ManpowerGroup (MAN) Financials

$29.41 +0.71 (+2.46%)

Closing price 03:59 PM Eastern

Extended Trading

$29.30 -0.11 (-0.36%)

As of 05:41 PM Eastern

Annual Income Statements for ManpowerGroup

This table shows ManpowerGroup's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	419	444	545	557	466	24	382	374	89	145	-13
Consolidated Net Income / (Loss)	419	444	545	557	466	24	382	374	89	145	-13
Net Income / (Loss) Continuing Operations	419	444	545	557	466	24	382	374	89	145	-13
Total Pre-Tax Income	661	701	737	755	686	148	568	557	206	257	93
Total Operating Income	689	746	789	797	645	188	585	582	256	306	150
Total Gross Profit	3,296	3,334	3,485	3,579	3,375	2,825	3,408	3,572	3,358	3,087	2,998
Total Revenue	19,330	19,654	21,034	21,991	20,864	18,001	20,724	19,828	18,915	17,854	17,957
Operating Revenue	19,330	19,654	21,034	21,991	20,864	18,001	20,724	19,828	18,915	17,854	17,957
Total Cost of Revenue	16,034	16,320	17,550	18,412	17,488	15,176	17,317	16,255	15,557	14,767	14,960
Operating Cost of Revenue	16,034	16,320	17,550	18,412	17,488	15,176	17,317	16,255	15,557	14,767	14,960
Total Operating Expenses	2,607	2,588	2,695	2,782	2,730	2,637	2,822	2,991	3,102	2,781	2,848
Selling, General & Admin Expense	2,607	2,588	2,695	2,782	2,666	2,570	2,822	2,941	3,047	2,781	2,759
Impairment Charge	-	-	-	0.00	64	67	0.00	50	55	0.00	89
Total Other Income / (Expense), net	-28	-44	-52	-42	41	-40	-17	-25	-50	-49	-57
Other Income / (Expense), net	-	-	-52	-42	41	-40	-	-25	-50	-49	-57
Income Tax Expense	242	258	192	198	220	124	186	183	117	112	107
Basic Earnings per Share	$5.46	$6.33	$8.13	$8.62	$7.78	$0.41	$7.01	$7.17	$1.78	$3.04	($0.29)
Weighted Average Basic Shares Outstanding	76.80M	70.10M	67.10M	64.60M	59.90M	58M	54.50M	52.20M	49.80M	47.80M	46.60M
Diluted Earnings per Share	$5.40	$6.27	$8.04	$8.56	$7.72	$0.41	$6.91	$7.08	$1.76	$3.01	($0.29)
Weighted Average Diluted Shares Outstanding	77.70M	70.80M	67.90M	65.10M	60.30M	58.30M	55.40M	52.80M	50.40M	48.30M	46.60M
Weighted Average Basic & Diluted Shares Outstanding	76.80M	70.10M	67.10M	64.60M	58.78M	54.99M	53.65M	50.62M	48.24M	46.69M	46.42M
Cash Dividends to Common per Share	$1.60	$1.72	$1.86	$2.02	$2.18	$2.26	$2.52	$2.72	$2.94	$3.08	$1.44

This table shows ManpowerGroup's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	30	-150	40	60	23	-13	5.60	-67	18	30	2.50
Consolidated Net Income / (Loss)	30	-85	40	60	23	23	5.60	-67	18	30	2.50
Net Income / (Loss) Continuing Operations	30	-150	40	60	23	-13	5.60	-67	18	30	2.50
Total Pre-Tax Income	55	-55	58	92	59	48	17	-42	53	66	15
Total Operating Income	70	-40	66	101	71	68	28	-25	67	81	28
Total Gross Profit	822	811	764	786	782	755	698	764	769	767	723
Total Revenue	4,676	4,631	4,403	4,521	4,530	4,400	4,090	4,519	4,634	4,713	4,510
Operating Revenue	4,676	4,631	4,403	4,521	4,530	4,400	4,090	4,519	4,634	4,713	4,510
Total Cost of Revenue	3,854	3,820	3,640	3,735	3,748	3,645	3,392	3,756	3,866	3,946	3,787
Operating Cost of Revenue	3,854	3,820	3,640	3,735	3,748	3,645	3,392	3,756	3,866	3,946	3,787
Total Operating Expenses	752	850	698	685	711	687	670	789	702	686	695
Selling, General & Admin Expense	752	795	698	685	711	687	670	700	702	686	695
Total Other Income / (Expense), net	-15	-16	-8.40	-8.70	-12	-21	-12	-17	-14	-15	-13
Other Income / (Expense), net	-15	-	-8.40	-	-	-	-12	-17	-14	-	-13
Income Tax Expense	24	95	18	32	36	61	11	25	35	35	13
Basic Earnings per Share	$0.61	($1.66)	$0.82	$1.25	$0.48	$0.49	$0.12	($1.44)	$0.39	$0.64	$0.05
Weighted Average Basic Shares Outstanding	49.50M	49.80M	48.30M	47.90M	47.60M	47.80M	46.80M	46.50M	46.50M	46.60M	46.70M
Diluted Earnings per Share	$0.60	($1.64)	$0.81	$1.24	$0.47	$0.49	$0.12	($1.44)	$0.38	$0.65	$0.05
Weighted Average Diluted Shares Outstanding	50.10M	50.40M	48.90M	48.40M	48.10M	48.30M	47.30M	46.50M	46.90M	46.60M	47.10M
Weighted Average Basic & Diluted Shares Outstanding	48.81M	48.24M	47.70M	47.45M	46.94M	46.69M	46.28M	46.29M	46.30M	46.42M	46.51M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	-	$0.72

This table details how cash moves in and out of ManpowerGroup's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	31	-132	7.10	-97	434	541	-719	-209	-58	-72	362
Net Cash From Operating Activities	512	600	401	483	814	936	645	423	348	309	-104
Net Cash From Continuing Operating Activities	512	600	401	483	814	936	716	423	348	309	-104
Net Income / (Loss) Continuing Operations	419	444	545	557	466	24	382	374	89	145	-13
Consolidated Net Income / (Loss)	419	444	545	557	466	24	382	374	89	145	-13
Depreciation Expense	78	85	84	86	77	76	73	85	89	87	86
Non-Cash Adjustments To Reconcile Net Income	40	47	47	51	1.30	143	125	100	93	45	128
Changes in Operating Assets and Liabilities, net	-25	24	-276	-210	270	693	136	-135	78	33	-305
Net Cash From Investing Activities	-298	-110	-75	-55	-16	-42	-987	-85	-74	-68	-59
Net Cash From Continuing Investing Activities	-298	-110	-75	-55	-16	-42	-987	-85	-74	-68	-59
Purchase of Property, Plant & Equipment	-52	-57	-55	-65	-53	-51	-64	-76	-78	-51	-57
Acquisitions	-261	-58	-33	-9.10	20	-0.70	-924	-16	0.00	-4.90	-1.00
Divestitures	-	-	13	19	17	9.00	1.60	6.70	4.10	-12	-0.90
Net Cash From Financing Activities	-144	-598	-319	-485	-337	-435	-284	-482	-350	-282	486
Net Cash From Continuing Financing Activities	-144	-598	-319	-485	-337	-435	-354	-482	-350	-282	486
Repayment of Debt	-4.50	-6.70	-0.40	-411	9.90	-41	-5.20	-482	-17	12	11
Repurchase of Common Equity	-580	-482	-204	-501	-203	-265	-210	-270	-180	-140	-38
Payment of Dividends	-121	-118	-134	-129	-131	-130	-138	-141	-145	-146	-67
Issuance of Debt	458	0.00	5.60	587	9.60	2.70	0.50	421	1.00	3.70	587
Issuance of Common Equity	104	18	44	-	-	7.40	5.10	0.30	1.80	0.80	0.00
Other Financing Activities, net	-0.70	-8.30	-31	-31	-23	-9.50	-6.30	-10	-10	-13	-7.50
Effect of Exchange Rate Changes	-38	-24	-	-40	-27	83	-93	-65	18	-31	39
Cash Interest Paid	32	37	37	50	42	41	37	38	76	85	98
Cash Income Taxes Paid	76	164	127	185	179	150	140	202	182	188	148

