ManpowerGroup
ManpowerGroup's revenue rose 0.6% to $18.0 billion in fiscal 2025. Its operating margin was 0.8%, down from 1.7% a year earlier. Free cash flow was −$161 million, against $258 million a year earlier. It paid out $105 million in dividends and buybacks. The diluted share count fell 3.5%.
Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.
Charts show fiscal years, from the 10-K filings.
Revenue and margins
Net income and earnings per share
From fiscal 2016 to 2024, earnings per share fell 8.8% a year and net income 13.0% a year, while buybacks cut the share count by 32%. ManpowerGroup then lost money in fiscal 2025.
Returns on capital
Cash flow
Payouts and share count
Valuation
Two ways to value ManpowerGroup yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.
Discounted cash flow (DCF)
A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from ManpowerGroup's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.
Value per share on three example scenarios, from ManpowerGroup's 3-year average free cash flow of $122M, net cash of −$806M at December 31, 2025 and 47 million diluted shares, from its filings. The scenarios are fitted to ManpowerGroup: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, -3.2% a year, kept between 0% and 20%; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Human Resource & Employment Services), plus 1 point as a smaller company, worth $2.2B, plus 1 point for unsteady results (a loss in fiscal 2025); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $46.18
- Value on these assumptions, against the last close
- —
- Cash flows in years 1 to 10, valued today
- —
- Everything after year 10, valued today
- —
- Plus net cash
- —
- Share of value from after year 10
How the value changes with two assumptions
Price-to-earnings (P/E) method
Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.
Value per share on three example scenarios, from ManpowerGroup's earnings per share of $2.20 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 25.2×, the middle of ManpowerGroup's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.
- Last close, October 26, 2026
- $46.18
- Value at this multiple, against the last close
- —
- ManpowerGroup's P/E at the last close
- 21.0×
| Company | Last close | Earnings per share | P/E today |
|---|---|---|---|
| Robert HalfRHI | $44.98 | $1.15 | 39.1× |
| Automatic Data ProcessingADP | $301.12 | $10.94 | 27.5× |
| PaychexPAYX | $115.70 | $5.05 | 22.9× |
| ManpowerGroupMAN | $46.18 | $2.20 | 21.0× |
| Korn FerryKFY | $78.85 | $5.29 | 14.9× |
Balance sheet
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | 0.8 | 0.6 | 0.6 | 0.5 | 0.9 |
| Debt incl. finance leases | 1.1 | 1.0 | 1.0 | 1.0 | 1.7 |
| Net debt (negative means net cash) | 0.3 | 0.3 | 0.4 | 0.4 | 0.8 |
| Net debt to EBITDA | 0.4x | 0.5x | 1.2x | 1.1x | 3.4x |
| Debt to equity | 0.4x | 0.4x | 0.5x | 0.5x | 0.8x |
| Interest coverage | 15.1x | 12.4x | 3.2x | 3.4x | 1.6x |
| Current ratio | 1.1x | 1.2x | 1.2x | 1.1x | 1.1x |
| Quick ratio | 1.1x | 1.2x | 1.2x | 1.1x | 1.1x |
Insider trades
No officer, director or 10% owner of ManpowerGroup reported buying or selling its shares on the open market between October 27, 2025 and October 26, 2026.
Piotroski F-score
The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | Pass | Pass | Fail |
| Cash from operations is positive | Pass | Pass | Fail |
| Return on assets rose | Fail | Pass | Fail |
| Cash from operations exceeds net income | Pass | Pass | Fail |
| Debt fell relative to assets | Fail | Fail | Fail |
| Current ratio rose | Fail | Fail | Fail |
| Share count didn't rise | Pass | Pass | Pass |
| Gross margin rose | Fail | Fail | Fail |
| Revenue rose relative to assets | Pass | Fail | Pass |
| F-score | 5 of 9 | 5 of 9 | 2 of 9 |
| Accruals ratio | −2.9% | −1.9% | 1.1% |
Compare
Put ManpowerGroup side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.
