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New Zealand (NZX) Market Analysis & Valuation

UpdatedOct 28, 2025
DataAggregated Company Financials
Companies105
  • 7D0.4%
  • 3M3.7%
  • 1Y3.8%
  • YTD2.5%

The market has been flat over the last week. As for the longer term, the market has risen 3.8% in the past 12 months. As for the next few years, earnings are expected to grow by 21% per annum.

Trending IndustriesSoftware

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Oct 2025NZ$179.4bNZ$115.9bNZ$3.5b18.7x51.6x1.5x
Thu, 25 Sep 2025NZ$175.9bNZ$115.9bNZ$3.6b17.8x48.7x1.5x
Sat, 23 Aug 2025NZ$174.7bNZ$115.9bNZ$4.0b18.6x43.6x1.5x
Mon, 21 Jul 2025NZ$171.0bNZ$115.7bNZ$3.5b19x49.2x1.5x
Wed, 18 Jun 2025NZ$168.8bNZ$116.0bNZ$3.5b19.5x48.7x1.5x
Fri, 16 May 2025NZ$170.7bNZ$115.4bNZ$2.6b19.4x66x1.5x
Sun, 13 Apr 2025NZ$160.3bNZ$115.3bNZ$2.6b18.4x61.1x1.4x
Tue, 11 Mar 2025NZ$165.9bNZ$114.0bNZ$2.6b19.5x64.3x1.5x
Thu, 06 Feb 2025NZ$169.9bNZ$113.6bNZ$3.2b19.8x53.9x1.5x
Sat, 04 Jan 2025NZ$171.6bNZ$113.7bNZ$3.1b20.2x54.8x1.5x
Mon, 02 Dec 2024NZ$172.3bNZ$113.6bNZ$3.1b20.1x54.9x1.5x
Wed, 30 Oct 2024NZ$170.1bNZ$112.8bNZ$4.3b19.3x39.7x1.5x
Fri, 27 Sep 2024NZ$164.3bNZ$112.6bNZ$4.4b18.9x37.2x1.5x
Sun, 25 Aug 2024NZ$164.6bNZ$111.9bNZ$4.4b20.6x37.1x1.5x
Tue, 23 Jul 2024NZ$162.3bNZ$110.8bNZ$4.7b16.8x34.8x1.5x
Thu, 20 Jun 2024NZ$155.1bNZ$109.6bNZ$4.3b14.7x36x1.4x
Sat, 18 May 2024NZ$154.0bNZ$110.0bNZ$5.8b15.4x26.4x1.4x
Mon, 15 Apr 2024NZ$156.4bNZ$110.0bNZ$5.8b17x26.9x1.4x
Wed, 13 Mar 2024NZ$156.3bNZ$111.2bNZ$5.7b17x27.2x1.4x
Fri, 09 Feb 2024NZ$158.9bNZ$109.1bNZ$6.6b14x23.9x1.5x
Sun, 07 Jan 2024NZ$157.7bNZ$109.3bNZ$6.6b15.8x23.7x1.4x
Tue, 05 Dec 2023NZ$152.1bNZ$109.3bNZ$6.6b15.6x22.9x1.4x
Thu, 02 Nov 2023NZ$145.7bNZ$109.3bNZ$5.8b16.4x25x1.3x
Sat, 30 Sep 2023NZ$152.2bNZ$110.2bNZ$5.9b16.7x26x1.4x
Mon, 28 Aug 2023NZ$156.6bNZ$110.7bNZ$6.3b17.2x24.9x1.4x
Wed, 26 Jul 2023NZ$163.6bNZ$108.4bNZ$6.6b17x24.7x1.5x
Fri, 23 Jun 2023NZ$161.6bNZ$108.4bNZ$6.6b15.8x24.4x1.5x
Sun, 21 May 2023NZ$165.3bNZ$107.3bNZ$7.3b15.5x22.8x1.5x
Tue, 18 Apr 2023NZ$162.9bNZ$107.4bNZ$7.6b15.3x21.5x1.5x
Thu, 16 Mar 2023NZ$159.7bNZ$104.7bNZ$7.3b15.8x21.8x1.5x
Sat, 11 Feb 2023NZ$166.7bNZ$100.5bNZ$6.6b17.1x25.2x1.7x
Mon, 09 Jan 2023NZ$159.7bNZ$100.3bNZ$6.6b16x24.2x1.6x
Wed, 07 Dec 2022NZ$160.5bNZ$100.1bNZ$6.6b16.3x24.3x1.6x
Fri, 04 Nov 2022NZ$156.9bNZ$99.4bNZ$7.9b16.9x19.9x1.6x
Price to Earnings Ratio

