MANULIFE FINANCIAL CORP (MFC.CA) Fundamental Analysis & Valuation

TSX:MFC • CA56501R1064

45.73 CAD
-1.28 (-2.72%)
Last: Mar 6, 2026, 07:00 PM
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This MFC.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to MFC. MFC was compared to 80 industry peers in the Insurance industry. MFC has an average financial health and profitability rating. MFC is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

5

1. MFC.CA Profitability Analysis

1.1 Basic Checks

  • MFC had positive earnings in the past year.
  • In the past year MFC had a positive cash flow from operations.
  • MFC had positive earnings in 4 of the past 5 years.
  • In the past 5 years MFC always reported a positive cash flow from operatings.
MFC.CA Yearly Net Income VS EBIT VS OCF VS FCFMFC.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B

1.2 Ratios

  • MFC has a Return On Assets (0.51%) which is comparable to the rest of the industry.
  • MFC has a Return On Equity of 10.30%. This is in the lower half of the industry: MFC underperforms 78.75% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 0.73%, MFC is in line with its industry, outperforming 60.00% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for MFC is below the industry average of 3.17%.
Industry RankSector Rank
ROA 0.51%
ROE 10.3%
ROIC 0.73%
ROA(3y)0.53%
ROA(5y)0.41%
ROE(3y)10.1%
ROE(5y)7.53%
ROIC(3y)0.76%
ROIC(5y)N/A
MFC.CA Yearly ROA, ROE, ROICMFC.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 5 10

1.3 Margins

  • MFC's Profit Margin of 13.57% is amongst the best of the industry. MFC outperforms 81.25% of its industry peers.
  • MFC's Profit Margin has improved in the last couple of years.
  • MFC has a better Operating Margin (22.28%) than 78.75% of its industry peers.
  • In the last couple of years the Operating Margin of MFC has grown nicely.
Industry RankSector Rank
OM 22.28%
PM (TTM) 13.57%
GM N/A
OM growth 3YN/A
OM growth 5Y20.81%
PM growth 3YN/A
PM growth 5Y11.35%
GM growth 3YN/A
GM growth 5YN/A
MFC.CA Yearly Profit, Operating, Gross MarginsMFC.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10 20

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ROAROEROICOperating and Profit MarginShow most profitable peers

4

2. MFC.CA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MFC is destroying value.
  • Compared to 1 year ago, MFC has less shares outstanding
  • Compared to 5 years ago, MFC has less shares outstanding
  • Compared to 1 year ago, MFC has an improved debt to assets ratio.
MFC.CA Yearly Shares OutstandingMFC.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 500M 1B 1.5B
MFC.CA Yearly Total Debt VS Total AssetsMFC.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 200B 400B 600B 800B 1T

2.2 Solvency

  • MFC has a debt to FCF ratio of 0.46. This is a very positive value and a sign of high solvency as it would only need 0.46 years to pay back of all of its debts.
  • MFC has a Debt to FCF ratio of 0.46. This is amongst the best in the industry. MFC outperforms 82.50% of its industry peers.
  • MFC has a Debt/Equity ratio of 0.29. This is a healthy value indicating a solid balance between debt and equity.
  • MFC has a Debt to Equity ratio (0.29) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.29
Debt/FCF 0.46
Altman-Z N/A
ROIC/WACC0.09
WACC8.17%
MFC.CA Yearly LT Debt VS Equity VS FCFMFC.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 10B 20B 30B 40B 50B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MFC.CA Yearly Current Assets VS Current LiabilitesMFC.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 5B 10B 15B 20B

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. MFC.CA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an nice 8.76% over the past year.
  • The Earnings Per Share has been growing by 8.86% on average over the past years. This is quite good.
  • The Revenue has been growing slightly by 3.39% in the past year.
  • MFC shows a very negative growth in Revenue. Measured over the last years, the Revenue has been decreasing by -11.65% yearly.
EPS 1Y (TTM)8.76%
EPS 3Y10.83%
EPS 5Y8.86%
EPS Q2Q%8.74%
Revenue 1Y (TTM)3.39%
Revenue growth 3Y19.45%
Revenue growth 5Y-11.65%
Sales Q2Q%-24.06%

