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MFC logoManulife Financial Corporation(MFC)Earnings, Financials & Key Ratios

MFC•NYSE•Insurance & Managed Care
$39.97
$67.02B mkt cap·17.7× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryLife InsuranceSub-IndustryDiversified global life and asset managers
AboutManulife Financial Corporation, together with its subsidiaries, provides financial products and services in Asia, Canada, the United States, and internationally. The company operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; And Corporate and Other segments. The Wealth and Asset Management Businesses segment provides mutual funds and exchange-traded funds, group retirement and savings products, and institutional asset management services through agents and brokers affiliated with the company, securities brokerage firms, and financial advisors pension plan consultants and banks. The Insurance and Annuity Products segment offers deposit and credit products; individual life, and individual and group long-term care insurance; and guaranteed and partially guaranteed annuity products through insurance agents, brokers, banks, financial planners, and direct marketing. The Corporate and Other segment is involved in property and casualty insurance and reinsurance businesses; and run-off reinsurance operations, including variable annuities, and accident and health. It also manages timberland and agricultural portfolios; and engages in insurance agency, portfolio and mutual fund management, mutual fund dealer, life, annuity, long-term care, and financial reinsurance; and fund management businesses. Additionally, the company holds and manages provides investment management, counseling, advisory, and dealer services. Manulife Financial Corporation was incorporated in 1887 and is headquartered in Toronto, Canada.Show more
  • Revenue$61.05B+937.7%
  • Combined Ratio88.39%-55.2%
  • Net Income$5.78B+2.6%
  • Return on Equity11.05%-0.2%
  • Medical Cost Ratio0%-100.0%
  • Operating Margin11.61%+111.9%
  • Net Margin9.46%+112.2%
  • ROA0.58%-5.0%
  • Equity / Assets5.04%-6.9%
  • Book Value per Share41.49+39.9%
  • Tangible BV/Share31.59+34.6%
  • Debt/Equity0.28+6.3%
Analysis→Technical→

MFC Key Insights

Manulife Financial Corporation (MFC) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Strong Piotroski F-Score: 7/9
  • ✓Healthy dividend yield of 4.9%
  • ✓Share count reduced 30.3% through buybacks
  • ✓Trading near 52-week high
  • ✓Trading at only 1.3x book value

✗Weaknesses

No significant weaknesses identified

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

MFC Price & Volume

Manulife Financial Corporation (MFC) stock price & volume — 10-year historical chart

Loading chart...

MFC Growth Metrics

Manulife Financial Corporation (MFC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years6.4%
5 Years-4.57%
3 Years36.21%
TTM14.6%

Profit CAGR

10 Years10.03%
5 Years1.64%
3 Years-
TTM2.66%

EPS CAGR

10 Years11.33%
5 Years0.94%
3 Years-
TTM8.48%

Return on Capital

10 Years0.59%
5 Years0.54%
3 Years0.74%
Last Year0.71%

MFC Recent Earnings

Manulife Financial Corporation (MFC) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (83%)●Beat Revenue 6/12 qtrs (67%)
Q1 2026Latest
Feb 11, 2026
EPS
$0.80
Est $0.76
+5.3%
Revenue
$6.3B
Est $1.7B
+268.7%
Q4 2025
Nov 12, 2025
EPS
$0.84
Est $0.74
+13.5%
Revenue
$12.4B
Q3 2025
Aug 6, 2025
EPS
$0.69
Est $0.71
-2.8%
Revenue
$11.3B
Q2 2025
May 7, 2025
EPS
$0.69
Est $0.70
-1.4%
Revenue
$3.1B
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q1 2026LatestFeb 11, 2026
$0.80vs $0.76+5.3%
$6.3Bvs $1.7B+268.7%
Q4 2025Nov 12, 2025
$0.84vs $0.74+13.5%
$12.4B
Q3 2025Aug 6, 2025
$0.69vs $0.71-2.8%
$11.3B
Q2 2025May 7, 2025
$0.69vs $0.70-1.4%
$3.1B
Based on last 12 quarters of dataView full earnings history →

