Manulife Financial Corp is a US-listed company in the life & health insurance industry. Its financial year ends in December.
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Third-party market data · may be delayed
~$23
Valuation models combined (3)
Base case. Range ~$21–$29. Weighted average of 3 models (residual income, justified price-to-book, price-to-book vs return on equity (peers)), the residual income counting double.
Overvalued
The price is above our entire value range; our base value is 49% below it.
Price used: $44.76, November 2, 2026
Manulife Financial Corp valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Revenue for the twelve months was $5.82bn, up 5.0% on a year earlier, slower than the 10.8% growth a quarter earlier. The diluted share count is down 4.3% on a year earlier, which lifts each remaining share. Our cash-flow model value is $22.27 a share, against a share price of $44.63.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Manulife Financial Corp's trailing-twelve-month revenue grew 5.0% year on year, with a free-cash-flow margin of 390.5%. Where it stands out: net margin of 68.5% ranks 1 of 18 life & health insurance companies we cover. Where it lags: change in growth rate of -5.8pp ranks 18 of 18 life & health insurance companies we cover.
Current signal Free-cash-flow margin near historical high: TTM FCF margin of 390.5% is above every prior reading in its 9-quarter history.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Third-party market data · may be delayed
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for MFC from the sources we follow. See filings →
We value Manulife Financial Corp as an insurer, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.89 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | ~$21 ~$15–$30 | Primary model, counts double |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | ~$21 ~$18–$25 | Included |
| Price-to-book vs return on equity (peers) The price-to-book that peers with this return on equity trade on, from a line fitted across peers. | ~$29 ~$15–$44 | Included |
| Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. | ~$0.1 ~$15–$42 | Left out: out of range vs price (0.00x) |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | ~$0.2 ~$18–$38 | Left out: out of range vs price (0.01x) |
| Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. | — | Does not apply: no current dividend figure in the company's tagged filings |
| Combined value Weighted average of the models that apply: the primary model (residual income) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. | ~$23 ~$21–$29 | 3 models |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Manulife Financial Corp with life and health insurers in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Next results: November 4, 2026, after the close.
No analyst estimates are published for Manulife Financial Corp: too few analysts cover it.
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | $1.08 | $1.09 | +0.9% |
| Mar 2026 | $1.09 | $1.06 | −3.0% |
| Dec 2025 | $1.06 | $1.12 | +5.2% |
| Sept 2025 | $1.04 | $1.16 | +11.8% |
Adjusted EPS as companies report it, against the average analyst estimate.
How Manulife Financial Corp’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.
There is not enough price history to measure realised volatility.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.
Not offered: rated Sell.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $47.00 call expiring December 18, 2026 (46 days) for $0.65 a share — $65.00 per contract.
Previous session · Bid $0.65, ask $0.80, quoted Mon 2 Nov, 17:30 New York time with MFC at $44.88. Option prices move with the shares: check the live chain at your broker before trading.
Not offered: no liquid put and call pair for the same expiry.
For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY16 Q4 | $40.3B |
| FY17 Q4 | $45B |
| FY18 Q4 | $30.1B |
| FY19 Q4 | $60B |
| FY20 Q4 | $58.8B |
| FY21 Q4 | $49.3B |
| FY22 Q4 | $4.8B |
| FY23 Q4 | $5B |
| FY24 Q4 | $5.5B |
| FY25 Q4 | $5.8B |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY17 Q4 | 11.5% |
| FY18 Q4 | -33.1% |
| FY19 Q4 | 99.3% |
| FY20 Q4 | -1.9% |
| FY21 Q4 | -16.2% |
| FY22 Q4 | -90.4% |
| FY23 Q4 | 5.1% |
| FY24 Q4 | 10.8% |
| FY25 Q4 | 5.0% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY16 Q4 | 31.5% |
