ManpowerGroup Inc. (MAN)
NYSE:MAN
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ManpowerGroup
(NYSE:MAN)
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Rating:49Neutral
Price Target:
$26.00
â–¼(-16.48% Downside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weakened financial performance—negative TTM earnings and notable cash burn—along with higher leverage during a downcycle. Offsetting factors include improving near-term guidance and a credible multi-year cost-savings program, with technical indicators showing stabilization and a supportive dividend yield despite an elevated P/E.
Positive Factors
Scale & Diversified Global Model
Large scale and a multi-brand, multi-service model provide durable revenue diversification across temporary staffing, permanent placement, RPO, MSP and career services. This reduces single-market exposure, supports cross-sell, and preserves structural demand resilience across regions and client sizes.
Negative Factors
Negative Cash Generation
A sustained shift to negative operating and free cash flow materially reduces financial flexibility to fund transformation, dividends, or withstand weaker demand. Continued cash burn risks increased borrowing or asset sales and constrains the company's ability to invest in growth initiatives over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Diversified Global Model
Large scale and a multi-brand, multi-service model provide durable revenue diversification across temporary staffing, permanent placement, RPO, MSP and career services. This reduces single-market exposure, supports cross-sell, and preserves structural demand resilience across regions and client sizes.
Read all positive factors
ManpowerGroup (MAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.34B
Dividend Yield4.96%
Average Volume (3M)1.08M
Price to Earnings (P/E)137.6
Beta (1Y)0.99
Revenue Growth4.77%
EPS Growth-115.03%
CountryUS
Employees26,700
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)-0.35
Shares Outstanding46,507,343
10 Day Avg. Volume900,092
30 Day Avg. Volume1,080,588
Financial Highlights & Ratios
PEG Ratio0.95
Price to Book (P/B)0.67
Price to Sales (P/S)0.08
P/FCF Ratio-8.58
Enterprise Value/Market Cap2.00
Enterprise Value/Revenue0.15
Enterprise Value/Gross Profit0.88
Enterprise Value/Ebitda10.48
Forecast
1Y Price Target
$35.38Price Target Upside13.64% Upside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)3.67
Revenue Forecast (FY)$18.70B
ManpowerGroup Business Overview & Revenue Model
Company Description
ManpowerGroup Inc. provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company offers recruitment services, including permanent, temporary, and contract recruitm...
How the Company Makes Money
ManpowerGroup primarily makes money by providing workforce solutions to client companies and charging fees tied to the labor it supplies and the services it performs. The largest revenue stream is typically contingent and temporary staffing: Manpo...
ManpowerGroup Earnings Call Summary
Earnings Call Date:Apr 16, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 16, 2026
Earnings Call Sentiment Positive
The call presented a cautiously positive picture: revenue growth and adjusted EBITDA improvement, strong Manpower brand performance in key markets (Italy, France stabilization, Japan), meaningful AI adoption and a clear $200 million transformation plan that should materially lift margins by 2028. Offsets include margin pressure from staffing mix and bench utilization, a notable decline in Experis (timing of health-care IT projects), Q1 restructuring charges and near-term negative free cash flow driven by seasonality and MSP timing. Management provided constructive Q2 guidance and concrete long-term margin levers, but near-term execution risks and cash/charge impacts remain.Positive Updates
Top-line Growth and Scale
Reported revenues of $4.5 billion in Q1 2026, representing organic constant currency growth of 3%. System-wide (including franchises) revenue was $5.0 billion.
Negative Updates
Gross Profit and Staffing Margin Pressure
Consolidated gross profit decreased 3% on an organic constant currency basis year-over-year. Gross profit margin was 16% for the quarter; staffing margin contributed a ~70 basis point reduction, permanent recruitment -20 bps, and other services -20 bps.
Read all updates
Q1-2026 Updates
Positive
Negative
Top-line Growth and Scale
Reported revenues of $4.5 billion in Q1 2026, representing organic constant currency growth of 3%. System-wide (including franchises) revenue was $5.0 billion.
