Discover the largest companies on the NZX by market capitalisation, all listed on the NZX Main Board equity market as of 22 April 2026.
Trading share CFDs on the NZX lets you speculate on price movements in leading New Zealand companies without owning the underlying assets. Below is a table of the top 20 NZX companies by market capitalisation, along with their most recent share price and sector.
Our rankings show the largest NZX Main Board companies by market capitalisation, as of 22 April 2026. Figures are listed in USD millions, together with the latest share price.
| Rank | Company | Market cap (USD) | Share price (USD) |
|---|---|---|---|
| 1 | Fisher & Paykel Healthcare | $13.0bn | $22.11 |
| 2 | Xero | $10.3bn | $59.25 |
| 3 | Meridian Energy | $9.1bn | $3.38 |
| 4 | Auckland Airport | $8.2bn | $4.83 |
| 5 | Infratil | $7.4bn | $7.37 |
| 6 | Fonterra | $6.7bn | $2.78 |
| 7 | Mercury NZ | $5.5bn | $3.86 |
| 8 | Contact Energy | $5.5bn | $5.56 |
| 9 | The a2 Milk Company | $3.8bn | $5.29 |
| 10 | Mainfreight | $3.6bn | $35.69 |
| 11 | Port of Tauranga | $3.3bn | $4.79 |
| 12 | Vector Limited | $2.9bn | $2.88 |
| 13 | Ebos Group | $2.6bn | $12.72 |
| 14 | Chorus | $2.5bn | $5.78 |
| 15 | Spark New Zealand | $2.3bn | $1.23 |
| 16 | Fletcher Building | $1.8bn | $1.67 |
| 17 | Goodman Property Trust | $1.7bn | $1.12 |
| 18 | Genesis Energy | $1.5bn | $1.36 |
| 19 | Freightways | $1.3bn | $7.46 |
| 20 | Ryman Healthcare | $1.3bn | $1.24 |
The figures above are sourced from NZX public disclosures as of 22 April 2026. Market capitalisations and share prices may change over time. This content is for information only and does not constitute investment advice.
Market capitalisation is the total dollar value of a company's issued shares, calculated by multiplying the current share price by the number of shares on issue. On the NZX, however, index providers generally focus on float-adjusted market capitalisation rather than the total share count. The benchmark S&P/NZX 50 Index also applies a 15% cap to any one stock to reduce concentration risk. Free float excludes strategic holdings, such as government stakes, founder holdings and cross-holdings, that are unlikely to trade. This can give a clearer view of the shares available to the market. For CFD traders, index rebalances can matter because changes in stock weightings may lead to passive fund flows and short-term price moves, even if company fundamentals stay the same (S&P Dow Jones Indices, accessed 22 April 2026).*
*Contracts for difference (CFDs) are traded on margin – leverage can amplify both profits and losses.
The S&P/NZX 50 closed at 12,946 on 22 April 2026, up 0.10% on the day (TradingView, 22 April 2026), and broadly flat over the previous month, as weakness in consumer durables and non-energy minerals offset gains in healthcare and logistics. Over the past year, the index has shown more defensive characteristics than many growth-focused markets, with dividends and relatively stable sectors playing an important role. That is also reflected in the Top 20 table above. Utilities and gentailers, including Meridian, Mercury, Contact and Genesis, sit alongside infrastructure names such as Auckland Airport, Infratil and Port of Tauranga, and telcos such as Spark and Chorus. By contrast, Xero remains the main source of large-cap technology exposure.
On 8 April 2026, the Reserve Bank of New Zealand held the Official Cash Rate at 2.25% (Westpac IQ, 8 April 2026), while signalling a 'wait-and-see' approach as it weighed weak domestic activity against imported inflation linked to higher oil prices (NZHerald, 7 April 2026). Annual CPI inflation was 3.1% in the year to March 2026, unchanged from the December 2025 quarter and still above the RBNZ's 1–3% target band (Xinhua/China.org, 21 April 2026). NZD/USD rose to 0.5917 on 22 April 2026 (Trading Economics, 22 April 2026). A weaker New Zealand dollar can increase NZD-reported revenue for exporters such as Fisher & Paykel Healthcare, Xero and the a2 Milk Company, although it may also raise import and input costs for more domestically focused businesses.
Several Top 20 companies have released updates in recent months. Fisher & Paykel Healthcare upgraded its FY26 guidance on 23 February 2026, raising expected operating revenue to about 2.30bn NZD from 2.17bn–2.27bn NZD, and net profit after tax to 450m–470m NZD (Motley Fool Australia, 23 February 2026). Xero reported H1 FY26 operating revenue of 1.194bn NZD, up 20% year on year, with 176,000 subscribers added in the half and a 'Rule of 40' score of 44.5% (Open Briefing, 13 November 2025). Fonterra also returned capital to shareholders on 14 April, paying 2 NZD per share plus dividends of 24c and 16c following the 4.22bn NZD sale of Mainland Group to Lactalis (Fonterra, 6 March 2026); NZX announcement, 13 April 2026). After the payout, its market capitalisation fell by about 2.5bn NZD.
CFD trading allows you to speculate on NZX share price movements without owning the underlying shares. You open a position and settle the difference between the opening and closing prices. Contracts for difference (CFDs) are traded on margin. Leverage amplifies both profits and losses.
To trade NZX share CFDs, open and verify an account with a regulated provider that offers access to the NZX. Once funded, you can search for a company symbol (for example, FPH for Fisher & Paykel Healthcare) and place buy or sell orders via the trading platform.
Earnings, regulatory developments, commodity prices (particularly in mining and energy), interest rates, and wider economic conditions all influence share prices and, in turn, market capitalisation. Past performance is not a reliable indicator of future results.
Large-cap companies may show less volatility than smaller firms but can still react sharply to broader market events. Beginners may wish to research fundamentals, practise with a demo account, and use risk management tools such as stop-losses. Remember that regular stop-loss orders are not guaranteed, while guaranteed stop-loss orders (GSLOs) incur a fee if activated.
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