Manulife Financial Corporation (MFC) Key Metrics
MFC key metrics, 2016–2025
Fiscal year ended December 31, 2025 · Canadian dollarsMFC returns How much profit the business earns on the capital it uses.
MFC financial health Debt, liquidity and how easily interest is covered.
MFC efficiency & capital use Working capital cycle and where the cash goes.
MFC returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MFC debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MFC cash returned to shareholders
MFC key metrics in Canadian dollars
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 11.3% | 11.4% | 10.5% | −3.7% | 1.4% | 0.6% | 1.3% | 10.6% | 4.9% | 7.1% |
| Return on invested capital (ROIC) | 13.4% | 14.8% | 12.5% | −5.1% | 1.5% | 0.7% | 1.3% | 11.8% | 5.6% | 8.4% |
| Return on assets (ROA) | 0.6% | 0.6% | 0.6% | −0.2% | 0.7% | 0.6% | 0.7% | 0.6% | 0.3% | 0.4% |
| Return on tangible assets | 0.6% | 0.6% | 0.6% | −0.3% | 0.7% | 0.6% | 0.7% | 0.6% | 0.3% | 0.4% |
| Free cash flow margin | 60.5% | — | — | 73.4% | 38.7% | 26.0% | 26.4% | 51.5% | 31.4% | 33.0% |
| Income quality (OCF / net income) | 5.55 | 4.71 | 3.74 | — | 3.48 | 3.76 | 3.90 | 4.11 | 8.60 | 5.70 |
| Financial health | ||||||||||
| 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 |
| 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 |
| Net 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 |
| Debt / equity | 0.29 | 0.27 | 0.27 | 0.23 | 0.21 | 0.02 | 0.02 | 0.29 | 0.32 | 0.30 |
| Debt / assets | 0.01 | 0.01 | 0.01 | 0.02 | 0.01 | 0.02 | 0.02 | 0.02 | 0.02 | 0.02 |
| Net debt / EBITDA | −0.02 | −1.60 | −0.89 | — | −1.11 | −1.30 | −0.93 | −0.36 | −0.57 | −0.45 |
| Current ratio | — | — | 34.24 | 33.50 | 1.35 | 1.68 | 1.37 | 1.17 | 1.28 | 1.22 |
| Quick ratio | — | — | 34.24 | 70.02 | 2.88 | 3.58 | 2.94 | 2.61 | 2.77 | 2.64 |
| Interest coverage | 4.6 | 4.2 | 4.2 | -3.0 | 8.0 | 5.7 | 4.6 | 4.3 | 2.2 | 3.3 |
| 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 |
| Invested capital | C$50.72B | C$39.91B | C$39.70B | C$50.20B | C$46.44B | C$852.55B | C$787.92B | C$43.34B | C$39.77B | C$40.55B |
| Tangible asset value | C$40.13B | C$41.91B | C$38.42B | C$45.86B | C$26.40B | C$853.81B | C$785.52B | C$37.05B | C$32.32B | C$32.72B |
| Net current asset value | −C$896.23B | −C$900.07B | −C$806.51B | −C$771.96B | −C$857.44B | C$11.00B | C$8.05B | −C$685.54B | −C$670.26B | −C$661.86B |
| Capital allocation | ||||||||||
| Dividends paid | C$3.30B | C$3.16B | C$2.97B | C$2.79B | C$2.50B | C$2.34B | C$1.40B | C$1.79B | C$1.78B | C$1.59B |
| Share buybacks (net) | C$2.43B | C$3.27B | C$1.59B | C$2.60B | C$612.0M | C$253.0M | C$1.34B | C$478.0M | C$0 | C$0 |
| Dividend payout ratio | 57.1% | 56.1% | 54.4% | — | 37.6% | 43.9% | 26.5% | 38.3% | 86.1% | 53.3% |
| Dividends + buybacks / free cash flow | 17.9% | 24.3% | 22.4% | 30.3% | 13.4% | 12.9% | 13.3% | 11.8% | 10.0% | 9.4% |
| Capex / revenue | 0.0% | — | — | 75.3% | 40.5% | 0.0% | 103.6% | 0.0% | 0.0% | 0.0% |
| Capex / operating cash flow | 0.0% | 0.0% | 67.3% | 102.6% | 104.7% | 0.0% | 392.4% | 0.0% | 0.0% | 0.0% |
| Capex / depreciation | 0.00 | — | 23.67 | 33.83 | 45.84 | 0.00 | 128.77 | 0.00 | 0.00 | 0.00 |
| Stock-based compensation / revenue | — | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 9.2% | — | — | 15.4% | 13.1% | 9.7% | 9.9% | 21.4% | 12.8% | 13.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 420.2 | — | — | 20.7 | 8.4 | 6.7 | 6.5 | 12.3 | 6.4 | 6.1 |
| Days of inventory on hand | — | — | — | -402.4 | -258.3 | -170.2 | -139.4 | -375.8 | -159.6 | -187.7 |
| Days payables outstanding | — | — | — | 208.9 | 104.6 | 67.9 | 64.0 | 179.6 | 77.7 | 86.6 |
| Cash conversion cycle (days) | — | — | — | -590.7 | -354.6 | -231.4 | -196.9 | -543.1 | -230.9 | -268.2 |
| Receivables turnover | 0.87 | — | — | 17.62 | 43.71 | 54.52 | 56.52 | 29.61 | 56.85 | 60.00 |
| Payables turnover | — | — | — | 1.75 | 3.49 | 5.38 | 5.71 | 2.03 | 4.70 | 4.21 |
| Asset turnover | 0.05 | 0.00 | 0.00 | 0.03 | 0.07 | 0.09 | 0.10 | 0.05 | 0.08 | 0.07 |
| Average receivables | C$61.03B | — | — | C$1.37B | C$1.37B | C$1.41B | C$1.38B | C$1.26B | C$996.5M | C$861.5M |
| Average payables | — | — | — | C$12.89B | C$11.81B | C$11.13B | C$10.65B | C$9.99B | C$9.44B | C$9.22B |
| Average inventory | — | — | — | −C$24.82B | −C$29.16B | −C$27.91B | −C$23.21B | −C$20.90B | −C$19.39B | −C$19.97B |
| Intangibles / total assets | 1.2% | 1.1% | 1.2% | 1.2% | 1.1% | 1.1% | 1.2% | 1.3% | 1.3% | 1.4% |
Computed from MFC's annual financial statements (latest annual report filed February 11, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in Canadian dollars; data from EODHD. Averages use the opening and closing balance of each year.
MFC valuation and financial ratios
Manulife Financial earned a return on equity of 11.3% and a return on invested capital of 13.4% in fiscal 2025. It ended the year with C$14.7 billion of debt and C$14.9 billion in cash and short-term investments, a net cash position of C$236.8 million. It returned C$5.7 billion to shareholders: C$3.3 billion in dividends and C$2.4 billion in share buybacks, 18% of free cash flow.
See the MFC income statement, the MFC chart for price history, or the MFC stock overview for the latest quote and news.
MFC key metrics FAQ
What is Manulife Financial's return on equity?
Manulife Financial's return on equity (ROE) was 11.3% in fiscal 2025: net income of C$5.8 billion on average shareholders' equity of C$51.2 billion.
What is Manulife Financial's ROIC?
Manulife Financial's return on invested capital was 13.4% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Manulife Financial have?
Manulife Financial had total debt of C$14.7 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.29 and more cash than debt.
Does Manulife Financial buy back its shares?
Yes. Manulife Financial spent C$2.4 billion on net share repurchases in fiscal 2025.