Market data
NZX valuation comparison
Valuation metrics across covered companies, combining EOD closes with the same fundamental data used in briefings. Every market-derived number is dated.
Valuation spread
Trailing P/E for covered companies with meaningful positive earnings below 200x, as at close, 4 September 2026.
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| Company | Ticker | Period | Close price | As at close | Market cap | Forward P/E | Trailing P/E | EV/EBITDA | P/B | P/FCF |
|---|---|---|---|---|---|---|---|---|---|---|
| Fisher & Paykel Healthcare | FPH | FY26 | 44.84 | as at close, 4 September 2026 | $26.4b | n/a | 56.3x | 40.8x | 12.5x | 56.4x |
| Infratil | IFT | FY26 | 14.82 | as at close, 4 September 2026 | $14.9b | n/a | 27x | 30.6x | 1.7x | n/a |
| Auckland International Airport | AIA | FY26 | 8.63 | as at close, 4 September 2026 | $14.7b | n/a | 43.8x | 24x | 1.4x | n/a |
| Meridian Energy | MEL | FY26 | 5.35 | as at close, 4 September 2026 | $14.2b | n/a | 109x | 14.8x | 1.4x | 19.7x |
| Mercury NZ | MCY | FY26 | 6.66 | as at close, 4 September 2026 | $9.5b | n/a | 29.6x | 11.1x | 1.8x | 15.5x |
| Contact Energy | CEN | FY26 | 8.67 | as at close, 4 September 2026 | $9.3b | n/a | 22.1x | 11.4x | 1.8x | 14.3x |
| Fonterra Co-operative Group | FCG | HY26 | 4.79 | as at close, 4 September 2026 | $7.7b | n/a | n/a | n/a | n/a | n/a |
| Mainfreight | MFT | FY26 | 68.05 | as at close, 4 September 2026 | $6.9b | n/a | 27.3x | n/a | 3.2x | 17.5x |
| Templeton Emerging Markets Investment Trust Plc | TEM | HY24 | 7.50 | as at close, 4 September 2026 | $6.8b | n/a | n/a | n/a | 3.5x | n/a |
| The a2 Milk Company | ATM | FY26 | 7.99 | as at close, 4 September 2026 | $5.8b | n/a | 51.2x | 17.7x | 5.4x | 97.5x |
| Port of Tauranga | POT | FY26 | 8.25 | as at close, 4 September 2026 | $5.6b | n/a | 36x | 22x | 2.4x | 47.3x |
| Vector | VCT | FY26 | 4.86 | as at close, 4 September 2026 | $4.9b | n/a | 20.2x | 10.6x | 1.3x | 54.9x |
| EBOS Group | EBO | FY26 | 20.70 | as at close, 4 September 2026 | $4.3b | n/a | 19x | 8.9x | 1.6x | 21x |
| Fletcher Building | FBU | FY26 | 3.91 | as at close, 4 September 2026 | $4.2b | n/a | 18.4x | 7x | 1.1x | 9.8x |
| Spark New Zealand | SPK | FY26 | 2.18 | as at close, 4 September 2026 | $4.1b | n/a | 8.3x | 3.9x | 2.5x | 13.4x |
| Chorus | CNU | FY26 | 8.95 | as at close, 4 September 2026 | $3.9b | n/a | 105x | 9.6x | 3.8x | 10.6x |
| Genesis Energy | GNE | FY26 | 2.79 | as at close, 4 September 2026 | $3.7b | n/a | 43.2x | 8.9x | 1.2x | 14.9x |
| Goodman Property Trust | GMT | FY26 | 2.00 | as at close, 4 September 2026 | $3.1b | n/a | 24.2x | 27.2x | 0.9x | n/a |
| Goodman Property Trust | GNZ | HY26 | 2.00 | as at close, 4 September 2026 | $3.1b | n/a | 24.2x | 19.8x | 1x | n/a |
| Freightways Group | FRW | FY26 | 13.17 | as at close, 4 September 2026 | $2.4b | n/a | 25.2x | 9.6x | 4.2x | 15x |
| Ryman Healthcare | RYM | FY26 | 2.08 | as at close, 4 September 2026 | $2.1b | n/a | n/a | n/a | 0.5x | 11.2x |
| Summerset Group Holdings | SUM | HY26 | 8.20 | as at close, 4 September 2026 | $2b | n/a | 6.6x | n/a | 0.6x | 13.7x |
