Sun Life Financial

SLF

Insurance - Diversified · Financial Services

Price

$81.78

+0.16 (+0.20%)

Market Cap

$45.31B

Exchange

New York Stock Exchange

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count falling — buybacks

−2.9% over 4y

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

Diluted shares outstanding: 590.0M (2021) → 572.6M (2025)

Sun Life Financial is a Canadian company that sells life insurance, health insurance, and retirement savings products to individuals and businesses. It also runs an asset management division that invests money on behalf of pension funds, institutions, and everyday investors. Sun Life is one of the largest insurance and financial services companies in Canada, with roots going back over 150 years.

Sun Life makes money by collecting insurance premiums, earning investment returns on those premiums, and charging fees to manage client assets. It operates across Canada, the United States, Asia, and the United Kingdom, with Asia representing a growing share of its business. Its large existing customer base and long-term policy contracts create some stickiness, but the company faces real risks from rising claims costs, interest rate swings that affect its investment portfolio, and intense competition in the asset management space.

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

-21.7% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-49.4% YoY

YoY Growth Rate

Earnings declining

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

$199.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Sun Life Financial's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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

7.1%

Modest — 7.1% operating margin

ROCE

1.9%

Weak — 1.9% 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

+1.3%

Nearly flat sales (1.3% YoY)

EPS YoY

-2.2%

Earnings shrinking (-2.2% YoY)

Slight earnings drop. Typical near a cyclical low.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

349%

Turns 349% of profit into real cash

FCF Margin

28.7%

Converts sales into free cash efficiently (28.7%)

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

0.33

Conservative — low debt load (0.33)

Interest Cover

7.52x

Adequate interest coverage (7.5x)

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

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Valuation

P/E Ratio (TTM)

15.3x

Fair value — P/E 15.3

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

P/E vs Forward

+1.0

GROWING

Earnings roughly flat

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Dividends

Dividend Yield

3.26%

Moderate income — 3.26% yield

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

Dividend Growth

+9.9%

Dividend growing modestly (9.9% YoY)

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