Fair value · MANULIFE FINANCIAL CORP (MFC) · updated 2026-10-09 · from 40-F FY2025
MANULIFE FINANCIAL trades at $42.10. That price implies a P/E of 18.8× and 7.6% yearly EPS growth for a decade.
Cboe · delayed 15 min · as of 03:42 ET
Statements filed in CAD, converted to USD at the 2025-12-31 period-end rate (1.3692 CAD per USD; ECB reference rates).
Are those assumptions reasonable? Use MFC’s filed growth history and the AI chat to decide, then set your own inputs below — the range you build is yours.
What the price implies
- P/E
- 18.8×
- EPS growth
- 7.6%
price ÷ trailing EPS
per year for 10 years, discounted at 10%
Prices and market caps: Cboe delayed data, at least 15 minutes delayed. Not real-time. Fundamentals from company filings. This price: Cboe · delayed 15 min · as of 03:42 ET.
With preset inputs the methods land at $28 – $38 (presets are filed history and our reference settings, not a recommendation)
How each method got its number
Bear, base and bull are the 25th, 50th and 75th percentile of the methods that produced a usable estimate. Weights say how much a method is trusted for this sector; they do not change the range.
| Method | Estimate | vs price | Weight | Why this method |
|---|---|---|---|---|
P/E vs sector Medium weight Trailing diluted EPS times the sector median P/E. What the stock would be worth if the market priced it like an average peer. | $27 | -36% | Medium weight | Trailing diluted EPS times the sector median P/E. What the stock would be worth if the market priced it like an average peer. |
Growth-trajectory DCF Medium weight A two-stage DCF that grows earnings at the company’s own EPS trend, then fades to the industry’s long-run rate. Two-stage DCF using weighted EPS CAGR and industry median terminal rate | $28 | -33% | Medium weight | A two-stage DCF that grows earnings at the company’s own EPS trend, then fades to the industry’s long-run rate. |
Graham Number High weight Benjamin Graham’s 1949 rule of thumb: √(22.5 × EPS × book value). It punishes asset-light companies, so it reads low for big tech. | $33 | -22% | High weight | Benjamin Graham’s 1949 rule of thumb: √(22.5 × EPS × book value). It punishes asset-light companies, so it reads low for big tech. |
DCF High weight Projects free cash flow for the coming years and discounts it back to today. The most complete method, and the most sensitive to the growth and discount-rate assumptions. | $54 | +29% | High weight | Projects free cash flow for the coming years and discounts it back to today. The most complete method, and the most sensitive to the growth and discount-rate assumptions. |
P/B vs sector High weight Sector median price-to-book times book value per share. Works for banks and asset-heavy businesses, says little about software. Sector P/B benchmark unavailable | No estimate | High weight | Sector median price-to-book times book value per share. Works for banks and asset-heavy businesses, says little about software. | |
EV/EBITDA Medium weight Values the whole business at 10× EBITDA and divides by the share count. A mid-cycle industrial multiple; fast growers trade far above it. Not applicable for financial companies | No estimate | Medium weight | Values the whole business at 10× EBITDA and divides by the share count. A mid-cycle industrial multiple; fast growers trade far above it. | |
EV/FCF Medium weight 20× free cash flow per share, i.e. a 5% cash yield. Reads low for companies the market expects to keep growing. Not applicable for financial companies | No estimate | Medium weight | 20× free cash flow per share, i.e. a 5% cash yield. Reads low for companies the market expects to keep growing. | |
Earnings Power Value Low weight Greenwald’s Earnings Power Value: what current earnings are worth if they never grow. Everything above it is what you pay for growth. Not applicable for financial/REIT companies | No estimate | Low weight | Greenwald’s Earnings Power Value: what current earnings are worth if they never grow. Everything above it is what you pay for growth. | |
What this means
- The methods differ by about 37%, from $28 to $38. That is normal: cash-flow methods and peer multiples see different things. Use the range, not a single number.
- The base case, $31, is the median of the 4 methods with data. It assumes MANULIFE FINANCIAL’s current margins, cash generation and share count persist; it does not price in a new product cycle, a recession or a buyback surge.
- The number moves when the filings move: the next quarterly statement replaces the oldest quarter in the trailing-twelve-month EPS and cash-flow inputs. The price changes every day; the fair value only changes with the filings.
The filing behind these numbers
MANULIFE FINANCIAL CORP- Revenue
- CAD 8.1B
- Diluted EPS
- CAD 3.07
- Free cash flow
- CAD 32.1B
- operating cash flow − capital expenditure
- Diluted shares
- 1.71B
- weighted average
40-F FY2025 · fiscal year ended 2025-12-31 · filed 2026-02-11 · accession 0001086888-26-000003
Open this filing on sec.gov