Latest Ratios: P/E Ratio 19.2x · EV/EBITDA 18.7x · ROE 11.0%. (1998–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $69.4B | $62.0B | $54.8B | $40.6B | $34.1B | $37.1B | $34.6B | $39.8B | $28.2B | $41.4B | $35.2B |
| Enterprise Value | $69.3B | $61.7B | $43.2B | $33.0B | $27.3B | $26.4B | $22.5B | $31.2B | $25.5B | $38.6B | $33.0B |
| P/E Ratio → | 19.17 | 11.82 | 10.81 | 8.47 | — | 5.39 | 6.08 | 7.32 | 6.04 | 21.29 | 12.64 |
| P/S Ratio | 1.86 | 1.17 | — | — | 1.41 | 0.62 | 0.45 | 0.51 | 0.76 | 0.73 | 0.68 |
| P/B Ratio | 1.91 | 1.18 | 1.04 | 0.83 | 0.70 | 0.63 | 0.65 | 0.79 | 0.60 | 0.98 | 0.82 |
| P/FCF | 3.08 | 1.93 | 2.07 | 1.99 | 2.05 | 0.78 | 1.73 | 0.39 | 1.47 | 2.33 | 2.07 |
| P/OCF | 3.08 | 1.93 | 2.07 | 1.99 | 2.05 | 1.60 | 1.73 | 1.94 | 1.47 | 2.33 | 2.07 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.16 | — | — | 1.13 | 0.44 | 0.29 | 0.40 | 0.68 | 0.68 | 0.64 |
| EV / EBITDA | 18.69 | 11.72 | 7.74 | 6.56 | — | 3.05 | 3.02 | 4.55 | 4.07 | 12.62 | 8.19 |
| EV / EBIT | 13.87 | 7.16 | 4.92 | 4.12 | — | 2.89 | 2.82 | 4.13 | 3.75 | 10.61 | 7.59 |
| EV / FCF | — | 1.92 | 1.63 | 1.62 | 1.64 | 0.56 | 1.12 | 0.31 | 1.33 | 2.17 | 1.93 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 25.5% | 25.5% | -187.0% | -151.8% | 6.8% | 31.1% | 22.4% | 21.9% | 45.5% | 21.7% | 24.9% |
| Operating Margin | 13.4% | 13.4% | -97.3% | -91.7% | -13.0% | 13.6% | 8.8% | 8.0% | 14.8% | 4.4% | 6.4% |
| Net Profit Margin | 10.9% | 10.9% | -77.3% | -77.6% | -8.7% | 11.1% | 6.9% | 6.8% | 12.5% | 3.7% | 5.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 11.0% | 11.0% | 11.1% | 11.2% | -3.9% | 11.9% | 10.3% | 10.8% | 10.5% | 4.9% | 7.1% |
| ROA | 0.6% | 0.6% | 0.6% | 0.6% | -0.2% | 0.7% | 0.6% | 0.7% | 0.6% | 0.3% | 0.4% |
| ROIC | 11.4% | 11.4% | 12.9% | 11.7% | -5.2% | 13.7% | 12.3% | 10.9% | 9.9% | 4.7% | 6.7% |
| ROCE | 0.7% | 0.7% | 0.8% | 0.8% | -0.5% | 0.9% | 0.8% | 0.8% | 0.8% | 0.3% | 0.5% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.28 | 0.28 | 0.27 | 0.26 | 0.25 | 0.20 | 0.26 | 0.23 | 0.29 | 0.31 | 0.30 |
| Debt / EBITDA | 2.79 | 2.79 | 2.54 | 2.53 | — | 1.37 | 1.88 | 1.70 | 2.15 | 4.30 | 3.20 |
| Net Debt / Equity | — | -0.00 | -0.22 | -0.16 | -0.14 | -0.18 | -0.23 | -0.17 | -0.06 | -0.07 | -0.05 |
| Net Debt / EBITDA | -0.04 | -0.04 | -2.08 | -1.51 | — | -1.24 | -1.64 | -1.26 | -0.43 | -0.91 | -0.57 |
| Debt / FCF | — | -0.01 | -0.44 | -0.37 | -0.41 | -0.23 | -0.61 | -0.09 | -0.14 | -0.16 | -0.13 |
| Interest Coverage | 5.64 | 5.64 | 5.22 | 5.15 | -2.00 | 8.97 | 6.72 | 5.56 | 5.35 | 3.15 | 4.25 |
Net cash position: cash ($14.9B) exceeds total debt ($14.7B)
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | — | — | — | — | 0.06 | 1.35 | 1.68 | 1.97 | 1.17 | 1.74 | 1.57 |
| Quick Ratio | — | — | — | — | 0.06 | 1.35 | 1.68 | 1.97 | 1.17 | 1.74 | 1.57 |
| Cash Ratio | — | — | — | — | 0.05 | 1.27 | 1.59 | 1.84 | 1.08 | 1.63 | 1.49 |
| Asset Turnover | — | 0.05 | -0.01 | -0.01 | 0.03 | 0.07 | 0.09 | 0.10 | 0.05 | 0.08 | 0.07 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.3% | 5.3% | 5.8% | 7.3% | 8.2% | 6.7% | 6.8% | 3.5% | 6.3% | 4.3% | 4.5% |
| Payout Ratio | 57.1% | 57.1% | 56.1% | 54.4% | — | 37.6% | 43.9% | 26.5% | 38.3% | 86.1% | 53.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.2% | 8.5% | 9.2% | 11.8% | — | 18.6% | 16.4% | 13.7% | 16.6% | 4.7% | 7.9% |
| FCF Yield | 32.5% | 51.8% | 48.3% | 50.3% | 48.7% | 127.7% | 57.9% | 254.1% | 68.0% | 42.9% | 48.4% |
| Buyback Yield | 2.5% | 3.9% | 6.0% | 3.9% | 5.5% | 1.6% | 0.7% | 3.4% | 1.7% | 0.0% | 0.0% |
| Total Shareholder Yield | 5.7% | 9.2% | 11.7% | 11.2% | 13.7% | 8.4% | 7.5% | 6.9% | 8.0% | 4.3% | 4.5% |
| Shares Outstanding | — | $1.7B | $1.8B | $1.8B | $1.9B | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $2.0B |
Legacy block reserve volatility
