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New Zealand (NZX) Market Analysis & Valuation

UpdatedApr 04, 2026
DataAggregated Company Financials
Companies104
  • 7D-0.3%
  • 3M-5.2%
  • 1Y3.4%
  • YTD-5.5%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 3.4%. Similarly, the market is flat for the past 12 months. Earnings are forecast to grow by 16% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 04 Apr 2026NZ$171.2bNZ$118.4bNZ$4.6b17.1x37.6x1.4x
Mon, 02 Mar 2026NZ$181.3bNZ$116.9bNZ$4.5b17.9x39.8x1.6x
Wed, 28 Jan 2026NZ$178.6bNZ$115.4bNZ$4.0b19x45.2x1.5x
Fri, 26 Dec 2025NZ$178.8bNZ$115.3bNZ$3.9b18.5x45.8x1.6x
Sun, 23 Nov 2025NZ$179.1bNZ$116.6bNZ$4.0b20.2x45x1.5x
Tue, 21 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b18.7x51.1x1.5x
Thu, 18 Sep 2025NZ$176.2bNZ$115.7bNZ$3.6b17.9x48.4x1.5x
Sat, 16 Aug 2025NZ$171.0bNZ$115.9bNZ$3.5b19.1x48.4x1.5x
Mon, 14 Jul 2025NZ$169.0bNZ$115.7bNZ$3.5b19.6x48.8x1.5x
Wed, 11 Jun 2025NZ$168.4bNZ$116.0bNZ$3.5b19.2x48.6x1.5x
Fri, 09 May 2025NZ$165.7bNZ$115.3bNZ$2.6b18.6x63.1x1.4x
Sun, 06 Apr 2025NZ$162.5bNZ$115.3bNZ$2.6b18.1x61.9x1.4x
Tue, 04 Mar 2025NZ$166.9bNZ$114.1bNZ$2.5b19.6x67.1x1.5x
Thu, 30 Jan 2025NZ$171.1bNZ$113.6bNZ$3.2b20.4x54.3x1.5x
Sat, 28 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b20x54.7x1.5x
Mon, 25 Nov 2024NZ$171.5bNZ$113.5bNZ$3.0b19.9x57.2x1.5x
Wed, 23 Oct 2024NZ$170.2bNZ$112.8bNZ$4.3b19.3x39.7x1.5x
Fri, 20 Sep 2024NZ$164.3bNZ$113.0bNZ$4.6b19.2x35.9x1.5x
Sun, 18 Aug 2024NZ$167.0bNZ$110.8bNZ$4.8b19.9x35.1x1.5x
Tue, 16 Jul 2024NZ$159.7bNZ$110.9bNZ$4.7b16.6x34.1x1.4x
Thu, 13 Jun 2024NZ$155.1bNZ$109.5bNZ$4.3b15x36x1.4x
Sat, 11 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.3x26.4x1.4x
Mon, 08 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Wed, 06 Mar 2024NZ$155.9bNZ$111.1bNZ$5.8b17.3x27.1x1.4x
Fri, 02 Feb 2024NZ$158.0bNZ$109.2bNZ$6.6b15.6x23.8x1.4x
Sun, 31 Dec 2023NZ$157.6bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Tue, 28 Nov 2023NZ$149.6bNZ$109.2bNZ$6.6b16x22.7x1.4x
Thu, 26 Oct 2023NZ$146.6bNZ$109.3bNZ$5.8b16.2x25.1x1.3x
Sat, 23 Sep 2023NZ$153.9bNZ$109.4bNZ$5.9b16x26.1x1.4x
Mon, 21 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Wed, 19 Jul 2023NZ$163.3bNZ$108.3bNZ$6.6b17.1x24.7x1.5x
Fri, 16 Jun 2023NZ$159.7bNZ$108.0bNZ$6.2b15.9x25.7x1.5x
Sun, 14 May 2023NZ$163.4bNZ$107.3bNZ$7.6b15.2x21.5x1.5x
Tue, 11 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$162.6bTotal Earnings: NZ$7.6bTotal Revenue: NZ$107.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 38.7x202420252026
Current Market PE
  • Investors are relatively neutral on the New Zealander market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading at a PE ratio close to its 3-year average PE ratio of 38.7x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 16% per year over the last three years.
  • Meanwhile revenues for these companies have grown 3.3% 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-0.28%
Energy4.83%
Telecom1.29%
Utilities0.49%
Tech0.47%
Consumer Staples-0.089%
Industrials-0.37%
Real Estate-0.39%
Healthcare-1.03%
Financials-1.51%
Consumer Discretionary-2.78%
Materials-2.82%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 41.9x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 20.7% which is higher than its past year's earnings decline of 6.7% per year.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 106% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 11% 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
CEN Contact EnergyNZ$9.383.2%
+NZ$309.0m		2.0%PE25.4xUtilities
AIA Auckland International AirportNZ$8.071.3%
+NZ$169.5m		0.9%PE33.3xIndustrials
EBO EBOS GroupNZ$23.001.8%
+NZ$82.8m		-40.9%PE17.1xHealthcare
CNU ChorusNZ$9.501.7%
+NZ$69.4m		17.1%PE171.7xTelecom
GMT Goodman Property TrustNZ$1.902.4%
+NZ$68.9m		-0.5%PB0.9xReal Estate
See more

