4.7b20.5x35.3x1.5x
Sat, 03 Aug 2024NZ$164.0bNZ$110.6bNZ$4.7b18x35.2x1.5x
Mon, 01 Jul 2024NZ$154.5bNZ$109.6bNZ$4.3b15x35.9x1.4x
Wed, 29 May 2024NZ$154.9bNZ$111.0bNZ$5.2b15.5x30x1.4x
Fri, 26 Apr 2024NZ$156.3bNZ$110.1bNZ$5.8b16.6x26.8x1.4x
Sun, 24 Mar 2024NZ$156.8bNZ$109.9bNZ$5.9b16.7x26.6x1.4x
Tue, 20 Feb 2024NZ$155.3bNZ$109.4bNZ$6.6b13.9x23.6x1.4x
Thu, 18 Jan 2024NZ$157.8bNZ$109.2bNZ$6.6b15.5x23.7x1.4x
Sat, 16 Dec 2023NZ$154.3bNZ$109.3bNZ$6.6b15.7x23.2x1.4x
Mon, 13 Nov 2023NZ$149.1bNZ$108.5bNZ$5.7b17.2x26x1.4x
Wed, 11 Oct 2023NZ$152.1bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Fri, 08 Sep 2023NZ$155.3bNZ$110.6bNZ$5.9b16.7x26.3x1.4x
Sun, 06 Aug 2023NZ$164.0bNZ$108.4bNZ$6.6b16.5x24.8x1.5x
Tue, 04 Jul 2023NZ$163.6bNZ$108.3bNZ$6.6b16.2x24.7x1.5x
Price to Earnings Ratio

24.7x


Total Market Cap: NZ$163.6bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 39.8x202420252026
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 35.2x which is lower than its 3-year average PE of 39.8x.
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 Market-0.63%
Energy1.86%
Telecom1.34%
Consumer Staples1.05%
Industrials0.69%
Financials0.56%
Tech0.37%
Healthcare0.18%
Materials-0.52%
Real Estate-1.33%
Consumer Discretionary-2.29%
Utilities-3.66%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 30.9x.
    • 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 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
ATM a2 MilkNZ$8.798.4%
+NZ$493.3m		4.5%PE30.8xConsumer Staples
POT Port of TaurangaNZ$8.733.9%
+NZ$224.5m		28.8%PE32.4xIndustrials
FBU Fletcher BuildingNZ$3.376.0%
+NZ$203.5m		14.6%PS0.5xIndustrials
IFT InfratilNZ$15.200.9%
+NZ$129.9m		42.1%PE56.3xFinancials
FRW Freightways GroupNZ$13.895.1%
+NZ$121.7m		24.2%PE28.4xIndustrials
See more

Market Insights

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Latest News

ATM
NZ$8.79
a2 Milk
7D
8.4%
1Y
4.5%
Narrative Update • Jun 26

ATM: Recall And Settlement Progress Will Shape Outlook For Business Transition

Analysts have trimmed their a2 Milk fair value estimate to NZ$9.38 from NZ$10.23, even as they point to recent Street research suggesting the company is shifting toward a more robust business model that some see as supporting a NZ$7.90 price target. What’s in the News for a2 Milk a2 Milk initiated a voluntary Class I recall in the United States for a2 Platinum Premium Infant Formula Milk-Based Powder with Iron, 31.7 oz (900 g), covering 51,202 units across specific lots, due to possible contamination with Cereulide toxin, according to a US Food and Drug Administration enforcement report.
THL
NZ$2.88
Tourism Holdings
7D
10.8%
1Y
29.1%
AIA
NZ$8.42
Auckland International Airport
7D
-0.9%
1Y
10.4%
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.
CNU
NZ$9.90
Chorus
7D
2.7%
1Y
17.2%
Narrative Update • Jun 24

CNU: Future Returns Will Depend On Stable Dividends And Discount Rate Assumptions

Analysts have trimmed their Chorus price target slightly to NZ$9.46 as lower assumed discount rates, together with a small adjustment to the future P/E expectation, feed through into updated valuation work. What’s in the News for Chorus No recent company specific news items for Chorus have been identified in the provided sources.
FRW
NZ$13.89
Freightways Group
7D
5.1%
1Y
24.2%
Narrative Update • Jun 24

FRW: Future Dividend Profile Will Support A More Balanced Earnings Outlook

Analysts have nudged their Freightways Group price target slightly higher to NZ$15.25 from NZ$15.18. This reflects updated assumptions for revenue growth, profit margins, discount rate and future P/E multiples.
MCY
NZ$6.70
Mercury NZ
7D
-4.1%
1Y
9.8%
IFT
NZ$15.20
Infratil
7D
0.9%
1Y
42.1%
Narrative Update • Jun 23

IFT: Digital Infrastructure And Renewables Mix Will Support Future Returns

Analysts have nudged their fair value estimate for Infratil to NZ$17.47 per share, supported by fresh Buy-rated coverage that highlights the company’s mix of digital infrastructure, renewable energy, healthcare infrastructure, and airport assets as key drivers behind a NZ$17.60 Street price target. Analyst Commentary Recent research coverage on Infratil focuses on how the company’s mix of digital infrastructure, renewable energy, healthcare infrastructure, and airport assets aligns with the current fair value estimates and the NZ$17.60 Street price target.
CEN
NZ$9.24
Contact Energy
7D
-4.6%
1Y
2.2%
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.
GNZ
NZ$2.08
Goodman Property Trust
7D
-3.3%
1Y
5.9%
Analysis Article • Jun 21

Goodman Property Trust (NZSE:GNZ) Stock Looks Fairly Valued After 5% Distribution Growth Guidance

Goodman Property Trust (NZSE:GNZ) is back in focus after Goodman New Zealand Limited issued guidance for a 5% rise in fiscal 2027 cash distributions, targeting 7.17 cents per Stapled Share, with payments expected entirely from the company. See our latest analysis for Goodman Property Trust. The recent distribution guidance has landed against a supportive backdrop, with Goodman Property Trust posting a 30 day share price return of 10.26% and a year to date share price return of 9.69%. The 1...
MEL
NZ$5.75
Meridian Energy
7D
-4.6%
1Y
-0.3%
Analysis Article • Jun 20

Meridian Energy (NZSE:MEL) Stock Could Be 32.2% Below Fair Value After Waitaki Extension

Meridian Energy (NZSE:MEL) is back in focus after the New Zealand Environment Court granted a 35 year extension for the Waitaki Power Scheme, alongside fresh data on contracted retail sales and generation volumes. See our latest analysis for Meridian Energy. At a latest share price of NZ$6.03, Meridian Energy has seen a 9.84% 90 day share price return and an 11.11% 1 year total shareholder return. This suggests momentum has been building alongside the Waitaki extension, as well as higher...
POT
NZ$8.73
Port of Tauranga
7D
3.9%
1Y
28.8%
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$5.07
Vector
7D
1.8%
1Y
21.0%
AIR
NZ$0.44
Air New Zealand
7D
-7.4%
1Y
-24.1%
FBU
NZ$3.37
Fletcher Building
7D
6.0%
1Y
14.6%
MFT
NZ$60.20
Mainfreight
7D
-1.6%
1Y
-10.6%
FCG
NZ$4.33
Fonterra Co-operative Group
7D
-2.3%
1Y
37.3%