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New Zealand (NZX) Market Analysis & Valuation

UpdatedJul 01, 2026
DataAggregated Company Financials
Companies103
  • 7D0.9%
  • 3M6.2%
  • 1Y5.0%
  • YTD-0.5%

In the last week, the market has been flat. Meanwhile, the market is actually up 5.0% over the past year. Looking forward, earnings are forecast to grow by 19% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026NZ$180.7bNZ$117.9bNZ$5.1b17.3x35.5x1.5x
Sat, 30 May 2026NZ$177.5bNZ$117.6bNZ$5.0b16.8x35.6x1.5x
Mon, 27 Apr 2026NZ$173.4bNZ$118.5bNZ$4.6b16.9x38x1.5x
Wed, 25 Mar 2026NZ$168.6bNZ$118.2bNZ$4.5b16.9x37.2x1.4x
Fri, 20 Feb 2026NZ$175.9bNZ$115.8bNZ$4.2b18.5x41.9x1.5x
Sun, 18 Jan 2026NZ$181.4bNZ$115.5bNZ$4.0b18.8x45.8x1.6x
Tue, 16 Dec 2025NZ$177.0bNZ$115.3bNZ$3.9b18.2x45.3x1.5x
Thu, 13 Nov 2025NZ$181.1bNZ$116.0bNZ$3.5b19.5x52x1.6x
Sat, 11 Oct 2025NZ$180.2bNZ$115.9bNZ$3.5b19x51.9x1.6x
Mon, 08 Sep 2025NZ$176.9bNZ$115.7bNZ$3.6b18.2x48.6x1.5x
Wed, 06 Aug 2025NZ$171.3bNZ$115.7bNZ$3.5b19.3x49.4x1.5x
Fri, 04 Jul 2025NZ$169.6bNZ$116.1bNZ$3.5b19.2x49x1.5x
Sun, 01 Jun 2025NZ$165.7bNZ$116.0bNZ$3.5b18.3x47.9x1.4x
Tue, 29 Apr 2025NZ$160.5bNZ$115.2bNZ$2.6b18.4x61.2x1.4x
Thu, 27 Mar 2025NZ$161.8bNZ$115.5bNZ$2.6b18.4x61.1x1.4x
Sat, 22 Feb 2025NZ$170.7bNZ$113.7bNZ$3.0b20.7x57.8x1.5x
Mon, 20 Jan 2025NZ$172.8bNZ$113.7bNZ$3.1b20.5x55x1.5x
Wed, 18 Dec 2024NZ$167.8bNZ$113.6bNZ$3.1b19.6x53.6x1.5x
Fri, 15 Nov 2024NZ$169.5bNZ$112.9bNZ$4.2b18.9x40.2x1.5x
Sun, 13 Oct 2024NZ$169.9bNZ$112.9bNZ$4.3b19.1x39.6x1.5x
Tue, 10 Sep 2024NZ$164.7bNZ$112.9bNZ$4.6b19.8x36x1.5x
Thu, 08 Aug 2024NZ$162.2bNZ$110.6bNZ$4.6b17.8x34.9x1.5x
Sat, 06 Jul 2024NZ$156.0bNZ$110.7bNZ$4.7b15.6x33.3x1.4x
Mon, 03 Jun 2024NZ$156.4bNZ$110.7bNZ$5.3b14.9x29.5x1.4x
Wed, 01 May 2024NZ$156.5bNZ$110.1bNZ$5.8b16.4x26.9x1.4x
Fri, 29 Mar 2024NZ$158.2bNZ$110.0bNZ$5.9b17.2x26.8x1.4x
Sun, 25 Feb 2024NZ$156.6bNZ$111.0bNZ$6.4b17.2x24.4x1.4x
Tue, 23 Jan 2024NZ$156.3bNZ$109.3bNZ$6.6b15.6x23.5x1.4x
Thu, 21 Dec 2023NZ$154.8bNZ$109.3bNZ$6.6b15.7x23.3x1.4x
Sat, 18 Nov 2023NZ$150.2bNZ$108.6bNZ$5.6b16.4x26.7x1.4x
Mon, 16 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Wed, 13 Sep 2023NZ$153.2bNZ$110.7bNZ$5.9b16.4x25.9x1.4x
Fri, 11 Aug 2023NZ$162.0bNZ$108.3bNZ$6.4b16.7x25.4x1.5x
Sun, 09 Jul 2023NZ$164.7bNZ$108.2bNZ$6.6b16.9x24.9x1.5x
Price to Earnings Ratio

