Manulife Financial Corporation

TSX:MFC Stock Report

Market Cap: CA$94.0b

Manulife Financial Future Growth

Future criteria checks 2/6

Manulife Financial is forecast to grow earnings and revenue by 10.1% and 12.8% per annum respectively. EPS is expected to grow by 11.2% per annum. Return on equity is forecast to be 17.8% in 3 years.

Key information

10.1%

Earnings growth rate

11.17%

EPS growth rate

Insurance earnings growth4.7%
Revenue growth rate12.8%
Future return on equity17.78%
Analyst coverage

Good

Last updated12 Jun 2026

Recent future growth updates

Recent updates

Narrative Update • Jun 05

MFC: AI Partnerships And Leadership Changes Will Support Medium Term Sentiment Stability

Narrative Update: Manulife Financial The analyst price target for Manulife Financial is now framed around CA$54 to CA$58, with the updated fair value estimate of CA$55.38 reflecting recent Street adjustments and analyst views on revenue growth, profit margins, and future P/E assumptions. Analyst Commentary Recent Street updates on Manulife Financial cluster in a fairly tight CA$54 to CA$58 range, as analysts fine tune their models rather than making sweeping valuation changes.
Narrative Update • Apr 29

MFC: Capital Returns And Partnerships Will Support Medium Term Sentiment Stability

Analysts have nudged their average price target on Manulife Financial slightly higher by CA$1, reflecting incremental adjustments from recent research updates while keeping key valuation inputs, such as fair value, discount rate, revenue growth, profit margin, and future P/E, effectively unchanged. Analyst Commentary Recent research updates point to a mixed but generally constructive stance on Manulife Financial, with several bullish price target adjustments offset by at least one reduction.
Narrative Update • Apr 15

MFC: Capital Returns And Partnerships Will Support Medium Term Multiple Stability

Manulife Financial's analyst price targets have seen a small upward reset to around CA$55 to CA$56, as analysts factor in steady fair value estimates, updated revenue and margin assumptions, and mixed but generally supportive recent research updates from Scotiabank, RBC Capital, and TD Securities. Analyst Commentary Bullish Takeaways Bullish analysts lifting price targets toward CA$56 indicate continued confidence that current valuation still leaves some room for upside based on their fair value work.
Analysis Article • Apr 13

Manulife Financial Corporation (TSE:MFC) Analysts Just Slashed This Year's Revenue Estimates By 13%

The latest analyst coverage could presage a bad day for Manulife Financial Corporation ( TSE:MFC ), with the analysts...
Narrative Update • Mar 31

MFC: Medium Term Execution And Capital Returns Will Support Multiple Expansion

Analysts have nudged the average price target for Manulife Financial higher, with several firms lifting their views by CA$1 to CA$3 into the CA$52 to CA$58 range, citing progress on medium term targets, potential upside to consensus estimates, and room for further multiple expansion. Analyst Commentary Recent research commentary around Manulife Financial has focused on how well the company is executing on its medium term goals, what that could mean for earnings expectations, and how much upside remains in the current valuation range.
Narrative Update • Mar 17

MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion

Analysts have nudged the fair value estimate for Manulife Financial slightly higher to about CA$54.71, citing modestly higher revenue growth assumptions, a somewhat lower profit margin outlook, and a higher future P/E that aligns with a series of recent price target increases in the CA$52 to CA$58 range. Analyst Commentary Recent Street research on Manulife Financial has been active, with several firms adjusting price targets in a tight CA$52 to CA$58 range and one rating upgrade.
Narrative Update • Mar 03

MFC: Execution On Medium Term Goals Will Support Further Multiple Expansion

Analysts have inched their average price target for Manulife Financial higher to about the CA$55 to CA$58 range, reflecting updated views around the company’s progress toward its medium term objectives, potential upside to consensus estimates, and the possibility of further multiple expansion supported by capital strength, cash flow and sector consolidation themes discussed in recent research. Analyst Commentary Recent research shows a mix of optimism and caution around Manulife Financial, with several firms adjusting price targets in the CA$52 to CA$58 range and one lowering its target by CA$1.
Narrative Update • Feb 17

MFC: Core Execution And Capital Returns Will Support Measured Multiple Expansion

Analysts have raised their fair value estimate for Manulife Financial by CA$1.00 to CA$54.67. This reflects updated assumptions for revenue growth, profit margins, and a slightly lower future P/E that align with a series of recent target increases from Scotiabank, RBC Capital, CIBC, and Barclays, partly offset by a modest trim from TD Securities.
Narrative Update • Feb 02

MFC: Core Insurance Execution And Asia Focus Will Support Measured Multiple Expansion

Our analyst fair value estimate for Manulife Financial has edged up by about $0.20 per share as analysts reflect a series of higher price targets, supported by views on execution against medium term objectives, potential upside to consensus estimates, and room for further multiple expansion within the life insurance group. Analyst Commentary Recent Street research on Manulife Financial has leaned constructive, with several firms lifting price targets and, in at least one case, upgrading the stock rating.
Narrative Update • Jan 19

MFC: Core Insurance Strength And Asia Expansion Will Support Measured Multiple Expansion

Narrative update on Manulife Financial The updated analyst price target for Manulife Financial has edged higher to about $53.47 from $51.94. This reflects analysts' responses to recent target increases, upgraded ratings, and expectations for potential multiple expansion supported by capital strength, cash flow, and execution against medium term objectives.
Narrative Update • Jan 05

