Manulife Financial Corporation

MFCNYSEFinancial Services● Active

$38.89

+$0.18(+0.47%)

Market Cap$65.2B

P/E Ratio—

52W High$40.41

52W Low$29.7

Avg Volume2.2M

Open$38.72

Beta0.78

Overview

Manulife Financial Corporation (MFC) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

MFC · free cash flow · updated Jun 8, 2026

Core FCF metrics

MFC · FCF · TTM · margin & CAGR

Free cash flow was $32.08B for FY2025 (fiscal year ending 2025-12-31), up 21.1% year-over-year The FCF margin was 60.5%. Five-year CAGR stands at +9.9%.

FY2025 Free Cash Flow$32.08B▲ +21.1% YoY

Trailing 12M (TTM)$28.96Btrailing 4 quarters sum

FCF Margin60.5%$32.08B ÷ revenue

3-Year CAGR+24.5%FY2022 → FY2025

5-Year CAGR+9.9%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

MFC · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$32.08B(0M)$32.08B▲ +21.1%60.5%

FY2024$26.49B(0M)$26.49B▲ +29.7%—

FY2023$20.42B(0M)$20.42B▲ +22.8%—

FY2022$16.63B(0M)$16.63B▼ 64.9%68.8%

FY2021$23.16B(24.25B)$47.41B▲ +136.5%79.2%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

MFC · P/FCF · FCF yield · FCF per share

Manulife Financial Corporation (MFC) trades at a FCF yield of 31.84% and a price-to-free-cash-flow ratio of 2.3x. FCF per share stands at $17.00, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

31.84%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$17.00

TTM FCF ÷ Shares Outstanding

Price / FCF

x2.3

Share Price ÷ FCF per Share

EV / FCF (TTM)

x3.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

MFC · cash flow statement · operating / investing / financing

For FY2025, Manulife Financial Corporation generated $32.08B in operating cash flow and spent 0M in capital expenditures, yielding $32.08B in free cash flow.

Operating Activities

+$32.08B

Cash from core business operations

2025-12-31

Investing Activities

−$28.34B

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$2.05B

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($32.08B) − |CapEx| (0M) = FCF ($32.08B)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

MFC vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Manulife Financial CorporationYOU

MFC

$32.08B+21.1%60.5%

32%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Manulife Financial Corporation (MFC) reported free cash flow of $32.08B for FY2025 (fiscal year ending 2025-12-31), up 21.1% year-over-year. The FCF margin was 60.5%.

Based on available data, Manulife Financial Corporation has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $101.15B in FY2019. The 5-year CAGR stands at +9.9%.

Manulife Financial Corporation's FCF yield is 31.84% and price-to-FCF ratio is 2.3x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

MFC free cash flow · 8 questions

Manulife Financial Corporation free cash flow was $32.08B for FY2025, up 21.1% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $28.96B.

MFC free cash flowMFC FCFMFC FCF 2025MFC free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Manulife Financial Corporation · Manulife Financial Corporation SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026