Manulife FinancialPHS:MFC -3.26%63 Return-on-Tangible-Equity is 12.33% as of Mar. 2026, which is 12% below its 10-year median of 13.98. GuruFocus rates PHS:MFC with a GF Score™ of 63/100 and a GF Value™ of ₱1,773.11 (Modestly Overvalued). The stock has 8 warning signs investors should review. Among 502 Insurance companies, Manulife Financial ranks better than 59.16% on this metric.
Return-on-Tangible-Equity is calculated as Net Income divided by its average total shareholder tangible equity. Total shareholder tangible equity equals to Total Stockholders Equity minus Intangible Assets. Manulife Financial's annualized net income for the quarter that ended in Mar. 2026 was ₱212,853 Mil. Manulife Financial's average shareholder tangible equity for the quarter that ended in Mar. 2026 was ₱1,725,729 Mil. Therefore, Manulife Financial's annualized Return-on-Tangible-Equity for the quarter that ended in Mar. 2026 was 12.33%.
The historical rank and industry rank for Manulife Financial's Return-on-Tangible-Equity or its related term are showing as below:
PHS:MFC'
s Return-on-Tangible-Equity Range Over the Past 10 Years
Min: -5.85 Med: 13.98 Max: 17.26
Current: 16.22
During the past 13 years, Manulife Financial's highest Return-on-Tangible-Equity was 17.26%. The lowest was -5.85%. And the median was 13.98%.
PHS:MFC's Return-on-Tangible-Equity is ranked better than 59.16% of 502
companies
in the Insurance industry
Industry Median: 13.515
vs PHS:MFC: 16.22
Return-on-Tangible-Equity measures the rate of return on the ownership interest (shareholder's tangible equity) of the common stock owners. It measures a firm's efficiency at generating profits from every unit of shareholders' tangible equity (shareholders equity minus intangibles). Return-on-Tangible-Equity shows how well a company uses investment funds to generate earnings growth. Return-on-Tangible-Equitys between 15% and 20% are considered desirable.
Be Aware
Net Income is used.
Because a company can increase its Return-on-Tangible-Equity by having more financial leverage, it is important to watch the leverage ratio when investing in high Return-on-Tangible-Equity companies. Like Return-on-Tangible-Asset, Return-on-Tangible-Equity is calculated with only 12 months data. Fluctuations in company's earnings or business cycles can affect the ratio drastically. It is important to look at the ratio from a long term perspective.
Asset light businesses require very few assets to generate very high earnings. Their Return-on-Tangible-Equitys can be extremely high.
Manulife Financial Return-on-Tangible-Equity Related Terms
Manulife Financial Return-on-Tangible-Equity Historical Data
* Premium members only.
The historical data trend for Manulife Financial's Return-on-Tangible-Equity 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: Return-on-Tangible-Equity Comparison
For the Insurance - Life subindustry, Manulife Financial's Return-on-Tangible-Equity, along with its competitors' market caps and Return-on-Tangible-Equity 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 Return-on-Tangible-Equity vs Insurance Industry
For the Insurance industry and Financial Services sector, Manulife Financial's Return-on-Tangible-Equity distribution charts can be found below:
* The bar in red indicates where Manulife Financial's Return-on-Tangible-Equity 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 the calculation of annual Return-on-Tangible-Equity, the net income of the last fiscal year and the average total shareholder tangible equity over the fiscal year are used. In calculating the quarterly data,
the net income data used here is four times the quarterly (Mar. 2026) net income data.
Return-on-Tangible-Equity is displayed in the 10-year financial page.
What does a Return-on-Tangible-Equity of 12.33% mean?
Manulife Financial (PHS:MFC) has a Return-on-Tangible-Equity of 12.33% as of Mar. 2026. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Manulife Financial and its competitors. This is 12% below median its historical median of 13.98. According to the industry distribution chart, Manulife Financial ranks #205 out of 502 companies in the Insurance industry, placing it in the top 40.8%.
Is Manulife Financial's Return-on-Tangible-Equity too high?
Manulife Financial's current Return-on-Tangible-Equity of 12.33% is 12% below median its 10-year median of 13.98. The Insurance industry median Return-on-Tangible-Equity is 13.52. Manulife Financial's value of 12.33% is 8.8% below this industry median. Based on the distribution chart, Manulife Financial ranks #205 out of 502 companies in the Insurance industry, which is above the industry midpoint. Overall, Manulife Financial has a GF Score™ of 63/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Manulife Financial's Return-on-Tangible-Equity compare to AFL and MET?
According to the Insurance industry distribution chart, Manulife Financial ranks #205 out of 502 companies for Return-on-Tangible-Equity. This puts Manulife Financial in the upper half of its industry. The industry median Return-on-Tangible-Equity is 13.52. Manulife Financial's value of 12.33% is 8.8% below this benchmark. While the company's 10-year median is 13.98 vs. the industry median of 13.52, Manulife Financial has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Return-on-Tangible-Equity for an Insurance company?
The median Return-on-Tangible-Equity among Insurance companies is 13.52, based on 502 companies in the industry. Companies in the top quartile (top 25%) have a Return-on-Tangible-Equity significantly above this median, while those in the bottom quartile fall well below. However, Return-on-Tangible-Equity should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Manulife Financial's current Return-on-Tangible-Equity of 12.33% is 8.8% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Return-on-Tangible-Equity mean?
A high Return-on-Tangible-Equity can signal that a stock is expensive relative to its fundamentals. Return on tangible equity is the ratio of current-period net income to average two-period tangible equity. View historical data on Manulife Financial and its competitors. For the Insurance industry, the median Return-on-Tangible-Equity is 13.52 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manulife Financial's current Return-on-Tangible-Equity is 12.33%, which is 12% below median its own 10-year median of 13.98. 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 Modestly Overvalued. The stock's GF Value™ is ₱1,773.11, compared to a current price of ₱2,312.00 — trading 30.4% above its estimated fair value. The current Return-on-Tangible-Equity is 12.33%, which is 12% below median its 10-year median of 13.98 and 8.8% below the Insurance industry median of 13.52. Manulife Financial's overall GF Score™ is 63/100 with 8 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Return-on-Tangible-Equity calculated?
Return-on-Tangible-Equity is calculated from a company's financial statements. For Manulife Financial (PHS:MFC), the current Return-on-Tangible-Equity is 12.33% 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 ₱2,312.00 is trading 30.4% above its estimated GF Value™ of ₱1,773.11.
GuruFocus considers Manulife Financial to be Modestly Overvalued.
Key valuation signals for PHS:MFC:
Return-on-Tangible-Equity: 12.33% (12% below median its 10-year median of 13.98)
GF Value™: ₱1,773.11 vs. price of ₱2,312.00 (30.4% above fair value)
Industry Position: 8.8% below the Insurance median (#205 of 502)
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.
63GF Score
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