NYSE:MAN
ManpowerGroup Inc.
A global workforce solutions leader offering temporary staffing, permanent placement, and managed services across multiple industries.
Key Metrics
Investment Thesis
Bull Case
ManpowerGroup benefits from secular tailwinds in the gig economy and aging workforce demographics that drive demand for flexible labor solutions. The company's dominant market position allows it to capture pricing power during periods of tight labor supply, potentially restoring margins over time. Recent capital allocation focused on share repurchases of $38.2M demonstrates management confidence in long-term value creation despite short-term earnings volatility.
Bear Case
The significant retained earnings deficit of $3.73B and negative net profit to shareholders of $13.3M in 2025 raise concerns about underlying profitability sustainability. High levels of debt with $1.05B in long-term obligations limit financial flexibility during economic downturns. The decline in revenue from 2022's peak of $19.83B to recent levels suggests weakening demand or aggressive competitor pricing strategies.
About ManpowerGroup Inc.
ManpowerGroup Inc. is a global workforce solutions provider serving industries worldwide with temporary staffing, permanent placement, and managed services. The company leverages its extensive network to connect employers with talent across diverse sectors including technology, healthcare, finance, and manufacturing. With revenue of $17.96B in 2025, the firm continues to navigate a complex labor market while maintaining a significant presence in international markets.
Analysis
Management Discussion
Despite a strong top-line recovery with 2025 revenue reaching $17.96B, the company reported a net loss of $13.3M in 2025 compared to $145.1M profit in 2024. Operating expenses of $2.85B and cost of revenue at $14.96B indicate intense competitive pricing pressures affecting margins. Cash flow from operations turned negative at -$104.1M, contrasting with significant financing cash inflows of $485.5M driven by debt issuances and share repurchases.
Industry Overview
The global staffing industry is experiencing transformation due to digitalization and shifting labor dynamics, with companies moving towards hybrid workforce models that combine temporary and permanent roles. Regulatory environments vary significantly by region, creating operational complexity for multinational players like ManpowerGroup. Industry consolidation continues as larger firms seek economies of scale while smaller niche providers compete on specialized sector expertise.
Financial Statements
Income Statement
Balance Sheet
Cash Flow
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $19.83B | $18.91B | $17.85B | $17.96B |
| Cost of Revenue | $16.26B | $15.56B | $14.77B | $14.96B |
| Gross Profit | $3.57B | $3.36B | $3.09B | $3.00B |
| Operating Expenses | $2.99B | $3.10B | $2.78B | $2.85B |
| Operating Income | $581.7M | $255.8M | $306.0M | $150.1M |
| G&A | $157.0M | $153.7M | $146.1M | $184.7M |
| Stock-Based Comp | $37.6M | $28.7M | $27.3M | $26.3M |
| D&A | $84.6M | $88.6M | $86.6M | $86.0M |
| Amortization | $37.1M | $34.6M | $32.7M | $31.3M |
| Other OpEx | $2.83B | $2.95B | $2.63B | $2.66B |
| Non-Operating Income | $-24.6M | $-49.9M | $-49.2M | $-56.7M |
| Interest Expense | $46.9M | $79.7M | $-90.0M | $-95.4M |
| Pre-Tax Income | $557.1M | $205.9M | $256.8M | $93.4M |
| Income Tax | $183.3M | $117.1M | $111.7M | $106.7M |
| Continuing Ops | $373.8M | $88.8M | $145.1M | $-13.3M |
| Discontinued Ops | $0 | $0 | $0 | $0 |
| Net Income | $373.8M | $88.8M | $145.1M | $-13.3M |
| Minority Interest | $0 | $0 | $0 | $0 |
| Net to Common | $373.8M | $88.8M | $145.1M | $-13.3M |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Current Assets | $5.93B | $5.57B | $4.97B | $5.79B |
| Cash & Equivalents | $639.0M | $581.3M | $509.4M | $871.0M |
