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MANULIFE FINANCIAL - MFCCN 4.65 PERP (MFC-PR-B.CA) Stock Fundamental Analysis

Canada - TSX:MFC-PR-B - CA56501R4035

22.13 CAD
+0.22 (+1%)
Last: 10/21/2025, 7:00:00 PM
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to MFC-PR-B. MFC-PR-B was compared to 79 industry peers in the Insurance industry. MFC-PR-B has an average financial health and profitability rating. MFC-PR-B has a correct valuation and a medium growth rate.


Dividend Valuation Growth Profitability Health

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5

1. Profitability

1.1 Basic Checks

MFC-PR-B had positive earnings in the past year.
MFC-PR-B had a positive operating cash flow in the past year.
MFC-PR-B had positive earnings in 4 of the past 5 years.
MFC-PR-B had a positive operating cash flow in each of the past 5 years.
MFC-PR-B.CA Yearly Net Income VS EBIT VS OCF VS FCFMFC-PR-B.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B 20B 25B

1.2 Ratios

With a Return On Assets value of 0.56%, MFC-PR-B perfoms like the industry average, outperforming 59.49% of the companies in the same industry.
The Return On Equity of MFC-PR-B (10.90%) is worse than 67.09% of its industry peers.
Looking at the Return On Invested Capital, with a value of 0.80%, MFC-PR-B is in the better half of the industry, outperforming 68.35% of the companies in the same industry.
Industry RankSector Rank
ROA 0.56%
ROE 10.9%
ROIC 0.8%
ROA(3y)0.27%
ROA(5y)0.44%
ROE(3y)5.1%
ROE(5y)7.68%
ROIC(3y)N/A
ROIC(5y)N/A
MFC-PR-B.CA Yearly ROA, ROE, ROICMFC-PR-B.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 10

1.3 Margins

Looking at the Profit Margin, with a value of 14.07%, MFC-PR-B belongs to the top of the industry, outperforming 91.14% of the companies in the same industry.
MFC-PR-B's Profit Margin has improved in the last couple of years.
With an excellent Operating Margin value of 23.25%, MFC-PR-B belongs to the best of the industry, outperforming 88.61% of the companies in the same industry.
MFC-PR-B's Operating Margin has improved in the last couple of years.
Industry RankSector Rank
OM 23.25%
PM (TTM) 14.07%
GM N/A
OM growth 3Y12.84%
OM growth 5Y19.32%
PM growth 3Y3.23%
PM growth 5Y14.2%
GM growth 3YN/A
GM growth 5YN/A
MFC-PR-B.CA Yearly Profit, Operating, Gross MarginsMFC-PR-B.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 20

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4

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MFC-PR-B is destroying value.
The number of shares outstanding for MFC-PR-B has been reduced compared to 1 year ago.
Compared to 5 years ago, MFC-PR-B has less shares outstanding
MFC-PR-B has a better debt/assets ratio than last year.
MFC-PR-B.CA Yearly Shares OutstandingMFC-PR-B.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B
MFC-PR-B.CA Yearly Total Debt VS Total AssetsMFC-PR-B.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200B 400B 600B 800B

2.2 Solvency

The Debt to FCF ratio of MFC-PR-B is 0.46, which is an excellent value as it means it would take MFC-PR-B, only 0.46 years of fcf income to pay off all of its debts.
MFC-PR-B has a Debt to FCF ratio of 0.46. This is amongst the best in the industry. MFC-PR-B outperforms 92.41% of its industry peers.
A Debt/Equity ratio of 0.27 indicates that MFC-PR-B is not too dependend on debt financing.
The Debt to Equity ratio of MFC-PR-B (0.27) is better than 74.68% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 0.46
Altman-Z N/A
ROIC/WACC0.09
WACC8.41%
MFC-PR-B.CA Yearly LT Debt VS Equity VS FCFMFC-PR-B.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10B 20B 30B 40B 50B

2.3 Liquidity

Industry RankSector Rank
Current Ratio N/A
Quick Ratio N/A
MFC-PR-B.CA Yearly Current Assets VS Current LiabilitesMFC-PR-B.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5B 10B 15B 20B

