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MFCManulife Financial Corporation
$40.61$68.1B
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MFC logoManulife Financial Corporation(MFC)Earnings, Financials & Key Ratios

MFC•NYSE•Insurance & Managed Care
18.7× P/E·Price updated Jun 19, 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$53.01B+827.4%
  • Combined Ratio86.62%-56.1%
  • Net Income$5.78B+2.7%
  • Return on Equity10.97%-1.0%
  • Medical Cost Ratio74.49%-74.0%
  • Operating Margin13.38%+113.8%
  • Net Margin10.91%+114.1%
  • ROA0.58%-5.0%
  • Equity / Assets5.12%-5.3%

MFC Key Insights

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

✓Strengths

  • ✓Profitable underwriting: 86.6% combined ratio
  • ✓Strong Piotroski F-Score: 7/9
  • ✓12 consecutive years of dividend growth
  • ✓Healthy dividend yield of 3.4%
  • ✓Share count reduced 4.3% through buybacks
  • ✓Trading near 52-week high

✗Weaknesses

No significant weaknesses identified

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

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MFC Price & Volume

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

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MFC Growth Metrics

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

Revenue CAGR

10 Years4.91%
5 Years-7.22%
3 Years29.95%
TTM71.33%

Profit CAGR

10 Years10.04%
5 Years1.66%
3 Years-
TTM21.82%

EPS CAGR

10 Years11.33%
5 Years0.94%
3 Years-
TTM31.56%

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 9/12 qtrs (75%)●Beat Revenue 6/12 qtrs (67%)
Q2 2026Latest
May 13, 2026
Metric
Actual
Est
EPS
$0.77-2.5%
$0.79
Rev
$8.8B+281.3%
$2.3B
Q1 2026
Feb 11, 2026
Metric
Actual
Est
EPS
$0.80+5.3%
$0.76
Rev
$6.3B+268.7%
$1.7B
Q4 2025
Nov 12, 2025
Metric
Actual
Est
EPS
$0.84+13.5%
$0.74
Rev
$12.4B
—
Q3 2025
Aug 6, 2025
Metric
Actual
Est
EPS
$0.69-2.8%
$0.71
Rev
$11.3B
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 13, 2026
$0.77vs $0.79-2.5%
$8.8Bvs $2.3B+281.3%
Q1 2026Feb 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
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
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
SLF logoSLFSun Life Financial Inc.Direct Competitor43.73B78.9518.1122.29%8.33%12.78%0.87
MET logoMETMetLife, Inc.Direct Competitor55.8B85.5817.8310.22%4.7%12.72%0.70
PRU logoPRUPrudential Financial, Inc.Direct Competitor37.05B106.5310.42-14.01%5.62%10.26%0.65
LNC logoLNCLincoln National CorporationDirect Competitor7.11B37.176.361.24%9.14%16.79%0.59