MFC: Core Insurance Strength And Asia Expansion Will Support Balanced Outlook

Analysts have nudged their price targets for Manulife Financial higher, with recent raises of approximately $2 to $5. These adjustments reflect improved life insurance earnings, stronger core insurance results, and solid Asia sales, while still accounting for sector headwinds from potential Fed cuts.
Narrative Update • Dec 16

MFC: Core Insurance And Asia Execution Will Support Balanced Medium Term Outlook

Analysts have nudged their price targets on Manulife Financial higher, with recent revisions in both U.S. dollar and Canadian dollar terms reflecting stronger than expected life insurance earnings and solid core insurance and Asia growth. This has resulted in a modest increase in our fair value estimate to about $51.94.
Narrative Update • Dec 02

MFC: Core Insurance Performance And Asia Sales Will Drive Resilient Future Outlook

Analysts have raised their price targets for Manulife Financial, with increases ranging from C$1 to C$5 per share. They cite strong insurance earnings reports and continued sales growth in Asia as key factors for the improved outlook.
Narrative Update • Nov 18

MFC: Core Insurance Strength and Asia Momentum Will Support Steady Outlook

Analysts have raised their average price target for Manulife Financial from $49.13 to $51.87. This change reflects improved expectations for revenue growth and ongoing positive model updates following recent strong earnings reports in the life insurance sector.
Narrative Update • Nov 01

MFC: Sector Headwinds And Mixed Performance Will Shape Near-Term Outlook

Analysts have modestly increased their price target for Manulife Financial to approximately $49.13. They cite ongoing sector headwinds and recent results that have broadly met or exceeded expectations as reasons for this adjustment.
Narrative Update • Oct 17

Expanding Asia And US Markets Will Shape The Future

Analysts have updated their price target for Manulife Financial to $48.20. This is a modest increase that reflects ongoing sector tailwinds and the company’s better-than-expected earnings performance.
Analysis Article • Aug 19

Analyst Forecasts Just Became More Bearish On Manulife Financial Corporation (TSE:MFC)

The latest analyst coverage could presage a bad day for Manulife Financial Corporation ( TSE:MFC ), with the analysts...
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New Narrative • Nov 10

Dynamic Growth In Asia And Digital Transformation Fueling Strong Revenue And Margin Expansion

Manulife's growth in Asia and digital transformations enhance revenue, efficiency, and operational margins, benefiting future earnings.

Earnings and Revenue Growth Forecasts

TSX:MFC - Analysts future estimates and past financials data (CAD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202856,3108,417N/A29,4142
12/31/202753,0297,799N/A32,1942
12/31/202657,5446,650N/A29,8951
3/31/202632,0295,91228,77128,771N/A
12/31/202530,9755,25132,10532,105N/A
9/30/202531,9145,39230,80930,809N/A
6/30/202531,2535,43428,79028,790N/A
3/31/202530,0234,69128,78828,788N/A
12/31/202429,9925,07426,49426,494N/A
9/30/202430,0815,09725,53425,534N/A
6/30/202428,4844,27323,52323,523N/A
3/31/202427,4754,20722,04422,044N/A
12/31/202327,2464,80020,42320,423N/A
9/30/202325,9694,05819,13919,139N/A
6/30/202324,9413,53918,14218,142N/A
3/31/202320,55448317,06417,064N/A
12/31/202216,911-2,19316,62816,628N/A
9/30/202236,513-99818,48118,481N/A
6/30/202244,89711720,80120,801N/A
3/31/202266,6994,87821,78321,783N/A
12/31/202159,8416,89023,15523,155N/A
9/30/202156,1236,61422,62022,620N/A
6/30/202153,5707,08520,75120,751N/A
3/31/202155,3775,18719,17019,170N/A
12/31/202077,1215,70020,04820,048N/A
9/30/202070,3685,14819,50419,504N/A
6/30/202079,6283,80220,10520,105N/A
3/31/202074,3434,55021,40021,400N/A
12/31/201977,8225,430N/A20,542N/A
9/30/201975,2194,795N/A19,620N/A
6/30/201960,6225,646N/A19,702N/A
3/31/201952,0705,432N/A19,251N/A
12/31/201837,2644,632N/A19,188N/A
9/30/201845,0592,436N/A19,588N/A
6/30/201848,9591,971N/A18,544N/A
3/31/201851,9011,969N/A18,454N/A
12/31/201756,7201,945N/A17,791N/A
9/30/201737,1693,621N/A17,482N/A
6/30/201739,6913,638N/A18,098N/A
3/31/201743,7223,089N/A17,474N/A
12/31/201651,8972,796N/A17,017N/A
9/30/201666,1952,983N/A16,314N/A
6/30/201658,8312,493N/A11,860N/A
3/31/201639,3492,397N/A11,036N/A
12/31/201533,4482,075N/A10,374N/A
9/30/201538,6662,470N/A9,440N/A
6/30/201542,6722,949N/A12,124N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MFC's forecast earnings growth (10.1% per year) is above the savings rate (3%).

Earnings vs Market: MFC's earnings (10.1% per year) are forecast to grow slower than the Canadian market (10.6% per year).

High Growth Earnings: MFC's earnings are forecast to grow, but not significantly.

Revenue vs Market: MFC's revenue (12.8% per year) is forecast to grow faster than the Canadian market (4.7% per year).

High Growth Revenue: MFC's revenue (12.8% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MFC's Return on Equity is forecast to be low in 3 years time (17.8%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/06/14 04:19
End of Day Share Price 2026/06/12 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Manulife Financial Corporation is covered by 31 analysts. 11 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mark RosenAccountability Research Corporation
Lemar PersaudATB Cormark Historical (Cormark Securities)
Eric BergBarclays