NZX Limited (NZSTF) Stock Analysis
For informational purposes only. Not financial advice. Analysis by Sedat ANAK, Founder & Editor-in-Chief | AI-powered analysis. Data sourced from SEC filings and institutional-grade financial providers. Editorially reviewed. Not financial advice.
NZX Limited (NZSTF) trades at $0.874 with AI Score 50/100 (Grade B). NZX Limited operates the primary stock exchange in New Zealand, offering a range of services including capital markets origination, secondary markets trading… Market cap: $287M, Sector: Financial services.
Price as of Aug 20, 2026 · Last analyzed: Mar 18, 2026Analyst Coverage for NZSTF: NZSTF does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage. In the absence of analyst consensus, our AI model evaluates NZSTF against Financial Services peers across nine fundamental dimensions and assigns a mixed fundamental profile based on the underlying data.
NZSTF: the 3 scored disciplines are evenly split. Dominant signal: Ray Dalio bullish.
How is this calculated? →Why this analysis is different
- A 9-signal quantitative MoonshotScore built from filings, insider activity, and market data — computed from the numbers, not from opinion.
- An AI Council read across up to eight perspectives — value, macro, quantitative, and momentum lenses — that shows where they disagree instead of averaging the tension away.
- Figures come straight from FMP and Yahoo Finance filings data. The AI writes the narrative around the numbers — it never edits the numbers.
NZX Limited (NZSTF) Financial Services Profile
NZX Limited, New Zealand's primary stock exchange operator, provides capital markets origination, secondary market trading, data and insights, funds management, and wealth technology solutions. With a focus on the New Zealand market, NZX supports issuers, traders, and investors through its diverse range of services and platforms.
What Is the Investment Thesis for NZSTF?
NZX Limited presents a compelling investment case based on its position as the primary stock exchange in New Zealand. The company's diversified revenue streams, spanning capital markets origination, secondary markets, data services, and funds management, provide resilience against market fluctuations. With a P/E ratio of 21.11 and a dividend yield of 4.80%, NZX offers a blend of growth and income potential. Growth catalysts include expanding its data and analytics offerings and increasing funds under management. Potential risks include regulatory changes and competition from alternative trading platforms. The company's beta of 0.36 suggests lower volatility compared to the broader market.
Based on FMP financials and quantitative analysis
NZSTF Key Highlights
Market capitalization of $287M reflects its position as the primary stock exchange in New Zealand.
- P/E ratio of 21.11 indicates a moderate valuation relative to earnings.
- Profit margin of 16.7% demonstrates efficient operations and profitability.
- Gross margin of 64.2% highlights the value-added nature of its services.
- Dividend yield of 4.80% provides an attractive income stream for investors.
Who Are NZSTF's Competitors?
NZSTF is benchmarked below against 8 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | AI Score |
|---|---|---|---|---|
| ALPIB Alpine Banks of Colorado | $49.80 | -0.90% | $407M | 54 |
| CSHX Cashmere Valley Bank | $94.00 | -2.15% | $349M | 57 |
| CYFL Century Financial Corporation | $49.50 | +2.06% | $322M | 53 |
| FCMGF Firm Capital Mortgage Investment Corporation | $8.56 | +0.00% | $314M | 47 |
| FFBB FFB Bancorp | $87.60 | +0.00% | $273M | 50 |
| VALU Value Line, Inc. | $37.90 | +0.80% | $356M | 60 |
| HEXEY Hellenic Exchanges - Athens Stock Exchange S.A. | $15.75 | +0.00% | $456M | 63 |
| OTCM OTC Markets Group Inc. | $54.01 | +0.02% | $650M | 47 |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are NZSTF's Key Strengths?
Dominant position as the primary stock exchange in New Zealand.
- Diversified revenue streams across multiple business segments.
- Established brand and reputation in the New Zealand financial market.
- Strong network effect attracting issuers and investors.
What Are NZSTF's Weaknesses?
Limited geographic diversification, with a primary focus on the New Zealand market.
- Exposure to regulatory changes and compliance costs.
- Dependence on the performance of the New Zealand economy.
- Smaller scale compared to larger international exchanges.
What Could Drive NZSTF Stock Higher?
NZSTF catalyst: Potential regulatory changes in the New Zealand financial market could impact NZX's operations and competitive landscape.
- Expansion of data and analytics offerings could drive revenue growth and attract new customers.
- Increasing funds under management in the Funds Management segment could boost fee income.
- Continued enhancements to the Wealth Technologies platform could attract more advisers and brokers.
- Efforts to attract more companies to list on the exchange could increase listing fees and trading activity.
What Are the Key Risks for NZSTF?
Economic downturn in New Zealand could reduce trading volumes and listing activity.