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4

3. Growth

3.1 Past

MFC-PR-B shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 7.59%.
Measured over the past 5 years, MFC-PR-B shows a small growth in Earnings Per Share. The EPS has been growing by 5.49% on average per year.
Looking at the last year, MFC-PR-B shows a quite strong growth in Revenue. The Revenue has grown by 11.59% in the last year.
MFC-PR-B shows a very negative growth in Revenue. Measured over the last years, the Revenue has been decreasing by -13.62% yearly.
EPS 1Y (TTM)7.59%
EPS 3Y6.08%
EPS 5Y5.49%
EPS Q2Q%4.4%
Revenue 1Y (TTM)11.59%
Revenue growth 3Y-12.52%
Revenue growth 5Y-13.62%
Sales Q2Q%19.94%

3.2 Future

The Earnings Per Share is expected to grow by 5.15% on average over the next years.
MFC-PR-B is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.24% yearly.
EPS Next Y4.23%
EPS Next 2Y6.64%
EPS Next 3Y6.89%
EPS Next 5Y5.15%
Revenue Next Year8.59%
Revenue Next 2Y8.42%
Revenue Next 3Y7.1%
Revenue Next 5Y11.24%

3.3 Evolution

The EPS growth rate is stable: in the next years the growth will be about the same than in the last years.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
MFC-PR-B.CA Yearly Revenue VS EstimatesMFC-PR-B.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 20B 40B 60B 80B
MFC-PR-B.CA Yearly EPS VS EstimatesMFC-PR-B.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 1 2 3 4

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6

4. Valuation

4.1 Price/Earnings Ratio

MFC-PR-B is valuated cheaply with a Price/Earnings ratio of 5.57.
Compared to the rest of the industry, the Price/Earnings ratio of MFC-PR-B is on the same level as its industry peers.
When comparing the Price/Earnings ratio of MFC-PR-B to the average of the S&P500 Index (27.77), we can say MFC-PR-B is valued rather cheaply.
The Price/Forward Earnings ratio is 5.02, which indicates a rather cheap valuation of MFC-PR-B.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MFC-PR-B is on the same level as its industry peers.
When comparing the Price/Forward Earnings ratio of MFC-PR-B to the average of the S&P500 Index (23.23), we can say MFC-PR-B is valued rather cheaply.
Industry RankSector Rank
PE 5.57
Fwd PE 5.02
MFC-PR-B.CA Price Earnings VS Forward Price EarningsMFC-PR-B.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

81.01% of the companies in the same industry are more expensive than MFC-PR-B, based on the Enterprise Value to EBITDA ratio.
63.29% of the companies in the same industry are more expensive than MFC-PR-B, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 1.31
EV/EBITDA 2.71
MFC-PR-B.CA Per share dataMFC-PR-B.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
PEG (NY)1.32
PEG (5Y)1.02
EPS Next 2Y6.64%
EPS Next 3Y6.89%

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6

5. Dividend

5.1 Amount

MFC-PR-B has a Yearly Dividend Yield of 3.96%.
Compared to an average industry Dividend Yield of 3.80, MFC-PR-B has a dividend in line with its industry peers.
MFC-PR-B's Dividend Yield is rather good when compared to the S&P500 average which is at 2.36.
Industry RankSector Rank
Dividend Yield 3.96%

5.2 History

On average, the dividend of MFC-PR-B grows each year by 20.17%, which is quite nice.
MFC-PR-B has been paying a dividend for at least 10 years, so it has a reliable track record.
MFC-PR-B has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)20.17%
Div Incr Years0
Div Non Decr Years19
MFC-PR-B.CA Yearly Dividends per shareMFC-PR-B.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8 1

5.3 Sustainability

59.31% of the earnings are spent on dividend by MFC-PR-B. This is a bit on the high side, but may be sustainable.
MFC-PR-B's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP59.31%
EPS Next 2Y6.64%
EPS Next 3Y6.89%
MFC-PR-B.CA Yearly Income VS Free CF VS DividendMFC-PR-B.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5B 10B 15B 20B 25B
MFC-PR-B.CA Dividend Payout.MFC-PR-B.CA Dividend Payout, showing the Payout Ratio.MFC-PR-B.CA Dividend Payout.PayoutRetained Earnings

