# Manulife Financial Corporation (MFC-PC.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Insurance. Price C$21.85, market value C$43.4 billion.

## Valuation
- **P/E (trailing): 4.7×** (5-yr avg 6.2×, 3-yr avg 6.5×). Manulife Financial Corporation trades at 4.7× trailing earnings, well below its own five-year average of 6.2×: cheap by its own standards. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 0.7×**. Each dollar of revenue is priced at 0.7×, a low multiple typical of thin-margin businesses or out-of-favour stocks.
- **Price / book: 0.7×**. The shares trade below book value, which can signal a bargain or a balance sheet the market doubts.
- **Free-cash-flow yield: 70.9%** (5-yr avg 71.9%). Free cash flow equals 70.9% of the market value, in line with its five-year average of 71.9%. Above 5% is generally attractive.
- **Earnings yield: 21.3%**. The inverse of the P/E: 21.3% of the price is earned each year.

## Profitability
- **Net margin: 10.9%**. 10.9% of each dollar of sales reaches the bottom line.
- **Return on equity: 11.3%**. 11.3% on shareholders' equity is solid.
- **Return on assets: 0.7%**. Each dollar of assets produces 0.7% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 16.3%** (3-yr 30.9%/yr, 5-yr -7.2%/yr). Revenue grew 16.3% over the last year, against -7.2% a year compounded over five years: growth is accelerating.
- **EPS growth (1 yr): 8.1%** (5-yr 0.9%/yr). Earnings per share rose 8.1%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): 24.5%/yr**. Free cash flow has compounded at 24.5% a year over three years.

## Financial health
- **Piotroski F-score: 6/9**. 6 of 9 checks pass: mixed.
- **Cash and short-term investments: C$36.3 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 5.15%** (C$1.85 per share, trailing). Manulife Financial Corporation yields 5.15%, an income-level yield.
- **Payout ratio: 57%** (11% of free cash flow). 57% of earnings goes out as dividends, leaving room to keep raising it.
- **Consecutive years of increases: 20**. 20 straight years of increases, a record that survived at least one recession.
- **Dividend growth (5 yr): 0.0%/yr** (1-yr 0.0%). The dividend has not grown over five years.
- **Shareholder yield: 10.0%**. Dividends plus net buybacks return 10.0% of the market value a year.

## Price and momentum
- **Total return (1 yr): 4.3%** (YTD 2.3%, 3-mo 0.7%). The shares are up 4.3% over twelve months including dividends.
- **From 52-week high: -4.8%** (6.6% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 45**. An RSI of 45 is neutral.
- **Beta (1 yr): 0.12** (volatility 11%). Beta of 0.12 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=MFC-PC.TO · Page: https://foliofundamentals.com/stocks/mfc-pc.to

Not investment advice.