- Competition from alternative trading platforms and international exchanges could erode market share.
- Cybersecurity risks and data breaches could damage the company's reputation and disrupt operations.
- Regulatory changes and compliance costs could increase expenses and reduce profitability.
- Limited liquidity on the OTC market could make it difficult to buy or sell shares.
What Are the Growth Opportunities for NZSTF?
- Expanding Data and Analytics Offerings: NZX can leverage its market position to expand its data and analytics services, catering to the growing demand for real-time market intelligence and investment insights. By offering advanced analytics tools and customized data solutions, NZX can attract institutional investors and traders seeking a competitive edge. This expansion could tap into the growing market for financial data, estimated at billions of dollars globally, with a potential timeline of 2-3 years for significant revenue generation.
- Increasing Funds Under Management: NZX's Funds Management segment, including superannuation, KiwiSaver, and Smartshares ETFs, presents a significant growth opportunity. By expanding its range of investment products and enhancing its distribution channels, NZX can attract a larger share of the growing funds management market in New Zealand. The KiwiSaver scheme, in particular, offers a substantial pool of assets for growth, with a potential timeline of 3-5 years for significant AUM increases.
- Enhancing Wealth Technologies Platform: NZX Wealth Technologies provides a platform for advisers and brokers to manage client investments. By continually enhancing the platform's features and functionality, NZX can attract more users and increase its market share in the wealth management technology space. This includes integrating new technologies, improving user experience, and expanding the range of supported investment products. The wealth tech market is experiencing rapid growth, offering a timeline of 2-3 years for NZX to establish a stronger foothold.
- Capital Markets Origination Growth: NZX can focus on attracting more companies to list on its exchange, particularly small and medium-sized enterprises (SMEs). By streamlining the listing process, offering competitive listing fees, and providing support services for newly listed companies, NZX can increase its capital markets origination revenue. This involves active outreach to potential issuers and promoting the benefits of listing on the NZX. The timeline for this growth opportunity is ongoing, with continuous efforts to attract new listings.
- Strategic Partnerships and Acquisitions: NZX can pursue strategic partnerships and acquisitions to expand its service offerings and geographic reach. This could involve partnering with international exchanges, technology providers, or financial institutions to enhance its capabilities and access new markets. Acquisitions could target complementary businesses, such as data providers or wealth management firms. The timeline for this growth opportunity is variable, depending on the availability of suitable targets and the negotiation process.
What Are NZSTF's Competitive Advantages?
- Network effect: As the primary stock exchange in New Zealand, NZX benefits from a strong network effect, attracting both issuers and investors.
- Regulatory licenses: NZX holds the necessary licenses and regulatory approvals to operate a stock exchange in New Zealand, creating a barrier to entry for potential competitors.
- Established brand: NZX has a long-standing reputation and brand recognition in the New Zealand financial market.
- Switching costs: Issuers and investors may face switching costs associated with moving to a different exchange or trading platform.
What Does NZSTF Do?
Founded in 1866 and headquartered in Wellington, New Zealand, NZX Limited is the country's primary stock exchange operator. Initially established to facilitate trading in agricultural products, NZX has evolved into a modern financial services provider offering a comprehensive suite of services. The company operates through five key segments: Capital Markets Origination, which assists companies in listing on the exchange; Secondary Markets, which provides trading and post-trade services for securities and derivatives; Data & Insights, offering market information and analytics; Funds Management, encompassing superannuation, KiwiSaver, and Smartshares exchange-traded funds; and Wealth Technologies, providing funds administration and custodian services. NZX also operates NZX Wealth Technologies, a platform designed to help advisers and brokers manage client investments. As the primary exchange in New Zealand, NZX plays a crucial role in the country's financial ecosystem, connecting issuers with investors and facilitating capital formation.
What Products and Services Does NZSTF Offer?
- Operates the primary stock exchange in New Zealand.
- Provides a platform for trading securities and derivatives.
- Offers capital markets origination services for companies seeking to list on the exchange.
- Provides data and insights on the New Zealand financial markets.
- Manages funds through superannuation, KiwiSaver, and Smartshares ETFs.
- Offers wealth technology solutions for advisers and brokers to manage client investments.
- Acts as a market operator for Fonterra Co-Operative Group, the Electricity Authority, and the Ministry for the Environment.
How Does NZSTF Make Money?
- Generates revenue from listing fees paid by companies listing on the exchange.
- Earns trading fees from transactions executed on its trading platforms.
- Derives income from providing data and analytics services to market participants.
- Manages funds and earns fees based on assets under management (AUM).
- Provides technology solutions and charges fees for their use.
What Industry Does NZSTF Operate In?
