Manulife Financial Corporation (MFC) Financial Ratios
28 years of historical data (1998–2025) · Financial Services · Insurance - Life
EV/EBITDA
↑
18.11
↑+149% vs avg
5yr avg: 7.27
30Y Low3.0·High69.5
P/FCF
↑
2.98
↑+69% vs avg
5yr avg: 1.76
30Y Low0.4·High15.4
P/B Ratio
↑
1.85
↑+112% vs avg
5yr avg: 0.88
30Y Low0.6·High3.9
ROE
↓
11.0%
↓+33% vs avg
5yr avg: 8.3%
30Y Low-6%·High17%
Debt/EBITDA
↑
2.79
↑+21% vs avg
5yr avg: 2.31
30Y Low0.4·High30.3
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MFC Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Manulife Financial Corporation trades at 18.6x earnings, 104% above its 5-year average of 9.1x, sitting at the 88th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.9x, the stock trades at a premium of 34%. On a free-cash-flow basis, the stock trades at 3.0x P/FCF, 69% above the 5-year average of 1.8x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $67.4B | $62.0B | $54.8B | $40.6B | $34.1B | $37.1B | $34.6B | $39.8B | $28.2B | $41.4B | $35.2B |
| Enterprise Value | $67.2B | $61.7B | $43.2B | $33.0B | $27.3B | $26.4B | $22.5B | $31.2B | $25.5B | $38.6B | $33.0B |
| P/E Ratio → | 18.57 | 11.82 | 10.81 | 8.47 | — | 5.39 | 6.08 | 7.32 | 6.04 | 21.29 | 12.64 |
| P/S Ratio | 1.80 | 1.17 | — | — | 1.41 | 0.62 | 0.45 | 0.51 | 0.76 | 0.73 | 0.68 |
| P/B Ratio | 1.85 | 1.18 | 1.04 | 0.83 | 0.70 | 0.63 | 0.65 | 0.79 | 0.60 | 0.98 | 0.82 |
| P/FCF | 2.98 | 1.93 | 2.07 | 1.99 | 2.05 | 0.78 | 1.73 | 0.39 | 1.47 | 2.33 | 2.07 |
| P/OCF | 2.98 | 1.93 | 2.07 | 1.99 | 2.05 | 1.60 | 1.73 | 1.94 | 1.47 | 2.33 | 2.07 |
P/E links to full P/E history page with 30-year chart
MFC EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Manulife Financial Corporation's enterprise value stands at 18.1x EBITDA, 149% above its 5-year average of 7.3x. The Financial Services sector median is 11.1x, placing the stock at a 63% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.16 | — | — | 1.13 | 0.44 | 0.29 | 0.40 | 0.68 | 0.68 | 0.64 |
| EV / EBITDA | 18.11 | 11.72 | 7.74 | 6.56 | — | 3.05 | 3.02 | 4.55 | 4.07 | 12.62 | 8.19 |
| EV / EBIT | 13.44 | 7.16 | 4.92 | 4.12 | — | 2.89 | 2.82 | 4.13 | 3.75 | 10.61 | 7.59 |
| EV / FCF | — | 1.92 | 1.63 | 1.62 | 1.64 | 0.56 | 1.12 | 0.31 | 1.33 | 2.17 | 1.93 |
MFC Profitability
Margins and return-on-capital ratios measuring operating efficiency
Manulife Financial Corporation earns an operating margin of 13.4%, below the Financial Services sector average of 20.0%. Operating margins have expanded from -91.7% to 13.4% over the past 3 years, signaling improving operational efficiency. ROE of 11.0% is modest. ROIC of 11.4% represents solid returns on invested capital versus a sector median of 5.3%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.5% | 25.5% | -187.0% | -151.8% | 6.8% | 31.1% | 22.4% | 21.9% | 45.5% | 21.7% | 24.9% |
| Operating Margin | 13.4% | 13.4% | -97.3% | -91.7% | -13.0% | 13.6% | 8.8% | 8.0% | 14.8% | 4.4% | 6.4% |
| Net Profit Margin | 10.9% | 10.9% | -77.3% | -77.6% | -8.7% | 11.1% | 6.9% | 6.8% | 12.5% | 3.7% | 5.8% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 11.1% | 11.2% | -3.9% | 11.9% | 10.3% | 10.8% | 10.5% | 4.9% | 7.1% |
| ROA | 0.6% | 0.6% | 0.6% | 0.6% | -0.2% | 0.7% | 0.6% | 0.7% | 0.6% | 0.3% | 0.4% |
| ROIC | 11.4% | 11.4% | 12.9% | 11.7% | -5.2% | 13.7% | 12.3% | 10.9% | 9.9% | 4.7% | 6.7% |
| ROCE | 0.7% | 0.7% | 0.8% | 0.8% | -0.5% | 0.9% | 0.8% | 0.8% | 0.8% | 0.3% | 0.5% |
MFC Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Manulife Financial Corporation carries a Debt/EBITDA ratio of 2.8x, which is moderately leveraged (33% below the sector average of 4.2x). The company holds a net cash position — cash of $14.9B exceeds total debt of $14.7B, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns. Interest coverage of 5.6x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.27 | 0.26 | 0.25 | 0.20 | 0.26 | 0.23 | 0.29 | 0.31 | 0.30 |
| Debt / EBITDA | 2.79 | 2.79 | 2.54 | 2.53 | — | 1.37 | 1.88 | 1.70 | 2.15 | 4.30 | 3.20 |
| Net Debt / Equity | — | -0.00 | -0.22 | -0.16 | -0.14 | -0.18 | -0.23 | -0.17 | -0.06 | -0.07 | -0.05 |
