Manulife Financial Corporation (MFC) Balance Sheet
MFC balance sheet, 2025
December 31, 2025 · Canadian dollarsC$1.02T assets = C$972.15B liabilities + C$52.45B equity
Both columns are drawn to the same scale: what MFC owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MFC financial health
Debt / equity0.29
Low leverage · C$0.29 of debt for each $1 of equity
Cash / debt101.6%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles1.2%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
MFC balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | C$720.68B2016 | C$1.02T2025 | +4.0%/yr | |
| Total liabilities | C$677.86B2016 | C$972.15B2025 | +4.1%/yr | |
| Shareholders’ equity | C$42.82B2016 | C$50.96B2025 | +2.0%/yr | |
| Cash & short-term investments | C$15.15B2016 | C$14.90B2025 | −0.2%/yr | |
| Total debt | C$12.88B2016 | C$14.66B2025 | +1.4%/yr | |
| Net cash (debt) | C$2.27B2016 | C$236.8M2025 | −C$2.0B | |
| Working capital | C$2.88B2016 | C$19.74B2023 | +C$16.9B | |
| Debt / equity | 0.302016 | 0.292025 | −0.01 | |
| Shares outstanding | 1.98B2016 | 1.71B2025 | −1.6%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MFC assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
MFC liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
MFC debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MFC balance sheet in Canadian dollars
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | C$14.90B | C$25.79B | C$20.34B | C$19.15B | C$22.59B | C$26.17B | C$20.30B | C$16.21B | C$15.96B | C$15.15B |
| Cash & equivalents | C$14.90B | C$25.79B | C$20.34B | C$19.15B | C$22.59B | C$26.17B | C$20.30B | C$16.21B | C$15.96B | C$15.15B |
| Short-term investments | — | C$181.03B | C$6.16B | C$176.01B | C$169.80B | C$170.16B | C$156.70B | C$146.38B | C$138.28B | C$142.27B |
| Receivables | C$61.03B | C$0 | C$0 | C$1.45B | C$1.29B | C$1.44B | C$1.39B | C$1.37B | C$1.15B | C$845.0M |
| Inventory | C$0 | C$0 | C$0 | −C$22.46B | −C$27.19B | −C$31.13B | −C$24.70B | −C$21.72B | −C$20.07B | −C$18.70B |
| Other current assets | C$0 | C$0 | C$0 | C$22.46B | C$27.19B | C$31.13B | C$24.70B | C$21.72B | C$20.07B | C$18.70B |
| Total current assets | C$75.93B | C$25.79B | C$20.34B | C$20.60B | C$23.89B | C$27.61B | C$21.68B | C$17.58B | C$17.11B | C$16.00B |
| Property, plant & equipment (net) | C$2.63B | C$2.67B | C$2.59B | C$1.88B | C$1.81B | C$1.85B | C$381.0M | C$2.02B | C$1.28B | C$1.38B |
| Goodwill & intangible assets | C$12.31B | C$11.05B | C$10.31B | C$10.52B | C$9.91B | C$9.93B | C$9.97B | C$10.10B | C$9.84B | C$10.11B |
| Long-term investments | C$255.09B | C$244.35B | C$237.68B | C$227.42B | C$252.21B | C$242.45B | C$220.97B | C$204.77B | C$195.54B | C$188.12B |
| Other non-current assets | C$678.64B | C$694.96B | C$604.65B | C$588.52B | C$629.82B | C$598.51B | C$556.12B | C$515.80B | C$505.75B | C$505.08B |