MFC Peer Comparison

Manulife Financial Corporation (MFC) competitors in Diversified global life and asset managers — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SLF logoSLFSun Life Financial Inc.Direct Competitor40.44B73.0216.1322.29%8.95%14.59%0.87
MET logoMETMetLife, Inc.Direct Competitor52.27B80.1616.7010.22%4.44%11.88%0.70
PRU logoPRUPrudential Financial, Inc.Direct Competitor34.86B100.169.80-14.01%5.62%10.26%0.65
LNC logoLNCLincoln National CorporationDirect Competitor6.41B37.622.0453.61%11.43%20.18%0.77
UNM logoUNMUnum GroupDirect Competitor12.96B80.2718.752.07%5.87%7.07%0.35
PFG logoPFGPrincipal Financial Group, Inc.Direct Competitor22B101.5519.34-3.11%7.58%9.89%0.34
AFL logoAFLAflac IncorporatedProduct Competitor58.42B113.4016.60-8.84%21%13.05%0.29
GL logoGLGlobe Life Inc.Product Competitor12.11B154.3910.983.82%19.36%20.64%0.44

Compare MFC vs Peers

Manulife Financial Corporation (MFC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs SLF

Most directly comparable listed peer for MFC.

Scale Benchmark

vs MS

Larger-name benchmark to compare MFC against a more recognizable public peer.

Peer Set

Compare Top 5

vs SLF, MET, PRU, LNC

MFC Income Statement

Manulife Financial Corporation (MFC) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Revenue56.65B37.26B77.82B77.12B59.84B24.16B-7.04B-7.29B61.05B
Revenue Growth %9.59%-34.22%108.84%-0.9%-22.41%-59.63%-129.13%-3.57%937.67%
Medical Costs & Claims44.33B20.3B60.76B59.87B41.2B22.52B-17.72B-20.92B0
Medical Cost Ratio %78.26%54.47%78.08%77.63%68.86%93.2%251.8%287.02%0%
Gross Profit
12.32B▲ 0%
16.97B▲ 37.7%
17.06B▲ 0.5%
17.25B▲ 1.1%
18.64B▲ 8.0%
1.64B▼ 91.2%
10.68B▲ 549.8%
13.63B▲ 27.6%
61.05B▲ 347.9%
Gross Margin %21.74%45.53%21.92%22.37%31.14%6.8%-151.8%-187.02%100%