24.9x


Total Market Cap: NZ$164.7bTotal 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 35.5x 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 Market0.87%
Healthcare2.67%
Industrials2.13%
Consumer Staples1.56%
Telecom1.37%
Energy1.27%
Financials1.18%
Tech-0.61%
Consumer Discretionary-0.66%
Real Estate-0.96%
Materials-1.13%
Utilities-1.33%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 31.1x.
    • 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
FPH Fisher & Paykel HealthcareNZ$38.552.8%
+NZ$616.7m		2.8%PE48.3xHealthcare
AIA Auckland International AirportNZ$8.632.7%
+NZ$391.0m		11.6%PE35.7xIndustrials
ATM a2 MilkNZ$8.986.0%
+NZ$370.0m		2.6%PE31.4xConsumer Staples
IFT InfratilNZ$15.502.1%
+NZ$319.8m		45.7%PE57.5xFinancials
SPK Spark New ZealandNZ$1.928.2%
+NZ$274.1m		-22.3%PE13.2xTelecom
See more

Market Insights

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Latest News

MFT
NZ$62.75
Mainfreight
7D
4.4%
1Y
-6.2%
MCY
NZ$6.82
Mercury NZ
7D
-0.4%
1Y
12.0%
ATM
NZ$8.98
a2 Milk
7D
6.0%
1Y
2.6%
AIR
NZ$0.44
Air New Zealand
7D
-3.3%
1Y
-22.8%
WIN
NZ$1.39
Winton Land
7D
-8.6%
1Y
-30.8%
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.
SPK
NZ$1.92
Spark New Zealand
7D
8.2%
1Y
-22.3%
Narrative Update • Jun 26

SPK: Dividend Reset And Data Centre Shift Will Shape Earnings Outlook

Analysts have trimmed their price target for Spark New Zealand to NZ$1.90 from NZ$2.20, reflecting slightly lower assumptions for revenue growth, profit margins and future P/E, partially offset by a modestly reduced discount rate. What’s in the News for Spark New Zealand Spark New Zealand has reduced its dividend, resetting what had previously been a historically steady payout to reflect lower profitability, according to recent news reports.
AIA
NZ$8.63
Auckland International Airport
7D
2.7%
1Y
11.6%
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.
EBO
NZ$21.06
EBOS Group
7D
4.7%
1Y
-46.5%
Narrative Update • Jun 24

EBO: Slightly Higher Discount Rate Will Support Future Capital Efficiency Reassessment

Analysts have reduced their NZ$ fair value estimate for EBOS Group from about NZ$31.32 to NZ$30.13, reflecting minor changes to the discount rate, long-term revenue growth, profit margin assumptions and a slightly lower future P/E in their valuation models. What's in the News No recent company specific news items for EBOS Group were provided in the available sources.
FPH
NZ$38.55
Fisher & Paykel Healthcare
7D
2.8%
1Y
2.8%
Narrative Update • Jun 24

FPH: Stable Dividend And Earnings Outlook Will Support Measured Future Repricing

Analysts have nudged their price target for Fisher & Paykel Healthcare slightly higher to NZ$39.75, reflecting small adjustments to fair value estimates, discount rate, revenue growth, profit margin and expected future P/E assumptions. What's in the News for Fisher & Paykel Healthcare Fisher & Paykel Healthcare declared a dividend of NZ$0.38823529 per share for the six months ended March 31, 2026.
IFT
NZ$15.50
Infratil
7D
2.1%
1Y
45.7%
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
-1.9%
1Y
1.7%
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.
MEL
NZ$5.70
Meridian Energy
7D
-2.6%
1Y
-2.4%
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$8.83
Port of Tauranga
7D
3.9%
1Y
26.9%
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...
RYM
NZ$2.22
Ryman Healthcare
7D
-3.1%
1Y
-2.6%
Narrative Update • Jun 14

RYM: Capital Management And Governance Turnaround Will Support Future Upside

Analysts have kept their NZ$ fair value estimate for Ryman Healthcare unchanged, pointing to only very small adjustments in the discount rate, revenue growth outlook, profit margin assumptions and future P/E that did not materially shift their overall price target narrative. What's in the News Ryman Healthcare completed a six year fixed rate secured unsubordinated bond offer, allocating NZ$150 million after taking up oversubscriptions beyond the initial NZ$100 million target.
FBU
NZ$3.28
Fletcher Building
7D
-3.2%
1Y
9.0%
FCG
NZ$4.27
Fonterra Co-operative Group
7D
-1.6%
1Y
35.7%