| Total assets | C$1.02T | C$978.82B | C$875.57B | C$848.94B | C$917.64B | C$880.35B | C$809.13B | C$750.27B | C$729.53B | C$720.68B |
| Liabilities | ||||||||||
| Accounts payable | — | — | — | C$13.64B | C$12.13B | C$11.49B | C$10.78B | C$10.52B | C$9.46B | C$9.42B |
| Short-term debt | C$1.74B | C$0 | C$594.0M | C$615.0M | C$0 | C$978.0M | C$649.0M | C$0 | C$400.0M | C$7.0M |
| Deferred revenue | — | — | — | −C$13.03B | — | — | C$121.0M | — | C$178.0M | C$387.0M |
| Total current liabilities | — | — | C$594.0M | C$615.0M | C$17.74B | C$16.41B | C$15.78B | C$15.04B | C$13.42B | C$13.12B |
| Long-term debt | C$14.68B | C$14.16B | C$12.74B | C$12.36B | C$11.86B | C$13.99B | C$12.07B | C$13.50B | C$13.17B | C$12.88B |
| Lease obligations | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Other long-term liabilities | C$957.48B | C$911.70B | C$813.51B | C$780.21B | C$0 | C$2.61B | C$1.56B | C$689.62B | C$1.28B | C$1.36B |
| Total liabilities | C$972.15B | C$925.86B | C$826.85B | C$792.56B | C$881.33B | C$16.61B | C$13.63B | C$703.12B | C$687.37B | C$677.86B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | C$20.09B | C$20.68B | C$21.53B | C$22.18B | C$23.09B | C$23.04B | C$23.13B | C$22.96B | C$22.99B | C$22.86B |
| Retained earnings (deficit) | C$5.02B | C$4.76B | C$4.82B | C$27.01B | C$9.66B | C$18.89B | C$15.49B | C$12.70B | C$10.08B | C$9.76B |
| Treasury stock | — | — | — | — | — | — | C$0 | C$0 | C$0 | C$0 |
| Accumulated other comprehensive income | C$18.12B | C$18.66B | C$13.81B | −C$25.0M | C$5.18B | C$6.32B | C$6.45B | C$6.21B | C$4.09B | C$5.35B |
| Minority interest | C$1.53B | C$1.42B | C$1.43B | C$1.43B | — | — | C$0 | C$0 | C$0 | C$0 |
| Total shareholders' equity | C$50.96B | C$51.54B | C$47.30B | C$56.38B | C$57.17B | C$863.74B | C$795.50B | C$46.06B | C$42.16B | C$42.82B |
| Key figures | ||||||||||
| Total debt | C$14.66B | C$14.16B | C$12.74B | C$12.97B | C$11.86B | C$14.97B | C$12.72B | C$13.50B | C$13.57B | C$12.88B |
| Net cash (debt) | C$236.8M | C$11.63B | C$7.60B | C$6.18B | C$10.73B | C$11.20B | C$7.58B | C$2.71B | C$2.39B | C$2.27B |
| Working capital | — | — | C$19.74B | C$19.99B | C$6.15B | C$11.20B | C$5.91B | C$2.55B | C$3.70B | C$2.88B |
| Tangible book value | C$38.64B | C$40.49B | C$36.99B | C$45.86B | C$47.26B | C$853.81B | C$785.52B | C$35.96B | C$32.32B | C$32.72B |
| Shares outstanding | 1.71B | 1.78B | 1.84B | 1.91B | 1.95B | 1.94B | 1.96B | 1.99B | 1.99B | 1.98B |
| Current ratio | — | — | 34.24 | 33.50 | 1.35 | 1.68 | 1.37 | 1.17 | 1.28 | 1.22 |
| Quick ratio | — | — | 34.24 | 33.50 | 1.35 | 1.68 | 1.37 | 1.17 | 1.28 | 1.22 |
| Debt / equity | 0.29 | 0.27 | 0.27 | 0.23 | 0.21 | 0.02 | 0.02 | 0.29 | 0.32 | 0.30 |
| Equity / assets | 5.0% | 5.3% | 5.4% | 6.6% | 6.2% | 98.1% | 98.3% | 6.1% | 5.8% | 5.9% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | C$37.92B | C$34.65B | C$14.90B | C$25.83B | C$32.87B | C$25.36B | C$25.79B | C$22.88B | C$22.10B | C$21.48B | C$20.34B | C$22.14B |
