Manulife Financial (MFC) | Financial Analysis & Statements
Manulife Financial Corporation Large-cap Financial Services
TL;DR: Financial Overview - Revenue, Profits & Key Metrics
Latest Quarterly: Dec 2025Income Metrics
Revenue
8.6B
Net Income
1.6B
18.54%
Balance Sheet Metrics
Total Assets
1.0T
Total Liabilities
972.9B
Shareholders Equity
52.5B
Debt to Equity
18.54
Cash Flow Metrics
Operating Cash Flow
7.4B
Free Cash Flow
8.6B
Revenue & Profitability Trend
Quarter Income Flow
Dec 31, 2025
Annual Income Flow
2025
Manulife Financial Income Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Revenue | 53.0B | -5.4B | 42.3B | 23.6B | 59.8B |
| Cost of Goods Sold | - | - | - | - | - |
| Gross Profit | - | - | - | - | - |
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Expenses | |||||
| Research & Development | - | - | - | - | - |
| Selling, General & Administrative | 4.9B | 3.6B | 4.3B | 3.7B | 7.8B |
| Other Operating Expenses | - | - | - | 444.0M | 417.0M |
| Total Operating Expenses | 4.9B | 3.6B | 4.3B | 4.2B | 8.2B |
| Operating Income | - | - | - | - | - |
| Operating Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Non-Operating Items | |||||
| Interest Income | - | - | - | - | - |
| Interest Expense | 1.5B | 1.2B | 1.6B | 1.1B | 1.0B |
| Other Non-Operating Income | 198.0M | 217.9M | 129.0M | -261.0M | 2.4B |
| Pre-tax Income | 7.1B | 5.2B | 6.5B | -3.1B | 8.1B |
| Income Tax | 1.0B | 895.0M | 845.0M | -1.2B | 1.2B |
| Effective Tax Rate % | 14.6% | 17.1% | 13.1% | 0.0% | 14.9% |
| Net Income | 6.1B | 4.3B | 5.6B | -2.0B | 6.9B |
| Net Margin % | 11.4% | 0.0% | 13.3% | -8.4% | 11.6% |
| Key Metrics | |||||
| EBITDA | - | - | - | - | - |
| EPS (Basic) | $3.08 | $2.85 | $2.62 | $3.68 | $3.55 |
| EPS (Diluted) | $3.07 | $2.84 | $2.61 | $3.68 | $3.54 |
| Basic Shares Outstanding | 1703000000 | 1313755920 | 2605930600 | 2775230000 | 2821726000 |
| Diluted Shares Outstanding | 1703000000 | 1313755920 | 2605930600 | 2775230000 | 2821726000 |
Income Statement Trend
Join Our United States Telegram Channel
Get Instant Market Updates: 52-Week High/Low Alerts, Breakout Notifications & Expert Stock Analysis Delivered To Your Phone. Join Traders Making Informed Decisions Daily!
Manulife Financial Balance Sheet From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Assets | |||||
| Current Assets | |||||
| Cash & Equivalents | 26.7B | 19.0B | 20.3B | 19.2B | 22.6B |
| Short-term Investments | - | - | - | - | - |
| Accounts Receivable | - | - | - | 1.4B | 1.3B |
| Inventory | - | - | - | - | - |
| Other Current Assets | - | - | - | - | - |
| Total Current Assets | - | - | - | - | - |
| Non-Current Assets | |||||
| Property, Plant & Equipment | - | - | - | - | - |
| Goodwill | 19.2B | 12.8B | 16.2B | 16.5B | 15.6B |
| Intangible Assets | 5.4B | 3.5B | 4.4B | 4.5B | 4.3B |
| Long-term Investments | - | - | - | - | - |
| Other Non-Current Assets | - | - | - | - | - |
| Total Non-Current Assets | - | - | - | - | - |
| Total Assets | 1.0T | 722.8B | - | - | - |
| Liabilities | |||||
| Current Liabilities | |||||
| Accounts Payable | - | - | - | - | - |
| Short-term Debt | 1.7B | 0 | 594.0M | 615.0M | - |
