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New Zealand (NZX) Market Analysis & Valuation

UpdatedJul 27, 2026
DataAggregated Company Financials
Companies103
  • 7D0.5%
  • 3M4.7%
  • 1Y4.4%
  • YTD-0.1%

The Energy sector gained 4.3% while the market remained flat over the last week. As for the longer term, the market has risen 4.4% in the past 12 months. As for the next few years, earnings are expected to grow by 18% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 27 Jul 2026NZ$181.4bNZ$117.8bNZ$5.1b17x35.6x1.5x
Wed, 24 Jun 2026NZ$179.2bNZ$118.0bNZ$5.1b17.2x35.1x1.5x
Fri, 22 May 2026NZ$173.4bNZ$118.6bNZ$4.6b16.9x37.9x1.5x
Sun, 19 Apr 2026NZ$173.4bNZ$118.6bNZ$4.6b16.9x38x1.5x
Tue, 17 Mar 2026NZ$174.5bNZ$117.3bNZ$4.6b17.9x38x1.5x
Thu, 12 Feb 2026NZ$179.2bNZ$115.6bNZ$4.0b18.7x45.3x1.5x
Sat, 10 Jan 2026NZ$181.4bNZ$115.5bNZ$3.9b17.8x46.4x1.6x
Mon, 08 Dec 2025NZ$178.2bNZ$115.3bNZ$3.9b18.1x45.6x1.5x
Wed, 05 Nov 2025NZ$181.2bNZ$116.0bNZ$3.5b19.5x52.1x1.6x
Fri, 03 Oct 2025NZ$179.6bNZ$115.8bNZ$3.5b18.7x51.7x1.6x
Sun, 31 Aug 2025NZ$173.6bNZ$115.6bNZ$3.5b17.7x50x1.5x
Tue, 29 Jul 2025NZ$171.4bNZ$115.7bNZ$3.5b19.2x49.3x1.5x
Thu, 26 Jun 2025NZ$166.5bNZ$116.0bNZ$3.5b19.6x48.1x1.4x
Sat, 24 May 2025NZ$168.0bNZ$115.4bNZ$2.9b18.6x58.4x1.5x
Mon, 21 Apr 2025NZ$161.0bNZ$115.2bNZ$2.6b18.8x61.4x1.4x
Wed, 19 Mar 2025NZ$160.4bNZ$113.9bNZ$2.6b18.8x62.6x1.4x
Fri, 14 Feb 2025NZ$171.0bNZ$113.7bNZ$3.2b20.1x54.2x1.5x
Sun, 12 Jan 2025NZ$169.7bNZ$113.6bNZ$3.1b20.1x54.1x1.5x
Tue, 10 Dec 2024NZ$168.8bNZ$113.6bNZ$3.1b19.5x53.8x1.5x
Thu, 07 Nov 2024NZ$168.2bNZ$112.8bNZ$4.3b19.4x39.3x1.5x
Sat, 05 Oct 2024NZ$165.6bNZ$112.8bNZ$4.3b19.1x38.6x1.5x
Mon, 02 Sep 2024NZ$163.9bNZ$112.9bNZ$4.8b20.2x34.4x1.5x
Wed, 31 Jul 2024NZ$163.3bNZ$110.8bNZ$4.7b17.6x35x1.5x
Fri, 28 Jun 2024NZ$154.6bNZ$109.6bNZ$4.3b14.9x35.8x1.4x
Sun, 26 May 2024NZ$155.1bNZ$110.9bNZ$5.3b15.5x29.3x1.4x
Tue, 23 Apr 2024NZ$154.8bNZ$110.0bNZ$5.8b16.7x26.6x1.4x
Thu, 21 Mar 2024NZ$155.9bNZ$111.2bNZ$5.7b16.9x27.2x1.4x
Sat, 17 Feb 2024NZ$155.4bNZ$109.1bNZ$6.4b14.9x24.3x1.4x
Mon, 15 Jan 2024NZ$158.8bNZ$109.2bNZ$6.6b16x23.9x1.5x
Wed, 13 Dec 2023NZ$153.2bNZ$109.2bNZ$6.6b15.6x23.1x1.4x
Fri, 10 Nov 2023NZ$149.0bNZ$109.2bNZ$5.8b16.4x25.6x1.4x
Sun, 08 Oct 2023NZ$152.0bNZ$109.0bNZ$5.8b16.1x26.1x1.4x
Tue, 05 Sep 2023NZ$157.2bNZ$110.7bNZ$5.9b16.4x26.6x1.4x
Thu, 03 Aug 2023NZ$164.2bNZ$108.2bNZ$6.6b17x24.8x1.5x
Price to Earnings Ratio

