NYSE : MAN
ManpowerGroup Inc. — Financial statements
Industrials · Staffing & Employment Services · United States
Last price 46.3 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 2.15B
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Financial statements
ManpowerGroup Inc. (MAN) reported revenue of 18.92B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 18.92B | 17.96B | 17.85B | 18.91B | 19.83B | 20.72B |
| Cost of Revenue | 15.89B | 14.96B | 14.77B | 15.56B | 16.26B | 17.32B |
| Gross Profit | 3.04B | 3.00B | 3.09B | 3.36B | 3.57B | 3.41B |
| Selling, General & Admin | 2.66B | 2.69B | 2.72B | 2.89B | 2.92B | 2.77B |
| Operating Expenses | 2.67B | 2.69B | 2.73B | 2.90B | 2.93B | 2.79B |
| Operating Income | 369.80M | 305.40M | 361.20M | 460.10M | 641.80M | 620.60M |
| Interest Expense | -100.40M | -95.40M | -90.00M | -79.70M | -46.90M | -38.80M |
| Interest & Investment Income | 24.50M | 27.80M | 33.30M | 34.20M | 17.90M | 12.00M |
| Currency Exchange Gain (Loss) | -5.50M | -6.50M | -6.20M | -21.80M | -11.90M | -5.20M |
| Other Non Operating Income (Expenses) | 23.40M | 21.20M | 20.20M | 18.70M | 15.80M | 14.70M |
| EBT Excluding Unusual Items | 311.80M | 252.50M | 318.50M | 411.50M | 616.70M | 603.30M |
| Merger & Restructuring Charges | -64.20M | -64.20M | -53.60M | -149.20M | -3.60M | -34.00M |
| Impairment of Goodwill | -88.70M | -55.10M | -50.00M | |||
| Gain (Loss) on Sale of Assets | -6.20M | -6.20M | -8.10M | -1.30M | -6.00M | -1.20M |
| Pretax Income | 241.40M | 93.40M | 256.80M | 205.90M | 557.10M | 568.10M |
| Income Tax Expense | 121.10M | 106.70M | 111.70M | 117.10M | 183.30M | 185.70M |
| Net Income | 120.30M | -13.30M | 145.10M | 88.80M | 373.80M | 382.40M |
| Net Income to Common | 120.30M | -13.30M | 145.10M | 88.80M | 373.80M | 382.40M |
| Shares Outstanding (Basic) | 46.75M | 46.60M | 47.80M | 49.80M | 52.20M | 54.50M |
| Shares Outstanding (Diluted) | 47.35M | 46.60M | 48.30M | 50.40M | 52.80M | 55.40M |
| EPS (Basic) | 2.57 | -0.29 | 3.04 | 1.78 | 7.16 | 7.02 |
| EPS (Diluted) | 2.53 | -0.29 | 3.01 | 1.76 | 7.08 | 6.91 |
| Free Cash Flow | 7.40M | -161.40M | 258.10M | 270.00M | 347.70M | 580.60M |
| Free Cash Flow Per Share | 0.16 | -3.46 | 5.34 | 5.36 | 6.58 | 10.48 |
| Dividend Per Share | 1.44 | 1.44 | 3.08 | 2.94 | 2.72 | 2.52 |
| Gross Margin | 16.05% | 16.69% | 17.29% | 17.75% | 18.02% | 16.44% |
| Operating Margin | 1.95% | 1.70% | 2.02% | 2.43% | 3.24% | 3.00% |
| Profit Margin | 0.64% | -0.07% | 0.81% | 0.47% | 1.88% | 1.85% |
| Free Cash Flow Margin | 0.04% | -0.90% | 1.45% | 1.43% | 1.75% | 2.80% |
| EBITDA | 435.20M | 374.20M | 432.00M | 534.90M | 716.60M | 688.50M |
| EBITDA Margin | 2.30% | 2.08% | 2.42% | 2.83% | 3.61% | 3.32% |
| D&A For EBITDA | 65.40M | 68.80M | 70.80M | 74.80M | 74.80M | 67.90M |
| EBIT | 369.80M | 305.40M | 361.20M | 460.10M | 641.80M | 620.60M |
| EBIT Margin | 1.95% | 1.70% | 2.02% | 2.43% | 3.24% | 3.00% |
| Effective Tax Rate | 50.17% | 114.24% | 43.50% | 56.87% | 32.90% | 32.69% |