NZX Limited operates within the financial data and stock exchange industry, which is characterized by increasing globalization and technological advancements. The industry is driven by the demand for efficient capital markets, transparent trading platforms, and reliable data services. Competition comes from other exchanges, alternative trading systems, and data providers. NZX holds a dominant position in the New Zealand market but faces challenges from international players and evolving regulatory landscapes. The global exchange industry is projected to grow, driven by increased trading volumes and demand for financial information.
Who Are NZSTF's Key Customers?
- Companies seeking to raise capital through initial public offerings (IPOs) and secondary offerings.
- Institutional investors, including fund managers, hedge funds, and pension funds.
- Retail investors who trade securities on the exchange.
- Advisers and brokers who use NZX's wealth technology platform to manage client investments.
- Data vendors and financial institutions that subscribe to NZX's data and analytics services.
NZX Limited Financial Trajectory
NZX Limited (NZSTF) reported $67.2M in revenue for Q4 2025, reflecting 8.8% growth compared to the prior quarter. The company recorded net income of $13.1M, with diluted EPS of $0.04. Quarter-over-quarter revenue has been mixed, typical for a micro-cap company operating in Financial Services. Across the four most recent quarters, NZSTF averaged $0.04 in diluted EPS.
Company Profile
NZX Limited operates in the Financial - Data & Stock Exchanges industry within the Financial Services sector. It is headquartered in Wellington, NZ. The company is led by CEO Graham Nicholas Stewart. NZSTF has traded publicly since 2008.
How NZX Limited Is Valued
NZX Limited carries a market capitalization of $287M, placing it in the micro-cap category. Relative to its peer group, NZSTF's quantitative score of 50/100 is roughly in line with the peer average of 52/100.
Key Financial Metrics
Return on equity for NZX Limited stands at 17.9%, a gauge of how efficiently it converts shareholder capital into profit. Return on assets is 7.7%, showing how much profit it generates from its asset base. NZSTF trades at a trailing price-to-earnings ratio of 22.18, above the Financial Services sector average of ~18x. Its free cash flow yield is 8.2%, a gauge of the cash the business throws off relative to its market value. A current ratio of 6.29 indicates the company holds enough short-term assets to cover its near-term obligations. Its earnings yield is 4.5%, the inverse of the P/E and a quick read on earnings relative to price.
Financial Health
NZX Limited's Piotroski F-Score is 9/9, a 9-point checklist of profitability, leverage and efficiency — signaling solid underlying fundamentals. Its Altman Z-Score of 3.84 places it in the safe zone, indicating low near-term bankruptcy risk.
Earnings Track Record
NZX Limited has beaten Wall Street's EPS estimate in 4 of its last 8 reported quarters — more hits than misses. Reported results have landed about 7.4% above estimates on average.
Forward Outlook
Wall Street analysts project NZX Limited revenue of about $140.8M for fiscal 2026, with EPS near $0.08. The estimate reflects 3 contributing analysts.
NZSTF Financials
Fundamental Snapshot
Based on FMP financials and quantitative analysis · FY 2025
Bull Case vs Bear Case
Bull Case
- Dominant position as the primary stock exchange in New Zealand.
- Diversified revenue streams across multiple business segments.
- Established brand and reputation in the New Zealand financial market.
- Strong network effect attracting issuers and investors.
Bear Case
- Limited geographic diversification, with a primary focus on the New Zealand market.
- Exposure to regulatory changes and compliance costs.
- Dependence on the performance of the New Zealand economy.
- Smaller scale compared to larger international exchanges.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · August 2026
Recent Quarterly Results
| Quarter | Revenue | Net Income | EPS |
|---|---|---|---|
| Q4 2025 | $67M | $13M | $0.04 |
| Q2 2025 | $62M | $8M | $0.03 |
| Q4 2024 | $63M | $10M | $0.03 |
| Q2 2024 | $58M | $15M | $0.05 |
Based on FMP financials and quantitative analysis
NZSTF Latest News
No recent news available for NZSTF.
NZSTF Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations from Benzinga, Yahoo Finance, and Finnhub for NZSTF.
Price Targets
Wall Street price target analysis for NZSTF.
NZSTF MoonshotScore
What does this score mean?
The MoonshotScore rates NZSTF 0-100 on quantitative fundamentals — growth, financial health, valuation, momentum, and risk.
Leadership: Mark John Peterson
Managing Director
Mark John Peterson serves as the Managing Director of NZX Limited, overseeing the operations of New Zealand's primary stock exchange. His leadership guides the company's strategic direction and growth initiatives. Peterson's background includes extensive experience in financial markets and management. He is responsible for managing a workforce of 338 employees and ensuring the smooth functioning of NZX's various business segments.