This table details how cash moves in and out of ManpowerGroup's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	164	10	24	-136	-58	99	-114	-105	-15	596	-646
Net Cash From Operating Activities	266	114	116	-138	84	248	-153	-190	60	179	-126
Net Cash From Continuing Operating Activities	266	114	116	-138	84	248	-153	-190	60	179	-126
Net Income / (Loss) Continuing Operations	30	-85	40	60	23	23	5.60	-67	18	30	2.50
Consolidated Net Income / (Loss)	30	-85	40	60	23	23	5.60	-67	18	30	2.50
Depreciation Expense	22	24	22	21	22	22	21	22	22	21	20
Non-Cash Adjustments To Reconcile Net Income	12	66	10	8.60	9.30	17	9.10	103	7.30	8.90	8.50
Changes in Operating Assets and Liabilities, net	202	108	45	-228	30	187	-189	-248	12	119	-158
Net Cash From Investing Activities	-18	-22	-9.70	-12	-20	-26	-15	-19	-15	-11	-8.70
Net Cash From Continuing Investing Activities	-18	-22	-9.70	-12	-20	-26	-15	-19	-15	-11	-8.70
Purchase of Property, Plant & Equipment	-21	-23	-12	-12	-16	-11	-14	-18	-15	-11	-9.00
Acquisitions	-	-	0.00	-	-4.90	-	-1.00	-	-	-	0.00
Divestitures	2.50	1.50	2.10	-	0.70	-15	0.10	-1.80	0.40	0.40	0.30
Net Cash From Financing Activities	-58	-124	-58	19	-140	-104	46	78	-65	426	-511
Net Cash From Continuing Financing Activities	-58	-124	-58	19	-140	-104	46	78	-65	426	-511
Repayment of Debt	-8.40	-2.80	3.50	121	-112	-0.30	77	126	-65	-127	-508
Repurchase of Common Equity	-50	-50	-50	-27	-29	-34	-25	-13	-	-	-0.30
Payment of Dividends	-	-71	0.00	-74	-	-72	0.00	-33	-	-33	0.00
Issuance of Debt	0.30	0.30	0.00	0.50	0.10	3.10	0.00	0.10	0.10	587	0.10
Issuance of Common Equity	0.10	-	0.40	0.30	0.10	-	0.00	-	-	-	0.00
Other Financing Activities, net	-0.50	-0.10	-11	-1.90	0.10	-0.10	-5.90	-1.40	-	-0.20	-2.70
Effect of Exchange Rate Changes	-26	42	-25	-5.00	19	-19	7.70	26	4.20	2.00	0.10
Cash Interest Paid	14	13	14	23	33	15	16	47	18	16	20
Cash Income Taxes Paid	50	41	36	54	51	47	26	66	32	24	24

This table presents ManpowerGroup's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	7,518	7,574	8,884	8,520	9,224	9,328	9,829	9,130	8,830	8,201	9,160
Total Current Assets	5,093	5,133	6,171	5,997	6,485	6,666	6,423	5,934	5,572	4,970	5,790
Cash & Equivalents	731	599	689	592	1,026	1,567	848	639	581	509	871
Accounts Receivable	4,243	4,413	5,371	5,276	5,273	4,912	5,448	5,137	4,830	4,297	4,770
Prepaid Expenses	119	121	112	129	186	187	127	158	161	164	149
Plant, Property, & Equipment, net	147	147	158	153	143	135	117	112	130	118	123
Plant, Property & Equipment, gross	585	567	633	614	606	615	595	585	527	488	527
Accumulated Depreciation	438	420	476	461	462	480	478	473	397	370	404
Total Noncurrent Assets	2,278	2,294	2,555	2,370	2,596	2,527	3,289	3,084	3,128	3,112	3,247
Goodwill	1,257	1,240	1,343	1,297	1,260	1,226	1,722	1,628	1,587	1,563	1,545
Intangible Assets	327	294	284	246	269	249	584	550	520	486	430
Other Noncurrent Operating Assets	694	760	928	827	1,067	1,052	984	906	1,022	1,063	1,272
Total Liabilities & Shareholders' Equity	7,518	7,574	8,884	8,520	9,224	9,328	9,829	9,130	8,830	8,201	9,160
Total Liabilities	4,825	5,128	6,026	5,821	6,462	6,875	7,297	6,672	6,596	6,074	7,100
Total Current Liabilities	3,451	3,659	4,810	4,176	4,441	4,685	5,781	4,912	4,800	4,437	5,234
Short-Term Debt	44	40	469	50	61	20	553	27	12	23	625
Accounts Payable	1,659	1,914	2,279	2,267	2,475	2,527	3,039	2,831	2,723	2,613	2,721
Accrued Expenses	695	607	722	621	752	834	884	844	936	716	690
Other Taxes Payable	1,053	1,098	1,340	1,238	1,154	1,303	1,305	1,209	1,129	986	1,090
Other Current Liabilities	-	-	-	-	-	-	-	-	-	99	107
Total Noncurrent Liabilities	1,374	1,469	1,216	1,645	2,021	2,190	1,517	1,761	1,796	1,637	1,866
Long-Term Debt	811	786	478	1,025	1,012	1,104	566	960	991	929	1,052
Other Noncurrent Operating Liabilities	563	683	738	620	1,009	1,086	951	801	806	708	814
Total Equity & Noncontrolling Interests	2,693	2,446	2,858	2,699	2,762	2,454	2,532	2,458	2,234	2,127	2,060
Total Preferred & Common Equity	2,625	2,362	2,775	2,625	2,743	2,441	2,522	2,447	2,223	2,125	2,060
Preferred Stock	0.00	0.00	0.00	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,625	2,362	2,775	2,625	2,743	2,441	2,522	2,447	2,223	2,125	2,060
Common Stock	3,188	3,228	3,304	3,339	3,372	3,404	3,446	3,485	3,516	3,547	3,574
Retained Earnings	1,966	2,291	2,713	3,158	3,494	3,389	3,635	3,869	3,813	3,812	3,732
Treasury Stock	-2,243	-2,732	-2,954	-3,472	-3,682	-3,954	-4,169	-4,448	-4,640	-4,791	-4,834
Accumulated Other Comprehensive Income / (Loss)	-286	-426	-288	-400	-441	-397	-389	-459	-466	-443	-412
Noncontrolling Interest	68	85	83	74	19	13	10	11	11	1.70	0.70