| Cash & equivalents | C$27.54B | C$24.99B | C$14.90B | C$25.83B | C$23.77B | C$25.36B | C$25.79B | C$22.88B | C$22.10B | C$21.48B | C$20.34B | C$22.14B |
| Short-term investments | C$10.38B | C$9.66B | — | — | C$9.09B | — | C$181.03B | C$176.70B | C$7.71B | C$7.00B | C$6.16B | C$163.62B |
| Receivables | C$57.93B | C$55.30B | C$61.03B | C$62.99B | C$2.51B | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$190.0M |
| Inventory | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 | C$0 |
| Other current assets | C$0 | C$0 | C$0 | — | C$0 | C$0 | C$0 | C$0 | C$82.69B | C$78.66B | C$23.16B | C$0 |
| Total current assets | C$95.84B | C$89.94B | C$75.93B | — | C$35.37B | C$25.36B | C$25.79B | C$22.88B | C$104.78B | C$100.14B | C$43.50B | C$22.14B |
| Property, plant & equipment (net) | C$2.70B | C$2.65B | C$2.63B | C$2.65B | C$2.62B | C$2.68B | C$2.67B | C$2.64B | C$2.62B | C$2.60B | C$2.59B | C$225.76B |
| Goodwill & intangible assets | C$12.70B | C$12.55B | C$12.31B | C$10.98B | C$10.82B | C$11.07B | C$11.05B | C$10.73B | C$10.71B | C$10.71B | C$10.31B | C$16.35B |
| Long-term investments | C$271.15B | C$255.83B | C$255.09B | C$255.76B | C$243.04B | C$246.65B | C$244.35B | C$238.71B | C$224.97B | C$227.80B | C$237.68B | C$222.11B |
| Other non-current assets | C$711.61B | C$665.53B | C$678.64B | C$757.29B | C$685.61B | C$695.66B | C$694.96B | C$677.67B | C$572.20B | C$565.97B | C$581.49B | C$349.52B |
| Total assets | C$1.09T | C$1.03T | C$1.02T | C$1.03T | C$977.47B | C$981.42B | C$978.82B | C$952.63B | C$915.27B | C$907.22B | C$875.57B | C$835.87B |
| Liabilities | ||||||||||||
| Short-term debt | C$383.0M | C$377.0M | C$1.74B | C$0 | C$0 | C$0 | C$0 | C$0 | — | — | C$594.0M | C$610.0M |
| Total current liabilities | C$40.60B | C$40.16B | — | — | C$413.00B | — | — | — | — | C$370.94B | C$368.14B | C$610.0M |
| Long-term debt | C$13.74B | C$13.07B | C$14.68B | C$13.43B | C$13.28B | C$14.18B | C$14.16B | C$13.22B | C$14.02B | C$13.43B | C$12.14B | C$12.93B |
| Other long-term liabilities | C$984.72B | C$920.22B | C$957.48B | C$960.26B | C$499.94B | C$914.08B | C$911.70B | C$887.77B | C$839.34B | C$418.89B | C$403.91B | C$1.08B |
| Total liabilities | C$1.04T | C$973.46B | C$972.15B | C$973.69B | C$926.22B | C$928.25B | C$925.86B | C$900.99B | C$864.52B | C$857.33B | C$826.85B | C$786.84B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | C$19.97B | C$20.08B | C$20.09B | C$20.24B | C$20.40B | C$20.57B | C$20.68B | C$21.02B | C$21.31B | C$21.49B | C$21.53B | C$21.64B |
| Retained earnings (deficit) | C$5.76B | C$5.03B | C$5.02B | C$5.09B | C$4.54B | C$4.08B | C$4.76B | C$4.97B | C$4.57B | C$4.78B | C$4.82B | C$4.10B |
| Accumulated other comprehensive income | C$19.75B | C$18.67B | C$18.12B | C$18.53B | C$17.28B | C$19.62B | C$18.66B | C$16.72B | C$16.21B | C$15.11B | C$13.81B | C$14.78B |
| Minority interest | C$1.67B | C$1.55B | C$1.53B | C$1.55B | C$1.40B | — | — | — | — | — | — | — |
