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

  • In the past year MFC was profitable.
  • 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

  • Looking at the Return On Assets, with a value of 0.51%, MFC is in line with its industry, outperforming 48.75% of the companies in the same 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.
  • MFC's Return On Invested Capital of 0.73% is fine compared to the rest of the industry. MFC outperforms 63.75% of its industry peers.
  • MFC had an Average Return On Invested Capital over the past 3 years of 0.76%. This 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)10.13%
ROE(5y)7.55%
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

  • Looking at the Profit Margin, with a value of 13.57%, MFC belongs to the top of the industry, outperforming 81.25% of the companies in the same industry.
  • In the last couple of years the Profit Margin of MFC has grown nicely.
  • MFC has a Operating Margin of 22.28%. This is in the better half of the industry: MFC outperforms 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 5Y20.92%
PM growth 3YN/A
PM growth 5Y11.52%
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.
  • The number of shares outstanding for MFC has been reduced compared to 1 year ago.
  • MFC has less shares outstanding than it did 5 years ago.
  • MFC has a better debt/assets ratio than last year.
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

  • The Debt to FCF ratio of MFC is 0.46, which is an excellent value as it means it would take MFC, only 0.46 years of fcf income to pay off all of its debts.
  • MFC has a Debt to FCF ratio of 0.46. This is amongst the best in the industry. MFC outperforms 86.25% of its industry peers.
  • A Debt/Equity ratio of 0.29 indicates that MFC is not too dependend on debt financing.
  • MFC has a Debt to Equity ratio (0.29) which is in line with its industry peers.
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

  • MFC shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 8.76%, which is quite good.
  • The Earnings Per Share has been growing by 8.86% on average over the past years. This is quite good.
  • Looking at the last year, MFC shows a small growth in Revenue. The Revenue has grown by 3.39% in the last 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.
  • The Revenue is expected to grow by 12.25% on average over the next years. This is quite good.
EPS Next Y8.14%
EPS Next 2Y8.83%
EPS Next 3Y4.94%
EPS Next 5Y4.26%
Revenue Next Year8.5%
Revenue Next 2Y6.04%
Revenue Next 3Y16.24%
Revenue Next 5Y12.25%

3.3 Evolution

  • When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
  • 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

  • With a Price/Earnings ratio of 10.84, the valuation of MFC can be described as very reasonable.
  • Based on the Price/Earnings ratio, MFC is valued a bit more expensive than 68.75% of the companies in the same industry.
  • Compared to an average S&P500 Price/Earnings ratio of 26.29, MFC is valued rather cheaply.
  • MFC is valuated reasonably with a Price/Forward Earnings ratio of 10.02.
  • 61.25% of the companies in the same industry are cheaper than MFC, based on the Price/Forward Earnings ratio.
  • When comparing the Price/Forward Earnings ratio of MFC to the average of the S&P500 Index (24.57), we can say MFC is valued rather cheaply.
Industry RankSector Rank
PE 10.84
Fwd PE 10.02
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 73.75% of the companies in the same industry.
Industry RankSector Rank
P/FCF 2.39
EV/EBITDA 7.03
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)1.33
PEG (5Y)1.22
EPS Next 2Y8.83%
EPS Next 3Y4.94%

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

5

5. MFC.CA Dividend Analysis

5.1 Amount

  • MFC has a Yearly Dividend Yield of 3.06%. Purely for dividend investing, there may be better candidates out there.
  • Compared to an average industry Dividend Yield of 4.43, MFC's dividend is way lower than its industry peers. On top of this 87.50% of the companies listed in the same industry pay a better dividend than MFC!
  • MFC's Dividend Yield is rather good when compared to the S&P500 average which is at 1.82.
Industry RankSector Rank
Dividend Yield 3.06%

5.2 History

  • On average, the dividend of MFC grows each year by 10.03%, which is quite nice.
  • MFC has been paying a dividend for at least 10 years, so it has a reliable track record.
  • MFC has not decreased their dividend for at least 10 years, which is a reliable track record.
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 2Y8.83%
EPS Next 3Y4.94%
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

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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)3.59%
PT rev (3m)6.13%
EPS NQ rev (1m)1.62%
EPS NQ rev (3m)1.14%
EPS NY rev (1m)0%
EPS NY rev (3m)3.12%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.86%
Valuation
Industry RankSector Rank
PE 10.84
Fwd PE 10.02
P/S 1.98
P/FCF 2.39
P/OCF 2.39
P/B 1.51
P/tB 1.99
EV/EBITDA 7.03
EPS(TTM)4.22
EY9.23%
EPS(NY)4.56
Fwd EY9.98%
FCF(TTM)19.14
FCFY41.86%
OCF(TTM)19.14
OCFY41.86%
SpS23.08
BVpS30.38
TBVpS23.03
PEG (NY)1.33
PEG (5Y)1.22
Graham Number53.71
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)10.13%
ROE(5y)7.55%
ROIC(3y)0.76%
ROIC(5y)N/A
ROICexc(3y)0.78%
ROICexc(5y)N/A
ROICexgc(3y)1.79%
ROICexgc(5y)N/A
ROCE(3y)0.91%
ROCE(5y)N/A
ROICexgc growth 3YN/A
ROICexgc growth 5Y4.45%
ROICexc growth 3YN/A
ROICexc growth 5Y3.55%
OM growth 3YN/A
OM growth 5Y20.92%
PM growth 3YN/A
PM growth 5Y11.52%
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)518.1%
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 Y8.14%
EPS Next 2Y8.83%
EPS Next 3Y4.94%
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 5Y12.25%
EBIT growth 1Y-1.68%
EBIT growth 3YN/A
EBIT growth 5Y6.83%
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 8.14% in the next year.