| Net Debt / EBITDA | -0.04 | -0.04 | -2.08 | -1.51 | — | -1.24 | -1.64 | -1.26 | -0.43 | -0.91 | -0.57 |
| Debt / FCF | — | -0.01 | -0.44 | -0.37 | -0.41 | -0.23 | -0.61 | -0.09 | -0.14 | -0.16 | -0.13 |
| Interest Coverage | 5.64 | 5.64 | 5.22 | 5.15 | -2.00 | 8.97 | 6.72 | 5.56 | 5.35 | 3.15 | 4.25 |
Net cash position: cash ($14.9B) exceeds total debt ($14.7B)
MFC Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | 0.06 | 1.35 | 1.68 | 1.97 | 1.17 | 1.74 | 1.57 |
| Quick Ratio | — | — | — | — | 0.06 | 1.35 | 1.68 | 1.97 | 1.17 | 1.74 | 1.57 |
| Cash Ratio | — | — | — | — | 0.05 | 1.27 | 1.59 | 1.84 | 1.08 | 1.63 | 1.49 |
| Asset Turnover | — | 0.05 | -0.01 | -0.01 | 0.03 | 0.07 | 0.09 | 0.10 | 0.05 | 0.08 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
MFC Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Manulife Financial Corporation returns 5.9% to shareholders annually — split between a 3.4% dividend yield and 2.5% buyback yield. A payout ratio of 57.1% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.4% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.4% | 5.3% | 5.8% | 7.3% | 8.2% | 6.7% | 6.8% | 3.5% | 6.3% | 4.3% | 4.5% |
| Payout Ratio | 57.1% | 57.1% | 56.1% | 54.4% | — | 37.6% | 43.9% | 26.5% | 38.3% | 86.1% | 53.3% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.4% | 8.5% | 9.2% | 11.8% | — | 18.6% | 16.4% | 13.7% | 16.6% | 4.7% | 7.9% |
| FCF Yield | 33.6% | 51.8% | 48.3% | 50.3% | 48.7% | 127.7% | 57.9% | 254.1% | 68.0% | 42.9% | 48.4% |
| Buyback Yield | 2.5% | 3.9% | 6.0% | 3.9% | 5.5% | 1.6% | 0.7% | 3.4% | 1.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.9% | 9.2% | 11.7% | 11.2% | 13.7% | 8.4% | 7.5% | 6.9% | 8.0% | 4.3% | 4.5% |
| Shares Outstanding | — | $1.7B | $1.8B | $1.8B | $1.9B | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $2.0B |
Peer Comparison
Compare MFC with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MFCYou | $67B | 18.6 | 18.1 | 3.0 | 25.5% | 13.4% | 11.0% | 11.4% | 2.8 |
 SLF | $43B | 17.9 | 13.8 | 4.5 | 100.0% | 11.4% | 14.5% | 10.2% | 4.1 |
 MET | $57B | 18.3 | 9.7 | 3.2 | 36.4% | 6.0% | 11.9% | 13.1% | 3.5 |
 PRU | $38B | 10.6 | 8.3 | 6.0 | 42.0% | 7.9% | 10.9% | 10.0% | 4.7 |
 LNC | $7B | 6.5 | 2.7 | — | 57.3% | 7.3% | 12.3% | 12.0% | 4.1 |
 UNM | $15B | 21.3 | 17.5 | 26.6 | 38.2% | 7.2% | 6.7% | 4.7% | 3.7 |
 PFG | $24B | 21.4 | 14.3 | 5.5 | 45.2% | 9.1% | 9.9% | 9.1% | 2.4 |
 AFL | $60B | 17.4 | 11.4 | 23.7 | 38.9% | 26.6% | 13.1% | 11.8% | 1.5 |
 GL | $14B | 12.5 | 10.1 | 10.9 | 33.4% | 24.4% | 20.6% | 13.4% | 1.6 |
 CNO | $5B | 22.5 | 13.1 | 7.3 | 44.8% | 6.5% | 8.9% | 4.0% | 6.6 |
 FG | $4B | 14.8 | 4.6 | 0.8 | 30.8% | 5.6% | 5.9% | 5.0% | 2.3 |
| Financial Services Median | — | 13.9 | 11.1 | 11.2 | 64.0% | 20.0% | 8.9% | 5.3% | 4.2 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 28 years · Updated daily
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MFC — Frequently Asked Questions
Quick answers to the most common questions about buying MFC stock.
What is Manulife Financial Corporation's P/E ratio?
Manulife Financial Corporation's current P/E ratio is 18.6x. The historical average is 13.5x. This places it at the 88th percentile of its historical range.
What is Manulife Financial Corporation's EV/EBITDA?
Manulife Financial Corporation's current EV/EBITDA is 18.1x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
What is Manulife Financial Corporation's ROE?
Manulife Financial Corporation's return on equity (ROE) is 11.0%. The historical average is 9.4%.
Is MFC stock overvalued?
Based on historical data, Manulife Financial Corporation is trading at a P/E of 18.6x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Manulife Financial Corporation's dividend yield?
Manulife Financial Corporation's current dividend yield is 3.39% with a payout ratio of 57.1%.
What are Manulife Financial Corporation's profit margins?
Manulife Financial Corporation has 25.5% gross margin and 13.4% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Manulife Financial Corporation have?
Manulife Financial Corporation's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.