| Current Portion of Long-term Debt | - | - | - | - | - |
| Other Current Liabilities | - | - | - | - | - |
| Total Current Liabilities | - | - | - | - | - |
| Non-Current Liabilities | |||||
| Long-term Debt | 12.9B | 10.5B | 12.1B | 11.7B | 11.9B |
| Deferred Tax Liabilities | 2.0B | 1.4B | 1.7B | 1.5B | 1.7B |
| Other Non-Current Liabilities | - | - | - | - | - |
| Total Non-Current Liabilities | - | - | - | - | - |
| Total Liabilities | 972.9B | 683.7B | - | - | - |
| Equity | |||||
| Common Stock | 20.1B | 15.3B | 21.5B | 22.2B | 23.1B |
| Retained Earnings | 5.0B | 3.5B | 4.8B | 3.9B | 9.7B |
| Treasury Stock | - | - | - | - | - |
| Other Equity | - | - | - | - | - |
| Total Shareholders Equity | 52.5B | 39.1B | 48.7B | 48.2B | 46.9B |
| Key Metrics | |||||
| Total Debt | 14.7B | 10.5B | 12.7B | 12.4B | 11.9B |
| Working Capital | 0 | 0 | 0 | 0 | 0 |
Balance Sheet Composition
Manulife Financial Cash Flow Statement From 2021 to 2025
| Metric | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Operating Activities | |||||
| Net Income | 6.1B | 4.3B | 5.6B | -2.0B | 6.9B |
| Depreciation & Amortization | - | - | - | - | - |
| Stock-Based Compensation | - | 0 | 2.0M | 5.0M | 9.0M |
| Working Capital Changes | 16.9B | 10.0B | 6.6B | 5.0B | -690.0M |
| Operating Cash Flow | 23.0B | 14.6B | 12.7B | -1.5B | 6.1B |
| Investing Activities | |||||
| Capital Expenditures | - | - | - | - | - |
| Acquisitions | -1.3B | -219.3M | -1.0M | -182.0M | -19.0M |
| Investment Purchases | - | - | - | - | - |
| Investment Sales | - | - | - | - | - |
| Investing Cash Flow | 107.1B | 83.2B | 70.3B | 93.2B | 96.5B |
| Financing Activities | |||||
| Share Repurchases | -2.4B | -2.4B | -1.6B | -2.6B | -612.0M |
| Dividends Paid | -3.3B | -2.3B | -3.0B | -2.8B | -2.5B |
| Debt Issuance | 2.6B | 2.4B | 1.7B | 1.4B | 26.0M |
| Debt Repayment | -1.1B | -1.5B | -698.0M | -1.1B | -2.2B |
| Financing Cash Flow | -1.6B | -3.4B | -4.3B | -2.5B | -2.2B |
| Free Cash Flow | 32.1B | 19.6B | 20.4B | 16.6B | 23.2B |
| Net Change in Cash | 128.5B | 94.4B | 78.7B | 89.2B | 100.4B |
Cash Flow Trend
Manulife Financial Key Financial Ratios
Valuation Ratios
P/E Ratio (TTM)
17.18
Forward P/E
10.65
Price to Book
1.86
Price to Sales
2.09
PEG Ratio
10.65
Profitability Ratios
Profit Margin
18.67%
Operating Margin
133.47%
Return on Equity
11.49%
Return on Assets
0.54%
Financial Health
Current Ratio
4.74
Debt to Equity
48.35
Beta
0.73
Per Share Data
EPS (TTM)
$2.25
Book Value per Share
$20.78
Revenue per Share
$18.19
Peer Financial Comparison
| Company | Market Cap | P/E Ratio | P/B Ratio | ROE | Profit Margin | Debt/Equity |
|---|---|---|---|---|---|---|
| MFC | 64.6B | 17.18 | 1.86 | 11.49% | 18.67% | 48.35 |
| Aflac | 59.1B | 16.88 | 2.02 | 13.12% | 21.24% | 42.68 |
| MetLife | 49.6B | 16.15 | 1.76 | 12.02% | 4.38% | 225.97 |
| Prudential | 35.7B | 10.18 | 1.09 | 11.36% | 5.84% | 124.48 |
| Unum | 12.5B | 18.23 | 1.15 | 6.69% | 5.65% | 37.01 |
| Globe Life | 12.1B | 10.75 | 2.00 | 20.59% | 19.37% | 52.35 |
Financial data is updated regularly. All figures are in the company's reporting currency.






