Manulife Financial
Financial ratios & Valuation

Forward Multiples (2025 – 2026)

20252026
Price/Earnings ratio
7.706.89
Price/Sales ratio
0.780.75
Earnings per Share (EPS)
$3.96$4.43

Historical Multiples (2014 – 2023)

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 TTM Median
Valuation Ratios
Price/Earnings ratio
11.8318.2515.7925.088.209.788.287.03-21.979.8213.748.20
Price/Sales ratio
0.781.230.910.911.020.660.570.783.011.261.691.02
Price/Book Value ratio
1.240.981.121.250.831.050.850.810.841.131.560.83
Price/Cash Flow ratio
3.853.922.772.911.992.502.202.022.602.623.071.99
Price/Free Cash Flow ratio
3.853.922.772.911.990.502.200.981.282.623.031.99
Price/Earnings Growth ratio
1.01-0.430.46-0.800.050.561.340.330.16-0.023.580.05
Dividend Yield
2.18%3.51%3.37%3.43%4.66%2.71%5.30%5.34%6.04%5.53%4.15%2.71%
Profitability Indicator Ratios
Gross Profit Margin
100%100%100%100%100%100%100%100%100%86.12%100%100%
Operating Profit Margin
10.00%11.12%8.12%6.08%17.65%-5.66%4.72%9.08%66.06%22.32%3.66%-5.66%
Pretax Profit Margin
8.01%7.97%6.44%4.41%14.81%7.99%8.77%13.57%-20.53%15.24%15.57%14.81%
Net Profit Margin
6.61%6.76%5.78%3.65%12.54%6.77%6.90%11.12%-13.73%12.91%12.52%12.52%
Effective Tax Rate
15.73%12.52%5.88%9.55%11.45%11.54%17.64%14.92%36.93%13.09%15.88%11.45%
Return on Assets
0.60%0.31%0.41%0.28%0.62%0.65%0.60%0.72%-0.24%0.62%0.59%0.65%
Return On Equity
10.52%5.37%7.10%5.01%10.14%10.77%10.33%11.64%-3.83%11.55%11.74%10.14%
Return on Capital Employed
0.91%0.52%0.59%0.48%0.89%-0.55%0.42%0.60%2.04%1.07%0.17%-0.55%
Liquidity Ratios
Current Ratio
1.061.061.061.061.071.06N/AN/AN/AN/AN/A1.06
Quick Ratio
N/A3.142.642.772.612.943.572.870.12N/AN/A2.94
Cash ratio
N/A1.401.151.181.071.281.591.270.05N/AN/A1.28
Days of Sales Outstanding
5.059.765.967.3913.406.496.837.8934.57N/AN/A6.49
Days of Inventory outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Operating Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Days of Payables Outstanding
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Cash Conversion Cycle
N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Debt Ratios
Debt Ratio
0.010.010.010.010.010.010.010.010.010.010.010.01
Debt Equity Ratio
0.270.230.300.300.290.220.270.200.230.260.260.26
Long-term Debt to Capitalization
0.210.180.230.230.220.180.210.170.180.200.200.20
Total Debt to Capitalization
0.210.180.230.230.220.180.210.170.190.210.200.20
Interest Coverage Ratio
4.773.374.283.195.325.71N/AN/AN/AN/A1.015.71
Cash Flow to Debt Ratio
1.161.081.321.391.421.861.431.951.361.601.931.42
Company Equity Multiplier
17.3117.0417.1217.6916.2816.5417.0716.0415.5118.5119.0216.28
Cash Flow Ratios
Operating Cash Flow / Sales Ratio
0.200.310.320.310.510.260.250.381.160.480.560.51
Free Cash Flow / Operating Cash Flow Ratio
111114.9212.042.02114.92
Cash Flow Coverage Ratio
1.161.081.321.391.421.861.431.951.361.601.931.42
Short Term Coverage Ratio
N/A68.892.43KN/AN/AN/AN/AN/A28.8334.38N/AN/A
Dividend Payout Ratio
25.83%64.25%53.27%86.07%38.26%26.53%43.93%37.55%-132.71%54.40%54.64%38.26%