Gross Profit Growth %-4.14%37.73%0.55%1.14%8.01%-91.18%549.76%27.6%347.9%
Operating Expenses9.82B11.45B10.84B10.48B10.51B4.78B4.23B6.54B53.96B
OpEx / Revenue %17.33%30.72%13.93%13.59%17.56%19.79%-60.11%-89.74%88.39%
Depreciation & Amortization560M747M626M656M529M-1.47B-1.42B-1.51B876.28M
Combined Ratio %95.59%85.19%92.01%91.22%86.42%112.99%191.69%197.28%88.39%
Operating Income
2.5B▲ 0%
5.52B▲ 120.7%
6.22B▲ 12.7%
6.77B▲ 8.9%
8.13B▲ 20.0%
-3.14B▼ 138.6%
6.45B▲ 305.6%
7.09B▲ 9.9%
7.09B▼ 0.0%
Operating Margin %4.41%14.81%7.99%8.78%13.58%-12.99%-91.69%-97.28%11.61%
Operating Income Growth %-24.87%120.67%12.7%8.86%20%-138.62%305.61%9.89%-0.03%
EBITDA3.06B6.27B6.85B7.43B8.65B-4.61B5.04B5.58B7.96B
EBITDA Margin %5.4%16.82%8.8%9.63%14.46%-19.09%-71.55%-76.61%13.05%
Interest Expense1.16B1.27B1.35B1.18B1.02B1.04B1.55B1.68B1.53B
Non-Operating Income-1.14B-1.27B-1.32B-1.18B-1.01B-1.05B-1.55B-1.68B-1.53B
Pretax Income
2.5B▲ 0%
5.52B▲ 120.7%
6.22B▲ 12.7%
6.77B▲ 8.9%
8.13B▲ 20.0%
-3.14B▼ 138.6%
6.45B▲ 305.6%
7.09B▲ 9.9%
7.09B▼ 0.0%
Pretax Margin %4.41%14.81%7.99%8.78%13.58%-12.99%-91.69%-97.28%11.61%
Income Tax239M632M718M1.2B1.21B-1.16B845M1.21B1.03B
Effective Tax Rate %9.56%11.45%11.54%17.65%14.93%36.93%13.1%17.09%14.58%
Net Income
2.07B▲ 0%
4.67B▲ 126.0%
5.27B▲ 12.8%
5.33B▲ 1.1%
6.66B▲ 25.0%
-2.1B▼ 131.5%
5.46B▲ 360.1%
5.63B▲ 3.1%
5.78B▲ 2.6%
Net Margin %3.65%12.54%6.77%6.91%11.12%-8.69%-77.63%-77.26%9.46%
Net Income Growth %-30.84%125.97%12.75%1.08%24.99%-131.55%360.14%3.08%2.6%
EPS (Diluted)
0.98▲ 0%
2.35▲ 139.8%
2.77▲ 17.9%
2.93▲ 5.8%
3.54▲ 20.8%
-1.10▼ 131.1%
2.61▲ 337.3%
2.84▲ 8.8%
3.07▲ 8.1%
EPS Growth %-30.5%139.8%17.87%5.78%20.82%-131.07%337.27%8.81%8.1%
EPS (Basic)0.982.362.772.943.55-1.102.622.853.09
Diluted Shares Outstanding1.99B1.99B1.96B1.94B1.95B1.91B1.84B1.78B1.24B

