Business Description
ManpowerGroup Inc. is a global workforce solutions company that provides contingent staffing, permanent recruitment, and human resources consulting services. Headquartered in Milwaukee, Wisconsin, the company operates through its core brands: Manpower, Experis, and Talent Solutions. It serves clients across the Americas, Europe, and the Asia Pacific Middle East regions, placing millions of workers annually in administrative, industrial, and professional roles.
Financial Statements
In thousands, USD
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Total Revenues | 17,957,100 | 17,853,900 | 18,914,500 | 19,827,500 |
| Cost of Sales | 14,959,500 | 14,767,100 | 15,556,500 | 16,255,100 |
| Gross Profit | 2,997,600 | 3,086,800 | 3,358,000 | 3,572,400 |
| Selling, General & Administrative Expenses | 2,847,500 | 2,780,800 | 3,102,200 | 2,990,700 |
| Other Operating Expenses | 88,700 | — | 55,100 | 50,000 |
| Operating Profit | 150,100 | 306,000 | 255,800 | 581,700 |
| Interest Expense | (56,700) | (49,200) | (49,900) | (24,600) |
| Total Non-Operating Income | (56,700) | (49,200) | (49,900) | (24,600) |
| Income Before Provision for Income Taxes | 93,400 | 256,800 | 205,900 | 557,100 |
| Provision for Income Taxes | 106,700 | 111,700 | 117,100 | 183,300 |
| Consolidated Net Income | (13,300) | 145,100 | 88,800 | 373,800 |
| Net Income Attributable to Common Shareholders | (13,300) | 145,100 | 88,800 | 373,800 |
| Basic EPS | -0.29 | 3.04 | 1.78 | 7.17 |
| Diluted EPS | -0.29 | 3.01 | 1.76 | 7.08 |
| Basic Weighted Average Shares Outstanding | 46,600 | 47,800 | 49,800 | 52,200 |
| Diluted Weighted Average Shares Outstanding | 46,600 | 48,300 | 50,400 | 52,800 |
| Shares Outstanding | 46,297 | 46,748 | 48,424 | 50,560 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Cash and Cash Equivalents | 871,000 | 509,400 | 581,300 | 639,000 |
| Total Cash and Cash Equivalents | 871,000 | 509,400 | 581,300 | 639,000 |
| Accounts Receivable | 4,770,300 | 4,297,200 | 4,830,000 | 5,137,400 |
| Total Trade Receivables | 4,770,300 | 4,297,200 | 4,830,000 | 5,137,400 |
| Other Current Assets | 149,100 | 163,700 | 160,800 | 158,000 |
| Total Current Assets | 5,790,400 | 4,970,300 | 5,572,100 | 5,934,400 |
| Net Property, Plant & Equipment | 515,900 | 479,700 | 543,900 | 477,900 |
| Net Intangible Assets | 430,100 | 486,100 | 519,600 | 549,500 |
| Goodwill | 1,544,600 | 1,563,400 | 1,586,800 | 1,628,100 |
| Other Long-Term Assets | 879,100 | 701,500 | 607,800 | 540,500 |
| Total Assets | 9,160,100 | 8,201,000 | 8,830,200 | 9,130,400 |
| Accounts Payable | 2,721,100 | 2,612,900 | 2,723,000 | 2,831,400 |
| Accrued Expenses | 1,780,100 | 1,702,200 | 2,064,600 | 2,053,700 |
| Short-Term Debt | 625,000 | 23,400 | 12,100 | 26,600 |
| Current Portion of Leases | 107,400 | 98,600 | — | — |
| Total Current Liabilities | 5,233,600 | 4,437,100 | 4,799,700 | 4,911,700 |
| Long-Term Debt | 1,052,100 | 929,400 | 990,500 | 959,900 |
| Leases | 304,300 | 279,000 | 323,200 | 266,600 |
| Other Long-Term Liabilities | 509,800 | 428,600 | 482,700 | 534,100 |
| Total Long-Term Liabilities | 1,866,200 | 1,637,000 | 1,796,400 | 1,760,600 |
| Total Liabilities | 7,099,800 | 6,074,100 | 6,596,100 | 6,672,300 |
| Common Stock | 1,200 | 1,200 | 1,200 | 1,200 |
| Treasury Stock | (4,834,300) | (4,791,400) | (4,639,800) | (4,447,900) |
| Additional Paid-in Capital | 3,572,500 | 3,546,100 | 3,514,900 | 3,484,200 |