Read all positive updates
Company Guidance
ManpowerGroup guided Q2 2026 adjusted EPS of $0.91–$1.01 (including a favorable foreign‑currency translation benefit of $0.05), constant‑currency revenue growth of +1% to +5% (midpoint +3%; days‑adjusted organic midpoint +3%), and EBITDA margin expected to be ~10 basis points higher year‑over‑year at the midpoint; management also disclosed an expected effective tax rate of 43% for Q2 and a weighted‑average share count of 47.7 million, carved restructuring and global strategic transformation costs out of underlying guidance, estimated restructuring/transformation charges averaging $10–$15 million per quarter through the rest of 2026, and reiterated a program targeting $200 million of net run‑rate savings in 2028 (with roughly 25% of savings coming from IT/finance/back‑office in 2026 and front‑office savings ramping in 2027).ManpowerGroup Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
46
Neutral
Cash Flow
24
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.38B | 17.96B | 17.85B | 18.91B | 19.83B | 20.72B |
| Gross Profit | 3.03B | 3.00B | 3.09B | 3.36B | 3.57B | 3.41B |
| EBITDA | 255.60M | 274.80M | 433.40M | 374.20M | 688.60M | 680.30M |
| Net Income | -16.40M | -13.30M | 145.10M | 88.80M | 373.80M | 382.40M |
Balance Sheet | ||||||
| Total Assets | 8.39B | 9.16B | 8.20B | 8.83B | 9.13B | 9.83B |
| Cash, Cash Equivalents and Short-Term Investments | 224.90M | 871.00M | 509.40M | 581.30M | 639.00M | 847.80M |
| Total Debt | 1.54B | 2.39B | 1.23B | 1.43B | 1.36B | 1.39B |
| Total Liabilities | 6.33B | 7.10B | 6.07B | 6.60B | 6.67B | 7.30B |
| Stockholders Equity | 2.06B | 2.06B | 2.13B | 2.22B | 2.45B | 2.52B |
Cash Flow | ||||||
| Free Cash Flow | -129.80M | -161.40M | 258.10M | 270.00M | 347.70M | 580.60M |
| Operating Cash Flow | -77.20M | -104.10M | 309.20M | 348.20M | 423.30M | 644.80M |
| Investing Cash Flow | -53.30M | -59.20M | -68.20M | -74.10M | -85.30M | -987.00M |
| Financing Cash Flow | -71.40M | 485.50M | -282.40M | -349.50M | -482.10M | -283.70M |
ManpowerGroup Technical Analysis
Neutral
31.13
Price Trends
28.72
Positive
29.54
Negative
31.74
Negative
Market Momentum
-0.55
Positive
50.79
Neutral
52.19
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAN, the sentiment is Neutral. The current price of 31.13 is above the 20-day moving average (MA) of 28.87, above the 50-day MA of 28.72, and below the 200-day MA of 31.74, indicating a neutral trend. The MACD of -0.55 indicates Positive momentum. The RSI at 50.79 is Neutral, neither overbought nor oversold. The STOCH value of 52.19 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for MAN.
ManpowerGroup Risk Analysis
ManpowerGroup disclosed 33 risk factors in its most recent earnings report. ManpowerGroup reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ManpowerGroup Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $3.46B | 13.73 | 13.94% | 2.89% | 5.44% | 8.92% | |
65 Neutral | $761.84M | -12.34 | 17.82% | 0.88% | 7.12% | -21.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $393.95M | -13.06 | -24.58% | 3.53% | -7.30% | -1239.34% | |
53 Neutral | $2.78B | 45.87 | 10.14% | 8.65% | -6.08% | -35.51% | |
51 Neutral | $1.18B | 7.72 | -32.05% | 6.37% | 3.04% | -140.22% | |
49 Neutral | $1.34B | 137.58 | -0.81% | 4.96% | 4.77% | -115.03% |
* Industrials Sector Average
MAN
ManpowerGroup
29.37
-10.94
-27.14%
BBSI
Barrett Business Services
31.52
-9.18
-22.55%
NSP
Insperity
32.09
-28.87
-47.36%
KELYA
Kelly Services
10.66
-0.66
-5.86%
KFY
Korn Ferry
68.03
2.47
3.77%
RHI
Robert Half
27.31
-14.32
-34.39%
ManpowerGroup Corporate Events
Business Operations and StrategyDividendsShareholder Meetings
ManpowerGroup Declares Semi-Annual Dividend, Signals Ongoing Confidence
Positive
May 8, 2026
At the 2026 Annual Meeting, ManpowerGroup shareholders approved all board-backed proposals, including the election of ten directors to one-year terms and the ratification of Deloitte Touche LLP as independent auditor for the fiscal year ending De...
Executive/Board ChangesRegulatory Filings and Compliance
ManpowerGroup Updates Executive Severance Agreements Ahead of Changes
Neutral
Feb 19, 2026
On February 13, 2026, ManpowerGroup Inc. entered into new letter agreements with CEO Jonas Prising and senior executives Becky Frankiewicz, John (“Jack”) McGinnis, and Michelle S. Nettles, covering severance, other post-employment bene...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.