New Zealand Stock Market PE Ratio

The New Zealand Stock Market currently trades at a current P/E ratio of 28.79 as of October 23, 2025.

Over the past five years, the median P/E has been 28.17, putting today's valuation close to the median of that range. Looking at the longer 10-year period, where the median sits at 26.82, the current reading ranks in the 66.7th percentile - a level historically associated with Overvalued pricing. The 20-year median of 20.32 provides additional context, with the current ratio in the 83.3th percentile of that extended timeframe.

This analysis is based on the iShares MSCI New Zealand ETF (ENZL) which serves as the benchmark for the New Zealand market.

Since February 1996, the iShares MSCI New Zealand ETF has recorded a median P/E ratio of 15.65 over 30 years. Against this full historical backdrop, the current valuation sits in the 88.8th percentile of all recorded readings, indicating that the market is trading well above its long-term median.

Historical P/E Comparison

The table below compares the current P/E Ratio (28.79) with its historical median and percentile rankings.

Time Period Median PE Ratio Percentile Rank Valuation
1 Year 31.55 33.3 Undervalued
5 Year 28.17 60 Fair Value
10 Year 26.82 66.7 Overvalued
20 Year 20.32 83.3 Expensive
Since Feb 1996 15.65 88.8 Expensive

Returns vs P/E Ratio

Over the past decade, the PE rose from 21.1 (98.7th percentile) to 28.79 (66.7th percentile). Annualized total return over this period was 2.3%. Percentile rank indicates position within the historical distribution. Elevated valuations do not necessarily imply immediate low returns; markets can remain richly valued for extended periods, but this warrants caution for longer-horizon return assumptions.

Time Period Starting PE Ratio Starting Percentile Total Return Annualized Return
1 Year 24.18 81.2 -5.8% -5.8%
3 Year 31.18 93.8 +10.7% +3.5%
5 Year 34.76 97.3 -26.1% -5.9%
10 Year 21.15 98.7 +25.6% +2.3%

Historical Data (1996-2025)