Market Insights

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Latest News

IFT
NZ$11.48
Infratil
7D
-2.0%
1Y
17.7%

IFT: Reinstated Buy Coverage Will Support Confidence In Cash Flow Durability

Analysts have raised their Infratil fair value estimate slightly from NZ$13.98 to NZ$14.00, reflecting updated assumptions for discount rates, revenue trends, margins and future P/E, with recent Street research support behind this recalibration. Analyst Commentary Street research has supported the recent fine tuning of the NZ$14.00 fair value estimate, with recent coverage indicating a constructive view on the long term opportunity while still highlighting a few areas that readers may want to watch closely.
KMD
NZ$0.088
KMD Brands
7D
-54.9%
1Y
-74.5%
CEN
NZ$9.38
Contact Energy
7D
3.2%
1Y
2.0%

CEN: Recent Equity Raises And Stable Metrics Will Support Future Upside

Analysts have kept their NZ$10.53 price target for Contact Energy unchanged. This reflects consistent views on fair value, discount rate, revenue growth and profit margins despite the latest review of their models.
FCG
NZ$6.20
Fonterra Co-operative Group
7D
0.6%
1Y
33.9%
KPG
NZ$0.90
Kiwi Property Group
7D
-2.2%
1Y
4.0%
MCY
NZ$6.30
Mercury NZ
7D
-1.3%
1Y
7.1%

MCY: Geothermal Expansion And Upcoming Distribution Will Support Steady Outlook

Analysts have kept their NZ$6.99 price target for Mercury NZ unchanged, reflecting steady assumptions for the discount rate, revenue growth, profit margin, and future P/E multiples in their latest review. What's in the News Mercury officially opened the fifth generation unit at its Nga Tamariki Geothermal Station near Taupo, a NZ$220m expansion project first announced in 2023 with construction starting in 2024 (Key Developments).
EBO
NZ$23.00
EBOS Group
7D
1.8%
1Y
-40.9%

EBO: Index Removal And P/E Outlook Will Support Future Capital Efficiency Reassessment

Analysts have made a small upward adjustment to EBOS Group's fair value estimate, with the price target moving from around NZ$33.56 to NZ$33.59 as they fine tune assumptions on long term profitability and the future P/E multiple. What's in the News EBOS Group Limited was dropped from the S&P/ASX 200 Index, which may affect index fund ownership and trading volumes for the stock (Key Developments).
FPH
NZ$36.70
Fisher & Paykel Healthcare
7D
-1.3%
1Y
6.1%

FPH: Updated Guidance And Sector Perform Rating Will Shape Balanced Future Expectations

Analysts have trimmed their fair value estimate for Fisher & Paykel Healthcare to NZ$40.89 from NZ$41.12. The modest shift reflects updated assumptions for the discount rate, profit margin and future P/E, following recent guidance and a price target move to NZ$36 from NZ$31 in Street research.
CNU
NZ$9.50
Chorus
7D
1.7%
1Y
17.1%

CNU: Stable Assumptions And Minor Model Tweaks Will Guide Balanced Outlook

Analysts have kept their NZ$9.46 fair value estimate for Chorus broadly unchanged, with only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions to reflect updated modelling rather than a shift in overall conviction. Valuation Changes Fair Value: The fair value estimate of NZ$9.46 per share is unchanged in both the prior and updated models.
AIA
NZ$8.07
Auckland International Airport
7D
1.3%
1Y
0.9%

AIA: Passenger Volumes And Stable Margins Will Support A Steady Dividend Outlook

Analysts have kept their NZ$8.65 price target for Auckland International Airport steady, citing only marginal tweaks to the discount rate, profit margin assumptions and future P/E inputs rather than any shift in the core outlook. What's in the News Traffic data for February 2026 shows Auckland Airport handling 1,612,458 total passengers and 13,076 aircraft movements, with maximum certified take off weight (MCTOW) of 637,621 tonnes.
SUM
NZ$8.90
Summerset Group Holdings
7D
-4.5%
1Y
-19.1%
SPK
NZ$2.08
Spark New Zealand
7D
1.0%
1Y
0%
GMT
NZ$1.90
Goodman Property Trust
7D
2.4%
1Y
-0.5%
CHI
NZ$3.04
Channel Infrastructure NZ
7D
4.8%
1Y
57.5%
VHP
NZ$1.79
Vital Healthcare Property Trust
7D
-2.2%
1Y
1.1%
FBU
NZ$2.89
Fletcher Building
7D
-7.4%
1Y
-9.1%