This table presents ManpowerGroup's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	8,557	8,890	8,869	8,589	8,489	8,454	8,478	8,037	8,505	8,447	8,391
Total Current Assets	5,422	5,658	5,591	5,337	5,250	5,233	5,183	4,750	5,143	5,101	5,063
Cash & Equivalents	528	707	408	571	605	469	411	395	290	275	225
Accounts Receivable	4,720	4,773	4,995	4,600	4,459	4,596	4,593	4,169	4,641	4,632	4,628
Prepaid Expenses	174	178	188	165	187	169	179	186	212	194	210
Plant, Property, & Equipment, net	104	110	116	120	124	122	127	122	129	125	118
Plant, Property & Equipment, gross	537	595	517	511	518	514	540	512	546	543	523
Accumulated Depreciation	433	485	401	391	394	392	413	389	417	418	405
Total Noncurrent Assets	3,031	3,121	3,162	3,133	3,115	3,098	3,169	3,165	3,233	3,221	3,210
Goodwill	1,640	1,632	1,635	1,620	1,575	1,573	1,594	1,578	1,549	1,544	1,539
Intangible Assets	554	541	534	524	508	500	498	479	445	437	423
Other Noncurrent Operating Assets	836	948	993	989	1,032	1,025	1,077	1,108	1,239	1,240	1,248
Total Liabilities & Shareholders' Equity	8,557	8,890	8,869	8,589	8,489	8,454	8,478	8,037	8,505	8,447	8,391
Total Liabilities	6,140	6,380	6,419	6,176	6,301	6,308	6,301	5,932	6,510	6,436	6,326
Total Current Liabilities	4,450	4,580	4,616	4,428	4,504	4,578	4,525	4,239	5,267	5,124	4,503
Short-Term Debt	13	17	22	14	16	137	25	101	815	748	112
Accounts Payable	2,584	2,662	2,728	2,578	2,615	2,590	2,616	2,410	2,557	2,578	2,559
Accrued Expenses	773	777	750	790	820	794	862	672	723	666	684
Other Taxes Payable	1,080	1,124	1,116	1,046	1,054	1,058	1,022	954	1,062	1,026	1,043
Other Current Liabilities	-	-	-	-	-	-	-	103	109	107	105
Total Noncurrent Liabilities	1,690	1,801	1,803	1,748	1,797	1,730	1,776	1,694	1,243	1,312	1,823
Long-Term Debt	883	972	979	949	969	962	1,000	971	470	468	1,034
Other Noncurrent Operating Liabilities	807	828	824	799	828	768	776	722	773	843	789
Total Equity & Noncontrolling Interests	2,417	2,509	2,450	2,413	2,188	2,146	2,178	2,105	1,995	2,011	2,066
Total Preferred & Common Equity	2,406	2,498	2,439	2,403	2,177	2,137	2,176	2,103	1,994	2,011	2,065
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	2,406	2,498	2,439	2,403	2,177	2,137	2,176	2,103	1,994	2,011	2,065
Common Stock	3,474	3,492	3,499	3,506	3,520	3,526	3,541	3,554	3,562	3,567	3,579
Retained Earnings	3,889	3,946	3,938	3,969	3,853	3,839	3,862	3,818	3,718	3,736	3,735
Treasury Stock	-4,423	-4,488	-4,538	-4,589	-4,700	-4,728	-4,757	-4,822	-4,834	-4,834	-4,836
Accumulated Other Comprehensive Income / (Loss)	-533	-452	-460	-483	-496	-500	-470	-447	-451	-457	-412
Noncontrolling Interest	11	11	11	11	11	9.00	1.60	2.10	0.80	0.60	0.50