UNM logoUNMUnum GroupDirect Competitor14.53B89.9821.022.07%5.87%7.07%0.35
PFG logoPFGPrincipal Financial Group, Inc.Direct Competitor23.74B109.5720.87-3.11%7.58%9.89%0.34
AFL logoAFLAflac IncorporatedProduct Competitor59.49B115.4716.91-8.84%21%13.05%0.29
GL logoGLGlobe Life Inc.Product Competitor13.4B170.7612.153.82%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
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Revenue
56.65B37.26B77.82B77.12B59.84B24.16B-7.04B-7.29B53.01B79.35B
Revenue Growth %
9.59%-34.22%108.84%-0.9%-22.41%-59.63%-129.13%-3.57%827.41%71.33%
Medical Costs & Claims
44.33B20.3B60.76B59.87B41.2B22.52B-17.72B-20.92B39.49B52.89B
Medical Cost Ratio %
78.26%54.47%78.08%77.63%68.86%93.2%251.8%287.02%74.49%66.66%
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%
13.53B▼ 0.8%
26.46B▲ 0%
Gross Margin %
21.74%45.53%21.92%22.37%31.14%6.8%-151.8%-187.02%25.51%33.34%
Gross Profit Growth %
-4.14%37.73%0.55%1.14%8.01%-91.18%549.76%27.6%-0.77%-
Operating Expenses
9.82B11.45B10.84B10.48B10.51B4.78B4.23B6.54B6.43B18.59B
OpEx / Revenue %
17.33%30.72%13.93%13.59%17.56%19.79%-60.11%-89.74%12.13%23.43%
Depreciation & Amortization
560M747M626M656M529M-1.47B-1.42B-1.51B-1.83B-1.15B
Combined Ratio %
95.59%85.19%92.01%91.22%86.42%112.99%191.69%197.28%86.62%90.09%
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▲ 0.1%
7.86B▲ 0%
Operating Margin %
4.41%14.81%7.99%8.78%13.58%-12.99%-91.69%-97.28%13.38%9.91%
Operating Income Growth %
-24.87%120.67%12.7%8.86%20%-138.62%305.61%9.89%0.06%-
EBITDA
3.06B6.27B6.85B7.43B8.65B-4.61B5.04B5.58B5.26B6.71B
EBITDA Margin %
5.4%16.82%8.8%9.63%14.46%-19.09%-71.55%-76.61%9.93%8.46%
Interest Expense
1.16B1.27B1.35B1.18B1.02B1.04B1.55B1.68B1.53B1.54B
Non-Operating Income
-1.14B-1.27B-1.32B-1.18B-1.01B-1.05B-1.55B-1.68B-1.53B-1.54B
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▲ 0.1%
7.86B▲ 0%
Pretax Margin %
4.41%14.81%7.99%8.78%13.58%-12.99%-91.69%-97.28%13.38%9.91%
Income Tax
239M632M718M1.2B1.21B-1.16B845M1.21B1.03B1.19B
Effective Tax Rate %
9.56%11.45%11.54%17.65%14.93%36.93%13.1%17.09%14.58%15.11%
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▲ 2.7%
6.42B▲ 0%
Net Margin %
3.65%12.54%6.77%6.91%11.12%-8.69%-77.63%-77.26%10.91%8.09%
Net Income Growth %
-30.84%125.97%12.75%1.08%24.99%-131.55%360.14%3.08%2.68%21.82%
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%
3.76▲ 0%
EPS Growth %
-30.5%139.8%17.87%5.78%20.82%-131.07%337.27%8.81%8.1%31.56%
EPS (Basic)
0.982.362.772.943.55-1.102.622.853.08-
Diluted Shares Outstanding
1.99B1.99B1.96B1.94B1.95B1.91B1.84B1.78B1.71B1.71B

