Manulife Financial Corporation (MFC) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant weaknesses identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Manulife Financial Corporation (MFC) stock price & volume — 10-year historical chart
Manulife Financial Corporation (MFC) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Manulife Financial Corporation (MFC) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q1 2026Latest | Feb 11, 2026 | $0.80vs $0.76+5.3% | $6.3Bvs $1.7B+268.7% |
| Q4 2025 | Nov 12, 2025 | $0.84vs $0.74+13.5% | $12.4B |
| Q3 2025 | Aug 6, 2025 | $0.69vs $0.71-2.8% | $11.3B |
| Q2 2025 | May 7, 2025 | $0.69vs $0.70-1.4% | $3.1B |
Manulife Financial Corporation (MFC) competitors in Diversified global life and asset managers — business model, growth, and fundamentals comparison
Manulife Financial Corporation (MFC) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Manulife Financial Corporation (MFC) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 56.65B | 37.26B | 77.82B | 77.12B | 59.84B | 24.16B | -7.04B | -7.29B | 61.05B |
| Revenue Growth % | 9.59% | -34.22% | 108.84% | -0.9% | -22.41% | -59.63% | -129.13% | -3.57% | 937.67% |
| Medical Costs & Claims | 44.33B | 20.3B | 60.76B | 59.87B | 41.2B | 22.52B | -17.72B | -20.92B | 0 |
| 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 Expenses | 9.82B | 11.45B | 10.84B | 10.48B | 10.51B | 4.78B | 4.23B | 6.54B | 53.96B |
| OpEx / Revenue % | 17.33% | 30.72% | 13.93% | 13.59% | 17.56% | 19.79% | -60.11% | -89.74% | 88.39% |
| Depreciation & Amortization | 560M | 747M | 626M | 656M | 529M | -1.47B | -1.42B | -1.51B | 876.28M |
| 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% |
| EBITDA | 3.06B | 6.27B | 6.85B | 7.43B | 8.65B | -4.61B | 5.04B | 5.58B | 7.96B |
| EBITDA Margin % | 5.4% | 16.82% | 8.8% | 9.63% | 14.46% | -19.09% | -71.55% | -76.61% | 13.05% |
| Interest Expense | 1.16B | 1.27B | 1.35B | 1.18B | 1.02B | 1.04B | 1.55B | 1.68B | 1.53B |
| 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 Tax | 239M | 632M | 718M | 1.2B | 1.21B | -1.16B | 845M | 1.21B | 1.03B |
| 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) | 0.98 | 2.36 | 2.77 | 2.94 | 3.55 | -1.10 | 2.62 | 2.85 | 3.09 |
| Diluted Shares Outstanding | 1.99B | 1.99B | 1.96B | 1.94B | 1.95B | 1.91B | 1.84B | 1.78B | 1.24B |
Manulife Financial Corporation (MFC) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Total Assets | 729.53B | 750.27B | 809.13B | 880.35B | 917.64B | 833.69B | 875.57B | 978.82B | 1.02T |
| Asset Growth % | 1.23% | 2.84% | 7.85% | 8.8% | 4.24% | -9.15% | 5.02% | 11.79% | 4.68% |
| Total Investment Assets | 195.54B | 204.77B | 220.97B | 242.45B | 252.21B | 227.42B | 402.83B | 244.35B | 915.15B |
| Long-Term Investments | 195.54B | 204.77B | 220.97B | 242.45B | 252.21B | 227.42B | 237.68B | 244.35B | 915.15B |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 17.11B | 17.58B | 21.68B | 27.61B | 23.89B | 20.6B | 0 | 25.79B | 75.93B |
| Cash & Equivalents | 15.96B | 16.21B | 20.3B | 26.17B | 22.59B | 19.15B | 20.34B | 25.79B | 14.9B |