This table displays calculated financial ratios and metrics derived from ManpowerGroup's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-6.90%	1.68%	7.02%	4.55%	-5.13%	-13.72%	15.13%	-4.33%	-4.60%	-5.61%	0.58%
EBITDA Growth	-4.62%	8.37%	-1.10%	2.29%	-9.26%	-70.63%	194.11%	-2.60%	-54.11%	16.60%	-47.76%
EBIT Growth	-4.31%	8.22%	-1.10%	2.36%	-9.17%	-78.45%	296.34%	-4.83%	-63.04%	24.72%	-63.63%
NOPAT Growth	-3.22%	7.91%	23.77%	0.67%	-25.45%	-93.10%	1,203.52%	-0.95%	-71.73%	56.72%	-112.36%
Net Income Growth	-1.96%	5.84%	22.92%	2.07%	-16.35%	-94.89%	1,506.72%	-2.25%	-76.24%	63.40%	-109.17%
EPS Growth	1.89%	16.11%	28.23%	6.47%	-9.81%	-94.69%	1,585.37%	2.46%	-75.14%	71.02%	-109.63%
Operating Cash Flow Growth	67.05%	17.30%	-33.18%	20.50%	68.58%	14.98%	-31.14%	-34.35%	-17.74%	-11.20%	-133.67%
Free Cash Flow Firm Growth	-23.69%	85.61%	-77.09%	270.08%	55.43%	2.21%	-147.98%	197.27%	-32.67%	-0.97%	-223.05%
Invested Capital Growth	3.89%	-5.10%	16.56%	2.11%	-11.72%	-28.43%	39.39%	0.12%	-5.35%	-3.20%	11.52%
Revenue Q/Q Growth	-0.86%	0.01%	3.35%	-1.10%	-0.93%	-0.78%	1.61%	-2.81%	-0.94%	-1.28%	1.78%
EBITDA Q/Q Growth	-1.43%	3.27%	-2.42%	-6.93%	1.79%	-29.20%	4.75%	-12.56%	-38.79%	19.49%	-20.27%
EBIT Q/Q Growth	-1.74%	3.56%	-2.80%	-7.53%	2.13%	-38.69%	5.08%	-13.96%	-48.02%	29.50%	-32.17%
NOPAT Q/Q Growth	0.14%	1.88%	19.74%	-10.46%	-3.99%	-70.50%	9.18%	-13.05%	-65.94%	1,480.72%	44.19%
Net Income Q/Q Growth	1.62%	0.80%	19.47%	-9.44%	-4.02%	-72.45%	10.04%	-14.31%	-60.00%	280.84%	36.67%
EPS Q/Q Growth	2.86%	3.13%	20.54%	-7.36%	-2.53%	-70.92%	11.27%	-12.70%	-59.82%	242.05%	35.56%
Operating Cash Flow Q/Q Growth	5.66%	-4.94%	-17.34%	16.30%	20.38%	-9.50%	6.83%	-23.19%	-5.53%	76.38%	-194.07%
Free Cash Flow Firm Q/Q Growth	-14.58%	16.35%	-60.15%	21.58%	12.11%	-11.47%	-175.02%	196.65%	-14.56%	977.78%	-58.82%
Invested Capital Q/Q Growth	-3.24%	-6.05%	4.60%	-0.76%	-4.43%	-4.51%	44.73%	0.73%	-5.31%	-7.92%	-2.93%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.05%	16.96%	16.57%	16.27%	16.18%	15.69%	16.44%	18.02%	17.75%	17.29%	16.69%
EBITDA Margin	3.97%	4.23%	3.91%	3.82%	3.66%	1.24%	3.18%	3.24%	1.56%	1.92%	1.00%
Operating Margin	3.56%	3.79%	3.75%	3.62%	3.09%	1.04%	2.82%	2.93%	1.35%	1.71%	0.84%
EBIT Margin	3.56%	3.79%	3.51%	3.43%	3.29%	0.82%	2.82%	2.81%	1.09%	1.44%	0.52%
Profit (Net Income) Margin	2.17%	2.26%	2.59%	2.53%	2.23%	0.13%	1.85%	1.89%	0.47%	0.81%	-0.07%
Tax Burden Percent	63.45%	63.27%	73.97%	73.76%	67.94%	16.11%	67.31%	67.10%	43.13%	56.50%	-14.24%
Interest Burden Percent	95.91%	94.07%	100.00%	100.00%	100.00%	100.00%	97.04%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	36.55%	36.73%	26.03%	26.24%	32.06%	83.89%	32.69%	32.90%	56.87%	43.50%	114.24%
Return on Invested Capital (ROIC)	15.81%	17.18%	20.17%	18.66%	14.63%	1.25%	16.38%	13.92%	4.04%	6.62%	-0.79%
ROIC Less NNEP Spread (ROIC-NNEP)	49.32%	1.27%	4.35%	10.31%	25.01%	4.50%	29.86%	8.58%	-1.56%	0.19%	0.51%
Return on Net Nonoperating Assets (RNNOA)	-0.93%	0.09%	0.40%	1.38%	2.43%	-0.34%	-1.03%	1.06%	-0.26%	0.04%	0.15%
Return on Equity (ROE)	14.88%	17.27%	20.57%	20.04%	17.06%	0.91%	15.34%	14.98%	3.79%	6.65%	-0.64%
Cash Return on Invested Capital (CROIC)	12.00%	22.42%	4.87%	16.57%	27.07%	34.40%	-16.53%	13.80%	9.54%	9.87%	-11.68%
Operating Return on Assets (OROA)	9.37%	9.88%	8.96%	8.67%	7.73%	1.59%	6.11%	5.88%	2.29%	3.02%	1.08%
Return on Assets (ROA)	5.70%	5.88%	6.63%	6.40%	5.25%	0.26%	3.99%	3.94%	0.99%	1.70%	-0.15%
Return on Common Equity (ROCE)	14.70%	16.76%	19.92%	19.48%	16.77%	0.91%	15.27%	14.92%	3.77%	6.64%	-0.63%
Return on Equity Simple (ROE_SIMPLE)	15.97%	18.79%	19.65%	21.21%	16.98%	0.98%	15.16%	15.27%	3.99%	6.83%	0.00%
Net Operating Profit after Tax (NOPAT)	437	472	584	588	438	30	394	390	110	173	-21
NOPAT Margin	2.26%	2.40%	2.78%	2.67%	2.10%	0.17%	1.90%	1.97%	0.58%	0.97%	-0.12%
Net Nonoperating Expense Percent (NNEP)	-33.51%	15.91%	15.82%	8.35%	-10.39%	-3.25%	-13.49%	5.34%	5.60%	6.43%	-1.29%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	11.33%	3.41%	5.61%	-0.57%
Cost of Revenue to Revenue	82.95%	83.04%	83.43%	83.73%	83.82%	84.31%	83.56%	81.98%	82.25%	82.71%	83.31%
SG&A Expenses to Revenue	13.49%	13.17%	12.81%	12.65%	12.78%	14.28%	13.62%	14.83%	16.11%	15.58%	15.36%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	13.49%	13.17%	12.81%	12.65%	13.09%	14.65%	13.62%	15.08%	16.40%	15.58%	15.86%
Earnings before Interest and Taxes (EBIT)	689	746	737	755	686	148	585	557	206	257	93
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	767	831	822	841	763	224	659	642	295	343	179
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.88	2.05	2.49	1.29	1.81	1.89	1.91	1.58	1.67	1.27	0.67
Price to Tangible Book Value (P/TBV)	4.74	5.85	6.01	3.13	4.08	4.78	22.29	14.32	31.72	35.79	16.21
Price to Revenue (P/Rev)	0.26	0.25	0.33	0.15	0.24	0.26	0.23	0.19	0.20	0.15	0.08
Price to Earnings (P/E)	11.78	10.91	12.65	6.08	10.65	194.05	12.59	10.33	41.76	18.67	0.00
Dividend Yield	2.39%	2.38%	1.79%	3.69%	2.59%	2.82%	2.84%	3.56%	3.87%	5.34%	4.84%
Earnings Yield	8.49%	9.17%	7.90%	16.43%	9.39%	0.52%	7.95%	9.68%	2.39%	5.36%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.82	1.93	2.32	1.24	1.79	2.08	1.82	1.50	1.56	1.23	0.76
Enterprise Value to Revenue (EV/Rev)	0.27	0.26	0.34	0.18	0.24	0.23	0.25	0.21	0.22	0.18	0.12
Enterprise Value to EBITDA (EV/EBITDA)	6.69	6.20	8.81	4.69	6.59	18.70	7.73	6.58	14.06	9.19	12.17
Enterprise Value to EBIT (EV/EBIT)	7.44	6.91	9.82	5.23	7.33	28.35	8.70	7.58	20.11	12.28	23.37
Enterprise Value to NOPAT (EV/NOPAT)	11.73	10.92	12.40	6.71	11.47	138.53	12.93	10.81	37.53	18.24	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.03	8.59	18.06	8.17	6.17	4.47	7.90	9.97	11.89	10.20	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	15.47	8.37	51.36	7.56	6.19	5.05	0.00	10.91	15.89	12.23	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.32	0.34	0.33	0.40	0.39	0.46	0.44	0.40	0.45	0.45	0.81
Long-Term Debt to Equity	0.30	0.32	0.17	0.38	0.37	0.45	0.22	0.39	0.44	0.44	0.51
Financial Leverage	-0.02	0.07	0.09	0.13	0.10	-0.08	-0.03	0.12	0.16	0.20	0.30