MFC Balance Sheet

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Assets
729.53B750.27B809.13B880.35B917.64B833.69B875.57B978.82B1.02T1.03T
Asset Growth %
1.23%2.84%7.85%8.8%4.24%-9.15%5.02%11.79%4.68%24.11%
Total Investment Assets
195.54B204.77B220.97B242.45B252.21B227.42B402.83B244.35B915.15B4M
Long-Term Investments
195.54B204.77B220.97B242.45B252.21B227.42B237.68B244.35B915.15B3.16T
Short-Term Investments
0000000000
Total Current Assets
17.11B17.58B21.68B27.61B23.89B20.6B025.79B75.93B79.75B
Cash & Equivalents
15.96B16.21B20.3B26.17B22.59B19.15B20.34B25.79B14.9B14.56B
Receivables
1.15B1.37B1.39B1.44B1.29B1.45B0061.03B191.7B
Other Current Assets
20.07B21.72B24.7B31.13B27.19B68.33B-20.34B000
Goodwill & Intangibles
9.84B10.1B9.97B9.93B9.91B10.52B10.31B11.05B12.31B46.7B
Goodwill
5.71B5.86B5.74B5.71B5.65B6.01B5.92B6.28B6.87B0
Intangible Assets
4.13B4.23B4.23B4.21B4.26B4.5B4.39B4.78B5.44B12.58B
PP&E (Net)
1.28B2.02B381M1.85B1.81B1.88B2.59B2.67B00
Other Assets
-5.85B-6.33B-4.96B-6.69B-7.07B-8.59B-250.58B694.96B15.47B16B
Total Liabilities
687.37B703.12B759.02B827.34B881.33B792.56B826.85B925.86B972.15B975.97B
Total Debt
13.17B13.5B11.66B13.99B11.86B12.36B12.74B14.16B14.66B13.48B
Net Debt
-2.79B-2.71B-8.64B-12.17B-10.73B-6.8B-7.6B-11.63B-236.81M-1.08B
Long-Term Debt
13.17B13.5B11.66B13.99B11.86B11.74B12.14B14.16B12.92B13.48B
Short-Term Debt
00000615M594M01.74B0
Total Current Liabilities
9.82B15.04B11.02B16.41B17.74B355.04B0000
Accounts Payable
9.46B10.52B10.78B11.49B12.13B13.64B0000
Deferred Revenue
178M0121M0000000
Other Current Liabilities
-9.82B4.4B-11.02B4.84B5.25B340.79B-594M0-1.74B0
Deferred Taxes
1000K1000K1000K1000K1000K1000K1000K1000K1000K7.97B
Other Liabilities
-14.45B-15.31B-13.63B-16.61B-14.63B-14.52B-13.84B909.81B957.21B960.49B
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%
52.49B▼ 0.9%
52.32B▲ 0%
Equity Growth %
-1.54%11.83%6.27%5.79%11.06%-17.68%0.54%8.69%-0.89%1.12%
Shareholders Equity
41.23B46.06B48.9B51.55B57.17B46.8B47.3B51.54B50.96B50.76B
Minority Interest
929M1.09B1.21B1.46B1.69B1.66B1.43B1.42B1.53B1.56B
Retained Earnings
10.08B12.7B15.49B18.89B9.66B3.95B4.82B4.76B5.02B5.04B
Common Stock
22.99B22.96B23.13B23.04B23.09B22.18B21.53B20.68B20.09B20.13B
Accumulated OCI
4.09B6.21B6.45B6.32B5.18B13.85B13.81B18.66B18.12B18.72B
Return on Equity (ROE)
4.87%10.46%10.84%10.33%11.9%-3.91%11.24%11.08%10.97%12.29%
Return on Assets (ROA)
0.29%0.63%0.68%0.63%0.74%-0.24%0.64%0.61%0.58%0.63%
Equity / Assets
5.78%6.28%6.19%6.02%6.42%5.81%5.57%5.41%5.12%5.08%
Debt / Equity
0.31x0.29x0.23x0.26x0.20x0.25x0.26x0.27x0.28x0.26x
Book Value per Share
21.2323.7225.5427.2830.2525.3326.5129.6730.7330.63
Tangible BV per Share
16.2818.6420.4522.1725.1619.8320.9023.4823.5223.27

