Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

New Zealand (NZX) Market Analysis & Valuation

UpdatedJul 21, 2026
DataAggregated Company Financials
Companies103
  • 7D-0.2%
  • 3M4.1%
  • 1Y3.2%
  • YTD-0.6%

In the last week, the market has been flat. As for the longer term, the market has risen 3.2% in the past 12 months. Looking forward, earnings are forecast to grow by 18% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 21 Jul 2026NZ$180.5bNZ$117.6bNZ$5.1b16.9x35.5x1.5x
Thu, 18 Jun 2026NZ$178.8bNZ$117.9bNZ$5.1b16.5x35x1.5x
Sat, 16 May 2026NZ$174.6bNZ$118.6bNZ$4.6b17.9x38.2x1.5x
Mon, 13 Apr 2026NZ$174.5bNZ$118.5bNZ$4.6b17.1x38.3x1.5x
Wed, 11 Mar 2026NZ$173.5bNZ$117.1bNZ$4.6b18x37.8x1.5x
Fri, 06 Feb 2026NZ$178.6bNZ$115.5bNZ$4.0b18.7x45.1x1.5x
Sun, 04 Jan 2026NZ$179.3bNZ$115.5bNZ$3.9b18.6x45.9x1.6x
Tue, 02 Dec 2025NZ$178.3bNZ$115.2bNZ$3.9b18.6x45.7x1.5x
Thu, 30 Oct 2025NZ$179.6bNZ$115.9bNZ$3.5b18.9x51.6x1.5x
Sat, 27 Sep 2025NZ$175.5bNZ$115.7bNZ$3.4b17.7x51.3x1.5x
Mon, 25 Aug 2025NZ$174.7bNZ$115.8bNZ$4.0b18.6x43.6x1.5x
Wed, 23 Jul 2025NZ$170.6bNZ$115.7bNZ$3.5b19.1x49.1x1.5x
Fri, 20 Jun 2025NZ$167.9bNZ$116.1bNZ$3.5b19.5x48.5x1.4x
Sun, 18 May 2025NZ$169.7bNZ$115.4bNZ$2.7b18.9x63.6x1.5x
Tue, 15 Apr 2025NZ$161.4bNZ$115.3bNZ$2.6b18.8x61.5x1.4x
Thu, 13 Mar 2025NZ$162.8bNZ$113.9bNZ$2.6b19.4x63.5x1.4x
Sat, 08 Feb 2025NZ$169.9bNZ$113.7bNZ$3.2b19.7x53.9x1.5x
Mon, 06 Jan 2025NZ$171.1bNZ$113.7bNZ$3.1b20.2x54.6x1.5x
Wed, 04 Dec 2024NZ$173.0bNZ$113.6bNZ$3.1b19.9x55.1x1.5x
Fri, 01 Nov 2024NZ$169.3bNZ$112.8bNZ$4.3b19.5x39.5x1.5x
Sun, 29 Sep 2024NZ$164.4bNZ$112.3bNZ$4.4b19.1x37.5x1.5x
Tue, 27 Aug 2024NZ$165.6bNZ$112.0bNZ$4.4b20.4x37.8x1.5x
Thu, 25 Jul 2024NZ$164.7bNZ$110.9bNZ$4.7b17.4x35.3x1.5x
Sat, 22 Jun 2024NZ$154.3bNZ$109.5bNZ$4.3b14.8x35.8x1.4x
Mon, 20 May 2024NZ$154.0bNZ$110.0bNZ$5.9b15.4x25.9x1.4x
Wed, 17 Apr 2024NZ$156.0bNZ$110.0bNZ$5.8b16.6x26.8x1.4x
Fri, 15 Mar 2024NZ$155.9bNZ$111.2bNZ$5.7b16.9x27.1x1.4x
Sun, 11 Feb 2024NZ$157.9bNZ$109.1bNZ$6.6b14.1x23.8x1.4x
Tue, 09 Jan 2024NZ$157.5bNZ$109.3bNZ$6.6b16.3x23.7x1.4x
Thu, 07 Dec 2023NZ$151.7bNZ$109.2bNZ$6.6b15.5x22.8x1.4x
Sat, 04 Nov 2023NZ$149.0bNZ$109.3bNZ$5.8b16.4x25.6x1.4x
Mon, 02 Oct 2023NZ$152.2bNZ$110.2bNZ$5.9b16.7x26x1.4x
Wed, 30 Aug 2023NZ$157.3bNZ$110.6bNZ$5.9b16.8x26.6x1.4x
Fri, 28 Jul 2023NZ$164.0bNZ$108.3bNZ$6.6b16.8x24.7x1.5x
Price to Earnings Ratio

