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TORONTO STOCK EXCHANGE · Insurance · CIK 0001086888
$45.26
+1.75% · delayed ~15 min
Last price from Oct 21, 2026
$75.22B market value
From MANULIFE FINANCIAL CORP's FY2025 40-F, filed Feb 11, 2026 · read the filing
MANULIFE FINANCIAL sells insurance. It took in $5.79B last year, which makes it a mid-sized company. Of every dollar it sells, about 75 cents is left as profit.
The financial picture is led by profitability, with growth and debt worth watching.
A conclusion from the filings, not a recommendation. Detailed figures and supporting evidence appear in their dedicated sections below.
Financial health
Generally healthy, with a few things to watch.
From MANULIFE FINANCIAL CORP's FY2025 annual filing · share price scored separately
Largest year-over-year changes in FY2025
Revenue
$5.41B → $5.79B
Profit margin
77.5% → 74.5%
3 of 4 scored areas had enough reported figures to judge
Measured against FY2024, from the 40-F filed Feb 11, 2026
Improved: +7.1%
$5.41B to $5.79BNotable
Why it matters: Sales are what everything else is built on. A fall can be lost customers, lower prices, or a business the company sold — the filing itself says which.
How the latest move compares (quote delayed ~15 min), and what was published around it
MFC rose 1.75% on the latest quote. The average Financials company tracked here moved +1.11%, and the S&P 500 −1.04%. That is 0.6 points above its sector and 2.8 points above the market.
Expectations
Not from the filings — what other people are betting on, and what the price already assumes.
Opinions from 19 analysts covering this company, as of . Their views, not this site's.
Of 19 analysts publishing on this company, 2 say strong buy, 12 say buy, 4 say hold and 1 say sell. Analysts are paid to publish a view and are wrong often; the split above says how much they agree with each other, which is the part a single headline rating hides.
Published by Finnhub. Analyst coverage skews towards larger companies and towards optimism — sell ratings are rare across the whole market, so a company with none is ordinary rather than endorsed.
The essentials
Each answered from the filings, with the numbers behind it.
Yes. It keeps about 75 cents of every dollar of sales as profit, earning $4.32B last year.
Slowly. Sales grew 7.1% last year.
For every $1 it owes, it owns $1.05 in assets. Banks and insurers always carry high debt — that is how lending works — so this is normal for the industry and not comparable with other sectors.
Core operating and valuation reference metrics
Income
This company pays no dividend. It keeps its profits and reinvests them in the business instead, so any return would have to come from the share price.
Figures from the FY2025 annual filing
Last year it earned $4.32B and generated $22.88B of cash from operations.
As reported to the SEC, in USD. Hover or show sources to see where each figure came from.
| Income statement | FY202540-F · Feb 11, 2026Filing for FY2025 | FY202440-F · Feb 19, 2025Filing for FY2024 | FY202340-F · Feb 14, 2024Filing for FY2023 | FY202240-F · Feb 14, 2024Filing for FY2022 | FY202140-F · Feb 9, 2022Filing for FY2021 | ChangeFY2025 vs FY2024 |
|---|---|---|---|---|---|---|
| RevenueWhat is this? | $5.79B | $5.41B | $4.81B | $4.41B | $44.05B | +7.1% |
| Selling, general and administrative | $3.49B | $3.46B | $3.09B | $2.66B | $5.58B | +0.9% |
| Interest expense | $1.09B | $1.20B | $1.11B | $748.9M | $720.4M | −9.0% |
| Income before tax | $5.05B | $5.05B | $4.60B | -$2.24B | $5.79B | +0.1% |
| Net income | $4.32B | $4.19B | $4.00B | -$1.41B | $4.93B | +3.1% |
| Net marginNet income ÷ revenueWhat is this? | 74.5% | 77.5% | 83.1% | -32.0% | 11.2% | −2.9 pts |
† calculated from other reported figures, such as total liabilities as assets minus equity.
Others in the same industry
Insider activity, ownership stakes and what's coming — straight from EDGAR, before any article is written about it
Nothing recent
No insider trades, pending-sale notices or 5% stake filings from MFC in the last few months. That is the ordinary case, not a gap.
Not investment advice, and not a signal to act on by itself — a filing says what happened, not why, and insiders trade for ordinary reasons having nothing to do with where they think the company is headed.