24.8x


Total Market Cap: NZ$164.2bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 40.1x202420252026
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 35.6x which is lower than its 3-year average PE of 40.1x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 8.4% 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 Market0.52%
Energy4.29%
Consumer Discretionary2.53%
Financials1.38%
Real Estate1.36%
Utilities1.23%
Telecom1.05%
Consumer Staples0.28%
Industrials0.043%
Healthcare-0.88%
Tech-1.21%
Materials-5.46%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 32.0x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 17.0% 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 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
MEL Meridian EnergyNZ$5.732.0%
+NZ$291.3m		-0.9%PS3.3xUtilities
IFT InfratilNZ$15.531.4%
+NZ$210.4m		35.6%PE57.7xFinancials
CEN Contact EnergyNZ$9.351.4%
+NZ$139.2m		2.7%PE25.5xUtilities
AIA Auckland International AirportNZ$8.580.9%
+NZ$136.0m		11.9%PE35.5xIndustrials
MCY Mercury NZNZ$6.851.2%
+NZ$114.0m		11.3%PE110.9xUtilities
See more

Market Insights

Header cover image
Healthcare just hit its lowest market weight since 1994. But dig deeper into the sector, and the collapse starts to look like a costume in some ways.
Continue reading
A brand’s strength doesn’t always last

Latest News

CEN
NZ$9.35
Contact Energy
7D
1.4%
1Y
2.7%
SPK
NZ$1.88
Spark New Zealand
7D
2.7%
1Y
-24.4%
MCY
NZ$6.85
Mercury NZ
7D
1.2%
1Y
11.3%
FPH
NZ$39.42
Fisher & Paykel Healthcare
7D
-1.3%
1Y
8.6%
Narrative Update • Jul 22

FPH: Removal From Conviction List Will Pressure Overvalued Shares

Analysts have revised their fair value estimate for Fisher & Paykel Healthcare to NZ$30.59 from NZ$29.31, citing updated assumptions around discount rates, revenue growth, profit margins and a lower future P/E multiple, and also reflecting the recent removal of the stock from a regional conviction list. What's in the News Fisher & Paykel Healthcare declared a dividend of NZ$0.38823529 per share for the six months ended March 31, 2026, according to company disclosures.
SKC
NZ$0.65
SkyCity Entertainment Group
7D
13.2%
1Y
-36.8%
FBU
NZ$3.73
Fletcher Building
7D
-0.5%
1Y
25.2%
IFT
NZ$15.53
Infratil
7D
1.4%
1Y
35.6%
EBO
NZ$22.00
EBOS Group
7D
-3.0%
1Y
-46.6%
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.
GNE
NZ$2.58
Genesis Energy
7D
-0.8%
1Y
7.9%
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.
GNZ
NZ$2.14
Goodman Property Trust
7D
2.9%
1Y
6.2%
WIN
NZ$1.14
Winton Land
7D
-6.6%
1Y
-42.4%
Narrative Update • Jun 26

WIN: Ayrburn Screen Hub Approval Will Support Future Undervalued Upside

Analysts have lowered their price target on Winton Land to NZ$1.70 from NZ$2.40, reflecting revised assumptions around fair value, discount rate, revenue growth, profit margin and future P/E expectations. What’s in the News for Winton Land Winton Land received approval, subject to conditions, for the Ayrburn Screen Hub under the Fast-track Approvals Act 2024, following a final decision by the Expert Panel, source: Key Developments.
SCL
NZ$6.53
Scales
7D
-2.5%
1Y
37.5%
Narrative Update • Jun 25

SCL: Stable Assumptions And Higher Multiple Will Support Future Repricing

Analysts have kept their NZ$6.95 price target for Scales unchanged, reflecting consistent assumptions around the discount rate, expected revenue growth, profit margin and future P/E, despite the latest review of their valuation model. What’s in the News for Scales No recent Scales specific news items were provided in the primary news source.
AIA
NZ$8.58
Auckland International Airport
7D
0.9%
1Y
11.9%
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.
MEL
NZ$5.73
Meridian Energy
7D
2.0%
1Y
-0.9%
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$8.45
Port of Tauranga
7D
-3.4%
1Y
20.7%
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...
MCK
NZ$3.16
Millennium & Copthorne Hotels New Zealand
7D
-4.0%
1Y
5.3%