Leverage Ratio	2.61	2.94	3.10	3.13	3.25	3.56	3.84	3.80	3.83	3.91	4.15
Compound Leverage Factor	2.50	2.76	3.10	3.13	3.25	3.56	3.73	3.80	3.83	3.91	4.15
Debt to Total Capital	24.10%	25.23%	24.90%	28.50%	27.99%	31.42%	30.64%	28.64%	30.98%	30.94%	44.87%
Short-Term Debt to Total Capital	1.25%	1.22%	12.34%	1.33%	1.59%	0.57%	15.14%	0.77%	0.37%	0.76%	16.72%
Long-Term Debt to Total Capital	22.86%	24.01%	12.56%	27.17%	26.40%	30.85%	15.50%	27.87%	30.60%	30.18%	28.15%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.91%	2.58%	2.17%	1.95%	0.48%	0.35%	0.27%	0.31%	0.33%	0.06%	0.02%
Common Equity to Total Capital	73.99%	72.19%	72.93%	69.55%	71.53%	68.23%	69.09%	71.05%	68.69%	69.01%	55.11%
Debt to EBITDA	1.12	0.99	1.15	1.28	1.41	5.02	1.70	1.54	3.40	2.77	9.35
Net Debt to EBITDA	0.16	0.27	0.31	0.58	0.06	-1.98	0.41	0.54	1.43	1.29	4.49
Long-Term Debt to EBITDA	1.06	0.95	0.58	1.22	1.33	4.93	0.86	1.50	3.36	2.71	5.86
Debt to NOPAT	1.96	1.75	1.62	1.83	2.45	37.18	2.84	2.53	9.09	5.51	-78.46
Net Debt to NOPAT	0.29	0.48	0.44	0.82	0.11	-14.66	0.69	0.89	3.82	2.56	-37.71
Long-Term Debt to NOPAT	1.86	1.67	0.82	1.74	2.31	36.50	1.44	2.46	8.98	5.38	-49.22
Altman Z-Score	4.12	4.14	3.94	4.00	3.76	3.15	3.30	3.45	3.27	3.28	2.75
Noncontrolling Interest Sharing Ratio	1.20%	2.96%	3.15%	2.81%	1.69%	0.60%	0.45%	0.42%	0.46%	0.29%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.48	1.40	1.28	1.44	1.46	1.42	1.11	1.21	1.16	1.12	1.11
Quick Ratio	1.44	1.37	1.26	1.41	1.42	1.38	1.09	1.18	1.13	1.08	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	332	615	141	522	811	829	-398	387	261	258	-317
Operating Cash Flow to CapEx	978.01%	1,054.48%	732.91%	746.68%	1,539.51%	1,846.94%	1,004.36%	559.92%	445.27%	605.09%	-181.68%
Free Cash Flow to Firm to Interest Expense	11.76	13.92	0.00	0.00	0.00	0.00	-22.99	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	18.14	13.57	0.00	0.00	0.00	0.00	37.27	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	16.28	12.29	0.00	0.00	0.00	0.00	33.56	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.63	2.60	2.56	2.53	2.35	1.94	2.16	2.09	2.11	2.10	2.07
Accounts Receivable Turnover	4.61	4.54	4.30	4.13	3.96	3.53	4.00	3.75	3.80	3.91	3.96
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	130.52	133.52	137.93	141.74	141.02	129.32	164.54	173.17	156.25	143.81	148.65
Accounts Payable Turnover	10.02	9.13	8.37	8.10	7.38	6.07	6.22	5.54	5.60	5.54	5.61
Days Sales Outstanding (DSO)	79.09	80.38	84.89	88.35	92.28	103.26	91.24	97.43	96.17	93.30	92.15
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	36.44	39.96	43.61	45.06	49.48	60.15	58.67	65.91	65.16	65.94	65.07
Cash Conversion Cycle (CCC)	42.65	40.42	41.27	43.29	42.80	43.11	32.57	31.52	31.01	27.35	27.08
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,817	2,673	3,116	3,182	2,809	2,010	2,802	2,806	2,655	2,570	2,866
Invested Capital Turnover	6.99	7.16	7.27	6.98	6.96	7.47	8.61	7.07	6.93	6.83	6.61
Increase / (Decrease) in Invested Capital	106	-144	443	66	-373	-799	792	3.40	-150	-85	296
Enterprise Value (EV)	5,128	5,152	7,242	3,945	5,024	4,188	5,093	4,221	4,140	3,154	2,183
Market Capitalization	4,936	4,841	6,901	3,387	4,958	4,618	4,813	3,862	3,708	2,709	1,376
Book Value per Share	$35.65	$35.22	$41.87	$42.45	$46.52	$42.43	$46.49	$48.41	$45.55	$45.28	$44.49
Tangible Book Value per Share	$14.14	$12.34	$17.32	$17.49	$20.59	$16.80	$3.98	$5.33	$2.40	$1.61	$1.83
Total Capital	3,548	3,272	3,805	3,774	3,835	3,578	3,650	3,445	3,237	3,080	3,737
Total Debt	855	825	948	1,075	1,073	1,124	1,118	987	1,003	953	1,677
Total Long-Term Debt	811	786	478	1,025	1,012	1,104	566	960	991	929	1,052
Net Debt	125	227	259	484	48	-443	271	348	421	443	806
Capital Expenditures (CapEx)	52	57	55	65	53	51	64	76	78	51	57
Debt-free, Cash-free Net Working Capital (DFCFNWC)	955	915	1,141	1,279	1,078	435	347	410	203	47	311
Debt-free Net Working Capital (DFNWC)	1,686	1,514	1,830	1,871	2,104	2,002	1,195	1,049	785	557	1,182
Net Working Capital (NWC)	1,642	1,474	1,361	1,821	2,043	1,982	642	1,023	772	533	557
Net Nonoperating Expense (NNE)	18	28	38	31	-28	6.43	12	17	22	28	-8.07
Net Nonoperating Obligations (NNO)	125	227	259	484	48	-443	271	348	421	443	806
Total Depreciation and Amortization (D&A)	78	85	84	86	77	76	73	85	89	87	86
Debt-free, Cash-free Net Working Capital to Revenue	4.94%	4.66%	5.43%	5.82%	5.17%	2.42%	1.67%	2.07%	1.07%	0.26%	1.73%
Debt-free Net Working Capital to Revenue	8.72%	7.70%	8.70%	8.51%	10.09%	11.12%	5.77%	5.29%	4.15%	3.12%	6.58%
Net Working Capital to Revenue	8.49%	7.50%	6.47%	8.28%	9.79%	11.01%	3.10%	5.16%	4.08%	2.99%	3.10%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.46	$6.33	$8.13	$8.62	$7.78	$0.41	$7.01	$7.17	$1.78	$3.04	($0.29)
Adjusted Weighted Average Basic Shares Outstanding	76.80M	70.10M	67.10M	64.60M	59.90M	58M	54.50M	52.20M	49.80M	47.80M	46.60M
Adjusted Diluted Earnings per Share	$5.40	$6.27	$8.04	$8.56	$7.72	$0.41	$6.91	$7.08	$1.76	$3.01	($0.29)
Adjusted Weighted Average Diluted Shares Outstanding	77.70M	70.80M	67.90M	65.10M	60.30M	58.30M	55.40M	52.80M	50.40M	48.30M	46.60M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	72.29M	67.64M	66.16M	60.38M	58.78M	54.99M	53.65M	50.62M	48.24M	46.69M	46.42M
Normalized Net Operating Profit after Tax (NOPAT)	437	472	584	588	482	178	394	424	218	173	167
Normalized NOPAT Margin	2.26%	2.40%	2.78%	2.67%	2.31%	0.99%	1.90%	2.14%	1.15%	0.97%	0.93%
Pre Tax Income Margin	3.42%	3.57%	3.51%	3.43%	3.29%	0.82%	2.74%	2.81%	1.09%	1.44%	0.52%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	24.43	16.87	0.00	0.00	0.00	0.00	33.84	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	15.50	10.67	0.00	0.00	0.00	0.00	22.78	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	22.57	15.58	0.00	0.00	0.00	0.00	30.13	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	13.65	9.38	0.00	0.00	0.00	0.00	19.07	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	28.86%	26.68%	24.51%	23.21%	28.22%	545.80%	36.04%	37.72%	163.18%	100.62%	-501.50%
Augmented Payout Ratio	167.27%	135.36%	61.90%	113.15%	71.81%	1,657.98%	90.95%	109.95%	365.65%	197.11%	-788.72%