| Total shareholders' equity | C$53.26B | C$51.50B | C$50.96B | C$51.44B | C$49.85B | C$51.77B | C$51.54B | C$50.08B | C$49.34B | C$48.56B | C$47.30B | C$47.57B |
| Key figures | ||||||||||||
| Total debt | C$14.13B | C$13.45B | C$14.66B | C$13.43B | C$13.28B | C$14.18B | C$14.16B | C$13.22B | C$14.02B | C$13.43B | C$12.74B | C$13.54B |
| Net cash (debt) | C$23.79B | C$21.20B | C$236.8M | C$12.40B | C$19.59B | C$11.19B | C$11.63B | C$9.66B | C$8.08B | C$8.05B | C$7.60B | C$8.60B |
| Working capital | C$55.24B | C$49.78B | — | — | −C$377.62B | — | — | — | — | −C$270.80B | −C$324.64B | C$21.53B |
| Tangible book value | C$40.57B | C$38.96B | C$38.64B | C$40.46B | C$39.03B | C$40.70B | C$40.49B | C$39.35B | C$38.64B | C$37.86B | C$36.99B | C$31.23B |
| Shares outstanding | 1.67B | 1.71B | 1.71B | 1.70B | 1.72B | 1.73B | 1.78B | 1.78B | 1.80B | 1.81B | 1.88B | 1.83B |
| Current ratio | 2.36 | 2.24 | — | — | 0.09 | — | — | — | — | 0.27 | 0.12 | 36.29 |
| Quick ratio | 2.36 | 2.24 | — | — | 0.09 | — | — | — | — | 0.06 | 0.06 | 36.60 |
| Debt / equity | 0.27 | 0.26 | 0.29 | 0.26 | 0.27 | 0.27 | 0.27 | 0.26 | 0.28 | 0.28 | 0.27 | 0.28 |
| Equity / assets | 4.9% | 5.0% | 5.0% | 5.0% | 5.1% | 5.3% | 5.3% | 5.3% | 5.4% | 5.4% | 5.4% | 5.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Canadian dollars as reported (latest annual report filed February 11, 2026); data from EODHD.
MFC financial position
At the end of fiscal 2025 (December 31, 2025), Manulife Financial had total assets of C$1.02 trillion (up 4.7% from a year earlier), total liabilities of C$972.2 billion and shareholders' equity of C$51.0 billion. It held C$14.9 billion in cash and short-term investments against C$14.7 billion of debt, a net cash position of C$236.8 million. In the latest quarter (ended June 30, 2026) total assets were C$1.09 trillion and equity C$53.3 billion.
Related: MFC income statement, MFC cash flow statement, MFC key metrics. See the MFC stock overview for the latest quote and news.
MFC balance sheet FAQ
What are Manulife Financial's total assets?
Manulife Financial reported total assets of C$1.02 trillion at the end of fiscal 2025 (December 31, 2025), compared with C$978.8 billion a year earlier.
How much debt does Manulife Financial have?
Manulife Financial had C$14.7 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.29.
How much cash does Manulife Financial have?
Manulife Financial held C$14.9 billion in cash and short-term investments at the end of fiscal 2025; with C$14.7 billion of debt that is net cash of C$236.8 million.
What is Manulife Financial's book value?
Manulife Financial's shareholders' equity (book value) was C$51.0 billion at the end of fiscal 2025.
How much goodwill does Manulife Financial have?
Manulife Financial carried C$12.3 billion of goodwill and intangible assets, 1.2% of total assets, at the end of fiscal 2025.