3.2 Future

  • Based on estimates for the next years, MFC will show a small growth in Earnings Per Share. The EPS will grow by 4.26% on average per year.
  • Based on estimates for the next years, MFC will show a quite strong growth in Revenue. The Revenue will grow by 13.32% on average per year.
EPS Next Y9.32%
EPS Next 2Y9.22%
EPS Next 3Y9.66%
EPS Next 5Y4.26%
Revenue Next Year8.5%
Revenue Next 2Y6.04%
Revenue Next 3Y16.24%
Revenue Next 5Y13.32%

3.3 Evolution

  • The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
  • When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MFC.CA Yearly Revenue VS EstimatesMFC.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20B 40B 60B 80B
MFC.CA Yearly EPS VS EstimatesMFC.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1 2 3 4 5

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Find the best growth stocksShow best growing peers

5

4. MFC.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 10.84, which indicates a very decent valuation of MFC.
  • 67.50% of the companies in the same industry are cheaper than MFC, based on the Price/Earnings ratio.
  • MFC is valuated cheaply when we compare the Price/Earnings ratio to 26.29, which is the current average of the S&P500 Index.
  • MFC is valuated reasonably with a Price/Forward Earnings ratio of 9.91.
  • Based on the Price/Forward Earnings ratio, MFC is valued a bit more expensive than 61.25% of the companies in the same industry.
  • MFC is valuated cheaply when we compare the Price/Forward Earnings ratio to 24.60, which is the current average of the S&P500 Index.
Industry RankSector Rank
PE 10.84
Fwd PE 9.91
MFC.CA Price Earnings VS Forward Price EarningsMFC.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

  • Based on the Enterprise Value to EBITDA ratio, MFC is valued a bit cheaper than the industry average as 72.50% of the companies are valued more expensively.
  • Based on the Price/Free Cash Flow ratio, MFC is valued a bit cheaper than the industry average as 73.75% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 2.39
EV/EBITDA 6.8
MFC.CA Per share dataMFC.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

  • MFC's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.16
PEG (5Y)1.22
EPS Next 2Y9.22%
EPS Next 3Y9.66%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

5

5. MFC.CA Dividend Analysis

5.1 Amount

  • With a Yearly Dividend Yield of 3.06%, MFC has a reasonable but not impressive dividend return.
  • MFC's Dividend Yield is slightly below the industry average, which is at 3.81.
  • Compared to an average S&P500 Dividend Yield of 1.82, MFC pays a better dividend.
Industry RankSector Rank
Dividend Yield 3.06%

5.2 History

  • The dividend of MFC is nicely growing with an annual growth rate of 10.03%!
  • MFC has paid a dividend for at least 10 years, which is a reliable track record.
  • MFC has not decreased its dividend for at least 10 years, so it has a reliable track record of non decreasing dividend.
Dividend Growth(5Y)10.03%
Div Incr Years11
Div Non Decr Years14
MFC.CA Yearly Dividends per shareMFC.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1 1.5

5.3 Sustainability

  • 62.94% of the earnings are spent on dividend by MFC. This is not a sustainable payout ratio.
  • The dividend of MFC is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP62.94%
EPS Next 2Y9.22%
EPS Next 3Y9.66%
MFC.CA Yearly Income VS Free CF VS DividendMFC.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 10B 20B 30B
MFC.CA Dividend Payout.MFC.CA Dividend Payout, showing the Payout Ratio.MFC.CA Dividend Payout.PayoutRetained Earnings

More info and screens

Find the best dividend stocksShow peers with best dividend

MFC.CA Fundamentals: All Metrics, Ratios and Statistics

MANULIFE FINANCIAL CORP

TSX:MFC (3/6/2026, 7:00:00 PM)