MFC Balance Sheet

Manulife Financial Corporation (MFC) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Total Assets729.53B750.27B809.13B880.35B917.64B833.69B875.57B978.82B1.02T
Asset Growth %1.23%2.84%7.85%8.8%4.24%-9.15%5.02%11.79%4.68%
Total Investment Assets195.54B204.77B220.97B242.45B252.21B227.42B402.83B244.35B915.15B
Long-Term Investments195.54B204.77B220.97B242.45B252.21B227.42B237.68B244.35B915.15B
Short-Term Investments000000000
Total Current Assets17.11B17.58B21.68B27.61B23.89B20.6B025.79B75.93B
Cash & Equivalents15.96B16.21B20.3B26.17B22.59B19.15B20.34B25.79B14.9B
Receivables1.15B1.37B1.39B1.44B1.29B1.45B0061.03B
Other Current Assets20.07B21.72B24.7B31.13B27.19B68.33B-20.34B00
Goodwill & Intangibles9.84B10.1B9.97B9.93B9.91B10.52B10.31B11.05B12.31B
Goodwill5.71B5.86B5.74B5.71B5.65B6.01B5.92B6.28B6.87B
Intangible Assets4.13B4.23B4.23B4.21B4.26B4.5B4.39B4.78B5.44B
PP&E (Net)1.28B2.02B381M1.85B1.81B1.88B2.59B2.67B0
Other Assets-5.85B-6.33B-4.96B-6.69B-7.07B-8.59B-250.58B694.96B15.47B
Total Liabilities687.37B703.12B759.02B827.34B881.33B792.56B826.85B925.86B972.15B
Total Debt13.17B13.5B11.66B13.99B11.86B12.36B12.74B14.16B14.66B
Net Debt-2.79B-2.71B-8.64B-12.17B-10.73B-6.8B-7.6B-11.63B-236.81M
Long-Term Debt13.17B13.5B11.66B13.99B11.86B11.74B12.14B14.16B12.92B
Short-Term Debt00000615M594M01.74B
Total Current Liabilities9.82B15.04B11.02B16.41B17.74B355.04B000
Accounts Payable9.46B10.52B10.78B11.49B12.13B13.64B000
Deferred Revenue178M0121M000000
Other Current Liabilities-9.82B4.4B-11.02B4.84B5.25B340.79B-594M0-1.74B
Deferred Taxes1000K1000K1000K1000K1000K1000K1000K1000K1000K
Other Liabilities-14.45B-15.31B-13.63B-16.61B-14.63B-14.52B-13.84B909.81B957.21B
Total Equity
42.16B▲ 0%
47.15B▲ 11.8%
50.11B▲ 6.3%
53.01B▲ 5.8%
58.87B▲ 11.1%
48.46B▼ 17.7%
48.73B▲ 0.5%
52.96B▲ 8.7%
51.61B▼ 2.5%
Equity Growth %-1.54%11.83%6.27%5.79%11.06%-17.68%0.54%8.69%-2.55%
Shareholders Equity41.23B46.06B48.9B51.55B57.17B46.8B47.3B51.54B50.08B
Minority Interest929M1.09B1.21B1.46B1.69B1.66B1.43B1.42B1.53B
Retained Earnings10.08B12.7B15.49B18.89B9.66B3.95B4.82B4.76B5.02B
Common Stock22.99B22.96B23.13B23.04B23.09B22.18B21.53B20.68B20.09B
Accumulated OCI4.09B6.21B6.45B6.32B5.18B13.85B13.81B18.66B18.12B
Return on Equity (ROE)4.87%10.46%10.84%10.33%11.9%-3.91%11.24%11.08%11.05%
Return on Assets (ROA)0.29%0.63%0.68%0.63%0.74%-0.24%0.64%0.61%0.58%
Equity / Assets5.78%6.28%6.19%6.02%6.42%5.81%5.57%5.41%5.04%
Debt / Equity0.31x0.29x0.23x0.26x0.20x0.25x0.26x0.27x0.28x
Book Value per Share21.2323.7225.5427.2830.2525.3326.5129.6741.49
Tangible BV per Share16.2818.6420.4522.1725.1619.8320.9023.4831.59