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MANULIFE FINANCIAL - MFCCN 4.65 PERP

TSX:MFC-PR-B (10/21/2025, 7:00:00 PM)

22.13

+0.22 (+1%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupInsurance
GICS IndustryInsurance
Earnings (Last)08-06 2025-08-06/amc
Earnings (Next)11-12 2025-11-12/amc
Inst Owners55.61%
Inst Owner ChangeN/A
Ins Owners0.06%
Ins Owner ChangeN/A
Market Cap37.50B
Revenue(TTM)38.63B
Net Income(TTM)5.43B
Analysts74.44
Price Target24.63 (11.3%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.96%
Yearly Dividend1.79
Dividend Growth(5Y)20.17%
DP59.31%
Div Incr Years0
Div Non Decr Years19
Ex-Date08-20 2025-08-20 (0.29063)
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-1.7%
Min EPS beat(2)-2.89%
Max EPS beat(2)-0.52%
EPS beat(4)2
Avg EPS beat(4)2.54%
Min EPS beat(4)-2.89%
Max EPS beat(4)7.87%
EPS beat(8)6
Avg EPS beat(8)4.05%
EPS beat(12)8
Avg EPS beat(12)3.32%
EPS beat(16)10
Avg EPS beat(16)1.94%
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0.03%
PT rev (3m)-1.27%
EPS NQ rev (1m)-0.91%
EPS NQ rev (3m)-1.26%
EPS NY rev (1m)-0.05%
EPS NY rev (3m)-3.18%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.65%
Valuation
Industry RankSector Rank
PE 5.57
Fwd PE 5.02
P/S 0.97
P/FCF 1.31
P/OCF 1.31
P/B 0.75
P/tB 0.96
EV/EBITDA 2.71
EPS(TTM)3.97
EY17.94%
EPS(NY)4.41
Fwd EY19.94%
FCF(TTM)16.88
FCFY76.29%
OCF(TTM)16.88
OCFY76.29%
SpS22.8
BVpS29.42
TBVpS23.03
PEG (NY)1.32
PEG (5Y)1.02
Graham Number51.26
Profitability
Industry RankSector Rank
ROA 0.56%
ROE 10.9%
ROCE 0.94%
ROIC 0.8%
ROICexc 0.82%
ROICexgc 1.91%
OM 23.25%
PM (TTM) 14.07%
GM N/A
FCFM 74.06%
ROA(3y)0.27%
ROA(5y)0.44%
ROE(3y)5.1%
ROE(5y)7.68%
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexgc growth 3Y-2.15%
ROICexgc growth 5Y-0.07%
ROICexc growth 3Y-3.34%
ROICexc growth 5Y-0.84%
OM growth 3Y12.84%
OM growth 5Y19.32%
PM growth 3Y3.23%
PM growth 5Y14.2%
GM growth 3YN/A
GM growth 5YN/A
F-Score8
Asset Turnover0.04
Health
Industry RankSector Rank
Debt/Equity 0.27
Debt/FCF 0.46
Debt/EBITDA 1.33
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 5.72
Cash Conversion 287.17%
Profit Quality 526.46%
Current Ratio N/A
Quick Ratio N/A
Altman-Z N/A
F-Score8
WACC8.41%
ROIC/WACC0.09
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)7.59%
EPS 3Y6.08%
EPS 5Y5.49%
EPS Q2Q%4.4%
EPS Next Y4.23%
EPS Next 2Y6.64%
EPS Next 3Y6.89%
EPS Next 5Y5.15%
Revenue 1Y (TTM)11.59%
Revenue growth 3Y-12.52%
Revenue growth 5Y-13.62%
Sales Q2Q%19.94%
Revenue Next Year8.59%
Revenue Next 2Y8.42%
Revenue Next 3Y7.1%
Revenue Next 5Y11.24%
EBIT growth 1Y18.36%
EBIT growth 3Y-1.3%
EBIT growth 5Y3.07%
EBIT Next Year-69.94%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y57.69%
FCF growth 3Y4.59%
FCF growth 5Y5.22%
OCF growth 1Y57.69%
OCF growth 3Y4.59%
OCF growth 5Y5.22%