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New Zealand (NZX) Market Analysis & Valuation

UpdatedDec 25, 2025
DataAggregated Company Financials
Companies103
  • 7D1.6%
  • 3M1.6%
  • 1Y2.2%
  • YTD2.4%

Over the last 7 days, the market has risen 1.6%, driven by gains of 2.1% in the Utilities sector. As for last year, the market performance has been flat. As for the next few years, earnings are expected to grow by 17% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Thu, 09 Mar 2023NZ$163.5bNZ$104.8bNZ$7.4b16.4x22.2x1.6x
Sat, 04 Feb 2023NZ$166.7bNZ$100.4bNZ$6.6b16.8x25.2x1.7x
Mon, 02 Jan 2023NZ$157.7bNZ$100.2bNZ$6.6b15.6x23.9x1.6x
Price to Earnings Ratio

23.9x


Total Market Cap: NZ$157.7bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37x20242025
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 45.8x which is higher than its 3-year average PE of 37.0x.
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 4.8% 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 Market1.61%
Energy6.18%
Financials3.43%
Consumer Discretionary2.87%
Utilities2.07%
Healthcare1.96%
Industrials1.52%
Materials0.93%
Real Estate0.59%
Telecom0.32%
Tech0.31%
Consumer Staples-0.034%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 62.2x.
    • Analysts are expecting annual earnings growth of 22.1%, 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 96% over the next 5 years.
  • In contrast, the Financials sector is expected to see its earnings decline by 4.5% 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
IFT InfratilNZ$11.315.7%
+NZ$608.3m		-10.5%PE39.8xFinancials
FPH Fisher & Paykel HealthcareNZ$37.862.6%
+NZ$557.9m		-1.3%PE50.9xHealthcare
AIA Auckland International AirportNZ$8.281.8%
+NZ$254.3m		-2.8%PE33.4xIndustrials
ATM a2 MilkNZ$10.523.1%
+NZ$232.1m		65.7%PE37.6xConsumer Staples
EBO EBOS GroupNZ$28.044.1%
+NZ$227.6m		-24.8%PE23.3xHealthcare
See more

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Latest News

SKL
NZ$5.21
Skellerup Holdings
7D
-1.1%
1Y
4.2%
ARG
NZ$1.23
Argosy Property
7D
-0.8%
1Y
18.8%

ARG: Fair Outlook Will Persist As Slightly Higher Discount Rate Beds In

Analysts have trimmed their price target on Argosy Property by a modest amount to reflect slightly higher discount rate assumptions and only marginal tweaks to longer term growth and profitability forecasts. Valuation Changes Fair Value: unchanged at NZ$1.28 per share, indicating no revision to the intrinsic value estimate.
FPH
NZ$37.86
Fisher & Paykel Healthcare
7D
2.6%
1Y
-1.3%

FPH: Dividend Increase And Earnings Upgrade Will Support Fair Future Returns

Analysts have slightly raised their price target on Fisher & Paykel Healthcare to $NZD 39.33, reflecting modestly lower discount rate assumptions and a slightly higher future P/E multiple, partly offset by a small downward revision to projected profit margins. What's in the News Directors approved an increased interim dividend of 19.0 cents per ordinary share, up from 18.5 cents in the prior first half, to be paid on 16 December 2025 with a record date of 4 December 2025 (company announcement).
GTK
NZ$8.38
Gentrack Group
7D
-0.8%
1Y
-33.5%
MCY
NZ$6.39
Mercury NZ
7D
2.4%
1Y
4.8%

Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk

Dec 15
Mercury NZ Limited's (NZSE:MCY) Share Price Could Signal Some Risk
IFT
NZ$11.31
Infratil
7D
5.7%
1Y
-10.5%

IFT: Higher Dividend And Data Centre Expansion Will Support Future Upside

Analysts have nudged their price target for Infratil slightly higher to reflect modest improvements in discount rate assumptions and long term profitability expectations, while leaving their fair value estimate effectively unchanged at $13.72. What's in the News Infratil Limited declared a higher cash dividend of NZD 0.08044118 per ordinary share for the six months ended September 30, 2025, with a record date of November 27 and payment on December 16, 2025 (company announcement).
MEL
NZ$5.55
Meridian Energy
7D
1.3%
1Y
-7.0%
ATM
NZ$10.52
a2 Milk
7D
3.1%
1Y
65.7%

The a2 Milk Company Limited's (NZSE:ATM) Price Is Out Of Tune With Earnings

Dec 15
The a2 Milk Company Limited's (NZSE:ATM) Price Is Out Of Tune With Earnings
FRW
NZ$14.04
Freightways Group
7D
-1.1%
1Y
31.5%

FRW: Future Margins And Discount Rate Tweaks Will Guide Near-Term Outlook

Analysts have made a marginal downward revision to their price target for Freightways Group, trimming fair value by about NZ$0.02 to approximately NZ$13.51, as they fine tune assumptions around discount rates, revenue growth, and long term profit margins. Valuation Changes Fair Value edged down slightly from NZ$13.53 to NZ$13.51 per share, reflecting a marginally lower central valuation estimate.
FBU
NZ$3.63
Fletcher Building
7D
-0.5%
1Y
30.1%
EBO
NZ$28.04
EBOS Group
7D
4.1%
1Y
-24.8%

EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings

Dec 08
EBOS Group Limited's (NZSE:EBO) Price Is Out Of Tune With Earnings
FCG
NZ$5.92
Fonterra Co-operative Group
7D
-0.3%
1Y
40.0%

We Think Some Shareholders May Hesitate To Increase Fonterra Co-operative Group Limited's (NZSE:FCG) CEO Compensation

Dec 04
We Think Some Shareholders May Hesitate To Increase Fonterra Co-operative Group Limited's (NZSE:FCG) CEO Compensation
MFT
NZ$69.01
Mainfreight
7D
1.9%
1Y
-4.7%
AIA
NZ$8.28
Auckland International Airport
7D
1.8%
1Y
-2.8%

We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt

Nov 24
We Think Auckland International Airport (NZSE:AIA) Can Stay On Top Of Its Debt
SKT
NZ$3.34
SKY Network Television
7D
-2.3%
1Y
22.8%

Shareholders May Be More Conservative With SKY Network Television Limited's (NZSE:SKT) CEO Compensation For Now

Nov 14
Shareholders May Be More Conservative With SKY Network Television Limited's (NZSE:SKT) CEO Compensation For Now
DGL
NZ$4.50
Delegat Group
7D
-3.0%
1Y
-8.2%