AFL vs MFC: Aflac and Manulife Financial compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Manulife Financial is the larger company, worth $67.2B, close to Aflac's $59.0B.
- Manulife Financial grew revenue faster over the last year (+7.1% vs -1.0%).
- On earnings, Aflac is the cheaper stock (13.2x vs 18.1x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | AFL | MFC |
|---|---|---|
| Market cap | $59.0B | $67.2B |
| Share price | $114.54 | $42.43 |
| Revenue (last fiscal year) | $17.2B | $8.1B |
| Free cash flow (last fiscal year) | — | — |
| Revenue growth, last year | -1.0% | +7.1% |
| Revenue growth per year, last 5 fiscal years | -5.5% | -39.8% |
| Operating margin | 32.0% | — |
| Net margin | 26.9% | 68.5% |
| Return on equity | 16.0% | 11.1% |
| P/E (trailing) | 13.2x | 18.1x |
| Price / free cash flow | 23.1x | 2.10x |
| EV / EBITDA | — | — |
| FCF growth the price implies | — | — |
| Dividend yield | 2.0% | 4.4% |
| Debt / equity | 2.83x | 19.4x |
| Fundamental grade | C | C |
| Superinvestors holding it | 4 | 0 |
| Insider purchases, last 12 months | 2 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Aflac
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $21.6B | — | 22.9% |
| 2022 | $19.1B | — | 21.7% |
| 2023 | $18.7B | — | 28.1% |
| 2024 | $18.9B | — | 33.9% |
| 2025 | $17.2B | — | 26.4% |
Manulife Financial
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $61.8B | — | — |
| 2022 | $6.2B | — | — |
| 2023 | $6.7B | — | — |
| 2024 | $7.6B | — | — |
| 2025 | $8.1B | — | — |
Where the revenue comes from
Aflac
No segment breakdown reported.
Manulife Financial · by segments, 2025
Subsidiaries on a combined basis$8.1B100%
MFC (Guarantor)$24M0%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open AFL in InvestinglyQuestions
Which is bigger, Aflac or Manulife Financial?
Manulife Financial (MFC), at $67.2B against $59.0B.
Is AFL or MFC cheaper?
By trailing P/E, Aflac (13.2x) is cheaper than Manulife Financial (18.1x). A lower multiple can also mean the market expects less growth.
Which grows faster, AFL or MFC?
Manulife Financial: revenue grew +7.1% over the last year, against -1.0%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.