MFC Cash Flow Statement

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

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
17.79B19.19B20.54B20.05B23.16B16.63B20.42B26.49B32.08B28.96B
Operating CF Growth %
4.43%7.85%7.06%-2.4%15.5%-28.19%22.82%29.73%21.08%0.53%
Operating CF / Revenue %
31.41%51.49%26.4%26%38.69%68.83%-290.22%-363.53%60.51%36.49%
Net Income
2.26B4.89B5.5B5.58B6.91B-1.98B5.1B5.88B5.57B6.42B
Depreciation & Amortization
560M747M626M656M529M-1.47B581M-1.51B876.29M-412.54M
Stock-Based Compensation
15M10M11M14M9M5M2M000
Deferred Taxes
-331M930M-454M280M-127M-1.99B470M311M048M
Other Non-Cash Items
-6.96B9.1B-20.15B-22.37B5B10.99B-4.48B-1.08B-8.69B-6.79B
Working Capital Changes
22.24B3.52B35.01B35.89B10.83B11.08B18.75B22.89B34.33B29.62B
Cash from Investing
-16.29B-19B-13.83B-14.15B-24.44B-18.4B-13.72B-18.46B-28.34B-24.84B
Capital Expenditures
0080.61B024.25B00000
Acquisitions
-10M187M288M0-19M-182M-1M-297M-1.28B-1.35B
Purchase of Investments
00-80.61B-111.98B-120.98B0-84.03B0-135.36B-70.5B
Sale/Maturity of Investments
70.72B82.11B65.33B096.73B000108.5B61.34B
Other Investing
-87B-101.3B-79.45B97.83B-24.42B-18.22B70.32B-18.16B-209.83M-14.32B
Cash from Financing
14M-724M-2.08B663M-2.05B-2.11B-5.04B-4.17B-2.05B-3.82B
Dividends Paid
-1.78B-1.79B-1.4B-2.34B-2.5B-2.79B-2.97B-3.16B-3.3B-3.37B
Share Repurchases
0-478M-1.34B-253M-612M-1.88B-1.59B-3.27B-2.43B-1.3B
Stock Issued
124M59M104M36M51M23M94M144M1.46B1B
Debt Issuance (Net)
1000K-1000K-1000K1000K-1000K1000K-1000K1000K-1000K0
Other Financing
226M1.43B2.06B-565M9M2B187M859M3.02B1.54B
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%
-84.33M▲ 0%
Exchange Rate Effect
-658M822M-466M-528M-319M585M-412M1.2B-1.73B-383.19M
Cash at Beginning
14.24B15.1B15.38B19.55B25.58B21.93B18.64B19.88B14.94B15.14B
Cash at End
15.1B15.38B19.55B25.58B21.93B18.64B19.88B24.94B14.9B14.56B
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%
28.96B▲ 0%
FCF Growth %
4.43%7.85%427.16%-80.18%136.46%-64.92%22.82%29.73%21.08%1.22%
FCF Margin %
31.41%51.49%129.98%26%79.22%68.83%-290.22%-363.53%60.51%36.49%
FCF per Share
8.969.6551.5610.3224.368.6911.1114.8418.7816.95

MFC Key Ratios

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

Metric201720182019202020212022202320242025TTM
Combined Ratio
95.59%85.19%92.01%91.22%86.42%112.99%191.69%197.28%86.62%90.09%
Medical Cost Ratio
78.26%54.47%78.08%77.63%68.86%93.2%251.8%287.02%74.49%66.66%
Return on Equity (ROE)
4.87%10.46%10.84%10.33%11.9%-3.91%11.24%11.08%10.97%12.29%
Return on Assets (ROA)
0.29%0.63%0.68%0.63%0.74%-0.24%0.64%0.61%0.58%0.63%
Equity / Assets
5.78%6.28%6.19%6.02%6.42%5.81%5.57%5.41%5.12%5.08%
Book Value / Share
21.2323.7225.5427.2830.2525.3326.5129.6730.7330.63
Debt / Equity
0.31x0.29x0.23x0.26x0.20x0.25x0.26x0.27x0.28x0.26x
Revenue Growth
9.59%-34.22%108.84%-0.9%-22.41%-59.63%-129.13%-3.57%827.41%71.33%
Related:MFC Dividend History·MFC Revenue History·MFC Price History·MFC P/E History·MFC Financial Ratios·MFC Institutional Holders

MFC Frequently Asked Questions

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

Growth & Financials

Manulife Financial Corporation (MFC) grew revenue by 827.4% over the past year. This is strong growth.

Yes, Manulife Financial Corporation (MFC) is profitable, generating $6.42B in net income for fiscal year 2025 (10.9% net margin).

Dividend & Returns

Yes, Manulife Financial Corporation (MFC) pays a dividend with a yield of 3.38%. 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 86.6%. A ratio below 100% indicates underwriting profitability.

What if you invested $1,000 in MFC back in 1998?

Total return calculator · dividends reinvested · 28+ years of data

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How much would $100/month in MFC be worth today?

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