| Accumulated Other Comprehensive Income | (412,100) | (443,000) | (466,000) | (458,700) |
| Retained Earnings | 3,732,300 | 3,812,300 | 3,813,000 | 3,868,500 |
| Total Common Shareholders' Equity | 2,059,600 | 2,125,200 | 2,223,300 | 2,447,300 |
| Minority Interests and Other | 700 | 1,700 | 10,800 | 10,800 |
| Total Shareholders' Equity | 2,059,600 | 2,125,200 | 2,234,100 | 2,458,100 |
| Total Liabilities and Shareholders' Equity | 9,160,100 | 8,201,000 | 8,830,200 | 9,130,400 |
| FY 2025 | FY 2024 | FY 2023 | FY 2022 | |
|---|---|---|---|---|
| Net Income | (13,300) | 145,100 | 88,800 | 373,800 |
| Depreciation & Amortization | 86,000 | 86,600 | 88,600 | 84,600 |
| Share-Based Compensation Expense | 26,300 | 27,300 | 28,700 | 37,600 |
| Other Adjustments | 66,200 | (15,200) | 43,400 | 67,000 |
| Changes in Trade Receivables | (142,300) | 261,100 | 391,800 | 28,800 |
| Changes in Accounts Payable | (42,500) | 15,700 | (144,700) | (80,900) |
| Changes in Other Operating Activities | (84,500) | (211,400) | (148,400) | (87,600) |
| Cash from Operating Activities | (104,100) | 309,200 | 348,200 | 423,300 |
| Capital Expenditure | (57,300) | (51,100) | (78,200) | (75,600) |
| Proceeds from Sale of Property, Plant & Equipment | 1,200 | 2,400 | 4,100 | 6,700 |
| Payments for Business Acquisitions | (1,000) | (4,900) | — | (16,400) |
| Proceeds from Business Divestments | (2,100) | (14,600) | — | — |
| Cash from Investing Activities | (59,200) | (68,200) | (74,100) | (85,300) |
| Net Issuance / (Repayments) of Short-Term Debt | 14,400 | 14,000 | (12,800) | (67,800) |
| Issuance of Long-Term Debt | 586,800 | 3,700 | 1,000 | 421,300 |
| Repayments of Long-Term Debt | (700) | (1,600) | (4,400) | (412,200) |
| Net Issuance / (Repayments) of Long-Term Debt | 586,100 | 2,100 | (3,400) | 9,100 |
| Issuance of Common Shares | — | 800 | 1,800 | 300 |
| Repurchases of Common Shares | (44,400) | (150,500) | (190,200) | (278,500) |
| Net Issuance / (Repurchases) of Common Shares | (44,400) | (149,700) | (188,400) | (278,200) |
| Common Share Dividends Paid | (66,700) | (145,800) | (144,300) | (139,900) |
| Other Financing Activities | (3,900) | (3,000) | (600) | (5,300) |
| Cash from Financing Activities | 485,500 | (282,400) | (349,500) | (482,100) |
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | 39,400 | (30,500) | 17,700 | (64,700) |
| Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash | 361,600 | (71,900) | (57,700) | (208,800) |
Key Metrics & Ratios
| Metric | Value |
|---|---|
| Market Cap | $1.38B |
| P/E | -102.52x |
| P/S | 0.08x |
| EV/EBITDA | 10.99x |
| Return on Equity | -0.6% |
| Return on Invested Capital | -0.6% |
| Current Ratio | 1.11x |
| Dividend Yield | 4.8% |
| Free Cash Flow Margin | -0.9% |
Margins
Gross margin
16.7%
Operating margin
0.8%
Net margin
-0.1%
Quarterly Trend
| Quarter | Revenue | YoY growth | Operating margin | Operating income |
|---|---|---|---|---|
| Q1 2026 | $4.51B | +10.3% | 0.6% | $28M |
| Q4 2025 | $4.71B | +7.1% | 1.7% | $81M |
| Q3 2025 | $4.63B | +2.3% | 1.4% | $67M |
| Q2 2025 | $4.52B | -0.0% | -0.6% | $-25M |
| Q1 2025 | $4.09B | — | 0.7% | $28M |
| Q4 2024 | $4.40B | — | 1.6% | $68M |
| Q3 2024 | $4.53B | — | 1.6% | $71M |
| Q2 2024 | $4.52B | — | 2.2% | $101M |
More on ManpowerGroup Inc.
Figures compiled from public company filings.
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