| Precinct Properties | PCT | HY26 | 0.99 | as at close, 4 September 2026 | $1.8b | n/a | n/m | n/a | 0.8x | n/a |
| Kiwi Property Group | KPG | FY26 | 0.92 | as at close, 4 September 2026 | $1.5b | n/a | 30.1x | n/a | 0.8x | 59.6x |
| Skellerup Holdings | SKL | FY26 | 7.59 | as at close, 4 September 2026 | $1.5b | n/a | 22x | 14x | 5.7x | 21.7x |
| Channel Infrastructure NZ | CHI | FY25 | 3.55 | as at close, 4 September 2026 | $1.5b | n/a | 124.7x | 19.3x | 1.9x | 22x |
| Henderson Far East Income | HFL | HY26 | 6.07 | as at close, 4 September 2026 | $1.4b | n/a | 10.7x | n/a | 2.7x | n/a |
| Air New Zealand | AIR | FY26 | 0.39 | as at close, 4 September 2026 | $1.3b | n/a | n/a | n/m | 0.7x | n/a |
| Heartland Group Holdings | HGH | HY26 | 1.27 | as at close, 4 September 2026 | $1.2b | n/a | 14.3x | n/a | 0.9x | n/a |
| Property for Industry | PFI | FY26 | 2.31 | as at close, 4 September 2026 | $1.2b | n/a | 14.9x | n/a | 0.8x | n/a |
| Scales Corporation | SCL | HY26 | 7.37 | as at close, 4 September 2026 | $1.1b | n/a | 13.1x | 7.3x | 2.3x | 10.1x |
| Vulcan Steel | VSL | HY26 | 7.25 | as at close, 4 September 2026 | $1.1b | n/a | 71.8x | 11.7x | 3.7x | 25.7x |
| Briscoe Group | BGP | FY26 | 4.49 | as at close, 4 September 2026 | $1b | n/a | 16.9x | 8.9x | 3.3x | 19.3x |
| Argosy Property | ARG | FY26 | 1.04 | as at close, 4 September 2026 | $908.9m | n/a | 7.1x | n/a | 0.7x | n/a |
| Hallenstein Glasson | HLG | HY26 | 12.39 | as at close, 4 September 2026 | $739.1m | n/a | 16x | n/a | 6.1x | 9.2x |
| SkyCity Entertainment Group | SKC | FY26 | 0.66 | as at close, 4 September 2026 | $728m | n/a | 40x | 10.9x | 0.5x | 27.7x |
| Napier Port Holdings | NPH | HY26 | 3.60 | as at close, 4 September 2026 | $718.6m | n/a | 25x | 14.5x | 1.7x | 55.4x |
| Turners Automotive Group | TRA | FY26 | 7.78 | as at close, 4 September 2026 | $712m | n/a | 18.6x | n/a | 2.2x | n/a |
| Vista Group International | VGL | HY26 | 2.73 | as at close, 4 September 2026 | $653.3m | n/a | n/m | 21.5x | 4.4x | n/a |
| Sanford | SAN | HY26 | 6.95 | as at close, 4 September 2026 | $649.9m | n/a | n/a | n/a | 0.8x | n/a |
| Tower | TWR | HY26 | 1.88 | as at close, 4 September 2026 | $647.3m | n/a | 11.4x | n/a | 2x | n/a |
| Tourism Holdings | THL | FY26 | 2.84 | as at close, 4 September 2026 | $629m | n/a | 16.4x | 4.9x | 1x | 10.8x |
| Oceania Healthcare | OCA | HY26 | 0.80 | as at close, 4 September 2026 | $579.4m | n/a | 11.1x | 13.4x | 0.5x | n/a |
| Gentrack Group Limited 6 months to 31 March 2026 | GTK | HY26 | 4.60 | as at close, 4 September 2026 | $517.3m | n/a | 27.5x | n/a | 2.1x | n/a |
| Sky Network Television | SKT | HY26 | 3.66 | as at close, 4 September 2026 | $503.9m | n/a | 6.8x | n/a | 1x | 4.8x |
| Delegat Group | DGL | FY26 | 4.59 | as at close, 4 September 2026 | $464.2m | n/a | 11.8x | 5.5x | 0.8x | 5.2x |
| Kingfish | KFL | FY26 | 1.19 | as at close, 4 September 2026 | $430.7m | n/a | n/a | n/a | n/a | n/a |
| Winton Land | WIN | FY26 | 1.18 | as at close, 4 September 2026 | $350m | n/a | 15.4x | 7.8x | 0.6x | 3.9x |
| Pacific Edge | PEB | FY26 | 0.26 | as at close, 4 September 2026 | $322.9m | n/a | n/a | n/a | 30.3x | n/a |