Track Record: Under Mark Peterson's leadership, NZX Limited has focused on expanding its data and analytics offerings and enhancing its wealth technology platform. Key milestones include increasing funds under management and attracting new companies to list on the exchange. Peterson has also overseen efforts to streamline the listing process and improve the overall efficiency of NZX's operations.
NZSTF OTC Market Information
The OTC Other tier represents the lowest tier of the OTC market, indicating that NZX Limited (NZSTF) may not meet the minimum financial standards or reporting requirements of higher tiers like OTCQX or OTCQB. Companies in this tier may have limited financial disclosure, potentially increasing investment risk compared to companies listed on major exchanges like the NYSE or NASDAQ. Investors should exercise caution and conduct thorough due diligence before investing in OTC Other securities.
- OTC Tier: OTC Other
- Limited financial disclosure increases information asymmetry and makes it harder to assess the company's financial health.
- Lower liquidity can lead to difficulties in buying or selling shares, especially in large quantities.
- Higher price volatility due to limited trading activity and potential for manipulation.
- Increased risk of fraud or mismanagement due to less stringent regulatory oversight.
- Potential for delisting or trading suspension due to non-compliance with OTC market requirements.
- Verify the company's registration and legal status with relevant regulatory authorities.
- Obtain and review any available financial statements, even if unaudited.
- Research the background and experience of the company's management team.
- Assess the company's business model and competitive landscape.
- Understand the risks associated with investing in OTC securities.
- Monitor trading activity and price movements closely.
- Consult with a qualified financial advisor before making any investment decisions.
- The company operates the primary stock exchange in New Zealand, suggesting a degree of regulatory oversight and public accountability.
- NZX Limited has a long history, dating back to 1866, indicating a track record of operations.
- The company's website and public communications provide information about its business and services.
- NZX Limited is subject to New Zealand's corporate governance standards and regulations.
- The company has a board of directors and a management team responsible for its operations.
NZX Limited Financial Services Stock: Key Questions Answered
What does the AI Score mean for NZSTF?
NZSTF holds an AI Score of 50/100 (Grade: B). This is an educational research signal, not a buy or sell recommendation. NZX Limited operates the primary stock exchange in New Zealand, offering a range of services including capital markets origination, secondary markets trading, and data and insights. The company …
What does NZX Limited do?
NZX Limited operates as the primary stock exchange in New Zealand, providing a platform for companies to list their shares and for investors to trade securities. The company's business model encompasses several key areas, including capital markets origination, secondary markets trading, data and insights, funds management, and wealth technology solutions.
What are the main risks for NZSTF?
NZX Limited faces several risks inherent to its business and the financial market in general. Economic downturns in New Zealand could reduce trading volumes and listing activity, impacting revenue. Competition from alternative trading platforms and international exchanges could erode market share. Cybersecurity risks and data breaches pose a threat to the company's operations and reputation.
What are the key factors to evaluate for NZSTF?
NZX Limited (NZSTF) holds an AI score of 50/100 (moderate). NZX Limited presents a compelling investment case based on its position as the primary stock exchange in New Zealand. Not financial advice.
How frequently does NZSTF data refresh on this page?
NZSTF's price was last updated on Aug 20, 2026 and refreshes on page view during U.S. market hours — it is not a real-time exchange feed. Fundamentals update after quarterly filings; the MoonshotScore recalculates nightly; news aggregates continuously.
What has driven NZSTF's recent stock price performance?
NZX Limited (NZSTF) moves on earnings results, analyst revisions, sector rotation, and market sentiment. Notable catalyst: Dominant position as the primary stock exchange in New Zealand. See the News tab for the latest drivers. Past performance does not predict future results.
Should investors consider NZSTF overvalued or undervalued right now?
NZX Limited (NZSTF) has no trailing P/E available here, so lean on price-to-sales and cash flow in the Financials tab. Compare P/E, P/S, and EV/EBITDA against sector peers for a full view.
How do I research NZSTF before investing?
Before investing in NZX Limited (NZSTF), research these four areas: (1) the company's revenue model and competitive position (see Company Overview), (2) financial health through revenue growth, margins, and cash flow (see MoonshotScore), (3) analyst consensus ratings and price targets (see Analyst tab), and (4) specific risk factors that could impact the stock (see Risk Factors section).
Why might investors consider adding NZSTF to a portfolio?
Key strength of NZX Limited (NZSTF): Dominant position as the primary stock exchange in New Zealand. Weigh rewards against risks and diversify. Not financial advice.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
Data provided for informational purposes only.
- Financial data and market information are based on publicly available sources.
- OTC analysis is based on general knowledge of OTC market dynamics and risks.
- AI analysis is pending and will provide further insights into the company's performance and outlook.