| Advertising Expenses | 28.10M | 28.30M | 28.90M | 29.60M | 28.10M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 233.10M | 871.00M | 509.40M | 581.30M | 639.00M | 847.80M |
| Cash & Short-Term Investments | 233.10M | 871.00M | 509.40M | 581.30M | 639.00M | 847.80M |
| Receivables | 4.62B | 4.77B | 4.28B | 4.79B | 5.12B | 5.42B |
| Prepaid Expenses | 204.30M | 149.10M | 163.70M | 160.80M | 158.00M | 126.70M |
| Other Current Assets | 18.10M | 38.40M | 14.00M | 24.70M | ||
| Total Current Assets | 5.06B | 5.79B | 4.97B | 5.57B | 5.93B | 6.42B |
| Property, Plant & Equipment | 456.60M | 515.90M | 479.70M | 543.90M | 477.90M | 490.20M |
| Long-Term Investments | 100.20M | 103.90M | 102.20M | 95.80M | 114.20M | |
| Goodwill | 1.48B | 1.54B | 1.56B | 1.59B | 1.63B | 1.72B |
| Other Intangible Assets | 408.30M | 469.40M | 522.60M | 564.30M | 597.20M | 621.80M |
| Other Long-Term Assets | 856.50M | 739.60M | 561.10M | 460.90M | 397.00M | 457.80M |
| Total Assets | 8.26B | 9.16B | 8.20B | 8.83B | 9.13B | 9.83B |
| Accounts Payable | 2.43B | 2.72B | 2.61B | 2.72B | 2.83B | 3.04B |
| Accrued Expenses | 1.73B | 1.70B | 1.63B | 1.86B | 1.89B | 2.01B |
| Short-Term Debt | 540.60M | 34.60M | 21.00M | 9.00M | 21.50M | 16.80M |
| Current Portion of Long-Term Debt | 590.40M | 2.40M | 3.10M | 5.10M | 535.80M | |
| Current Portion of Leases | 99.20M | 107.40M | 98.60M | 100.20M | 105.50M | 110.00M |
| Current Unearned Revenue | 45.60M | 30.30M | 31.90M | 35.60M | 34.80M | |
| Other Current Liabilities | 33.90M | 45.50M | 75.60M | 25.80M | 29.70M | |
| Total Current Liabilities | 4.81B | 5.23B | 4.44B | 4.80B | 4.91B | 5.78B |
| Long-Term Debt | 562.80M | 1.05B | 929.40M | 990.50M | 959.90M | 565.70M |
| Long-Term Leases | 259.80M | 304.30M | 279.00M | 323.20M | 266.60M | 275.80M |
| Other Long-Term Liabilities | 491.10M | 509.80M | 428.60M | 482.70M | 534.10M | 675.20M |
| Total Liabilities | 6.12B | 7.10B | 6.07B | 6.60B | 6.67B | 7.30B |
| Common Stock | 1.20M | 1.20M | 1.20M | 1.20M | 1.20M | 1.20M |
| Additional Paid-In Capital | 3.59B | 3.57B | 3.55B | 3.51B | 3.48B | 3.44B |
| Retained Earnings | 3.79B | 3.73B | 3.81B | 3.81B | 3.87B | 3.63B |
| Treasury Stock | -4.84B | -4.83B | -4.79B | -4.64B | -4.45B | -4.17B |
| Comprehensive Income & Other | -406.10M | -412.10M | -443.00M | -466.00M | -458.70M | -389.40M |
| Total Common Equity | 2.14B | 2.06B | 2.13B | 2.22B | 2.45B | 2.52B |
| Minority Interest | 200.00K | 700.00K | 1.70M | 10.80M | 10.80M | 10.00M |
| Shareholders' Equity | 2.14B | 2.06B | 2.13B | 2.23B | 2.46B | 2.53B |
| Total Liabilities & Equity | 8.26B | 9.16B | 8.20B | 8.83B | 9.13B | 9.83B |
| Total Debt | 1.46B | 2.09B | 1.33B | 1.43B | 1.36B | 1.50B |
| Net Cash (Debt) | -1.23B | -1.22B | -821.00M | -844.70M | -719.60M | -656.30M |
| Net Cash Per Share | -25.96 | -26.13 | -17.00 | -16.76 | -13.63 | -11.85 |
| Filing Date Shares Outstanding | 46.90M | 46.42M | 46.69M | 48.24M | 50.62M | 53.65M |