Similar companies
| Company | Year | Revenue growth | Operating margin | Free cash flow margin | Return on capital | Net debt to EBITDA | F-score | Compare |
|---|---|---|---|---|---|---|---|---|
| ManpowerGroup | FY25 | 0.6% | 0.8% | −0.9% | 2.8% | 3.4x | 2 | |
| Automatic Data Processing | FY26 | 6.7% | — | 23.9% | 68.8% | 0.1x | 9 | Compare |
| Paychex | FY26 | 16.9% | 38.5% | 35.6% | 26.2% | 1.2x | 6 | Compare |
| Robert Half | FY25 | −7.2% | 1.4% | 5.0% | 6.3% | −3.6x | 4 | Compare |
| Korn Ferry | FY26 | 6.4% | 12.8% | 11.0% | 21.9% | −1.5x | 8 | Compare |
10 years of figures
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | 19.7 | 21.0 | 22.0 | 20.9 | 18.0 | 20.7 | 19.8 | 18.9 | 17.9 | 18.0 |
| Revenue growth | — | 7.0% | 4.5% | −5.1% | −13.7% | 15.1% | −4.3% | −4.6% | −5.6% | 0.6% |
| Gross profit | 3.3 | 3.5 | 3.6 | 3.4 | 2.8 | 3.4 | 3.6 | 3.4 | 3.1 | 3.0 |
| Research and development | — | — | — | — | — | — | — | — | — | — |
| Operating income | 0.7 | 0.8 | 0.8 | 0.6 | 0.2 | 0.6 | 0.6 | 0.3 | 0.3 | 0.2 |
| Net income | 0.4 | 0.5 | 0.6 | 0.5 | 0.0 | 0.4 | 0.4 | 0.1 | 0.1 | −0.0 |
| Diluted EPS (US$) | 6.27 | 8.04 | 8.56 | 7.72 | 0.41 | 6.91 | 7.08 | 1.76 | 3.01 | −0.29 |
| Diluted shares (millions) | 71 | 68 | 65 | 60 | 58 | 55 | 53 | 50 | 48 | 47 |
| Cash flow | ||||||||||
| Cash from operations | 0.6 | 0.4 | 0.5 | 0.8 | 0.9 | 0.6 | 0.4 | 0.3 | 0.3 | −0.1 |
| Capital expenditure | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Free cash flow | 0.5 | 0.3 | 0.4 | 0.8 | 0.9 | 0.6 | 0.3 | 0.3 | 0.3 | −0.2 |
| Dividends paid | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 | 0.1 |
| Share buybacks | 0.5 | 0.2 | 0.5 | 0.2 | 0.3 | 0.2 | 0.3 | 0.2 | 0.1 | 0.0 |
| Acquisitions | 0.1 | 0.0 | 0.0 | 0.1 | 0.0 | 0.9 | 0.0 | 0.0 | 0.0 | 0.0 |
| Stock-based compensation | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Balance sheet at fiscal year end | ||||||||||
| Cash and short-term investments | 0.6 | 0.7 | 0.6 | 1.0 | 1.6 | 0.8 | 0.6 | 0.6 | 0.5 | 0.9 |
| Debt incl. finance leases | 0.8 | 0.9 | 1.1 | 1.1 | 1.1 | 1.1 | 1.0 | 1.0 | 1.0 | 1.7 |
| Total assets | 7.6 | 8.9 | 8.5 | 9.2 | 9.3 | 9.8 | 9.1 | 8.8 | 8.2 | 9.2 |
| Total liabilities | 5.1 | 6.0 | 5.8 | 6.5 | 6.9 | 7.3 | 6.7 | 6.6 | 6.1 | 7.1 |
| Shareholders' equity | 2.4 | 2.8 | 2.6 | 2.7 | 2.4 | 2.5 | 2.4 | 2.2 | 2.1 | 2.1 |
| Margins and ratios | ||||||||||
| Gross margin | 17.0% | 16.6% | 16.3% | 16.2% | 15.7% | 16.4% | 18.0% | 17.8% | 17.3% | 16.7% |
| Operating margin | 3.8% | 3.8% | 3.6% | 3.1% | 1.0% | 2.8% | 2.9% | 1.4% | 1.7% | 0.8% |
| Net margin | 2.3% | 2.6% | 2.5% | 2.2% | 0.1% | 1.9% | 1.9% | 0.5% | 0.8% | −0.1% |
| Free cash flow margin | 2.8% | 1.6% | 1.9% | 3.6% | 4.9% | 2.8% | 1.8% | 1.4% | 1.4% | −0.9% |
| Return on capital | 17.2% | 20.2% | 18.7% | 14.6% | 3.9% | 16.4% | 13.9% | 4.7% | 6.6% | 2.8% |
| Return on equity | 17.8% | 21.2% | 20.6% | 17.4% | 0.9% | 15.4% | 15.1% | 3.8% | 6.7% | −0.6% |
| Return on assets | 5.9% | 6.6% | 6.4% | 5.2% | 0.3% | 4.0% | 3.9% | 1.0% | 1.7% | −0.1% |
| Net debt to EBITDA | 0.3x | 0.3x | 0.6x | 0.1x | −1.7x | 0.4x | 0.5x | 1.2x | 1.1x | 3.4x |