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Manulife Financial Corp (MFC) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Manulife Financial Corp stock $26.70, price $43.24, that is 38.3% below the price, quality 69 out of 100. Rating: strongly overvalued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services US · Home Canada · ISIN CA56501R1064

MF Manulife Financial Corp logo Broad data Nov 7, 2026

Manulife Financial Corp

MFC · US
Solid, but very expensive

Our calculation puts a fair price 38% below what the stock costs today.

Quality 69/100
Solidly profitable · 19.0% net margin (TTM)
3.1% dividend yield · Low payout
Upbeat coverage
Broad data
Mixed vs. peers (8/15)
Moderate moat 62/100
Fair value $26.70 · Strongly overvalued

Risks from the AI analysis

🚩Regulatory scrutiny on quick-return products
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$45.99 $12.80 Fair Value $26.70 Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range $12.80 – $45.99 · fair‑value band $20.02 – $33.37 · the $43.24 price screens above the $26.70 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

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.

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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.

Stock analysis

Manulife Financial Corp (MFC) currently trades at $43.24, while our model-based Fair Value estimate is $26.70, 38% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $26.70 per share, and 0 of the 6 models we run sit above the $43.24 price.

Bear case: the Asset-Based group reads lowest at $11.09, and 6 of the 6 models stay below the price. Data coverage for this calculation is high.

Scenario range: $20.02 (bear) to $33.37 (bull), the price of $43.24 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 69/100 (solid quality), in the Financial Services sector.

Manulife Financial Corp reported revenue of C$53.0B in FY2025 versus C$59.8B in FY2021, a compound −3.0%/yr. Reported net income was C$5.8B in FY2025, compounding −3.5%/yr from FY2021.

Key figures

Market cap $72.2B Large · P/E ratio 17.2 · P/S ratio 1.88 · EPS (TTM) $2.51 · Dividend yield 3.1% · Net margin 10.9% · Return on equity 12.2% · Return on assets (EBIT) 0.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 62 out of 100 (medium confidence).

What moves the price

The share trades about 6% below its 52-week high and 35% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −42% fair-value upside, at −38%, MFC screens cheaper than that median.

Fair Value models

Bear $20.02 Fair Value $26.70 Bull $33.37
Price $43.24 · Downside -38.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then ($0.9977 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income $20.17 $23.38 $31.14 74
DDM Multi-Stage $13.42 $23.85 $30.13 64
Gordon GGM $13.42 $28.84 $47.60 63
All 6 models by family
Dividend Discount
Gordon GGM $13.42 $28.84 $47.60 63
DDM Multi-Stage $13.42 $23.85 $30.13 64
Multiples
P/E Multiple $24.15 $32.21 $40.26 63
P/B Multiple $15.88 $21.18 $26.47 55
Asset-Based
NCAV (Graham) $8.28 $11.09 $16.56 54
Economic Profit
Residual Income $20.17 $23.38 $31.14 74

Open the full fair value analysis →

Quality Score breakdown

Overall quality 69/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 25
How much profit the company makes from its sales and capital
Quality Growth 86
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 5
Debt, balance sheet and risk of trouble
Investment 89
Does it invest with discipline instead of growing at any price?
Low Volatility 84
How calm the share price moves, does not count
Price momentum 56
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 76
Distance to the 52-week high, does not count
New shares 100
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+7.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.3%
Dividend (yield on the price)3.1%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.3% vs 8.4%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 13%
Pace: the 5-year rate starts in 2020 (pandemic)

MFC screens overvalued: fair value 38% below the price. Compare with Ping An Insurance (Group) Company →

Recent news

News mood ⓘNews mood, the average tone of recent news (78 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Note from the team Oct 11, 2026
AI conclusion: Scale and cash conversion provide moderate moat signals, yet limited differentiation in life insurance and absent data constrain competitive strength.
Main risk: Regulatory review of quick-return products risks triggering mass surrenders and liquidity pressure across life insurance operations.
Manulife has closed its reinsurance transaction on a block of long-term care policies with Munich Re. This transfers biometric risk from policies that can generate volatile claims over many decades. Our models currently see it as overvalued. Does the added capital flexibility strengthen its core insurance operations more than it caps retained upside from those same liabilities?
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Insurance - Life · 77 stocks