| Millennium & Copthorne Hotels New Zealand | MCK | HY26 | 3.06 | as at close, 4 September 2026 | $322.8m | n/a | 12.9x | 9.1x | 0.5x | 13.3x |
| T&G Global Limited and subsidiary companies | TGG | FY25 | 2.40 | as at close, 4 September 2026 | $294.1m | n/a | 28.8x | 9.4x | 0.6x | 4.8x |
| Green Cross Health | GXH | FY26 | 1.93 | as at close, 4 September 2026 | $277.6m | n/a | 13.6x | 5.9x | 1.6x | n/a |
| Synlait Milk | SML | HY26 | 0.40 | as at close, 4 September 2026 | $238.3m | n/a | n/a | n/a | 0.3x | n/a |
| Scott Technology | SCT | HY26 | 2.80 | as at close, 4 September 2026 | $237.7m | n/a | 16.6x | 7.7x | 1.8x | 24.1x |
| The Warehouse Group | WHS | FY25 | 0.68 | as at close, 4 September 2026 | $234.1m | n/a | 19.8x | 5.5x | 0.7x | 2x |
| The Colonial Motor Company | CMO | FY26 | 7.15 | as at close, 4 September 2026 | $233.8m | n/a | 11.7x | n/a | 0.7x | n/a |
| South Port New Zealand | SPN | FY26 | 8.89 | as at close, 4 September 2026 | $233.2m | n/a | 14.5x | 8.4x | 3.1x | 12.7x |
| Seeka | SEK | HY26 | 5.18 | as at close, 4 September 2026 | $231.1m | n/a | n/a | n/a | 0.7x | n/a |
| ikeGPS Group | IKE | FY26 | 1.10 | as at close, 4 September 2026 | $214.5m | n/a | n/a | n/a | 8.4x | n/a |
| NZME | NZM | FY25 | 1.11 | as at close, 4 September 2026 | $208.9m | n/a | 15.9x | 3.6x | 2.1x | 8.2x |
| Serko | SKO | FY26 | 1.61 | as at close, 4 September 2026 | $203.1m | n/a | n/a | n/a | 2.3x | n/a |
| EROAD | ERD | FY26 | 1.01 | as at close, 4 September 2026 | $191m | n/a | n/a | n/a | 1.1x | n/m |
| CDL Investments New Zealand | CDI | HY26 | 0.63 | as at close, 4 September 2026 | $186.1m | n/a | 17.1x | n/a | 0.6x | n/a |
| Michael Hill International | MHJ | HY26 | 0.47 | as at close, 4 September 2026 | $179m | n/a | 23.9x | n/a | 0.9x | 2.2x |
| Barramundi | BRM | FY26 | 0.49 | as at close, 4 September 2026 | $171.8m | n/a | n/a | n/a | n/a | n/a |
| PGG Wrightson | PGW | FY26 | 2.27 | as at close, 4 September 2026 | $171.3m | n/a | 11x | 4x | 0.9x | 3.7x |
| Marlin Global | MLN | FY26 | 0.72 | as at close, 4 September 2026 | $166m | n/a | n/a | n/a | n/a | n/a |
| Livestock Improvement Corporation | LIC | FY26 | 1.10 | as at close, 4 September 2026 | $156.3m | n/a | 7.3x | n/a | 0.5x | 6.2x |
| New Zealand Rural Land Company | NZL | HY26 | 0.93 | as at close, 4 September 2026 | $136.2m | n/a | 15x | n/a | 0.6x | 23.7x |
| Radius Residential Care | RAD | FY26 | 0.45 | as at close, 4 September 2026 | $127.6m | n/a | 13.4x | 7.2x | 1.7x | 14.1x |
| KMD Brands | KMD | HY26 | 1.71 | as at close, 4 September 2026 | $123.1m | n/a | n/a | 3.6x | 0.2x | 1.5x |
| New Zealand King Salmon Investments | NZK | HY26 | 0.22 | as at close, 4 September 2026 | $121.1m | n/a | 5.7x | 2.2x | 0.6x | 10.3x |
| Comvita | CVT | FY26 | 0.83 | as at close, 4 September 2026 | $107.8m | n/a | 14x | 7.6x | 1.1x | 2.8x |
| My Food Bag Group | MFB | FY26 | 0.32 | as at close, 4 September 2026 | $81.5m | n/a | 12.2x | 5.1x | 1.1x | 9.6x |
| Asset Plus | APL | FY26 | 0.16 | as at close, 4 September 2026 | $59.5m | n/a | n/a | n/a | 0.5x | n/a |
| Steel & Tube Holdings | STU | FY26 | 0.31 | as at close, 4 September 2026 | $57.8m | n/a | n/a | n/a | 0.5x | 10.1x |
