Manulife Financial Corporation

MFC

Insurance - Life · Financial Services

Price

$43.39

+0.02 (+0.05%)

Market Cap

$72.41B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Share count falling — buybacks

−12.2% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 1.95B (2021) → 1.71B (2025)

Manulife Financial Corporation is a large Canadian insurance and financial services company. It sells life insurance, health insurance, and wealth management products to individuals and businesses. In the United States, it operates under the John Hancock brand, which is one of the most recognized insurance names in the country.

Manulife makes money by collecting premiums from policyholders and earning investment returns on the large pool of assets it holds to pay future claims. It also earns fees from managing mutual funds and retirement savings plans. The company operates across Canada, the United States, and Asia, with Asia being a major growth engine as rising middle-class populations there seek more insurance and savings products. Its main risks include interest rate swings, which directly affect the value of its investment portfolio, and increasing competition in Asian markets from both local and global insurers.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+36.1% YoY

YoY Growth Rate

Revenue accelerating

EPS Growth

+156.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.2%ownership

Relatively low insider ownership

Cash Position

Cash flow positive

$468.8B cash & investments

Company generates more cash than it spends — no dilution risk from fundraising

Revenue accelerating

Manulife Financial Corporation grew revenue 36% year-over-year and the growth rate is speeding up. That's the kind of momentum growth investors look for — the question is whether margins can follow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

100.0%

Premium pricing power — 100.0% gross margin

Operating Margin

11.9%

Modest — 11.9% operating margin

ROCE

2.3%

Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+71.3%

Fast-growing sales (71.3% YoY)

EPS YoY

+30.8%

Earnings growing fast (30.8% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

6/8 quarters

Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion

451%

Turns 451% of profit into real cash

FCF Margin

36.5%

Converts sales into free cash efficiently (36.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.26

Conservative — low debt load (0.26)

Interest Cover

5.10x

Adequate interest coverage (5.1x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

12.5x

Attractive valuation — P/E 12.5

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (12.5 → 9.2)

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Dividends

Dividend Yield

3.17%

Moderate income — 3.17% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+11.0%

Dividend growing fast (11.0% YoY)

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