Manulife FinancialPHS:MFC 70 Net-Net Working Capital is ₱-25,649.78 as of Mar. 2026. GuruFocus rates PHS:MFC with a GF Score™ of 70/100 and a GF Value™ of ₱1,728.82 (Significantly Overvalued). The stock has 8 warning signs investors should review. Among 58 Insurance companies, Manulife Financial ranks worse than 1724136.21% on this metric.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Manulife Financial's Net-Net Working Capital for the quarter that ended in Mar. 2026 was ₱-25,649.78.
The industry rank for Manulife Financial's Net-Net Working Capital or its related term are showing as below:
PHS:MFC's Price-to-Net-Net-Working-Capital is not ranked *
in the Insurance industry.
Industry Median: 7.635 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Manulife Financial (PHS:MFC) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Manulife Financial Net-Net Working Capital Related Terms
Manulife Financial Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Manulife Financial's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
PHS:MFC vs AFL, MET, PRU: Net-Net Working Capital Comparison
For the Insurance - Life subindustry, Manulife Financial's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Manulife Financial Price-to-Net-Net-Working-Capital vs Insurance Industry
For the Insurance industry and Financial Services sector, Manulife Financial's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Manulife Financial's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of ₱-25,649.78 mean?
Manulife Financial (PHS:MFC) has a Net-Net Working Capital of ₱-25,649.78 as of Mar. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Manulife Financial According to the industry distribution chart, Manulife Financial ranks #999999 out of 58 companies in the Insurance industry.
Is Manulife Financial's Net-Net Working Capital too high?
Manulife Financial's current Net-Net Working Capital is ₱-25,649.78. Based on the distribution chart, Manulife Financial ranks #999999 out of 58 companies in the Insurance industry, which is in the bottom quartile relative to peers. Overall, Manulife Financial has a GF Score™ of 70/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Manulife Financial's Net-Net Working Capital compare to AFL and MET?
According to the Insurance industry distribution chart, Manulife Financial ranks #999999 out of 58 companies for Net-Net Working Capital. This places Manulife Financial in the lower half of its industry. The industry median Net-Net Working Capital is 7.64. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for an Insurance company?
The median Net-Net Working Capital among Insurance companies is 7.64, based on 58 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Manulife Financial For the Insurance industry, the median Net-Net Working Capital is 7.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manulife Financial's current Net-Net Working Capital is ₱-25,649.78. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manulife Financial stock overvalued right now?
Based on GuruFocus' analysis, Manulife Financial (PHS:MFC) is currently considered Significantly Overvalued. The stock's GF Value™ is ₱1,728.82, compared to a current price of ₱2,400.00 — trading 38.8% above its estimated fair value. The current Net-Net Working Capital is ₱-25,649.78. Manulife Financial's overall GF Score™ is 70/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Manulife Financial (PHS:MFC), the current Net-Net Working Capital is ₱-25,649.78 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Manulife Financial (PHS:MFC) Overvalued in 2026?
Based on GuruFocus' analysis, Manulife Financial stock appears to be overvalued.
The current stock price of ₱2,400.00 is trading 38.8% above its estimated GF Value™ of ₱1,728.82.
GuruFocus considers Manulife Financial to be Significantly Overvalued.
Key valuation signals for PHS:MFC:
Net-Net Working Capital: ₱-25,649.78
GF Value™: ₱1,728.82 vs. price of ₱2,400.00 (38.8% above fair value)
No single metric tells the full story. See the PHS:MFC stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, asset management, and wealth management products to individuals and group customers in Canada, the United States, and Asia. The Canadian business segment contributes approximately 21% of 2025 adjusted earnings. The Asia segment operates across 12 countries and contributes around 38% of earnings, with a significant presence in Hong Kong and Singapore. The US business, which primarily operates under the John Hancock brand, contributes about 16% of earnings. Manulife's global asset and wealth management business contributes approximately 25% of its earnings and had around CAD 1.1 trillion in assets under management and administration as of the end of 2025.
70GF Score
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