MFC Cash Flow Statement

Manulife Financial Corporation (MFC) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations17.79B19.19B20.54B20.05B23.16B16.63B20.42B26.49B32.08B
Operating CF Growth %4.43%7.85%7.06%-2.4%15.5%-28.19%22.82%29.73%21.08%
Operating CF / Revenue %31.41%51.49%26.4%26%38.69%68.83%-290.22%-363.53%52.55%
Net Income2.26B4.89B5.5B5.58B6.91B-1.98B5.1B5.88B5.57B
Depreciation & Amortization560M747M626M656M529M-1.47B581M-1.51B876.29M
Stock-Based Compensation15M10M11M14M9M5M2M00
Deferred Taxes-331M930M-454M280M-127M-1.99B470M311M0
Other Non-Cash Items-6.96B9.1B-20.15B-22.37B5B10.99B-4.48B-1.08B-8.69B
Working Capital Changes22.24B3.52B35.01B35.89B10.83B11.08B18.75B22.89B34.33B
Cash from Investing-16.29B-19B-13.83B-14.15B-24.44B-18.4B-13.72B-18.46B-28.34B
Capital Expenditures0080.61B024.25B0000
Acquisitions-10M187M288M0-19M-182M-1M-297M-1.28B
Purchase of Investments00-80.61B-111.98B-120.98B0-84.03B0-135.36B
Sale/Maturity of Investments1000K1000K1000K01000K0001000K
Other Investing-87B-101.3B-79.45B97.83B-24.42B-18.22B70.32B-18.16B-209.83M
Cash from Financing14M-724M-2.08B663M-2.05B-2.11B-5.04B-4.17B-2.05B
Dividends Paid-1.78B-1.79B-1.4B-2.34B-2.5B-2.79B-2.97B-3.16B-3.3B
Share Repurchases0-478M-1.34B-253M-612M-1.88B-1.59B-3.27B-2.43B
Stock Issued124M59M104M36M51M23M94M144M1.46B
Debt Issuance (Net)1000K-1000K-1000K1000K-1000K1000K-1000K1000K-1000K
Other Financing226M1.43B2.06B-565M9M2B187M859M3.02B
Net Change in Cash
860M▲ 0%
284M▼ 67.0%
4.17B▲ 1366.9%
6.04B▲ 44.9%
-3.65B▼ 160.5%
-3.29B▲ 9.8%
1.25B▲ 137.9%
5.06B▲ 305.0%
-39.48M▼ 100.8%
Exchange Rate Effect-1000K1000K-1000K-1000K-1000K1000K-1000K1000K-1000K
Cash at Beginning14.24B15.1B15.38B19.55B25.58B21.93B18.64B19.88B14.94B
Cash at End15.1B15.38B19.55B25.58B21.93B18.64B19.88B24.94B14.9B
Free Cash Flow
17.79B▲ 0%
19.19B▲ 7.9%
101.15B▲ 427.2%
20.05B▼ 80.2%
47.41B▲ 136.5%
16.63B▼ 64.9%
20.42B▲ 22.8%
26.49B▲ 29.7%
32.08B▲ 21.1%
FCF Growth %4.43%7.85%427.16%-80.18%136.46%-64.92%22.82%29.73%21.08%
FCF Margin %31.41%51.49%129.98%26%79.22%68.83%-290.22%-363.53%52.55%
FCF per Share8.969.6551.5610.3224.368.6911.1114.8425.79

MFC Key Ratios

Manulife Financial Corporation (MFC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Combined Ratio93.56%95.59%85.19%92.01%91.22%86.42%112.99%191.69%197.28%88.39%
Medical Cost Ratio75.14%78.26%54.47%78.08%77.63%68.86%93.2%251.8%287.02%0%
Return on Equity (ROE)7.06%4.87%10.46%10.84%10.33%11.9%-3.91%11.24%11.08%11.05%
Return on Assets (ROA)0.42%0.29%0.63%0.68%0.63%0.74%-0.24%0.64%0.61%0.58%
Equity / Assets5.94%5.78%6.28%6.19%6.02%6.42%5.81%5.57%5.41%5.04%
Book Value / Share21.6621.2323.7225.5427.2830.2525.3326.5129.6741.49
Debt / Equity0.30x0.31x0.29x0.23x0.26x0.20x0.25x0.26x0.27x0.28x
Revenue Growth57.52%9.59%-34.22%108.84%-0.9%-22.41%-59.63%-129.13%-3.57%937.67%

MFC Frequently Asked Questions

Manulife Financial Corporation (MFC) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Manulife Financial Corporation (MFC) grew revenue by 937.7% over the past year. This is strong growth.

Yes, Manulife Financial Corporation (MFC) is profitable, generating $5.78B in net income for fiscal year 2025 (9.5% net margin).

Dividend & Returns

Yes, Manulife Financial Corporation (MFC) pays a dividend with a yield of 4.89%. This makes it attractive for income-focused investors.

Manulife Financial Corporation (MFC) has a return on equity (ROE) of 11.0%. This is reasonable for most industries.

Industry Metrics

Manulife Financial Corporation (MFC) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.

Explore More MFC

Manulife Financial Corporation (MFC) financial analysis — history, returns, DCA and operating performance tools

Full MFC Stock Analysis

Analyst verdict, bull/bear case, risk factors and peer comparison

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Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

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Price History

Long-term charts & historical price data

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Revenue History

Sales growth patterns & revenue breakdown

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Financial Ratios

30 years of market, efficiency and balance-sheet ratios

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Valuation

DCF intrinsic value, peer multiples & estimates

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