This table displays calculated financial ratios and metrics derived from ManpowerGroup's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	46,419,646.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	46,419,646.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	0.05
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-2.61%	-3.72%	-7.34%	-6.91%	-3.11%	-4.98%	-7.11%	-0.03%	2.30%	7.12%	10.27%
EBITDA Growth	-57.13%	-112.51%	-43.05%	-3.07%	21.20%	692.11%	-37.55%	-116.00%	-19.01%	12.33%	-6.07%
EBIT Growth	-65.11%	-139.19%	-51.23%	-3.55%	29.43%	272.66%	-50.96%	-141.35%	-25.28%	18.18%	-7.78%
NOPAT Growth	-66.27%	-150.86%	-43.49%	-10.20%	-29.48%	32.26%	-79.22%	-126.93%	-16.89%	15.34%	-51.42%
Net Income Growth	-72.78%	-273.51%	-48.97%	-7.82%	-24.75%	126.63%	-85.89%	-211.65%	-21.05%	34.22%	-55.36%
EPS Growth	-71.83%	-267.35%	-46.36%	-3.88%	-21.67%	129.88%	-85.19%	-216.13%	-19.15%	32.65%	-58.33%
Operating Cash Flow Growth	-0.82%	-15.21%	-6.90%	11.49%	-68.57%	117.77%	-232.07%	-37.49%	-28.38%	-27.75%	17.56%
Free Cash Flow Firm Growth	102.68%	140.47%	52.47%	2,743.42%	104.77%	-45.84%	-176.00%	-169.95%	-445.04%	-320.85%	2.07%
Invested Capital Growth	0.68%	-5.35%	-8.03%	-8.80%	-0.46%	-3.20%	8.35%	7.77%	5.79%	11.52%	7.38%
Revenue Q/Q Growth	-3.72%	-0.96%	-4.91%	2.67%	0.21%	-2.88%	-7.03%	10.49%	2.55%	1.70%	-4.30%
EBITDA Q/Q Growth	-34.92%	-119.90%	620.39%	43.87%	-18.63%	-2.81%	-45.11%	-139.68%	482.65%	34.80%	-64.79%
EBIT Q/Q Growth	-42.90%	-172.21%	245.57%	60.70%	-23.38%	-3.67%	-58.65%	-248.23%	226.56%	52.36%	-80.89%
NOPAT Q/Q Growth	-47.20%	-171.51%	412.12%	-23.80%	-58.53%	-168.69%	150.49%	-287.28%	227.96%	63.74%	-87.62%
Net Income Q/Q Growth	-53.53%	-378.88%	146.98%	51.39%	-62.06%	-1.32%	-75.11%	-1,298.21%	126.83%	67.78%	-91.72%
EPS Q/Q Growth	-53.49%	-373.33%	149.39%	53.09%	-62.10%	4.26%	-75.51%	-1,300.00%	126.39%	71.05%	-92.31%
Operating Cash Flow Q/Q Growth	270.54%	-57.21%	2.02%	-218.88%	160.55%	196.53%	-161.87%	-23.76%	131.54%	199.16%	-170.60%
Free Cash Flow Firm Q/Q Growth	67.63%	523.21%	153.45%	7.39%	-87.93%	64.82%	-408.94%	-13.79%	40.45%	-86.41%	22.47%
Invested Capital Q/Q Growth	-7.85%	-5.31%	-3.31%	8.11%	0.57%	-7.92%	8.23%	7.52%	-1.28%	-2.93%	4.22%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	17.58%	17.51%	17.34%	17.38%	17.26%	17.16%	17.07%	16.90%	16.59%	16.27%	16.03%
EBITDA Margin	1.63%	-0.33%	1.80%	2.52%	2.04%	2.05%	1.21%	-0.43%	1.62%	2.15%	0.79%
Operating Margin	1.49%	-0.85%	1.50%	2.24%	1.56%	1.55%	0.69%	-0.56%	1.44%	1.71%	0.63%
EBIT Margin	1.17%	-0.85%	1.31%	2.04%	1.56%	1.55%	0.69%	-0.92%	1.14%	1.71%	0.34%
Profit (Net Income) Margin	0.65%	-1.82%	0.90%	1.33%	0.50%	0.51%	0.14%	-1.48%	0.39%	0.64%	0.06%
Tax Burden Percent	55.39%	153.64%	69.04%	65.04%	38.51%	47.17%	33.53%	160.53%	34.03%	46.04%	16.23%
Interest Burden Percent	100.00%	139.24%	100.00%	100.00%	83.62%	69.94%	59.22%	100.00%	100.00%	81.39%	100.00%
Effective Tax Rate	44.61%	0.00%	-30.96%	34.96%	61.49%	127.46%	66.47%	0.00%	65.97%	53.96%	83.77%
Return on Invested Capital (ROIC)	5.65%	-4.14%	13.58%	9.11%	3.89%	-2.91%	1.52%	-2.38%	3.00%	5.20%	0.65%
ROIC Less NNEP Spread (ROIC-NNEP)	3.45%	-18.93%	-0.50%	8.19%	3.00%	6.63%	0.79%	-8.46%	2.40%	4.10%	0.39%
Return on Net Nonoperating Assets (RNNOA)	0.54%	-3.10%	-0.07%	2.18%	0.66%	1.31%	0.19%	-3.32%	0.89%	1.22%	0.15%
Return on Equity (ROE)	6.19%	-7.24%	13.51%	11.29%	4.55%	-1.59%	1.71%	-5.70%	3.90%	6.42%	0.80%
Cash Return on Invested Capital (CROIC)	10.91%	9.54%	9.42%	9.93%	0.86%	9.87%	-2.86%	-8.45%	-6.96%	-11.68%	-8.05%
Operating Return on Assets (OROA)	2.61%	-1.80%	2.79%	4.30%	3.31%	3.25%	1.46%	-1.91%	2.38%	3.54%	0.76%
Return on Assets (ROA)	1.44%	-3.84%	1.93%	2.80%	1.07%	1.07%	0.29%	-3.07%	0.81%	1.33%	0.12%
Return on Common Equity (ROCE)	6.16%	-7.20%	13.45%	11.25%	4.54%	-1.59%	1.70%	-5.69%	3.89%	6.42%	0.80%
Return on Equity Simple (ROE_SIMPLE)	9.24%	0.00%	2.33%	2.13%	1.75%	0.00%	5.28%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	39	-28	86	66	27	-19	9.46	-18	23	37	4.59
NOPAT Margin	0.83%	-0.60%	1.96%	1.45%	0.60%	-0.43%	0.23%	-0.39%	0.49%	0.79%	0.10%
Net Nonoperating Expense Percent (NNEP)	2.20%	14.79%	14.08%	0.93%	0.89%	-9.54%	0.73%	6.08%	0.60%	1.11%	0.26%
Return On Investment Capital (ROIC_SIMPLE)	-	-0.85%	-	-	-	-0.61%	0.30%	-0.54%	0.70%	0.99%	0.14%
Cost of Revenue to Revenue	82.42%	82.49%	82.66%	82.62%	82.74%	82.84%	82.93%	83.10%	83.41%	83.73%	83.97%
SG&A Expenses to Revenue	16.09%	17.17%	15.85%	15.15%	15.70%	15.61%	16.38%	15.50%	15.15%	14.56%	15.40%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	16.09%	18.36%	15.85%	15.15%	15.70%	15.61%	16.38%	17.46%	15.15%	14.56%	15.40%
Earnings before Interest and Taxes (EBIT)	55	-40	58	92	71	68	28	-42	53	81	15
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	76	-15	79	114	93	90	49	-20	75	101	36
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.67	1.71	1.56	1.60	1.27	1.29	0.94	0.87	0.67	0.66
Price to Tangible Book Value (P/TBV)	13.48	31.72	39.31	52.11	41.58	35.79	59.40	6,232.70	58.68	16.21	13.32
Price to Revenue (P/Rev)	0.18	0.20	0.20	0.18	0.19	0.15	0.15	0.11	0.10	0.08	0.07
Price to Earnings (P/E)	12.15	41.76	175.89	208.11	410.40	18.67	24.35	0.00	0.00	0.00	0.00
Dividend Yield	4.02%	3.87%	3.87%	4.31%	4.09%	5.34%	5.32%	5.59%	5.96%	4.84%	4.89%
Earnings Yield	8.23%	2.39%	0.57%	0.48%	0.24%	5.36%	4.11%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.39	1.56	1.60	1.43	1.47	1.23	1.22	0.96	0.91	0.76	0.77
Enterprise Value to Revenue (EV/Rev)	0.20	0.22	0.22	0.22	0.23	0.18	0.19	0.16	0.15	0.12	0.12
Enterprise Value to EBITDA (EV/EBITDA)	8.09	14.06	14.00	13.86	14.28	9.19	9.54	12.52	11.98	12.17	12.93
Enterprise Value to EBIT (EV/EBIT)	9.83	20.11	20.13	20.11	20.69	12.28	12.60	20.20	19.58	23.37	24.86
Enterprise Value to NOPAT (EV/NOPAT)	12.02	37.53	145.95	188.06	375.17	18.24	24.53	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.56	11.89	12.08	11.10	23.41	10.20	84.54	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	12.76	15.89	16.25	13.74	171.42	12.23	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.40	0.45	0.45	0.51	0.47	0.45	0.51	0.64	0.60	0.81	0.56