45.73

-1.28 (-2.72%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)02-11
Earnings (Next)05-05
Inst Owners55.76%
Inst Owner ChangeN/A
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap76.68B
Revenue(TTM)38.71B
Net Income(TTM)5.25B
Analysts75.79
Price Target56.76 (24.12%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.06%
Yearly Dividend1.94
Dividend Growth(5Y)10.03%
DP62.94%
Div Incr Years11
Div Non Decr Years14
Ex-Date02-25
Surprises & Revisions
EPS beat(2)2
Avg EPS beat(2)7.84%
Min EPS beat(2)4.6%
Max EPS beat(2)11.07%
EPS beat(4)2
Avg EPS beat(4)3.07%
Min EPS beat(4)-2.89%
Max EPS beat(4)11.07%
EPS beat(8)6
Avg EPS beat(8)3.82%
EPS beat(12)9
Avg EPS beat(12)4.24%
EPS beat(16)11
Avg EPS beat(16)3.12%
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)1.43%
PT rev (3m)5.7%
EPS NQ rev (1m)1.62%
EPS NQ rev (3m)1.44%
EPS NY rev (1m)1.1%
EPS NY rev (3m)1.27%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE 10.84
Fwd PE 9.91
P/S 1.98
P/FCF 2.39
P/OCF 2.39
P/B 1.5
P/tB 1.98
EV/EBITDA 6.8
EPS(TTM)4.22
EY9.23%
EPS(NY)4.61
Fwd EY10.09%
FCF(TTM)19.15
FCFY41.87%
OCF(TTM)19.15
OCFY41.87%
SpS23.08
BVpS30.39
TBVpS23.04
PEG (NY)1.16
PEG (5Y)1.22
Graham Number53.72
Profitability
Industry RankSector Rank
ROA 0.51%
ROE 10.3%
ROCE 0.86%
ROIC 0.73%
ROICexc 0.75%
ROICexgc 1.75%
OM 22.28%
PM (TTM) 13.57%
GM N/A
FCFM 82.95%
ROA(3y)0.53%
ROA(5y)0.41%
ROE(3y)10.1%
ROE(5y)7.53%
ROIC(3y)0.76%
ROIC(5y)N/A
ROICexc(3y)0.78%
ROICexc(5y)N/A
ROICexgc(3y)1.78%
ROICexgc(5y)N/A
ROCE(3y)0.9%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y4.35%
ROICexc growth 3YN/A
ROICexc growth 5Y3.45%
OM growth 3YN/A
OM growth 5Y20.81%
PM growth 3YN/A
PM growth 5Y11.35%
GM growth 3YN/A
GM growth 5YN/A
F-Score6
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.29
Debt/FCF 0.46
Debt/EBITDA 1.54
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 5.69
Cash Conversion 337.91%
Profit Quality 611.41%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score6
WACC8.17%
ROIC/WACC0.09
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)519.68%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)8.76%
EPS 3Y10.83%
EPS 5Y8.86%
EPS Q2Q%8.74%
EPS Next Y9.32%
EPS Next 2Y9.22%
EPS Next 3Y9.66%
EPS Next 5Y4.26%
Revenue 1Y (TTM)3.39%
Revenue growth 3Y19.45%
Revenue growth 5Y-11.65%
Sales Q2Q%-24.06%
Revenue Next Year8.5%
Revenue Next 2Y6.04%
Revenue Next 3Y16.24%
Revenue Next 5Y13.32%
EBIT growth 1Y-1.68%
EBIT growth 3YN/A
EBIT growth 5Y6.73%
EBIT Next Year-67.9%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y21.18%
FCF growth 3Y24.52%
FCF growth 5Y9.88%
OCF growth 1Y21.18%
OCF growth 3Y24.52%
OCF growth 5Y9.88%

MANULIFE FINANCIAL CORP / MFC.CA FAQ

What is the fundamental rating for MFC stock?

ChartMill assigns a fundamental rating of 5 / 10 to MFC.CA.


Can you provide the valuation status for MANULIFE FINANCIAL CORP?

ChartMill assigns a valuation rating of 5 / 10 to MANULIFE FINANCIAL CORP (MFC.CA). This can be considered as Fairly Valued.


How profitable is MANULIFE FINANCIAL CORP (MFC.CA) stock?

MANULIFE FINANCIAL CORP (MFC.CA) has a profitability rating of 5 / 10.


How financially healthy is MANULIFE FINANCIAL CORP?

The financial health rating of MANULIFE FINANCIAL CORP (MFC.CA) is 4 / 10.


What is the earnings growth outlook for MANULIFE FINANCIAL CORP?

The Earnings per Share (EPS) of MANULIFE FINANCIAL CORP (MFC.CA) is expected to grow by 9.32% in the next year.