19.9x


Total Market Cap: NZ$156.9bTotal Earnings: NZ$7.9bTotal Revenue: NZ$99.4bTotal Market Cap vs Earnings and Revenue0%0%0%
New Zealand Market Price to Earnings3Y Average 35.6x202320242025
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 51.6x which is higher than its 3-year average PE of 35.6x.
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 5.3% 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 Market0.38%
Telecom0.87%
Utilities0.76%
Materials0.75%
Industrials0.68%
Real Estate0.67%
Tech0.53%
Healthcare0.42%
Consumer Discretionary0.15%
Energy-0.39%
Consumer Staples-0.49%
Financials-0.79%
Sector PE
  • Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 52.8x.
    • Analysts are expecting annual earnings growth of 20.8%, 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
MEL Meridian EnergyNZ$5.901.5%
+NZ$243.8m		-0.3%PS3.2xUtilities
CEN Contact EnergyNZ$9.372.4%
+NZ$219.9m		9.6%PE28.2xUtilities
AIA Auckland International AirportNZ$8.201.0%
+NZ$135.6m		12.9%PE33xIndustrials
FBU Fletcher BuildingNZ$3.222.9%
+NZ$96.4m		3.5%PS0.5xIndustrials
FPH Fisher & Paykel HealthcareNZ$35.860.4%
+NZ$94.0m		-2.7%PE55.8xHealthcare
See more

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GTK
NZ$8.93
Gentrack Group
7D
-5.3%
1Y
-11.8%
CEN
NZ$9.37
Contact Energy
7D
2.4%
1Y
9.6%

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GNE
NZ$2.54
Genesis Energy
7D
2.8%
1Y
20.1%
ATM
NZ$10.37
a2 Milk
7D
-1.1%
1Y
63.1%

Supply Constraints And Costs Will Pressure Earnings But Profit Margins Are Set To Improve

Analysts have raised their price target for a2 Milk from $8.86 to $9.05, citing an improved outlook on revenue growth and profit margins. What's in the News The a2 Milk Company Limited (ASX:A2M) has been added to the S&P Global BMI Index.
MFT
NZ$60.10
Mainfreight
7D
-2.6%
1Y
-17.4%
FPH
NZ$35.86
Fisher & Paykel Healthcare
7D
0.4%
1Y
-2.7%

Analysts Hold Price Target for Fisher and Paykel Healthcare as Valuation Inputs Remain Stable

Analysts have maintained their price target for Fisher & Paykel Healthcare at $36.61 per share, citing stable forecasts for discount rate, revenue growth, profit margin, and forward price-to-earnings ratios. Minimal changes were observed in the underlying model inputs.
MEL
NZ$5.90
Meridian Energy
7D
1.5%
1Y
-0.3%
SKC
NZ$0.71
SkyCity Entertainment Group
7D
-4.7%
1Y
-48.9%
PCT
NZ$1.24
Precinct Properties NZ & Precinct Properties Investments
7D
-1.2%
1Y
-3.1%
EBO
NZ$28.40
EBOS Group
7D
-0.8%
1Y
-24.0%

Renewed Distribution And Digital Adoption Will Improve Healthcare Supply Chains

Analysts have revised their price target for EBOS Group downward from $36.96 to $32.64. This adjustment is due to lowered revenue growth expectations, while profit margins and discount rates remain stable.
AIA
NZ$8.20
Auckland International Airport
7D
1.0%
1Y
12.9%

Shareholders May Be More Conservative With Auckland International Airport Limited's (NZSE:AIA) CEO Compensation For Now

Oct 16
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SUM
NZ$11.90
Summerset Group Holdings
7D
2.6%
1Y
-4.4%
IFT
NZ$12.24
Infratil
7D
-1.1%
1Y
-4.7%
MCY
NZ$6.49
Mercury NZ
7D
-2.4%
1Y
-1.8%

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Oct 03
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FBU
NZ$3.22
Fletcher Building
7D
2.9%
1Y
3.5%

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Oct 01
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FCG
NZ$5.87
Fonterra Co-operative Group
7D
-0.5%
1Y
30.7%

Fonterra Co-operative Group (NZSE:FCG) Will Pay A Larger Dividend Than Last Year At NZ$0.4118

Sep 28
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