| Receivables | 1.15B | 1.37B | 1.39B | 1.44B | 1.29B | 1.45B | 0 | 0 | 61.03B |
| Other Current Assets | 20.07B | 21.72B | 24.7B | 31.13B | 27.19B | 68.33B | -20.34B | 0 | 0 |
| Goodwill & Intangibles | 9.84B | 10.1B | 9.97B | 9.93B | 9.91B | 10.52B | 10.31B | 11.05B | 12.31B |
| Goodwill | 5.71B | 5.86B | 5.74B | 5.71B | 5.65B | 6.01B | 5.92B | 6.28B | 6.87B |
| Intangible Assets | 4.13B | 4.23B | 4.23B | 4.21B | 4.26B | 4.5B | 4.39B | 4.78B | 5.44B |
| PP&E (Net) | 1.28B | 2.02B | 381M | 1.85B | 1.81B | 1.88B | 2.59B | 2.67B | 0 |
| Other Assets | -5.85B | -6.33B | -4.96B | -6.69B | -7.07B | -8.59B | -250.58B | 694.96B | 15.47B |
| Total Liabilities | 687.37B | 703.12B | 759.02B | 827.34B | 881.33B | 792.56B | 826.85B | 925.86B | 972.15B |
| Total Debt | 13.17B | 13.5B | 11.66B | 13.99B | 11.86B | 12.36B | 12.74B | 14.16B | 14.66B |
| Net Debt | -2.79B | -2.71B | -8.64B | -12.17B | -10.73B | -6.8B | -7.6B | -11.63B | -236.81M |
| Long-Term Debt | 13.17B | 13.5B | 11.66B | 13.99B | 11.86B | 11.74B | 12.14B | 14.16B | 12.92B |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 615M | 594M | 0 | 1.74B |
| Total Current Liabilities | 9.82B | 15.04B | 11.02B | 16.41B | 17.74B | 355.04B | 0 | 0 | 0 |
| Accounts Payable | 9.46B | 10.52B | 10.78B | 11.49B | 12.13B | 13.64B | 0 | 0 | 0 |
| Deferred Revenue | 178M | 0 | 121M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | -9.82B | 4.4B | -11.02B | 4.84B | 5.25B | 340.79B | -594M | 0 | -1.74B |
| Deferred Taxes | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Liabilities | -14.45B | -15.31B | -13.63B | -16.61B | -14.63B | -14.52B | -13.84B | 909.81B | 957.21B |
| 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 Equity | 41.23B | 46.06B | 48.9B | 51.55B | 57.17B | 46.8B | 47.3B | 51.54B | 50.08B |
| Minority Interest | 929M | 1.09B | 1.21B | 1.46B | 1.69B | 1.66B | 1.43B | 1.42B | 1.53B |
| Retained Earnings | 10.08B | 12.7B | 15.49B | 18.89B | 9.66B | 3.95B | 4.82B | 4.76B | 5.02B |
| Common Stock | 22.99B | 22.96B | 23.13B | 23.04B | 23.09B | 22.18B | 21.53B | 20.68B | 20.09B |
| Accumulated OCI | 4.09B | 6.21B | 6.45B | 6.32B | 5.18B | 13.85B | 13.81B | 18.66B | 18.12B |
| 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 / Assets | 5.78% | 6.28% | 6.19% | 6.02% | 6.42% | 5.81% | 5.57% | 5.41% | 5.04% |
| Debt / Equity | 0.31x | 0.29x | 0.23x | 0.26x | 0.20x | 0.25x | 0.26x | 0.27x | 0.28x |
| Book Value per Share | 21.23 | 23.72 | 25.54 | 27.28 | 30.25 | 25.33 | 26.51 | 29.67 | 41.49 |
| Tangible BV per Share | 16.28 | 18.64 | 20.45 | 22.17 | 25.16 | 19.83 | 20.90 | 23.48 | 31.59 |
Manulife Financial Corporation (MFC) cash flow — operating, investing & free cash flow history
| Line item | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | Dec'25 |
|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | 17.79B | 19.19B | 20.54B | 20.05B | 23.16B | 16.63B | 20.42B | 26.49B | 32.08B |
| 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 Income | 2.26B | 4.89B | 5.5B | 5.58B | 6.91B | -1.98B | 5.1B | 5.88B | 5.57B |
| Depreciation & Amortization | 560M | 747M | 626M | 656M | 529M | -1.47B | 581M | -1.51B | 876.29M |
