Manulife Financial Corporation MFC

FinancialsInsuranceCanada

Last close 62.37 CAD on Nov 1, 2026, +28.6% year to date

Quant rating

Quant rating A+ Rank 5 of 51 in Financials

Growth A 6 of 51
Valuation B 34 of 51
Quality C 37 of 51
Revisions A 3 of 51
Momentum B 10 of 51

Wall Street consensus Buy (2.33)Average target 66.64 CAD +6.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 103.2B
Enterprise value: 98.0B
52-week range: 44.23 – 63.98
3-year range: 24.52 – 63.98
Dividend yield: 3.11%
Beta (5 years): 0.77
Shares outstanding: 1,654M
Next earnings: Nov 4, 2026

About the company

Manulife Financial Corporation is a Canada-based international financial services provider. It provides financial advice and insurance, operating as Manulife across Canada, Asia, and Europe, and primarily as John Hancock in the United States. Its segments include Wealth and asset management businesses (Global WAM), Insurance and annuity products (Asia, Canada and U.S.), and the Corporate and Other segment. Wealth and asset management businesses branded as Manulife Investment Management provide investment advice and solutions to retirement, retail, and institutional clients. Insurance and annuity products include a variety of individual life insurance, individual and group long-term care insurance and guaranteed and partially guaranteed annuity products. Products are distributed through multiple distribution channels, including insurance agents, brokers, banks, and direct marketing. Corporate and Other segments are comprised of investment performance of assets backing capital.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	35,746	33,411	30,105	28,681	42,577	–
Revenue growth	7.0%	11.0%	5.0%	−32.6%	19.0%	0.0%
EPS (basic, normalized)	4.21	3.87	3.47	3.10	3.25	–
EPS growth	8.8%	11.5%	11.9%	−4.6%	–	–
Gross margin	–	–	–	–	–	–
Net margin	13.6%	13.6%	14.3%	−9.7%	12.3%	8.8%
ROE	16.5%	14.6%	12.5%	10.6%	11.6%	13.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	14,127
Net debt (mil)	–
Total equity (mil)	53,261
Net debt / equity	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			Book value per share			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	P/B	Mean est.	Growth	P/E
2025 actual	35,746	+7.0%	2.7x	25.91	+2.8%	2.4x	4.21	+8.8%	14.8x
2026	51,753	+44.8%	1.9x	35.44	+36.8%	1.8x	4.50	+6.9%	13.9x
2027	53,728	+3.8%	1.8x	31.91	−10.0%	2.0x	5.06	+12.4%	12.3x
2028	56,486	+5.1%	1.7x	34.53	+8.2%	1.8x	5.56	+10.0%	11.2x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	51,753	+34.5%	+334.7%	+2.8%	4.50	−0.2%	+0.8%	−1.1%
2027	53,728	+34.0%	+325.5%	+1.3%	5.06	+0.4%	+2.4%	+1.6%
2028	56,486	+33.9%	+325.7%	+0.3%	5.56	+0.4%	+3.3%	+0.1%

Earnings surprises EPS beat in 3 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	–	–	–	–	–	–	–	15,569	12,200	10,991
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	0.94	0.91	1.00	1.03	0.99	0.95	1.16	1.12	1.06	1.09
EPS mean	0.91	0.88	0.94	0.95	0.99	0.97	1.03	1.06	1.10	1.08
Surprise	+3.1%	+3.7%	+6.8%	+8.9%	+0.5%	−1.9%	+12.2%	+5.6%	−4.0%	+1.3%

Peer comparison Insurance

Peers in the same industry group, by market capitalization
Company	Market cap	ROE	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 P/B	FY2 P/B
MFC Manulife Financial Corporation	103.2B	16.5%	13.6%	1.95x	13.9x	12.3x	1.8x	2.0x
1299 AIA Group Limited	139.1B	14.9%	23.6%	2.44x	12.8x	11.6x	2.0x	1.8x
CB Chubb Limited	194.6B	14.4%	17.4%	1.90x	12.5x	12.3x	1.8x	1.6x
PGR The Progressive Corporation	187.5B	38.2%	12.9%	3.91x	12.6x	14.3x	3.9x	3.4x
MRSH Marsh & McLennan Companies, Inc.	133.4B	33.4%	15.4%	6.50x	19.1x	17.5x	6.4x	5.5x
AXAF AXA SA	139.3B	18.2%	7.9%	1.93x	10.3x	9.6x	1.8x	1.7x
Mean		22.6%	15.1%	3.11x	13.5x	12.9x	2.9x	2.7x
Median		17.3%	14.5%	2.20x	12.7x	12.3x	1.9x	1.9x