Long-Term Debt to Equity	0.39	0.44	0.44	0.45	0.46	0.44	0.46	0.24	0.23	0.51	0.50
Financial Leverage	0.16	0.16	0.14	0.27	0.22	0.20	0.25	0.39	0.37	0.30	0.38
Leverage Ratio	3.55	3.83	3.70	3.77	3.72	3.91	3.85	4.10	4.04	4.15	3.94
Compound Leverage Factor	3.55	5.33	3.70	3.77	3.11	2.73	2.28	4.10	4.04	3.37	3.94
Debt to Total Capital	28.50%	30.98%	31.04%	33.86%	31.99%	30.94%	33.74%	39.19%	37.68%	44.87%	35.70%
Short-Term Debt to Total Capital	0.40%	0.37%	0.49%	4.22%	0.77%	0.76%	3.17%	24.85%	23.17%	16.72%	3.50%
Long-Term Debt to Total Capital	28.10%	30.60%	30.54%	29.64%	31.22%	30.18%	30.58%	14.33%	14.51%	28.15%	32.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.31%	0.33%	0.35%	0.28%	0.05%	0.06%	0.07%	0.02%	0.02%	0.02%	0.02%
Common Equity to Total Capital	71.18%	68.69%	68.62%	65.86%	67.96%	69.01%	66.19%	60.79%	62.30%	55.11%	64.29%
Debt to EBITDA	2.00	3.40	3.36	3.84	3.56	2.77	3.02	5.62	5.40	9.35	6.47
Net Debt to EBITDA	0.81	1.43	1.30	2.20	2.14	1.29	1.91	4.35	4.18	4.49	5.21
Long-Term Debt to EBITDA	1.97	3.36	3.31	3.36	3.48	2.71	2.74	2.05	2.08	5.86	5.84
Debt to NOPAT	2.97	9.09	35.03	52.06	93.66	5.51	7.78	-45.75	-31.75	-78.46	-42.87
Net Debt to NOPAT	1.21	3.82	13.51	29.84	56.10	2.56	4.91	-35.44	-24.58	-37.71	-34.47
Long-Term Debt to NOPAT	2.93	8.98	34.47	45.57	91.40	5.38	7.05	-16.74	-12.23	-49.22	-38.67
Altman Z-Score	3.36	3.17	3.30	3.24	3.22	3.20	3.21	2.81	2.89	2.75	3.03
Noncontrolling Interest Sharing Ratio	0.44%	0.46%	0.47%	0.43%	0.27%	0.29%	0.31%	0.24%	0.05%	0.06%	0.06%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.21	1.16	1.17	1.14	1.15	1.12	1.12	0.98	1.00	1.11	1.12
Quick Ratio	1.17	1.13	1.12	1.11	1.11	1.08	1.08	0.94	0.96	1.08	1.08
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	20	123	311	334	40	66	-205	-233	-139	-259	-201
Operating Cash Flow to CapEx	1,296.10%	492.21%	983.05%	-1,158.82%	518.63%	2,191.15%	-1,118.25%	-1,077.27%	396.03%	1,641.28%	-1,403.33%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	3.47	0.00	-17.83	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	7.20	0.00	-13.32	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	5.81	0.00	-14.51	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	2.23	2.11	2.14	2.10	2.12	2.10	2.12	2.07	2.08	2.07	2.24
Accounts Receivable Turnover	4.10	3.80	4.02	3.80	3.93	3.91	4.07	3.80	3.83	3.96	4.18
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	170.48	156.25	158.27	152.94	146.79	143.81	142.32	139.65	140.20	148.65	152.82
Accounts Payable Turnover	6.07	5.60	5.80	5.66	5.75	5.54	5.78	5.65	5.64	5.61	6.18
Days Sales Outstanding (DSO)	89.09	96.17	90.75	96.01	92.77	93.30	89.76	96.11	95.42	92.15	87.36
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	60.12	65.16	62.92	64.49	63.44	65.94	63.15	64.60	64.66	65.07	59.05
Cash Conversion Cycle (CCC)	28.96	31.01	27.83	31.53	29.33	27.35	26.61	31.51	30.76	27.08	28.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,804	2,655	2,567	2,776	2,791	2,570	2,782	2,991	2,953	2,866	2,987
Invested Capital Turnover	6.83	6.93	6.93	6.27	6.46	6.83	6.56	6.08	6.14	6.61	6.37
Increase / (Decrease) in Invested Capital	19	-150	-224	-268	-13	-85	215	216	162	296	205
Enterprise Value (EV)	3,892	4,140	4,102	3,968	4,104	3,154	3,382	2,867	2,697	2,183	2,290
Market Capitalization	3,491	3,708	3,711	3,330	3,488	2,709	2,703	1,870	1,754	1,376	1,368
Book Value per Share	$48.46	$45.55	$45.07	$44.80	$45.86	$45.28	$45.04	$43.09	$43.44	$44.49	$44.49
Tangible Book Value per Share	$5.22	$2.40	$1.95	$1.34	$1.77	$1.61	$0.97	$0.01	$0.65	$1.83	$2.21
Total Capital	3,375	3,237	3,172	3,244	3,202	3,080	3,177	3,281	3,228	3,737	3,212
Total Debt	962	1,003	985	1,099	1,025	953	1,072	1,286	1,216	1,677	1,147
Total Long-Term Debt	949	991	969	962	1,000	929	971	470	468	1,052	1,034
Net Debt	391	421	380	630	614	443	677	996	942	806	922
Capital Expenditures (CapEx)	21	23	12	12	16	11	14	18	15	11	9.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)	351	203	157	323	272	47	217	402	450	311	448
Debt-free Net Working Capital (DFNWC)	923	785	761	792	682	557	612	692	725	1,182	673
Net Working Capital (NWC)	909	772	746	655	658	533	511	-124	-23	557	560
Net Nonoperating Expense (NNE)	8.36	57	47	5.66	4.47	-41	3.86	49	4.66	6.91	2.09
Net Nonoperating Obligations (NNO)	391	421	380	630	614	443	677	996	942	806	922
Total Depreciation and Amortization (D&A)	22	24	22	21	22	22	21	22	22	21	20
Debt-free, Cash-free Net Working Capital to Revenue	1.84%	1.07%	0.84%	1.77%	1.50%	0.26%	1.23%	2.29%	2.55%	1.73%	2.44%
Debt-free Net Working Capital to Revenue	4.83%	4.15%	4.10%	4.35%	3.77%	3.12%	3.49%	3.94%	4.11%	6.58%	3.66%
Net Working Capital to Revenue	4.76%	4.08%	4.02%	3.59%	3.64%	2.99%	2.91%	-0.71%	-0.13%	3.10%	3.05%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	($1.66)	$0.82	$1.25	$0.48	$0.49	$0.12	($1.44)	$0.39	$0.64	$0.05
Adjusted Weighted Average Basic Shares Outstanding	49.50M	49.80M	48.30M	47.90M	47.60M	47.80M	46.80M	46.50M	46.50M	46.60M	46.70M
Adjusted Diluted Earnings per Share	$0.60	($1.64)	$0.81	$1.24	$0.47	$0.49	$0.12	($1.44)	$0.38	$0.65	$0.05
Adjusted Weighted Average Diluted Shares Outstanding	50.10M	50.40M	48.90M	48.40M	48.10M	48.30M	47.30M	46.50M	46.90M	46.60M	47.10M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	48.81M	48.24M	47.70M	47.45M	46.94M	46.69M	46.28M	46.29M	46.30M	46.42M	46.51M
Normalized Net Operating Profit after Tax (NOPAT)	39	-28	46	66	50	48	20	44	47	56	20
Normalized NOPAT Margin	0.83%	-0.60%	1.05%	1.45%	1.09%	1.09%	0.48%	0.98%	1.01%	1.20%	0.44%
Pre Tax Income Margin	1.17%	-1.19%	1.31%	2.04%	1.31%	1.08%	0.41%	-0.92%	1.14%	1.39%	0.34%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	6.10	0.00	2.45	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	2.35	0.00	0.82	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	4.72	0.00	1.26	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.96	0.00	-0.37	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	64.19%	163.18%	285.80%	317.76%	380.32%	100.62%	131.53%	-651.85%	-502.86%	-501.50%	-406.71%
Augmented Payout Ratio	133.92%	365.65%	679.88%	705.70%	789.76%	197.11%	235.14%	-1,276.54%	-846.67%	-788.72%	-489.02%