Based on reported figures, Manulife's P/B ratio of 1.86 suggests the market continues to apply a complexity discount relative to peers like Sun Life, likely reflecting ongoing investor skepticism regarding the long-term earnings volatility inherent in its legacy North American insurance and annuity blocks.
The current valuation multiple appears to trade at a discount to the broader peer group, which may indicate that the market is not yet fully pricing in the potential benefits of the company's strategic pivot toward fee-based wealth management. Investors should monitor whether the successful de-risking of the LTC portfolio leads to a valuation re-rating as the earnings profile becomes more predictable.
As reported in recent financial statements, the combined ratio has exhibited significant quarterly variance, ranging from a low of 49.9% in 2024Q4 to 96.4% in 2024Q1, which suggests that underwriting profitability remains sensitive to periodic claims volatility and the ongoing restructuring of legacy insurance portfolios.
The erratic trajectory of the combined ratio highlights the difficulty in achieving consistent underwriting margins while managing a large, legacy-heavy book of business. The recent tightening of the ratio suggests that management's de-risking efforts may be gaining traction, though the historical volatility warrants further investigation into the sustainability of these underwriting gains.
According to recent financial data, Manulife has maintained a stable equity base near $50 billion, which provides a solid foundation for its underwriting leverage despite the significant fluctuations observed in its underlying liability and claims payment profiles over the last ten quarters.
The company's ability to maintain a consistent capital buffer suggests that its underwriting leverage remains within manageable limits, even as it navigates the complexities of the IFRS 17 accounting transition. Analysts should continue to monitor the premium-to-surplus relationship as a key indicator of whether the company is overextending its capital base in pursuit of growth in emerging markets.
As indicated by the provided data, the P/E ratio is frequently misapplied to Manulife, as it fails to account for the non-cash accounting flows and significant earnings volatility introduced by the IFRS 17 transition and the ongoing management of legacy insurance liabilities.
Investors should prioritize the Contractual Service Margin (CSM) and core earnings over traditional P/E multiples, as the latter can be severely distorted by actuarial adjustments and market-driven fluctuations in the general account. Relying on P/E ratios obscures the underlying operational health of the business and may lead to incorrect conclusions regarding the company's true earnings power.
Includes 30+ ratios · 28 years · Updated daily
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Quick answers to the most common questions about buying MFC stock.
Manulife Financial Corporation's current P/E ratio is 19.2x. The historical average is 13.5x. This places it at the 88th percentile of its historical range.
Manulife Financial Corporation's current EV/EBITDA is 18.7x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 14.3x.
Manulife Financial Corporation's return on equity (ROE) is 11.0%. The historical average is 9.4%.
Based on historical data, Manulife Financial Corporation is trading at a P/E of 19.2x. This is at the 88th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Manulife Financial Corporation's current dividend yield is 3.29% with a payout ratio of 57.1%.
Manulife Financial Corporation has 25.5% gross margin and 13.4% operating margin. Operating margin between 10-20% is typical for established companies.
Manulife Financial Corporation's Debt/EBITDA ratio is 2.8x, indicating moderate leverage. A ratio between 2-4x is manageable but warrants monitoring.