| Total Common Shares Outstanding | 46.90M | 46.30M | 46.75M | 48.42M | 50.56M | 53.60M |
| Working Capital | 251.20M | 556.80M | 533.20M | 772.40M | 1.02B | 642.20M |
| Book Value Per Share | 45.64 | 44.49 | 45.46 | 45.91 | 48.40 | 47.05 |
| Tangible Book Value | 250.40M | 45.60M | 39.20M | 72.20M | 222.00M | 177.70M |
| Tangible Book Value Per Share | 5.34 | 0.98 | 0.84 | 1.49 | 4.39 | 3.32 |
| Land | 500.00K | 400.00K | 400.00K | 400.00K | 500.00K | |
| Buildings | 6.30M | 6.00M | 6.40M | 6.30M | 6.70M | |
| Machinery | 261.40M | 251.70M | 275.80M | 296.50M | 299.20M | |
| Leasehold Improvements | 258.70M | 230.10M | 243.90M | 281.70M | 288.50M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 120.30M | -13.30M | 145.10M | 88.80M | 373.80M | 382.40M |
| Depreciation & Amortization | 65.40M | 68.80M | 70.80M | 74.80M | 74.80M | 67.90M |
| Other Amortization | 17.20M | 17.20M | 15.80M | 13.80M | 9.80M | 5.50M |
| Loss (Gain) From Sale of Assets | -22.80M | 6.20M | 8.20M | 1.30M | 6.00M | |
| Asset Writedown & Restructuring Costs | 88.70M | 57.30M | 50.00M | |||
| Stock-Based Compensation | 27.00M | 26.30M | 27.30M | 28.70M | 37.60M | 36.80M |
| Provision & Write-off of Bad Debts | 11.90M | 7.10M | 9.00M | 5.40M | 6.20M | 17.90M |
| Other Operating Activities | -12.60M | -35.80M | -32.40M | -20.60M | 4.80M | -1.30M |
| Change in Accounts Receivable | -97.10M | -142.30M | 261.10M | 391.80M | 28.80M | -640.90M |
| Change in Accounts Payable | -115.40M | -42.50M | 15.70M | -144.70M | -80.90M | |
| Change in Other Net Operating Assets | 48.00M | -84.50M | -211.40M | -148.40M | -87.60M | 776.50M |
| Operating Cash Flow | 41.90M | -104.10M | 309.20M | 348.20M | 423.30M | 644.80M |
| Capital Expenditures | -34.50M | -57.30M | -51.10M | -78.20M | -75.60M | -64.20M |
| Cash Acquisitions | -1.00M | -4.90M | -16.40M | -924.40M | ||
| Divestitures | 88.70M | -900.00K | -12.20M | 4.10M | 6.70M | 1.60M |
| Investing Cash Flow | 54.80M | -59.20M | -68.20M | -74.10M | -85.30M | -987.00M |
| Short-Term Debt Issued | 14.40M | 14.00M | 7.20M | |||
| Long-Term Debt Issued | 586.80M | 3.70M | 1.00M | 421.30M | 75.50M | |
| Total Debt Issued | 517.00M | 601.20M | 17.70M | 1.00M | 428.50M | 75.50M |
| Short-Term Debt Repaid | -12.80M | -3.00M | ||||
| Long-Term Debt Repaid | -700.00K | -1.60M | -4.40M | -487.20M | -2.20M | |
| Total Debt Repaid | -586.00M | -700.00K | -1.60M | -17.20M | -487.20M | -5.20M |
| Net Debt Issued (Repaid) | -69.00M | 600.50M | 16.10M | -16.20M | -58.70M | 70.30M |
| Issuance of Common Stock | 2.90M | 800.00K | 1.80M | 300.00K | 5.10M | |
| Repurchase of Common Stock | -38.20M | -140.00M | -179.80M | -270.00M | -210.00M | |
| Common Dividends Paid | -66.90M | -66.70M | -145.80M | -144.30M | -139.90M | -136.60M |
| Other Financing Activities | -9.60M | -10.10M | -13.50M | -11.00M | -13.80M | -12.50M |
| Financing Cash Flow | -142.60M | 485.50M | -282.40M | -349.50M | -482.10M | -283.70M |
| Foreign Exchange Rate Adjustments | 4.40M | 39.40M | -30.50M | 17.70M | -64.70M | -93.40M |