Technical analysis

1M+1.2%
3M−0.1%
1Y+41.3%
3Y+196.9%

Financial statements in millions of CAD

Income statement in millions of CAD, fiscal years

Income statement, Manulife Financial Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Premiums earned	35,746	33,411	30,105	28,681	42,577	35,791
Other revenue	2,960	4,025	3,393	−5,970	13,352	38,577
Total revenue	38,706	37,436	33,498	22,711	55,929	74,368
Losses, benefits and adjustments	23,091	21,822	19,382	19,335	41,205	59,867
Amortization of policy acquisition costs	–	–	–	–	–	–
Selling, general & administrative expenses	4,901	4,859	4,330	3,731	9,083	8,921
Interest expense (income), operating	1,530	1,681	1,554	1,051	–	–
Other operating expenses	2,090	1,984	1,780	1,732	−3,495	−2,372
Operating income	7,094	7,090	6,452	−3,138	9,136	7,952
Net interest income (expense)	–	–	–	–	−1,011	−1,181
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0	0	0	0	0	0
Net income before taxes	7,094	7,090	6,452	−3,138	8,125	6,771
Provision for taxes	1,034	1,212	845	−1,159	1,213	1,195
Minority interest	−278	−247	−144	−121	−255	−250
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	5,782	5,631	5,463	−2,100	6,657	5,326
Extraordinary items	–	–	–	–	–	–
Net income	5,782	5,631	5,463	−2,100	6,657	5,326
Basic weighted average shares (mil)	1,703	1,779	1,834	1,910	1,942	1,941
Diluted weighted average shares (mil)	1,708	1,785	1,838	1,910	1,946	1,943
Basic EPS, normalized	4.21	3.87	3.47	3.10	3.25	–

Balance sheet in millions of CAD, fiscal years

Balance sheet, Manulife Financial Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Total receivables	–	–	–	–	–	–
Prepaid expenses	–	–	–	–	–	–
Property, plant & equipment	–	–	–	–	–	–
Goodwill	6,877	6,275	5,919	–	5,651	5,714
Intangibles	5,447	4,777	4,391	10,519	4,264	4,215
Insurance receivables	–	–	–	–	1,294	1,444
Long-term investments	433,419	416,810	397,017	381,662	404,504	384,810
Note receivable	–	–	–	–	–	–
Other long-term assets	5,741	5,884	6,739	6,708	5,254	4,842
Deferred policy acquisition costs	–	–	–	–	–	–
Other assets	547,246	519,283	441,170	415,647	474,082	453,157
Total assets	1,025,433	978,818	875,574	833,689	917,643	880,349
Liabilities
Accounts payable	–	–	–	–	–	–
Payable/accrued	–	–	–	–	–	–
Accrued expenses	–	–	–	–	–	–
Policy liabilities	890,196	848,556	760,187	715,889	795,180	756,278
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1,741	0	–	–	–	–
Long-term debt	12,934	14,161	12,738	12,356	11,862	13,993
Minority interest	1,531	1,421	1,431	1,427	1,694	1,455
Other liabilities	68,074	63,141	53,922	57,218	51,732	57,072
Total liabilities	974,476	927,279	828,278	786,890	860,468	828,798
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	20,103	20,681	21,527	22,178	23,093	23,042
Additional paid-in capital	199	204	222	238	262	261
Retained earnings (accumulated deficit)	5,024	4,764	4,819	3,947	23,492	18,887
Treasury stock	–	–	–	–	–	–
Other equity	25,631	25,890	20,728	20,436	10,328	9,361
Total equity	50,957	51,539	47,296	46,799	57,175	51,551
Total liabilities & shareholders' equity	1,025,433	978,818	875,574	833,689	917,643	880,349

Cash flow statement in millions of CAD, fiscal years

Cash flow statement, Manulife Financial Corporation, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	6,060	5,878	5,607	−1,979	6,912	5,576
Depreciation, depletion & amortization	877	869	581	519	529	656
Deferred taxes	−6.0	311	470	−1,994	−127	280
Non-cash items	−9,179	−3,455	−4,982	10,376	5,014	−22,353
Changes in working capital	34,353	22,891	18,747	9,706	10,827	35,889
Cash from operations	32,105	26,494	20,423	16,628	23,155	20,048
Investing activities
Capital expenditures	–	–	–	–	–	–
Other investing cash flows	−28,365	−18,459	−13,720	−18,400	−24,442	−14,148
Cash from investing	−28,365	−18,459	−13,720	−18,400	−24,442	−14,148
Financing activities
Financing cash flow items	2,637	399	−909	1,652	−177	−589
Cash dividends paid	−3,305	−3,159	−2,972	−2,787	−2,500	−2,340
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−1,381	−1,414	−1,161	−973	630	3,592
Cash from financing	−2,049	−4,174	−5,042	−2,108	−2,047	663
Foreign exchange effects	−816	1,197	−412	585	−319	−528
Net change in cash	875	5,058	1,249	−3,295	−3,653	6,035
Free cash flow	32,105	26,494	20,423	16,628	23,155	20,048

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.