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

New Zealand (NZX) Market Analysis & Valuation

UpdatedNov 11, 2025
DataAggregated Company Financials
Companies104
  • 7D-0.4%
  • 3M5.7%
  • 1Y4.6%
  • YTD3.5%

In the last week, the market has been flat, with a notable exception in the Real Estate sector dropping 3.7%. Meanwhile, the market is actually up 4.6% over the past year. Earnings are forecast to grow by 21% annually.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 12 Nov 2025NZ$181.2bNZ$116.1bNZ$3.5b19.1x52x1.6x
Fri, 10 Oct 2025NZ$181.3bNZ$115.9bNZ$3.5b19.1x52.2x1.6x
Sun, 07 Sep 2025NZ$176.9bNZ$115.7bNZ$3.6b18.2x48.6x1.5x
Tue, 05 Aug 2025NZ$169.0bNZ$115.7bNZ$3.5b19.3x48.7x1.5x
Thu, 03 Jul 2025NZ$170.2bNZ$116.0bNZ$3.5b19.3x49.2x1.5x
Sat, 31 May 2025NZ$165.7bNZ$116.0bNZ$3.5b18.4x47.6x1.4x
Mon, 28 Apr 2025NZ$160.2bNZ$115.2bNZ$2.6b18.2x61.1x1.4x
Wed, 26 Mar 2025NZ$161.0bNZ$115.5bNZ$2.6b18.6x60.8x1.4x
Fri, 21 Feb 2025NZ$172.4bNZ$113.3bNZ$3.1b20.5x55.9x1.5x
Sun, 19 Jan 2025NZ$172.8bNZ$113.7bNZ$3.1b20.5x55x1.5x
Tue, 17 Dec 2024NZ$167.6bNZ$113.6bNZ$3.1b19.5x53.4x1.5x
Thu, 14 Nov 2024NZ$170.6bNZ$112.9bNZ$4.2b19.6x40.4x1.5x
Sat, 12 Oct 2024NZ$169.1bNZ$112.9bNZ$4.3b19.1x39.4x1.5x
Mon, 09 Sep 2024NZ$164.8bNZ$112.8bNZ$4.6b19.9x36x1.5x
Wed, 07 Aug 2024NZ$161.5bNZ$110.6bNZ$4.7b17.3x34.6x1.5x
Fri, 05 Jul 2024NZ$155.3bNZ$109.6bNZ$4.3b15.3x36x1.4x
Sun, 02 Jun 2024NZ$156.4bNZ$110.7bNZ$5.3b14.9x29.5x1.4x
Tue, 30 Apr 2024NZ$155.9bNZ$110.1bNZ$5.8b16.9x26.8x1.4x
Thu, 28 Mar 2024NZ$156.9bNZ$109.9bNZ$5.9b17x26.6x1.4x
Sat, 24 Feb 2024NZ$156.2bNZ$111.0bNZ$6.5b16x24.2x1.4x
Mon, 22 Jan 2024NZ$156.0bNZ$109.3bNZ$6.7b15.7x23.5x1.4x
Wed, 20 Dec 2023NZ$154.7bNZ$109.3bNZ$6.6b15.7x23.3x1.4x
Fri, 17 Nov 2023NZ$151.8bNZ$108.6bNZ$5.6b16.5x27x1.4x
Sun, 15 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Tue, 12 Sep 2023NZ$153.2bNZ$110.7bNZ$5.9b16.6x25.9x1.4x
Thu, 10 Aug 2023NZ$162.4bNZ$108.3bNZ$6.6b17.3x24.7x1.5x
Sat, 08 Jul 2023NZ$164.7bNZ$108.2bNZ$6.6b16.9x24.9x1.5x
Mon, 05 Jun 2023NZ$161.7bNZ$107.9bNZ$6.2b16.1x26.1x1.5x
Wed, 03 May 2023NZ$163.9bNZ$107.3bNZ$7.6b15.3x21.6x1.5x
Fri, 31 Mar 2023NZ$163.5bNZ$107.3bNZ$7.6b15.7x21.6x1.5x
Sun, 26 Feb 2023NZ$163.9bNZ$105.1bNZ$7.3b16.5x22.5x1.6x
Tue, 24 Jan 2023NZ$163.7bNZ$100.3bNZ$6.6b16.4x24.8x1.6x
Thu, 22 Dec 2022NZ$158.1bNZ$100.1bNZ$6.6b15.6x23.9x1.6x
Sat, 19 Nov 2022NZ$156.1bNZ$100.4bNZ$7.9b16.1x19.8x1.6x
Price to Earnings Ratio

