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New Zealand (NZX) Market Analysis & Valuation

UpdatedDec 24, 2025
DataAggregated Company Financials
Companies103
  • 7D0.7%
  • 3M1.5%
  • 1Y2.2%
  • YTD2.4%

In the last week, the market has stayed flat, however the Energy sector stood out, gaining 7.1%. In line with that, the market has also been flat over the past year. 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
Wed, 24 Dec 2025NZ$178.4bNZ$115.3bNZ$3.9b18.6x45.7x1.5x
Fri, 21 Nov 2025NZ$178.1bNZ$116.7bNZ$4.1b19.8x43.6x1.5x
Sun, 19 Oct 2025NZ$177.6bNZ$115.8bNZ$3.5b19x51.1x1.5x
Tue, 16 Sep 2025NZ$176.1bNZ$115.7bNZ$3.6b17.7x48.4x1.5x
Thu, 14 Aug 2025NZ$170.0bNZ$115.9bNZ$3.5b19x48.4x1.5x
Sat, 12 Jul 2025NZ$170.1bNZ$116.2bNZ$3.5b19.3x49.1x1.5x
Mon, 09 Jun 2025NZ$168.2bNZ$116.0bNZ$3.5b18.8x48.6x1.4x
Wed, 07 May 2025NZ$164.8bNZ$115.3bNZ$2.6b18.5x62.8x1.4x
Fri, 04 Apr 2025NZ$163.5bNZ$115.4bNZ$2.6b18.5x62.2x1.4x
Sun, 02 Mar 2025NZ$167.4bNZ$114.1bNZ$2.5b19.5x67.2x1.5x
Tue, 28 Jan 2025NZ$171.1bNZ$113.7bNZ$3.2b20.1x54.3x1.5x
Thu, 26 Dec 2024NZ$171.5bNZ$113.6bNZ$3.1b19.9x54.8x1.5x
Sat, 23 Nov 2024NZ$168.7bNZ$113.4bNZ$3.0b19.7x55.3x1.5x
Mon, 21 Oct 2024NZ$170.4bNZ$112.8bNZ$4.3b19.4x39.8x1.5x
Wed, 18 Sep 2024NZ$164.8bNZ$113.0bNZ$4.6b19.4x36.1x1.5x
Fri, 16 Aug 2024NZ$166.9bNZ$110.8bNZ$4.8b18.9x35x1.5x
Sun, 14 Jul 2024NZ$160.0bNZ$110.9bNZ$4.7b16.5x34.2x1.4x
Tue, 11 Jun 2024NZ$155.0bNZ$109.5bNZ$4.3b14.9x36x1.4x
Thu, 09 May 2024NZ$154.0bNZ$110.1bNZ$5.8b15.8x26.5x1.4x
Sat, 06 Apr 2024NZ$157.6bNZ$110.0bNZ$5.8b17.2x27.1x1.4x
Mon, 04 Mar 2024NZ$156.1bNZ$111.2bNZ$5.8b17.2x27.1x1.4x
Wed, 31 Jan 2024NZ$158.8bNZ$109.3bNZ$6.6b15.6x23.9x1.5x
Fri, 29 Dec 2023NZ$156.5bNZ$109.3bNZ$6.6b15.8x23.5x1.4x
Sun, 26 Nov 2023NZ$150.2bNZ$109.1bNZ$6.6b15.6x22.8x1.4x
Tue, 24 Oct 2023NZ$147.9bNZ$109.2bNZ$5.8b16.5x25.4x1.4x
Thu, 21 Sep 2023NZ$153.3bNZ$110.6bNZ$5.9b16.2x26.1x1.4x
Sat, 19 Aug 2023NZ$159.4bNZ$108.1bNZ$6.4b17.1x24.9x1.5x
Mon, 17 Jul 2023NZ$164.5bNZ$108.2bNZ$6.6b17x24.9x1.5x
Wed, 14 Jun 2023NZ$158.3bNZ$108.0bNZ$6.2b16x25.5x1.5x
Fri, 12 May 2023NZ$163.0bNZ$107.2bNZ$7.6b15.2x21.5x1.5x
Sun, 09 Apr 2023NZ$162.6bNZ$107.2bNZ$7.6b15.6x21.4x1.5x
Tue, 07 Mar 2023NZ$163.3bNZ$105.0bNZ$7.4b16.5x22.1x1.6x
Thu, 02 Feb 2023NZ$165.1bNZ$100.5bNZ$6.6b16.8x25x1.6x
Sat, 31 Dec 2022NZ$158.8bNZ$100.2bNZ$6.6b15.6x24x1.6x
Price to Earnings Ratio