| Stock-Based Compensation | 15M | 10M | 11M | 14M | 9M | 5M | 2M | 0 | 0 |
| Deferred Taxes | -331M | 930M | -454M | 280M | -127M | -1.99B | 470M | 311M | 0 |
| Other Non-Cash Items | -6.96B | 9.1B | -20.15B | -22.37B | 5B | 10.99B | -4.48B | -1.08B | -8.69B |
| Working Capital Changes | 22.24B | 3.52B | 35.01B | 35.89B | 10.83B | 11.08B | 18.75B | 22.89B | 34.33B |
| Cash from Investing | -16.29B | -19B | -13.83B | -14.15B | -24.44B | -18.4B | -13.72B | -18.46B | -28.34B |
| Capital Expenditures | 0 | 0 | 80.61B | 0 | 24.25B | 0 | 0 | 0 | 0 |
| Acquisitions | -10M | 187M | 288M | 0 | -19M | -182M | -1M | -297M | -1.28B |
| Purchase of Investments | 0 | 0 | -80.61B | -111.98B | -120.98B | 0 | -84.03B | 0 | -135.36B |
| Sale/Maturity of Investments | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 | 0 | 1000K |
| Other Investing | -87B | -101.3B | -79.45B | 97.83B | -24.42B | -18.22B | 70.32B | -18.16B | -209.83M |
| Cash from Financing | 14M | -724M | -2.08B | 663M | -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 Repurchases | 0 | -478M | -1.34B | -253M | -612M | -1.88B | -1.59B | -3.27B | -2.43B |
| Stock Issued | 124M | 59M | 104M | 36M | 51M | 23M | 94M | 144M | 1.46B |
| Debt Issuance (Net) | 1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Other Financing | 226M | 1.43B | 2.06B | -565M | 9M | 2B | 187M | 859M | 3.02B |
| 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 | -1000K | 1000K | -1000K | -1000K | -1000K | 1000K | -1000K | 1000K | -1000K |
| Cash at Beginning | 14.24B | 15.1B | 15.38B | 19.55B | 25.58B | 21.93B | 18.64B | 19.88B | 14.94B |
| Cash at End | 15.1B | 15.38B | 19.55B | 25.58B | 21.93B | 18.64B | 19.88B | 24.94B | 14.9B |
| 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 Share | 8.96 | 9.65 | 51.56 | 10.32 | 24.36 | 8.69 | 11.11 | 14.84 | 25.79 |
Manulife Financial Corporation (MFC) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Combined Ratio | 93.56% | 95.59% | 85.19% | 92.01% | 91.22% | 86.42% | 112.99% | 191.69% | 197.28% | 88.39% |
| Medical Cost Ratio | 75.14% | 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 / Assets | 5.94% | 5.78% | 6.28% | 6.19% | 6.02% | 6.42% | 5.81% | 5.57% | 5.41% | 5.04% |
| Book Value / Share | 21.66 | 21.23 | 23.72 | 25.54 | 27.28 | 30.25 | 25.33 | 26.51 | 29.67 | 41.49 |
| Debt / Equity | 0.30x | 0.31x | 0.29x | 0.23x | 0.26x | 0.20x | 0.25x | 0.26x | 0.27x | 0.28x |
| Revenue Growth | 57.52% | 9.59% | -34.22% | 108.84% | -0.9% | -22.41% | -59.63% | -129.13% | -3.57% | 937.67% |
Manulife Financial Corporation (MFC) stock FAQ — growth, dividends, profitability & financials explained
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).
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.
Manulife Financial Corporation (MFC) has a combined ratio of 0.0%. A ratio below 100% indicates underwriting profitability.
Manulife Financial Corporation (MFC) financial analysis — history, returns, DCA and operating performance tools
Analyst verdict, bull/bear case, risk factors and peer comparison
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates