# Manulife Financial (MFC.TO)

Canonical: https://gigainvestors.com/s/MFC.TO

Analysis as of: 2026-10-16T07:33:47.252Z. Financial observations: FY2015–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 62.16 per share; close as of 2026-10-15.

Estimated value: low CAD 33.94 per share, central CAD 42.42 per share, high CAD 56.56 per share. Buy at or below the central value CAD 42.42 per share. Valuation as of 2026-10-16T07:33:47.252Z; scenarios are not confidence intervals.

Expected annual return: 8.7% at the stated quote. About 8.7% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- Financial history: 10 years

- Profitable years in the last ten: 10

- Required profitable years: 8

- Return on common equity variation (informational): 0.26×

Chart: Net income; fiscal year observations.

- FY2016: CAD 2.8B

- FY2017: CAD 1.9B

- FY2018: CAD 4.6B

- FY2019: CAD 5.4B

- FY2020: CAD 5.7B

- FY2021: CAD 6.9B

- FY2022: CAD 7.0B

- FY2023: CAD 4.8B

- FY2024: CAD 5.1B

- FY2025: CAD 5.3B

### moat: pass

- Common book per share

- Parent-total proxy for preferred equity

- Bank / P&C ROTE, median of available years: 10.3%

- Required median return: 10.0%

- Return uses tangible common equity: No

- Bank ROTE, second-lowest year: 6.6%

- Years with reported combined ratio: 0

Chart: Return on common equity; fiscal year observations.

- FY2016: 6.6%

- FY2017: 4.7%

- FY2018: 10.1%

- FY2019: 11.1%

- FY2020: 11.1%

- FY2021: 11.8%

- FY2022: 15.0%

- FY2023: 10.1%

- FY2024: 9.8%

- FY2025: 10.4%

### economics: pass

- Common book per share

- Parent-total proxy for preferred equity

- Book value per share + reinvested dividends, annualized return: 8.6%

- Book return interval: 10 years

- Starting book value per share: CAD 20.96

- Ending book value per share: CAD 29.83

Chart: Annual book + dividend return; fiscal year observations.

- FY2016: 5.4%

- FY2017: 1.7%

- FY2018: 15.9%

- FY2019: 11.5%

- FY2020: 10.4%

- FY2021: 18.2%

- FY2022: -13.7%

- FY2023: 11.8%

- FY2024: 19.1%

- FY2025: 10.0%

### management: pass

- Common book per share

- Parent-total proxy for preferred equity

- Diluted shares, 10-year annual growth: -1.4%

- Diluted shares, 5-year annual growth: -2.6%

- Share growth excluding flagged crisis recapitalisations: -1.4%

- Five-year share growth excluding flagged crisis recapitalisations: -2.6%

- Flagged crisis recapitalisations: 0

- Book created / earnings retained after dividends and buybacks: 1.31×

- Book value created per share: CAD 8.88

- Earnings retained per share after dividends and buybacks: CAD 6.78

Chart: Shares (first year = 100); fiscal year observations.

- FY2015: 100

- FY2016: 100

- FY2017: 101

- FY2018: 101

- FY2019: 99

- FY2020: 99

- FY2021: 99

- FY2022: 97

- FY2023: 93

- FY2024: 90

- FY2025: 87

### accounting: pass

- Financial accounting warning count: 0

- Known restatement years: 0

## Holders

- [Lee Ainslie](https://gigainvestors.com/mc): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

The price assumes profits grow 7.3% a year forever · "MFC Q2 Earnings Beat on Asia Growth and Strong Insurance Sales" (finance.yahoo.com, Aug 2026) · net income +4.3%

Story as of 2026-10-16T09:59:57.748Z; price observation 2026-10-15.

The price assumes profits grow 7.3% a year forever

- 2025-11-13: Manulife Financial Q3 Earnings Beat Estimates, NBV Sales Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/news/manulife-financial-q3-earnings-beat-135800167.html))

- 2026-05-13: Manulife Down 3% in U.S. After-Hours Trade as Reports Q1 Core Earnings Miss ([finance.yahoo.com](https://finance.yahoo.com/news/manulife-down-3-u-hours-212848651.html))

### Net income · FY2025

net income +4.3%; source https://www.sec.gov/Archives/edgar/data/1086888/000108688826000003/mfc-20251231_d2.htm; observed 2026-02-11.

- FY2016: CAD 2.8B 

- FY2017: CAD 1.9B 

- FY2018: CAD 4.6B 

- FY2019: CAD 5.4B 

- FY2020: CAD 5.7B 

- FY2021: CAD 6.9B 

- FY2022: CAD 7.0B 

- FY2023: CAD 4.8B 

- FY2024: CAD 5.1B 

- FY2025: CAD 5.3B 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in insurance life; annual sales are CAD 53 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1086888/000108688826000003/mfc-20251231_d2.htm (filed 2026-02-11); FY2025: revenue 53014000000.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MFC.TO: 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.

### Why customers stay

It earns 10.3% on shareholders’ money, excluding intangible assets.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); 10-year return on tangible equity observations [[2016,0.06644486692015208],[2017,0.04716981132075472],[2018,0.10056884797429329],[2019,0.11105430003067798],[2020,0.11057011503171617],[2021,0.11796329269963018],[2022,0.1503023568879677],[2023,0.10148849797023005],[2024,0.09844971768951667],[2025,0.10385226759817101]]; median 0.10267038278420053. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CAD 2.4 billion of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Dividend observations: [[2016,1593000000],[2017,1780000000],[2018,1788000000],[2019,1398000000],[2020,2340000000],[2021,2500000000],[2022,2787000000],[2023,2972000000],[2024,3159000000],[2025,3305000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1086888/000108688826000003/mfc-20251231_d2.htm (filed 2026-02-11); FY2025: cash repurchases 2431000000 CAD.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MFC.TO SharesStats.PercentInsiders = 0.018000000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes profits grow 7.3% a year forever.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-11); Price 62.16; FX 1; original perpetual distributable cash 1.6969155243934875; discount 0.1; growth 0.07270084420216398. Same book-value model and 4× ceiling; no ten-year operating fade applies. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 19.43 per share

- 2016-11: CAD 23.39 per share

- 2016-12: CAD 23.91 per share

- 2017-01: CAD 24.95 per share

- 2017-02: CAD 23.73 per share

- 2017-03: CAD 23.59 per share

- 2017-04: CAD 23.94 per share

- 2017-05: CAD 23.33 per share

- 2017-06: CAD 24.31 per share

- 2017-07: CAD 25.68 per share

- 2017-08: CAD 24.53 per share

- 2017-09: CAD 25.31 per share

- 2017-10: CAD 25.94 per share

- 2017-11: CAD 27.11 per share

- 2017-12: CAD 26.22 per share

- 2018-01: CAD 26.10 per share

- 2018-02: CAD 24.42 per share

- 2018-03: CAD 23.92 per share

- 2018-04: CAD 24.23 per share

- 2018-05: CAD 24.46 per share

- 2018-06: CAD 23.62 per share

- 2018-07: CAD 24.16 per share

- 2018-08: CAD 23.88 per share

- 2018-09: CAD 23.09 per share

- 2018-10: CAD 20.73 per share

- 2018-11: CAD 21.97 per share

- 2018-12: CAD 19.37 per share

- 2019-01: CAD 21.11 per share

- 2019-02: CAD 22.24 per share

- 2019-03: CAD 22.60 per share

- 2019-04: CAD 24.67 per share

- 2019-05: CAD 22.68 per share

- 2019-06: CAD 23.80 per share

- 2019-07: CAD 23.90 per share

- 2019-08: CAD 22.09 per share

- 2019-09: CAD 24.30 per share

- 2019-10: CAD 24.53 per share

- 2019-11: CAD 26.13 per share

- 2019-12: CAD 26.36 per share

- 2020-01: CAD 25.78 per share

- 2020-02: CAD 22.56 per share

- 2020-03: CAD 17.67 per share

- 2020-04: CAD 17.53 per share

- 2020-05: CAD 17.10 per share

- 2020-06: CAD 18.47 per share

- 2020-07: CAD 17.95 per share

- 2020-08: CAD 19.24 per share

- 2020-09: CAD 18.52 per share

- 2020-10: CAD 18.06 per share

- 2020-11: CAD 22.13 per share

- 2020-12: CAD 22.65 per share

- 2021-01: CAD 23.11 per share

- 2021-02: CAD 25.37 per share

- 2021-03: CAD 27.03 per share

- 2021-04: CAD 26.84 per share

- 2021-05: CAD 25.27 per share

- 2021-06: CAD 24.40 per share

- 2021-07: CAD 24.12 per share

- 2021-08: CAD 24.57 per share

- 2021-09: CAD 24.38 per share

- 2021-10: CAD 24.11 per share

- 2021-11: CAD 22.84 per share

- 2021-12: CAD 24.11 per share

- 2022-01: CAD 26.47 per share

- 2022-02: CAD 25.68 per share

- 2022-03: CAD 26.66 per share

- 2022-04: CAD 25.12 per share

- 2022-05: CAD 23.43 per share

- 2022-06: CAD 22.32 per share

- 2022-07: CAD 23.44 per share

- 2022-08: CAD 22.72 per share

- 2022-09: CAD 21.68 per share

- 2022-10: CAD 22.58 per share

- 2022-11: CAD 24.23 per share

- 2022-12: CAD 24.15 per share

- 2023-01: CAD 26.33 per share

- 2023-02: CAD 26.98 per share

- 2023-03: CAD 24.80 per share

- 2023-04: CAD 26.75 per share

- 2023-05: CAD 25.15 per share

- 2023-06: CAD 25.04 per share

- 2023-07: CAD 26.36 per share

- 2023-08: CAD 24.98 per share

- 2023-09: CAD 24.82 per share

- 2023-10: CAD 24.14 per share

- 2023-11: CAD 26.58 per share

- 2023-12: CAD 29.28 per share

- 2024-01: CAD 29.72 per share

- 2024-02: CAD 32.21 per share

- 2024-03: CAD 33.83 per share

- 2024-04: CAD 32.11 per share

- 2024-05: CAD 35.40 per share

- 2024-06: CAD 36.43 per share

- 2024-07: CAD 36.78 per share

- 2024-08: CAD 37.21 per share

- 2024-09: CAD 39.97 per share

- 2024-10: CAD 40.67 per share

- 2024-11: CAD 45.07 per share

- 2024-12: CAD 44.16 per share

- 2025-01: CAD 43.46 per share

- 2025-02: CAD 45.06 per share

- 2025-03: CAD 44.84 per share

- 2025-04: CAD 42.25 per share

- 2025-05: CAD 43.70 per share

- 2025-06: CAD 43.54 per share

- 2025-07: CAD 42.87 per share

- 2025-08: CAD 42.25 per share

- 2025-09: CAD 43.36 per share

- 2025-10: CAD 45.39 per share

- 2025-11: CAD 49.47 per share

- 2025-12: CAD 49.84 per share

- 2026-01: CAD 51.87 per share

- 2026-02: CAD 48.57 per share

- 2026-03: CAD 47.92 per share

- 2026-04: CAD 53.41 per share

- 2026-05: CAD 52.73 per share

- 2026-06: CAD 57.52 per share

- 2026-07: CAD 62.26 per share

- 2026-08: CAD 58.79 per share

- 2026-09: CAD 60.64 per share

- 2026-10: CAD 61.56 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 9.01 per share, central CAD 10.42 per share, high CAD 12.35 per share

- FY2017: low CAD 8.42 per share, central CAD 9.54 per share, high CAD 11.01 per share

- FY2018: low CAD 10.07 per share, central CAD 11.65 per share, high CAD 13.81 per share

- FY2019: low CAD 12.75 per share, central CAD 15.32 per share, high CAD 19.20 per share

- FY2020: low CAD 21.26 per share, central CAD 26.58 per share, high CAD 35.43 per share

- FY2021: low CAD 33.36 per share, central CAD 41.70 per share, high CAD 55.60 per share

- FY2022: low CAD 21.87 per share, central CAD 24.06 per share, high CAD 26.73 per share

- FY2023: low CAD 23.21 per share, central CAD 25.53 per share, high CAD 28.37 per share

- FY2024: low CAD 26.59 per share, central CAD 29.25 per share, high CAD 32.50 per share

- FY2025: low CAD 32.87 per share, central CAD 41.09 per share, high CAD 54.79 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 40-F filing](https://www.sec.gov/Archives/edgar/data/1086888/000108688826000003/mfc-20251231_d2.htm); period 2025-12-31, filed 2026-02-11.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.