Manulife Financial Corporation
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. It operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth …
Manulife Financial Corporation, together with its subsidiaries, provides financial products and services in the United States, Canada, Asia, and internationally. It operates through Wealth and Asset Management Businesses; Insurance and Annuity Products; and Corporate and Other segments. The Wealth and Asset Management Businesses segment offers investment advice and solutions to retirement, retail, and institutional clients through multiple distribution channels, including agents and brokers affiliated with the company, independent securities brokerage firms and financial advisors pension plan consultants, and banks. The Insurance and Annuity Products segment provides deposit and credit products; and individual life insurance, individual and group long-term care insurance, and guaranteed and partially guaranteed annuity products through multiple distribution channels, including insurance agents, brokers, banks, financial planners, and direct marketing. The Corporate and Other segment is involved in the property and casualty reinsurance businesses; and run-off reinsurance operations, including variable annuities, and accident and health. The company also manages timberland and agricultural portfolios; and engages in the insurance agency, broker dealer, investment counseling, portfolio and mutual fund management, property and casualty insurance, and fund and investment management businesses. In addition, it provides integrated banking products and services, as well as offers asset management services. The company was incorporated in 1887 and is headquartered in Toronto, Canada.Looks overvalued
Other models: CAD 54.05–276.18 (median 76.03). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price above modeled range
Justified P/B (ROE) using TTM through 30 Jun 2026 net income and book equity: return on equity of 12.6% gives a fair price-to-book of 1.40x, with 2% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 2%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.4%, own revenue history -3.0%).
5-year outlook: relative outlook of about 8.3% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — CAD 44.59 (-27.6%)
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EPS-based Gordon proxy
— CAD 54.05 (-12.3%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— CAD 271.73 (+340.9%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— CAD 276.18 (+348.1%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— CAD 76.03 (+23.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— CAD 271.90 (+341.2%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— CAD 131.08 (+112.7%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear CAD 38.63 | -59.6% |
| Base CAD 44.59 | -38.2% |
| Bull CAD 54.82 | -12.4% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 86 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 4 of 5 years profitable | 16 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +25.1% a year | 20 / 20 |
| Balance sheet | net cash | 20 / 20 |
| Margins | EBITDA margin 15% | 10 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| MFC.TO (this company) | CAD 61.63 | -38.2% | 15.3 | 1.9 | 3.3% | 86 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.7% | 8.1 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: CAD 1.90 per share · yield 3.07% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.455 |
| 2025 | 1.760 |
| 2024 | 1.600 |
| 2023 | 1.460 |
| 2022 | 1.320 |
| 2021 | 1.170 |
Trailing 12-month financials
TTM through 30 Jun 2026 · quarterly EODHD data · data downloaded 05 Nov 2026 16:06
| Revenue | CAD 57,898,000,000 |
|---|---|
| EBITDA | CAD 8,598,000,000 |
| EBIT | CAD 9,942,000,000 |
| Net income | CAD 6,725,000,000 |
| Free cash flow | CAD 30,757,000,000 |
| Capital expenditures | CAD 0 |
| Debt | CAD 14,127,000,000 |
| Cash | CAD 37,916,000,000 |
| Working capital | CAD 55,237,000,000 |
| Shares outstanding | 1,670,000,000 |
| Reported dividends per share | CAD 2.0479 |