Financials Breakdown Chart

Key Financial Trends

Here is a concise, investor-focused trend snapshot for ManpowerGroup Inc. (MAN) using the last four years of quarterly results. Highlights are arranged with positives first, then neutrals, then negatives.

Revenue trend: MAN’s quarterly operating revenue rose in 2025, reaching about $4.71B in Q4 2025, up from about $4.40B in Q4 2024 and higher than earlier 2025 quarters (e.g., ~4.09B in Q1 2025 and ~4.63B in Q3 2025).
Earnings per share: Diluted EPS improved to $0.65 in Q4 2025 from $0.49 in Q4 2024, with sequential gains from Q3 2025 ($0.38) and Q1 2025 ($0.12).
Bottom-line progress: Net income from continuing operations was $30.2M in Q4 2025, signaling improved profitability alongside higher revenue.
Cash generation in late 2025: Net cash from continuing operating activities was about $178.9M in Q4 2025, up from mid-year levels and demonstrating positive cash generation despite quarterly volatility.
Shareholder cash returns: Net cash from financing activities was around $426M in Q4 2025, supporting dividends and any returning-capital activity; quarterly dividends remained roughly $33M, indicating ongoing capital return to shareholders.
Balance sheet scale: Total assets hovered around $8.45B by mid-2025, with equity near $2.0B, driven by goodwill and intangible assets—indicating a sizable, stable capital base.
Profitability trends: Gross margin declined modestly (about 16.3% in Q4 2025 vs ~17.2% in Q4 2024), while SG&A expenses remained a factor pressuring operating margins.
Working capital dynamics: Changes in operating assets and liabilities swung from negative cash flow in mid-2025 to a positive net change of about $119M in Q4 2025, contributing to improved year-end cash flow.
Profitability volatility: Q2 2025 showed a net loss of about $67M, highlighting quarterly earnings swings that can impact near-term earnings visibility.
Liquidity headwinds: Cash and equivalents declined through 2025 (roughly a mid-$200M range in mid-2025), signaling a tighter near-term liquidity position despite positive later-quarter cash flow.

05/27/26 03:10 PM ETAI Generated. May Contain Errors.

ManpowerGroup Financials - Frequently Asked Questions

According to the most recent income statement we have on file, ManpowerGroup's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

ManpowerGroup's net income appears to be on a downward trend, with a most recent value of -$13.30 million in 2025, falling from $419.20 million in 2015. The previous period was $145.10 million in 2024. See ManpowerGroup's forecast for analyst expectations on what's next for the company.

ManpowerGroup's total operating income in 2025 was $150.10 million, based on the following breakdown:

Total Gross Profit: $3.00 billion
Total Operating Expenses: $2.85 billion

Over the last 10 years, ManpowerGroup's total revenue changed from $19.33 billion in 2015 to $17.96 billion in 2025, a change of -7.1%.

ManpowerGroup's total liabilities were at $7.10 billion at the end of 2025, a 16.9% increase from 2024, and a 47.1% increase since 2015.

In the past 10 years, ManpowerGroup's cash and equivalents has ranged from $509.40 million in 2024 to $1.57 billion in 2020, and is currently $871 million as of their latest financial filing in 2025.

Over the last 10 years, ManpowerGroup's book value per share changed from 35.65 in 2015 to 44.49 in 2025, a change of 24.8%.

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Financial statements for NYSE:MAN last updated on 5/13/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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ManpowerGroup (MAN) Financials

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