| FY17 Q4 | 30.9% |
| FY18 Q4 | 48.6% |
| FY19 Q4 | 25.5% |
| FY20 Q4 | 25.0% |
| FY21 Q4 | 37.1% |
| FY22 Q4 | 263.2% |
| FY23 Q4 | 297.9% |
| FY24 Q4 | 344.2% |
| FY25 Q4 | 390.5% |
| Fiscal year | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income | ||||||||||
| Revenue | 40.3 | 45.0 | 30.1 | 60.0 | 58.8 | 49.3 | 4.8 | 5.0 | 5.5 | 5.8 |
| Net income | 2.2 | 1.6 | 3.7 | 4.2 | 4.4 | 5.7 | −1.5 | 3.8 | 3.9 | 4.0 |
| Diluted EPS | $1.07 | $0.76 | $1.80 | $2.09 | $2.19 | $2.83 | −$0.88 | $1.93 | $2.07 | $2.20 |
| Growth (year on year) | ||||||||||
| Revenue | — | +11.5% | −33.1% | +99.3% | −1.9% | −16.2% | −90.4% | +5.1% | +10.8% | +5.0% |
| Net income | — | −26.7% | +128.5% | +13.9% | +3.7% | +29.5% | −126.2% | — | +4.0% | +1.4% |
| Diluted EPS | — | −29.1% | +138.1% | +16.0% | +4.7% | +29.3% | −131.3% | — | +7.2% | +6.0% |
| Margins | ||||||||||
| Net margin | 5.5% | 3.6% | 12.3% | 7.0% | 7.4% | 11.5% | −31.2% | 75.6% | 71.0% | 68.5% |
| Cash flow | ||||||||||
| Cash from operations | 12.9 | 13.7 | 14.8 | 15.5 | 15.0 | 18.5 | 12.8 | 15.1 | 19.3 | 23.0 |
| Stock-based pay | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | — |
| Balance sheet | ||||||||||
| Cash | 11.3 | 12.8 | 11.9 | 15.7 | 20.5 | 17.7 | 14.2 | 15.4 | 17.9 | 19.5 |
| Total debt | 4.2 | 3.8 | 3.5 | 3.5 | 4.8 | — | 4.6 | 4.6 | 4.6 | 5.6 |
| Net debt (negative = net cash) | −7.0 | −8.9 | −8.4 | −12.2 | −15.7 | −17.7 | −9.5 | −10.8 | −13.3 | −13.9 |
| Diluted shares | 1,977m | 1,986m | 1,988m | 1,962m | 1,943m | 1,946m | 1,913m | 1,838m | 1,785m | 1,708m |
| Returned to shareholders | ||||||||||
| Dividends | — | — | — | — | — | — | — | 0.0 | — | — |
| Buybacks | — | — | 0.4 | 1.0 | 0.2 | — | 1.4 | 1.2 | 2.4 | 1.7 |
| Total returned | — | — | 0.4 | 1.0 | 0.2 | — | 1.4 | 1.2 | 2.4 | 1.7 |
| Last 12 months unless stated | MFC | FG | GL | JXN | BHF | GNW | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $5.8bn | $6.1bn | $6.2bn | $6.5bn | $6.7bn | $7.4bn | $11.1bn |
| Revenue growth, last 12 months | 5.0% | 15.0% | 5.2% | 15.1% | 2.6% | 2.1% | 6.1% |
| Revenue growth, 3-year average | — | 19.4% | 5.5% | 43.4% | 37.8% | −0.3% | 4.9% |
| Revenue growth, latest quarter | — | 4.2% | 8.0% | −22.6% | 86.2% | 5.8% | 6.9% |
| Operating margin | — | — | 24.0% | — | — | 0.4% | 12.3% |
| Operating margin, 3-year average | — | — | 25.1% | — | — | 4.2% | 15.0% |
| Net margin | 68.5% | 6.9% | 19.6% | 1.6% | 12.5% | 2.9% | 6.5% |
| Cash from operations / revenue | 394.9% | 71.5% | 22.5% | 90.9% | −8.1% | 5.8% | 14.6% |
| Free-cash-flow margin | 390.5% | 59.9% | 19.9% | 90.9% | — | 2.8% | 19.4% |
| Free-cash-flow margin, 3-year average | 152.8% | 86.7% | 22.2% | 106.8% | — | 0.7% | 21.3% |
| Stock pay / revenue | 0.0% | 0.6% | 0.9% | 1.6% | — | 0.9% | 0.8% |
| Change in share count | −4.3% | 2.7% | −5.3% | −5.8% | −2.6% | −6.5% | −4.7% |
| Measure | Company | Peer median | Rank |
|---|---|---|---|
| Revenue growth Growth | 5.0% | 7.0% | 12 of 18 |
| Change in growth rate Growth | -5.8pp | +1.5pp | 18 of 18 |
| Net margin Profitability | 68.5% | 6.9% | 1 of 18 |
| Stock pay as % of revenue Cash generation | 0.0% | 0.9% | 1 of 8 |
| Change in share count Balance sheet | -4.3% | -4.7% | 10 of 16 |
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Royal Bank Of Canada | $4.4B | 108.0M | 14.0% | ▼ 2.7% |
| Bank Of Montreal | $2.3B | 56.8M | 7.4% | ▼ 0.9% |
| Vanguard Capital Management LLC | $2B | 48.4M | 6.3% | ▲ 0.8% |
| Mackenzie Financial Corp | $1.7B | 29.5M | 5.4% | ▼ 1.3% |
| TD Asset Management Inc | $1.3B | 31.3M | 4.1% | ▼ 23.1% |
| National Bank Of Canada | $1.1B | 26.5M | 3.4% | ▲ 1.5% |
| 1832 Asset Management L.P. | $1B | 25.8M | 3.3% | ▼ 8.7% |
| Geode Capital Management, LLC | $821M | 19.6M | 2.6% | ▲ 11.6% |
| CIBC Asset Management Inc | $715M | 17.6M | 2.3% | ▲ 24.5% |
| TD Waterhouse Canada Inc. | $684M | 16.8M | 2.2% | ▲ 0.5% |
| Norges Bank | $657M | 16.2M | 2.1% | — |
| CIBC World Market Inc. | $655M | 16.2M | 2.1% | ▼ 3.9% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Manulife Financial Corp's complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
No trades in Manulife Financial Corp disclosed in the last 12 months; 15 earlier trades on record.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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