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New Zealand (NZX) Market Analysis & Valuation

UpdatedNov 11, 2025
DataAggregated Company Financials
Companies104
  • 7D0.2%
  • 3M5.2%
  • 1Y5.3%
  • YTD3.6%

The market has been flat over the last week. Meanwhile, the market is actually up 5.3% over the past year. 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
Fri, 14 Nov 2025NZ$181.2bNZ$116.1bNZ$3.5b19.1x52x1.6x
Sun, 12 Oct 2025NZ$180.2bNZ$115.8bNZ$3.5b19x51.9x1.6x
Tue, 09 Sep 2025NZ$177.8bNZ$115.6bNZ$3.6b17.9x48.8x1.5x
Thu, 07 Aug 2025NZ$171.2bNZ$115.7bNZ$3.5b19.1x49.3x1.5x
Sat, 05 Jul 2025NZ$170.3bNZ$116.1bNZ$3.5b19.3x49.2x1.5x
Mon, 02 Jun 2025NZ$165.7bNZ$116.0bNZ$3.5b18.3x47.9x1.4x
Wed, 30 Apr 2025NZ$159.7bNZ$115.2bNZ$2.6b18.5x60.9x1.4x
Fri, 28 Mar 2025NZ$163.2bNZ$115.5bNZ$2.6b18.3x61.6x1.4x
Sun, 23 Feb 2025NZ$169.5bNZ$113.3bNZ$2.9b20.7x57.6x1.5x
Tue, 21 Jan 2025NZ$172.7bNZ$113.6bNZ$3.1b19.9x55x1.5x
Thu, 19 Dec 2024NZ$169.3bNZ$113.6bNZ$3.1b19.7x54.1x1.5x
Sat, 16 Nov 2024NZ$169.6bNZ$113.5bNZ$3.1b19.7x54.2x1.5x
Mon, 14 Oct 2024NZ$169.9bNZ$112.9bNZ$4.3b19.1x39.6x1.5x
Wed, 11 Sep 2024NZ$164.8bNZ$112.9bNZ$4.6b19.5x36x1.5x
Fri, 09 Aug 2024NZ$161.0bNZ$110.7bNZ$4.6b17.8x34.7x1.5x
Sun, 07 Jul 2024NZ$156.0bNZ$110.7bNZ$4.7b15.6x33.3x1.4x
Tue, 04 Jun 2024NZ$156.4bNZ$110.7bNZ$5.3b15.1x29.5x1.4x
Thu, 02 May 2024NZ$155.5bNZ$110.1bNZ$5.8b16.4x26.7x1.4x
Sat, 30 Mar 2024NZ$158.5bNZ$110.0bNZ$5.9b17.2x26.9x1.4x
Mon, 26 Feb 2024NZ$156.6bNZ$111.0bNZ$6.4b17.2x24.4x1.4x
Wed, 24 Jan 2024NZ$157.5bNZ$109.4bNZ$6.7b15.7x23.7x1.4x
Fri, 22 Dec 2023NZ$154.8bNZ$109.3bNZ$6.6b15.7x23.3x1.4x
Sun, 19 Nov 2023NZ$149.6bNZ$109.1bNZ$6.8b15.8x21.9x1.4x
Tue, 17 Oct 2023NZ$151.7bNZ$109.0bNZ$5.8b16.2x26x1.4x
Thu, 14 Sep 2023NZ$153.9bNZ$110.6bNZ$5.9b16.3x26.1x1.4x
Sat, 12 Aug 2023NZ$162.5bNZ$108.4bNZ$6.4b16.7x25.5x1.5x
Mon, 10 Jul 2023NZ$164.7bNZ$108.2bNZ$6.6b16.9x24.9x1.5x
Wed, 07 Jun 2023NZ$161.5bNZ$107.9bNZ$6.2b16.5x26x1.5x
Fri, 05 May 2023NZ$163.7bNZ$107.2bNZ$7.6b15x21.6x1.5x
Sun, 02 Apr 2023NZ$162.9bNZ$107.2bNZ$7.6b15.7x21.5x1.5x
Tue, 28 Feb 2023NZ$162.3bNZ$105.1bNZ$7.3b16.5x22.1x1.5x
Thu, 26 Jan 2023NZ$163.7bNZ$100.4bNZ$6.6b16.4x24.8x1.6x
Sat, 24 Dec 2022NZ$158.0bNZ$100.1bNZ$6.6b16.1x23.9x1.6x
Mon, 21 Nov 2022NZ$157.3bNZ$100.3bNZ$7.4b16x21.4x1.6x
Price to Earnings Ratio

21.4x


Total Market Cap: NZ$157.3bTotal Earnings: NZ$7.4bTotal Revenue: NZ$100.3bTotal 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 22% 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 Market0.18%
Consumer Discretionary2.13%
Utilities1.25%
Industrials1.13%
Healthcare0.34%
Materials0.31%
Consumer Staples0.15%
Energy-0.78%
Telecom-1.17%
Tech-1.54%
Financials-2.17%
Real Estate-2.69%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 55.6x.
    • 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 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
MFT MainfreightNZ$68.5014.9%
+NZ$896.2m		-6.3%PE27.2xIndustrials
CEN Contact EnergyNZ$9.702.8%
+NZ$258.6m		13.6%PE29.1xUtilities
MEL Meridian EnergyNZ$5.881.4%
+NZ$211.1m		-0.3%PS3.2xUtilities
MCY Mercury NZNZ$6.561.5%
+NZ$141.7m		-1.4%PE9298.1xUtilities
POT Port of TaurangaNZ$7.722.5%
+NZ$129.2m		30.0%PE30.3xIndustrials
See more

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IFT
NZ$11.97
Infratil
7D
-2.4%
1Y
-4.3%
SUM
NZ$12.17
Summerset Group Holdings
7D
3.7%
1Y
-3.9%
MFT
NZ$68.50
Mainfreight
7D
14.9%
1Y
-6.3%
CEN
NZ$9.70
Contact Energy
7D
2.8%
1Y
13.6%

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Nov 10
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SPK
NZ$2.30
Spark New Zealand
7D
-1.7%
1Y
-24.6%
FPH
NZ$38.08
Fisher & Paykel Healthcare
7D
-0.2%
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.
VCT
NZ$4.83
Vector
7D
-2.0%
1Y
26.4%

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

Nov 04
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AIA
NZ$7.87
Auckland International Airport
7D
-3.3%
1Y
9.2%

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$13.80
Freightways Group
7D
-3.0%
1Y
31.4%

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

Nov 01
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EBO
NZ$28.63
EBOS Group
7D
1.2%
1Y
-23.0%
SKC
NZ$0.83
SkyCity Entertainment Group
7D
10.6%
1Y
-40.4%

SKC: Auckland Asset Sales Will Drive Recovery Amid Economic Pressures

Analysts have revised SkyCity Entertainment Group’s fair value estimate downward from $1.14 to $1.08. They cited reduced revenue growth projections and a marginally higher discount rate as key factors in their updated outlook.
MEL
NZ$5.88
Meridian Energy
7D
1.4%
1Y
-0.3%
MCY
NZ$6.56
Mercury NZ
7D
1.5%
1Y
-1.4%

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Oct 03
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POT
NZ$7.72
Port of Tauranga
7D
2.5%
1Y
30.0%

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Oct 01
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WIN
NZ$2.00
Winton Land
7D
-8.7%
1Y
-6.1%
VHP
NZ$1.95
Vital Healthcare Property Trust
7D
-12.4%
1Y
-1.8%