Date Current PE Ratio
Oct 2025 28.79
Sep 2025 28.57
Aug 2025 31.83
Jul 2025 30.88
Jun 2025 31.27
May 2025 31.91
Apr 2025 34.24
Mar 2025 32.33
Feb 2025 25.25
Jan 2025 33.87
Dec 2024 32.44
Nov 2024 27.40
Oct 2024 24.18
Sep 2024 25.53
Aug 2024 32.95
Jul 2024 27.57
Jun 2024 27.24
May 2024 29.61
Apr 2024 28.45
Mar 2024 28.18
Feb 2024 25.19
Jan 2024 24.57
Dec 2023 25.96
Nov 2023 18.46
Oct 2023 17.30
Sep 2023 18.42
Aug 2023 18.45
Jul 2023 19.75
Jun 2023 20.22
May 2023 18.25
Apr 2023 19.18
Mar 2023 19.55
Feb 2023 20.64
Jan 2023 15.74
Dec 2022 33.57
Nov 2022 34.01
Oct 2022 31.18
Sep 2022 29.91
Aug 2022 29.92
Jul 2022 30.14
Jun 2022 28.49
May 2022 19.88
Apr 2022 20.31
Mar 2022 20.94
Feb 2022 21.95
Jan 2022 21.45
Dec 2021 24.17
Nov 2021 27.46
Oct 2021 27.68
Sep 2021 28.16
Aug 2021 29.13
Jul 2021 28.14
Jun 2021 28.25
May 2021 28.86
Apr 2021 32.07
Mar 2021 31.64
Feb 2021 35.53
Jan 2021 40.14
Dec 2020 39.66
Nov 2020 36.88
Oct 2020 34.76
Sep 2020 34.59
Aug 2020 39.32
Jul 2020 39.53
Jun 2020 38.78
May 2020 27.55
Apr 2020 26.81
Mar 2020 25.85
Feb 2020 27.89
Jan 2020 28.18
Dec 2019 27.22
Nov 2019 27.24
Oct 2019 25.61
Sep 2019 25.74
Aug 2019 26.22
Jul 2019 26.94
Jun 2019 26.84
May 2019 26.33
Apr 2019 26.24
Mar 2019 25.21
Feb 2019 24.06
Jan 2019 22.73
Dec 2018 22.22
Nov 2018 30.60
Oct 2018 31.01
Sep 2018 33.12
Aug 2018 34.09
Jul 2018 31.61
Jun 2018 44.73
May 2018 38.63
Apr 2018 37.03
Mar 2018 34.26
Feb 2018 35.21
Jan 2018 36.98
Dec 2017 25.24
Nov 2017 22.46
Oct 2017 22.44
Sep 2017 22.97
Aug 2017 23.74
Jul 2017 23.33
Jun 2017 23.20
May 2017 18.37
Apr 2017 18.67
Mar 2017 18.17
Feb 2017 19.06
Jan 2017 18.87
Dec 2016 21.76
Nov 2016 22.01
Oct 2016 22.45
Sep 2016 23.43
Aug 2016 24.86
Jul 2016 24.49
Jun 2016 22.44
May 2016 24.65
Apr 2016 23.91
Mar 2016 23.49
Feb 2016 22.43
Jan 2016 21.71
Dec 2015 22.35
Nov 2015 21.06
Oct 2015 21.15
Sep 2015 19.43
Aug 2015 21.04
Jul 2015 20.96
Jun 2015 20.25
May 2015 20.94
Apr 2015 21.01
Mar 2015 20.54
Feb 2015 21.69
Jan 2015 21.68
Dec 2014 20.68
Nov 2014 18.25
Oct 2014 19.72
Sep 2014 19.84
Aug 2014 20.40
Jul 2014 20.34
Jun 2014 20.06
May 2014 20.30
Apr 2014 21.40
Mar 2014 20.40
Feb 2014 20.81
Jan 2014 20.11
Dec 2013 19.45
Nov 2013 19.87
Oct 2013 19.61
Sep 2013 19.22
Aug 2013 18.23
Jul 2013 18.02
Jun 2013 19.77
May 2013 19.64
Apr 2013 20.96
Mar 2013 20.17
Feb 2013 20.41
Jan 2013 20.45
Dec 2012 18.94
Nov 2012 19.58
Oct 2012 19.27
Sep 2012 18.91
Aug 2012 18.61
Jul 2012 18.36
Jun 2012 17.90
May 2012 17.49
Apr 2012 16.82
Mar 2012 15.62
Feb 2012 14.14
Jan 2012 13.77
Dec 2011 12.49
Nov 2011 12.50
Oct 2011 12.64
Sep 2011 12.64
Aug 2011 11.86
Jul 2011 12.90
Jun 2011 13.37
May 2011 13.37
Apr 2011 13.03
Mar 2011 13.22
Feb 2011 13.22
Jan 2011 13.14
Dec 2010 13.29
Nov 2010 13.29
Oct 2010 13.79
Sep 2010 13.79
Aug 2010 12.97
Jul 2010 12.58
Jun 2010 12.58
May 2010 13.29
Apr 2010 13.73
Mar 2010 13.57
Feb 2010 13.26
Jan 2010 14.18
Dec 2009 13.93
Nov 2009 14.20
Oct 2009 14.69
Sep 2009 14.65
Aug 2009 14.96
Jul 2009 14.44
Jun 2009 14.08
May 2009 14.08
Apr 2009 13.59
Mar 2009 12.21
Feb 2009 12.30