| Net Cash Flow | -41.50M | 361.60M | -71.90M | -57.70M | -208.80M | -719.30M |
| Free Cash Flow | 7.40M | -161.40M | 258.10M | 270.00M | 347.70M | 580.60M |
| Free Cash Flow Margin | 0.04% | -0.90% | 1.45% | 1.43% | 1.75% | 2.80% |
| Free Cash Flow Per Share | 0.16 | -3.46 | 5.34 | 5.36 | 6.58 | 10.48 |
| Levered Free Cash Flow | 142.68M | -86.15M | 389.90M | 489.25M | 359.61M | 506.82M |
| Unlevered Free Cash Flow | 205.43M | -26.52M | 446.15M | 539.06M | 388.93M | 531.08M |
| Cash Interest Paid | 97.50M | 97.50M | 84.90M | 75.90M | 38.20M | 37.00M |
| Cash Income Tax Paid | 147.70M | 147.70M | 187.60M | 182.20M | 201.60M | 139.70M |
| Change in Working Capital | -164.50M | -269.30M | 65.40M | 98.70M | -139.70M | 135.60M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 2.15B | 1.38B | 2.71B | 3.88B | 4.21B | 5.28B |
| Enterprise Value | 3.38B | 2.74B | 3.73B | 4.69B | 4.90B | 5.12B |
| Last Close Price | 46.30 | 29.05 | 54.05 | 71.14 | 71.54 | 81.10 |
| PE Ratio | 18.30 | 18.67 | 43.68 | 11.25 | 13.80 | |
| Forward PE | 10.63 | 8.94 | 12.40 | 15.35 | 10.99 | 12.11 |
| PS Ratio | 0.11 | 0.08 | 0.15 | 0.20 | 0.21 | 0.26 |
| PB Ratio | 1.01 | 0.67 | 1.27 | 1.74 | 1.71 | 2.08 |
| P/TBV Ratio | 8.60 | 30.18 | 69.11 | 53.72 | 18.95 | 29.71 |
| P/FCF Ratio | 290.97 | 10.50 | 14.37 | 12.10 | 9.09 | |
| P/OCF Ratio | 51.39 | 8.76 | 11.14 | 9.94 | 8.19 | |
| PEG Ratio | 0.30 | 0.56 | 7.75 | 1.19 | 0.52 | |
| EV/Sales Ratio | 0.18 | 0.15 | 0.21 | 0.25 | 0.25 | 0.25 |
| EV/EBITDA Ratio | 8.77 | 7.32 | 8.62 | 8.77 | 6.84 | 7.43 |
| EV/EBIT Ratio | 10.55 | 8.97 | 10.31 | 10.19 | 7.63 | 8.25 |
| EV/FCF Ratio | 457.10 | 14.43 | 17.36 | 14.09 | 8.82 | |
| Debt / Equity Ratio | 0.68 | 1.01 | 0.63 | 0.64 | 0.55 | 0.59 |
| Debt / EBITDA Ratio | 2.50 | 3.90 | 2.28 | 2.07 | 1.57 | 1.76 |
| Debt / FCF Ratio | 197.62 | 5.16 | 5.28 | 3.91 | 2.59 | |
| Net Debt / Equity Ratio | 0.57 | 0.59 | 0.39 | 0.38 | 0.29 | 0.26 |
| Net Debt / EBITDA Ratio | 2.83 | 3.25 | 1.90 | 1.58 | 1.00 | 0.95 |
| Net Debt / FCF Ratio | 166.12 | -7.54 | 3.18 | 3.13 | 2.07 | 1.13 |
| Asset Turnover | 2.27 | 2.07 | 2.10 | 2.11 | 2.09 | 2.16 |
| Quick Ratio | 1.01 | 1.08 | 1.08 | 1.12 | 1.17 | 1.08 |
| Current Ratio | 1.05 | 1.11 | 1.12 | 1.16 | 1.21 | 1.11 |
| Return on Equity (ROE) | 5.79% | -0.64% | 6.65% | 3.79% | 14.98% | 15.34% |
| Return on Assets (ROA) | 2.77% | 2.20% | 2.65% | 3.20% | 4.23% | 4.05% |
| Return on Invested Capital (ROIC) | 5.49% | -1.40% | 6.77% | 6.34% | 13.53% | 14.86% |
| Return on Capital Employed (ROCE) | 10.70% | 7.80% | 9.60% | 11.40% | 15.20% | 15.30% |
| Earnings Yield | 5.46% | -0.97% | 5.36% | 2.29% | 8.88% | 7.24% |
| FCF Yield | 0.34% | -11.73% | 9.53% | 6.96% | 8.27% | 11.00% |
| Dividend Yield | 3.11% | 4.84% | 5.32% | 3.67% | 3.27% | 2.56% |
| Payout Ratio | 56.92% | 100.48% | 162.50% | 37.43% | 35.72% | |
| Buyback Yield / Dilution | -1.12% | 3.52% | 4.17% | 4.54% | 4.69% | 4.97% |
| Total Shareholder Return | 1.99% | 8.36% | 9.48% | 8.21% | 7.96% | 7.53% |