24x


Total Market Cap: NZ$158.8bTotal Earnings: NZ$6.6bTotal Revenue: NZ$100.2bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 37x202320242025
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 45.7x 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 Market0.74%
Energy7.09%
Consumer Discretionary2.78%
Materials2.35%
Financials1.38%
Utilities1.27%
Industrials1.11%
Tech0.17%
Healthcare0.15%
Consumer Staples0.046%
Real Estate-0.12%
Telecom-0.65%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 62.0x.
    • Analysts are expecting annual earnings growth of 22.0%, 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$11.313.8%
+NZ$408.8m		-10.5%PE39.8xFinancials
FPH Fisher & Paykel HealthcareNZ$37.861.6%
+NZ$358.2m		-1.3%PE50.9xHealthcare
MEL Meridian EnergyNZ$5.552.2%
+NZ$316.7m		-7.0%PS3xUtilities
AIA Auckland International AirportNZ$8.281.8%
+NZ$254.3m		-2.8%PE33.4xIndustrials
EBO EBOS GroupNZ$28.044.4%
+NZ$241.9m		-24.8%PE23.3xHealthcare
See more

Market Insights

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Latest News

AIR
NZ$0.57
Air New Zealand
7D
-0.9%
1Y
-1.7%

AIR: Future Earnings Will Balance Cost Pressures And Emerging Electric Aircraft Opportunities

Analysts have nudged their price target on Air New Zealand modestly higher, citing slightly stronger expected revenue growth, firmer profit margins, and a marginally lower discount rate that together support a fair value of $0.55 per share. Analyst Commentary While the modest increase in fair value reflects incremental improvements in Air New Zealand's outlook, bearish analysts continue to flag several areas of concern that could limit upside and keep the shares trading at a discount to peers.
FPH
NZ$37.80
Fisher & Paykel Healthcare
7D
-0.3%
1Y
-1.4%

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).
SPK
NZ$2.24
Spark New Zealand
7D
-3.0%
1Y
-22.4%
GTK
NZ$8.36
Gentrack Group
7D
-1.4%
1Y
-33.7%
IFT
NZ$11.31
Infratil
7D
1.2%
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$5.65
Meridian Energy
7D
0.9%
1Y
-5.4%
SML
NZ$0.65
Synlait Milk
7D
-3.0%
1Y
58.5%

SML: Going Concern Warning Will Drive Higher Risk And Overvaluation

Analysts have raised their price target on Synlait Milk from NZ$0.41 to NZ$0.59, reflecting a higher required return as well as expectations of improved long term valuation support despite weaker near term revenue growth and margin assumptions. What's in the News Auditor KPMG issued an unqualified opinion on Synlait Milk's annual report for the year ended July 31, 2025, and highlighted significant doubt about the company's ability to continue as a going concern (Annual report / KPMG audit) The going concern warning indicates that Synlait Milk may face challenges meeting its financial obligations over the next 12 months without successful refinancing, asset sales, or improved operating performance (Annual report / KPMG audit) The combination of higher required returns from investors and formal going concern doubts points to elevated risk in Synlait Milk's capital structure and long term funding outlook (Annual report / KPMG audit) Valuation Changes The fair value estimate has increased from NZ$0.41 to NZ$0.59, rising significantly despite weaker near-term operating assumptions.
CNU
NZ$9.48
Chorus
7D
2.0%
1Y
6.8%
EBO
NZ$27.99
EBOS Group
7D
1.4%
1Y
-25.0%

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
POT
NZ$7.80
Port of Tauranga
7D
2.8%
1Y
20.9%

Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return

Dec 05
Here's What To Make Of Port of Tauranga's (NZSE:POT) Decelerating Rates Of Return
GMT
NZ$1.95
Goodman Property Trust
7D
-1.0%
1Y
-5.8%
VHP
NZ$1.98
Vital Healthcare Property Trust
7D
-1.0%
1Y
7.9%
AIA
NZ$8.26
Auckland International Airport
7D
1.0%
1Y
-3.1%

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
VCT
NZ$4.86
Vector
7D
5.9%
1Y
24.0%

Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate

Nov 04
Vector Limited (NZSE:VCT) Shares Could Be 24% Below Their Intrinsic Value Estimate
CHI
NZ$2.87
Channel Infrastructure NZ
7D
7.1%
1Y
53.5%
DGL
NZ$4.50
Delegat Group
7D
-4.7%
1Y
-8.2%