19.8x


Total Market Cap: NZ$156.1bTotal Earnings: NZ$7.9bTotal Revenue: NZ$100.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 36.1x202320242025
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 52.0x which is higher than its 3-year average PE of 36.1x.
Past Earnings Growth
  • The earnings for New Zealander listed companies have declined 24% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.0% 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-0.36%
Financials1.95%
Healthcare1.87%
Consumer Discretionary1.01%
Industrials-0.29%
Consumer Staples-0.59%
Tech-1.35%
Energy-1.49%
Utilities-1.59%
Telecom-1.81%
Materials-1.96%
Real Estate-3.69%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 55.3x.
    • Analysts are expecting annual earnings growth of 20.7%, 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 100% over the next 5 years.
  • In contrast, the Industrials sector is expected to see its earnings grow by 12% 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
MFT MainfreightNZ$63.006.5%
+NZ$389.7m		-13.1%PE23.1xIndustrials
FPH Fisher & Paykel HealthcareNZ$38.271.4%
+NZ$305.4m		2.9%PE59.6xHealthcare
IFT InfratilNZ$12.672.2%
+NZ$269.2m		2.1%PS3.3xFinancials
FBU Fletcher BuildingNZ$3.555.0%
+NZ$182.0m		10.9%PS0.5xIndustrials
MEL Meridian EnergyNZ$5.920.9%
+NZ$132.0m		0.9%PS3.2xUtilities
See more

Market Insights

Header cover image
⚠️ Default Distress: What Private Credit Troubles Could Mean for Regional Banks
Richard Bowman avatar
Richard Bowman
|
|
In this week’s piece, we’ll: Explain what’s happening in the world of private credit, Review why the industry presents new risks today, Identify how investors can reduce downside exposure
Continue reading
🏦 Room to Run: A Look at Where the Financial Sector Could Go
Last Week

🏦 Room to Run: A Look at Where the Financial Sector Could Go

Latest News

MFT
NZ$63.00
Mainfreight
7D
6.5%
1Y
-13.1%
CEN
NZ$9.60
Contact Energy
7D
1.1%
1Y
11.9%

Contact Energy (NZSE:CEN) Seems To Use Debt Quite Sensibly

Nov 10
Contact Energy (NZSE:CEN) Seems To Use Debt Quite Sensibly
ATM
NZ$10.87
a2 Milk
7D
-0.9%
1Y
105.1%

ATM: Rising Discount Rate and High P/E Will Pressure Future Returns

Analysts have raised their price target for a2 Milk from $9.05 to $9.37, citing slight improvements to expected revenue growth and overall fair value estimates. What's in the News The a2 Milk Company Limited (ASX:A2M) has been added to the S&P Global BMI Index (Key Developments).
RYM
NZ$2.98
Ryman Healthcare
7D
4.2%
1Y
-38.0%

RYM: Stable Forecasts Will Support Current Share Price Levels

Narrative Update on Ryman Healthcare Analyst Price Target Analysts have maintained their price target for Ryman Healthcare at $3.07, with only minor adjustments to underlying assumptions. They cite stable forecasts for revenue growth and profit margins as reasons for the consistent valuation.
SPK
NZ$2.31
Spark New Zealand
7D
-2.5%
1Y
-24.0%
FPH
NZ$38.27
Fisher & Paykel Healthcare
7D
1.4%
1Y
2.9%

FPH: Fair Value Assessment Will Remain Steady With Minor Discount Rate Adjustment

Analysts have marginally increased their price target for Fisher & Paykel Healthcare to $36.61. This reflects minor adjustments in company fundamentals and updated discount rate assumptions.
FBU
NZ$3.55
Fletcher Building
7D
5.0%
1Y
10.9%

Fletcher Building (NZSE:FBU) Is Looking To Continue Growing Its Returns On Capital

Nov 04
Fletcher Building (NZSE:FBU) Is Looking To Continue Growing Its Returns On Capital
VCT
NZ$4.90
Vector
7D
-2.8%
1Y
28.6%

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
AIA
NZ$8.00
Auckland International Airport
7D
-1.5%
1Y
9.9%

Returns On Capital At Auckland International Airport (NZSE:AIA) Have Stalled

Nov 03
Returns On Capital At Auckland International Airport (NZSE:AIA) Have Stalled
FRW
NZ$13.93
Freightways Group
7D
-2.6%
1Y
33.9%

If EPS Growth Is Important To You, Freightways Group (NZSE:FRW) Presents An Opportunity

Nov 01
If EPS Growth Is Important To You, Freightways Group (NZSE:FRW) Presents An Opportunity
MEL
NZ$5.92
Meridian Energy
7D
0.9%
1Y
0.9%
GMT
NZ$2.05
Goodman Property Trust
7D
-3.8%
1Y
-3.3%
SUM
NZ$12.22
Summerset Group Holdings
7D
3.9%
1Y
-3.2%
IFT
NZ$12.67
Infratil
7D
2.2%
1Y
2.1%
MCY
NZ$6.48
Mercury NZ
7D
-1.5%
1Y
-1.7%

Is Mercury NZ (NZSE:MCY) Using Too Much Debt?

Oct 03
Is Mercury NZ (NZSE:MCY) Using Too Much Debt?
VHP
NZ$1.97
Vital Healthcare Property Trust
7D
-13.1%
1Y
-0.8%