| Bremworth | BRW | FY26 | 0.76 | as at close, 4 September 2026 | $52.5m | n/a | n/a | n/a | 0.8x | n/a |
| Third Age Health Services | TAH | FY26 | 4.59 | as at close, 4 September 2026 | $45.7m | n/a | 16.3x | 7.6x | 8.3x | 11.6x |
| Promisia Healthcare | PHL | FY26 | 0.68 | as at close, 4 September 2026 | $35.9m | n/a | 2.8x | 11.3x | 0.7x | n/a |
| ArborGen Holdings | ARB | FY26 | 0.07 | as at close, 4 September 2026 | $34m | n/a | n/a | n/a | 0.3x | n/a |
| AoFrio | AOF | HY26 | 0.06 | as at close, 4 September 2026 | $33.8m | n/a | n/a | n/a | 1.5x | n/a |
| BLIS Technologies | BLT | FY26 | 0.02 | as at close, 4 September 2026 | $30.7m | n/a | 43.9x | n/a | 2.4x | n/a |
| General Capital | GEN | FY26 | 0.27 | as at close, 4 September 2026 | $24.8m | n/a | 9.2x | n/a | 0.8x | n/a |
| MOVE Logistics Group | MOV | FY26 | 0.18 | as at close, 4 September 2026 | $23.4m | n/a | 77.8x | n/m | 2x | 0.7x |
| Metro Performance Glass | MPG | FY26 | 0.84 | as at close, 4 September 2026 | $20.7m | n/a | n/a | 2.6x | 0.3x | 1.6x |
| Truscreen Group | TRU | FY26 | 0.02 | as at close, 4 September 2026 | $16.8m | n/a | n/a | n/a | 6.5x | n/a |
| Savor | SVR | FY26 | 0.18 | as at close, 4 September 2026 | $13.5m | n/a | 10.4x | 2.5x | 0.7x | 2.9x |
| Rua Bioscience | RUA | FY26 | 0.04 | as at close, 4 September 2026 | $12.2m | n/a | n/a | n/a | 2.9x | n/a |
| Burger Fuel Group | BFG | FY26 | 0.34 | as at close, 4 September 2026 | $12.2m | n/a | 6.1x | n/a | 1x | n/a |
| Cooks Coffee Company | CCC | FY26 | 0.17 | as at close, 4 September 2026 | $11.4m | n/a | 38.1x | 10.1x | n/a | n/a |
| Me Today | MEE | HY26 | 0.09 | as at close, 4 September 2026 | $9m | n/a | n/a | n/a | 2.9x | n/a |
| Enprise Group | ENS | FY25 | 0.40 | as at close, 4 September 2026 | $8.7m | n/a | n/a | n/a | 2.9x | 29.6x |
| New Talisman Gold Mines | NTL | FY26 | 0.01 | as at close, 4 September 2026 | $6.3m | n/a | n/a | n/a | 0.4x | n/a |
| AFC Group Holdings | AFC | FY26 | 0.00 | as at close, 4 September 2026 | $3.7m | n/a | n/a | n/a | 17.8x | n/a |
| Iperion | IPR | FY26 | 0.00 | as at close, 4 September 2026 | $1.5m | n/a | n/a | n/a | 28.6x | n/a |
| Being AI | BAI | FY26 | 0.01 | as at close, 4 September 2026 | $1.1m | n/a | 150.4x | n/a | n/a | n/a |
| Blackwell Global Holdings | RTO | FY26 | 0.10 | as at close, 4 September 2026 | $0.99m | n/a | n/a | n/a | 5.3x | n/a |
| Australian Foundation Investment Company | AFI | FY26 | n/a | as at close, 4 September 2026 | n/a | n/a | n/a | n/a | n/a | n/a |
| Rakon | RAK | HY26 | n/a | as at close, 25 May 2026 | n/a | n/a | n/a | n/a | n/a | n/a |
| Westpac Banking Corporation | WBC | HY26 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
Methodology: valuation rows use dated EOD closes and standard Annolyse fundamentals. Forward P/E appears only when a supported forward EPS input exists. EV/EBITDA uses market cap plus filing-derived net debt over trailing EBITDA and is not shown for company types where it is not meaningful. Other ratios are not shown when earnings or cash flow are unsuitable, the listing line is unsupported, or required market data is unavailable. The chart omits trailing P/E values above 200x so low-earnings outliers do not flatten the comparison.