Beats the industry median on 8/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 69 · Top 25%
Fair Value upside −38.3% · Below median
Profitability
Return on equity (12 months) 12.2% · Above median
Return on assets 0.6% · Below median
Net margin (12 months) 19.0% · Above median
Operating margin (12 months) 22.7% · Above median
Growth and dividend
Revenue growth (quarter YoY) 7.3% · Below median
Dividend yield (12 months) 3.1% · Above median
Balance sheet
Debt / equity 0.25× · Below median

Valuation Multiplesvs Insurance - Life median · lower = cheaper

P/E (12 months) 17.2× · Pricier than median
P/B 2.00× · Pricier than median
P/S (12 months) 3.01× · Priciest 25%
Price / free cash flow (fiscal year) 3.2× · Cheaper than median
EV/EBITDA 9.6× · Pricier than median
PEG 0.92× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 7
FUTURE (revenue growth)37 · sector 38
PAST (return on equity)49 · sector 48
HEALTH (low debt)–
DIVIDEND (yield)62 · sector 56

VALUE 0: the price sits above our fair-value range.

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Insurance - Life stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Ping An Insurance (Group) Company 601318 ¥54.50 ¥66.91 +23% vs MFC
China Life Insurance Company 601628 ¥35.51 ¥40.47 +14% vs MFC
Life Insurance Corporation LICI ₹394.00 ₹299.42 −24% vs MFC
Cathay Financial Holding 2882 111.00 TWD 71.53 TWD −36% vs MFC
Fubon Financial Holding 2881 148.00 TWD 86.48 TWD −42% vs MFC
Aflac Incorporated AFL $124.06 $67.30 −46% vs MFC
AIA Group 1299 HK$78.45 HK$41.63 −47% vs MFC
MetLife, Inc MET $98.27 $48.73 −50% vs MFC
Great-West Lifeco Inc GWO C$90.17 C$41.90 −54% vs MFC
Power Corporation POW C$91.36 C$33.01 −64% vs MFC

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Manulife Financial Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Manulife Financial Corp Fair Value". https://www.fairvalue-calculator.com/stock/MFC