20 recent filings, newest first. Each is labelled from its form and item numbers, not from its wording.
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingWrite down why you are following MANULIFE FINANCIAL CORP, what has to go right and what would change your mind, then see each new annual report measured against it. Sign in to start one.
Go deeper
Every figure above traces back to a filing in the timeline, each linked to the document itself.
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Every company's figures are checked for internal consistency: the balance sheet adding up, figures sharing one currency, cash flow and share counts within plausible ranges, and how recent the latest annual report is. Nothing here changes a figure.
Financial figures are from MFC's 40-F for fiscal year 2025 (period ending 2025-12-31, filed Feb 11, 2026), reported under the IFRS taxonomy. Reported in CAD and shown here in USD, the currency MFC trades in, converted at today's rate of 0.7126. The filing itself is in CAD. View the source filing.
The score averages profitability, growth, debt and accounting. Accounting had too few reported figures and is left out of the average rather than counted as a weakness, so a company is never marked down for a figure it did not publish. Cash generation is shown for context and already feeds profitability. Valuation is scored separately, because a share price says nothing about whether the business is sound. 5 of the 9 Piotroski checks could be evaluated. How the score works
Each year scored only from its annual report as it was first filed
| Fiscal year | Health | F-Score | Scored from |
|---|---|---|---|
| FY2025 | 7.3 | 5/5 | 40-F, filed Feb 11, 2026 |
| FY2024 | 7.3 | 6/6 | 40-F, filed Feb 19, 2025 |
| FY2023 | 7.3 | 6/6 | 40-F, filed Feb 14, 2024 |
| FY2022 | 3.3 | 2/6 | 40-F, filed Feb 14, 2024 |
| FY2021 | 6.0 | 5/6 | 40-F, filed Feb 9, 2022 |
| FY2020 | 4.7 | 4/6 | 40-F, filed Feb 10, 2021 |
A later restatement never reaches back into an earlier year, and every year is scored without a share price, so the latest point can differ a little from the headline score, which uses today's price.
Every check behind the three models, and what each one tests
5 of 5 checks passed
Nine yes-or-no tests of whether this year's finances improved on last year's. 4 could not be evaluated and are excluded from the total rather than counted as failures.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Distance from bankruptcy, from a model fitted on companies that did and did not go bust. It describes a balance sheet's shape today; it does not forecast a failure.
not reported — Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Screens eight accounting ratios for the pattern earnings manipulators tend to leave. A flag is a reason to read the filing closely, never evidence of wrongdoing.
Every figure above comes from the FY2025 filing as filed with the SEC.
Deteriorated: −2.9 pts
77.5% to 74.5%Notable
Why it matters: What survives to the very end of each sale. Worth reading beside revenue: growing sales on a shrinking margin means the company is buying its growth.
2 other measures barely moved. Figures compare the two most recent annual filings — read the latest one. Moves are graded on fixed lines — 5%, 15% and 40% for amounts, and 1, 3 and 8 points for margins — as notable, significant or critical. Nothing here reads the management commentary, which is where a company explains its own numbers.
These coincide with the move in time. None is presented as its cause: a price can move on news that names no company, on the wider market, or on trading that no document records.
Filter by minute, hour, day or week — or compare against peers
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Measured on and published about a week later — this is a fortnightly snapshot, not a live position.
About 0.7% of this company's shares have been borrowed and sold by people expecting to buy them back cheaper. That is a bet the price falls. Those people can be wrong, and when a heavily shorted share rises they have to buy it back, which pushes it up further.
Collected by FINRA from broker-dealers twice a month. It counts positions, not intentions, and some of it is hedging rather than a directional bet against the company.
Nothing in this section is a figure this company reported about itself. These are expectations and positions — what the price implies, what analysts have published, what short sellers are betting, and what large funds held at the last count. WylthIQ reports them; it does not endorse them, does not forecast prices, and takes no view on whether any of them will turn out to be right.
The trailing P/E is 17.4x — investors pay $17.4 for each $1 of trailing profit.
Not meaningful for banks, insurers and other financial companies. Their balance sheets have no working capital and are leveraged by design, which this model misreads as distress.
Reported annual figures
Report filed on Form 6-K
Report filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
Read the filingReport filed on Form 6-K
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Primary sources and further research