24.7x


Total Market Cap: NZ$164.0bTotal Earnings: NZ$6.6bTotal Revenue: NZ$108.3bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 40x202420252026
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 40.0x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 8.5% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.8% 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 Market-0.16%
Consumer Discretionary1.92%
Real Estate1.67%
Energy0.93%
Consumer Staples0.86%
Telecom0.39%
Tech0.30%
Industrials0.18%
Healthcare-0.67%
Utilities-0.67%
Materials-1.48%
Financials-1.91%
Sector PE
  • Investors favour the Energy sector the most for future growth, which is trading above its 3-year average PE ratio of 31.7x.
    • 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
IFT InfratilNZ$15.471.9%
+NZ$290.6m		35.1%PE57.5xFinancials
CEN Contact EnergyNZ$9.251.9%
+NZ$182.0m		2.3%PE25.2xUtilities
MFT MainfreightNZ$63.502.4%
+NZ$151.0m		-4.1%PE25.5xIndustrials
MEL Meridian EnergyNZ$5.630.9%
+NZ$132.4m		-2.4%PS3.3xUtilities
FBU Fletcher BuildingNZ$3.743.3%
+NZ$128.6m		22.2%PS0.6xIndustrials
See more

Market Insights

Header cover image
A strong brand today doesn't guarantee a strong brand forever. Even the most established names can see their pricing power fade over time. In an industry landscape being reshaped by new entrants, shifting tastes and disruptive technology, it's worth understanding how to tell a temporary dip from a permanent decline.
Continue reading
What makes a lasting brand?

Latest News

SUM
NZ$8.07
Summerset Group Holdings
7D
-7.5%
1Y
-30.7%
SKC
NZ$0.58
SkyCity Entertainment Group
7D
14.7%
1Y
-39.1%
PCT
NZ$1.10
Precinct Properties NZ & Precinct Properties Investments
7D
4.8%
1Y
-9.8%
SKL
NZ$6.68
Skellerup Holdings
7D
-3.0%
1Y
38.3%
RYM
NZ$2.22
Ryman Healthcare
7D
3.7%
1Y
-12.3%
FBU
NZ$3.74
Fletcher Building
7D
3.3%
1Y
22.2%
IFT
NZ$15.47
Infratil
7D
1.9%
1Y
35.1%
ATM
NZ$8.42
a2 Milk
7D
-1.8%
1Y
-0.6%
Narrative Update • Jul 10

ATM: Recall Management And 2026 Guidance Will Support Bullish Re-Rating

Analysts have trimmed their fair value estimate for a2 Milk from about NZ$12.40 to roughly NZ$10.88, citing updated assumptions for the discount rate, revenue growth, profit margin, and future P/E. This comes even as recent Street research highlights a NZ$7.90 price target and describes the business as transitioning to a more robust model.
SPK
NZ$1.83
Spark New Zealand
7D
-3.7%
1Y
-27.7%
Narrative Update • Jul 10

nan

Analysts have adjusted their price target on Spark New Zealand to NZ$2.59 from NZ$2.88, reflecting updated views on discount rates, revenue growth, profit margins and future P/E assumptions. What’s in the News for Spark New Zealand No recent company specific news items for Spark New Zealand were identified in the provided sources.
EBO
NZ$22.10
EBOS Group
7D
-2.1%
1Y
-44.7%
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.
FPH
NZ$39.11
Fisher & Paykel Healthcare
7D
-1.6%
1Y
6.6%
Narrative Update • Jul 08

FPH: Removal From Conviction List Will Meet Higher Dividend Outlook

Analysts have modestly raised the fair value estimate for Fisher & Paykel Healthcare from NZ$46.00 to NZ$47.00, citing updated assumptions on revenue growth, profit margins, and future P/E multiples, along with the stock's recent removal from an APAC Conviction List. What's in the News for Fisher & Paykel Healthcare Fisher & Paykel Healthcare Corporation Limited announced a dividend of NZ$0.38823529 per share for the six months ended March 31, 2026.
MFT
NZ$63.50
Mainfreight
7D
2.4%
1Y
-4.1%
MCY
NZ$6.70
Mercury NZ
7D
-3.2%
1Y
9.5%
WIN
NZ$1.20
Winton Land
7D
-7.7%
1Y
-38.8%
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.
CEN
NZ$9.25
Contact Energy
7D
1.9%
1Y
2.3%
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$5.63
Meridian Energy
7D
0.9%
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...