Frequently asked questions

Is Manulife Financial Corp (MFC) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of $26.70 versus a price of $43.24, about 38% lower (overvalued).
What is the fair value of MFC?
Our model-based fair value for Manulife Financial Corp is $26.70 (as of Nov 7, 2026), built from audited fundamentals. The current price: $43.24.
What is the quality score of MFC?
Manulife Financial Corp has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Manulife Financial Corp (MFC)?
Our model-based price target is the fair value of $26.70 (as of Nov 7, 2026) from 6 valuation models. Cautious scenario $20.02, optimistic scenario $33.37. It is a calculation from audited fundamentals, not an analyst target.
What is the Manulife Financial Corp stock forecast for 2026?
Our models put fair value at $26.70, about 38% lower versus a price of $43.24 (overvalued). Cautious scenario $20.02, optimistic scenario $33.37. The calculation is refreshed regularly with new filings.
What is the revenue of Manulife Financial Corp (MFC)?
Manulife Financial Corp reported trailing-twelve-month revenue of about C$33.9B (latest available figure, as of Nov 7, 2026).
Does Manulife Financial Corp pay a dividend?
Manulife Financial Corp currently shows a dividend yield of 3.11% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of Manulife Financial Corp (MFC) and when is the ex-dividend date?
Manulife Financial Corp pays a dividend of $1.35 per share a year, a dividend yield of 3.1%. The last ex-dividend date was Aug 21, 2026. A dividend has been paid every year since at least 2000. The payout ratio is 54.3% of earnings. Our assessment: Low payout. A low payout ratio: the dividend takes at most 60 % of earnings. Whether free cash flow covers it as well, we cannot see for this company.
What is the intrinsic value of Manulife Financial Corp (MFC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manulife Financial Corp it is $26.70 per share (as of Nov 7, 2026), against a price of $43.24. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Manulife Financial Corp stock overvalued or undervalued in 2026?
As of Nov 7, 2026, MFC trades above its calculated fair value: price $43.24, fair value $26.70, a gap of about −38% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MFC?
No. The price is what the market pays today ($43.24); the fair value is what the company's own numbers justify ($26.70). For Manulife Financial Corp the two are $16.54 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manulife Financial Corp worth?
The market values Manulife Financial Corp at about $72.2B (market capitalisation, as of Nov 7, 2026). Per share that is $43.24; our models calculate a fair value of $26.70 per share.
What do the bullish and bearish scenarios say about MFC?
Our models span a range for Manulife Financial Corp: cautious scenario $20.02, base $26.70, optimistic $33.37 per share (as of Nov 7, 2026, price $43.24). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MFC?
Manulife Financial Corp trades at a price-to-earnings ratio of 17.2 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $26.70 is built from several models across several years. Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings: 9.9. Other multiples: PEG 0.9, P/B 2.0, P/S 3.0, EV/EBITDA 9.6.
What is the PEG ratio of MFC?
The PEG ratio of Manulife Financial Corp is 0.92 (P/E divided by earnings growth, as of Nov 7, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Manulife Financial Corp (MFC)?
Balance-sheet figures for Manulife Financial Corp (as of Nov 7, 2026): return on equity 12.2%, debt of 0.25 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is MFC from its 52-week high?
Manulife Financial Corp trades at $43.24, about 6% below its 52-week high of $45.99 and 35% above the low of $31.99 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $26.70 is for.
Which stocks are comparable to Manulife Financial Corp?
From the same area (Financial Services) we also value Ping An Insurance (Group) Company, China Life Insurance Company, AIA Group, Fubon Financial Holding, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Manulife Financial Corp stock attractive at the current price?
The data as of Nov 7, 2026: price $43.24, calculated fair value $26.70 (−38%), Quality Score 69/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MFC calculated?
We run Manulife Financial Corp through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of $26.70 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Manulife Financial Corp itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Manulife Financial Corp (MFC)?
The closing price on Nov 6, 2026 was $43.24. Our model-based fair value is $26.70, about 38% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Manulife Financial Corp right now?
The price sits above even our optimistic bull case ($33.37). The favourable scenario is already priced in. Solid but not exceptional quality (69/100) and above fair value, neither a clear bargain nor a standout compounder. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of Manulife Financial Corp

How large is the market capitalisation of Manulife Financial Corp (MFC)?
The market capitalisation of Manulife Financial Corp is $72.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Manulife Financial Corp (MFC)?
The price-to-sales ratio of Manulife Financial Corp is 1.88 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Manulife Financial Corp (MFC)?
Earnings per share at Manulife Financial Corp are $2.51 (price ÷ EPS = P/E 17.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Manulife Financial Corp (MFC)?
The dividend yield of Manulife Financial Corp is 3.1% (payout 53.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Manulife Financial Corp (MFC)?
The net margin of Manulife Financial Corp is 10.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Manulife Financial Corp (MFC)?
The return on equity (ROE) of Manulife Financial Corp is 12.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Manulife Financial Corp (MFC)?
On an EBIT basis the return on assets of Manulife Financial Corp is 0.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Manulife Financial Corp (MFC)?
The operating margin of Manulife Financial Corp is 22.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Manulife Financial Corp (MFC)?
Revenue at Manulife Financial Corp is growing +7.3% versus a year earlier (3y avg +29.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Manulife Financial Corp (MFC)?
Earnings per share at Manulife Financial Corp are growing −19.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Manulife Financial Corp (MFC) generate?
The free cash flow of Manulife Financial Corp is C$32.1B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does Manulife Financial Corp (MFC) hold?
Manulife Financial Corp holds more cash than debt, C$237M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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