Jan 2009 11.80
Dec 2008 11.22
Nov 2008 10.97
Oct 2008 11.54
Sep 2008 12.93
Aug 2008 10.95
Jul 2008 10.95
Jun 2008 12.32
May 2008 13.08
Apr 2008 12.79
Mar 2008 12.41
Feb 2008 13.15
Jan 2008 13.48
Dec 2007 14.36
Nov 2007 14.84
Oct 2007 15.34
Sep 2007 14.87
Aug 2007 15.06
Jul 2007 15.60
Jun 2007 15.30
May 2007 15.18
Apr 2007 15.18
Mar 2007 15.15
Feb 2007 15.15
Jan 2007 14.89
Dec 2006 14.40
Nov 2006 14.40
Oct 2006 13.55
Sep 2006 13.12
Aug 2006 13.12
Jul 2006 13.51
Jun 2006 13.83
May 2006 14.27
Apr 2006 15.09
Mar 2006 14.24
Feb 2006 14.24
Jan 2006 13.48
Dec 2005 13.48
Nov 2005 14.50
Oct 2005 14.61
Sep 2005 14.92
Aug 2005 15.36
Jul 2005 14.77
Jun 2005 14.21
May 2005 14.21
Apr 2005 14.58
Mar 2005 14.98
Feb 2005 15.20
Jan 2005 14.77
Dec 2004 14.77
Nov 2004 14.42
Oct 2004 14.42
Sep 2004 14.51
Aug 2004 14.51
Jul 2004 14.28
Jun 2004 14.28
May 2004 14.42
Apr 2004 14.42
Mar 2004 14.14
Feb 2004 14.14
Jan 2004 13.96
Dec 2003 13.96
Nov 2003 13.83
Oct 2003 13.83
Sep 2003 14.31
Aug 2003 14.31
Jul 2003 14.31
Jun 2003 14.12
May 2003 13.17
Apr 2003 12.76
Mar 2003 12.61
Feb 2003 12.61
Jan 2003 12.28
Dec 2002 12.65
Nov 2002 13.13
Oct 2002 13.43
Sep 2002 13.43
Aug 2002 13.90
Jul 2002 13.90
Jun 2002 15.25
May 2002 15.63
Apr 2002 15.63
Mar 2002 16.08
Feb 2002 16.48
Jan 2002 16.87
Dec 2001 16.10
Nov 2001 15.84
Oct 2001 15.11
Sep 2001 13.81
Aug 2001 15.04
Jul 2001 15.47
Jun 2001 14.69
May 2001 14.28
Apr 2001 13.84
Mar 2001 13.26
Feb 2001 12.98
Jan 2001 12.73
Dec 2000 12.73
Nov 2000 11.61
Oct 2000 11.61
Sep 2000 12.92
Aug 2000 13.40
Jul 2000 13.12
Jun 2000 12.71
May 2000 12.58
Apr 2000 12.58
Mar 2000 12.58
Feb 2000 13.32
Jan 2000 14.12
Dec 1999 14.51
Nov 1999 14.01
Oct 1999 14.69
Sep 1999 15.57
Aug 1999 16.44
Jul 1999 16.35
Jun 1999 16.54
May 1999 16.54
Apr 1999 16.33
Mar 1999 16
Feb 1999 15.62
Jan 1999 14.74
Dec 1998 13.92
Nov 1998 14.44
Oct 1998 12.98
Sep 1998 12.98
Aug 1998 13.84
Jul 1998 14.24
Jun 1998 13.62
May 1998 15.03
Apr 1998 15.49
Mar 1998 15.40
Feb 1998 14.42
Jan 1998 13.60
Dec 1997 14.28
Nov 1997 14.74
Oct 1997 16.19
Sep 1997 16.12
Aug 1997 16.10
Jul 1997 16.10
Jun 1997 15.65
May 1997 14.70
Apr 1997 14.30
Mar 1997 14.30
Feb 1997 14.61
Jan 1997 15.01
Dec 1996 14.94
Nov 1996 14.56
Oct 1996 14.22
Sep 1996 13.78
Aug 1996 13.28
Jul 1996 13.02
Jun 1996 13.15
May 1996 13.15
Apr 1996 12.89
Mar 1996 12.24
Feb 1996 10.78
Regional Peer Comparison

The table below shows a comparison of the current P/E Ratio (28.79) with regional peer markets.

Country PE Ratio Percentile Rank Rating
Flag of Australia
Australia
20.57 95.80 Expensive

Definition: Trailing P/E Ratio

The trailing P/E ratio for New Zealand Stock Market shows how much investors are paying for one unit of the index's past earnings.
It is calculated as : P/E = Index level / Aggregated EPS
Aggregated EPS means the index's total earnings per share after weighting each stock in the index (usually by its market capitalization): Aggregated EPS = sum(weight_i * EPS_i). For trailing P/E, the EPS_i values are the actual earnings from the past 12 months.