| Accounts Receivable | $5.14B | $4.83B | $4.30B | $4.77B |
| Prepaid Expenses | $158.0M | $160.8M | $163.7M | $149.1M |
| Other Current Assets | $0 | $0 | $0 | $0 |
| Long-Term Assets | $3.20B | $3.26B | $3.23B | $3.37B |
| PP&E (Net) | $112.2M | $129.9M | $118.4M | $123.2M |
| Intangibles | $549.5M | $519.6M | $486.1M | $430.1M |
| Goodwill | $1.63B | $1.59B | $1.56B | $1.54B |
| Operating Leases | $365.7M | $414.0M | $361.3M | $392.7M |
| Other LT Assets | $444.7M | $505.6M | $597.6M | $778.9M |
| Total Assets | $9.13B | $8.83B | $8.20B | $9.16B |
| Current Liabilities | $4.91B | $4.80B | $4.44B | $5.23B |
| Current Debt | $5.1M | $3.1M | $2.4M | $590.4M |
| Current Leases | $105.5M | $100.2M | $98.6M | $107.4M |
| Other Current Liab | $4.23B | $4.00B | $3.76B | $4.08B |
| Long-Term Liabilities | $1.76B | $1.80B | $1.64B | $1.87B |
| Long-Term Debt | $959.9M | $990.5M | $929.4M | $1.05B |
| LT Operating Leases | $266.6M | $323.2M | $279.0M | $304.3M |
| Other LT Liab | $534.1M | $482.7M | $428.6M | $509.8M |
| Total Liabilities | $6.67B | $6.60B | $6.07B | $7.10B |
| Shareholders' Equity | $2.46B | $2.23B | $2.13B | $2.06B |
| Retained Earnings | $3.87B | $3.81B | $3.81B | $3.73B |
| AOCI | $-458.7M | $-466.0M | $-443.0M | $-412.1M |
| Treasury Stock | $4.45B | $4.64B | $4.79B | $4.83B |
| Total L&E | $9.13B | $8.83B | $8.20B | $9.16B |
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Net Income (CFO) | $373.8M | $88.8M | $145.1M | $-13.3M |
| Non-Cash Adjustments | $341.8M | $853.9M | $357.3M | $-255.1M |
| Working Capital Changes | $-292.3M | $-594.5M | $-193.2M | $164.3M |
| Cash from Operations | $423.3M | $348.2M | $309.2M | $-104.1M |
| Cash from Investing | $-85.3M | $-74.1M | $-68.2M | $-59.2M |
| Debt Issuances | $421.3M | $1.0M | $3.7M | $586.8M |
| Debt Repayments | $412.2M | $4.4M | $1.6M | $700.0K |
| Share Buybacks | $270.0M | $179.8M | $140.0M | $38.2M |
| Dividends Paid | $139.9M | $144.3M | $145.8M | $66.7M |
| Cash from Financing | $-482.1M | $-349.5M | $-282.4M | $485.5M |
| FX Effect | $-64.7M | $17.7M | $-30.5M | $39.4M |
| Net Change in Cash | $-208.8M | $-57.7M | $-71.9M | $361.6M |
| Beginning Cash | $847.8M | $639.0M | $581.3M | $509.4M |
| Ending Cash | $639.0M | $581.3M | $509.4M | $871.0M |
Frequently Asked Questions
How does ManpowerGroup Inc. make money?
The company operates through three primary segments: Staffing Solutions providing temporary workers for various industries, Permanent Placement placing candidates directly into client organizations, and Managed Services delivering specialized HR outsourcing solutions including payroll and benefits administration.
What are the main risks for MAN?
Economic recessions can lead to reduced hiring demand in the staffing sector, directly impacting revenue and profitability. Rising wage inflation increases cost of revenue, potentially compressing gross margins if pricing power is insufficient. Regulatory changes regarding immigration or labor laws in key markets could disrupt operations and increase compliance costs. High competition from both large competitors and low-cost regional providers pressures market share.
What is MAN's competitive advantage?
ManpowerGroup possesses an unparalleled global scale with operations in over 70 countries, allowing it to serve multinational clients effectively. Its proprietary technology platform enables real-time matching of candidate skills to employer needs, creating high switching costs for both workers and clients. The company's diversified revenue streams across multiple economic sectors provide resilience against industry-specific downturns.
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Not financial advice. All content is for informational purposes only. Data may contain errors. Consult a qualified financial advisor before making investment decisions.