ManpowerGroup Inc. (MAN)
NYSE:MAN
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ManpowerGroup
(NYSE:MAN)
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Rating:53Neutral
Price Target:
$31.00
â–¼(-0.42% Downside)
Action:ReiteratedDate:04/16/26
The score is held back primarily by weak financial performance—negative TTM earnings and, especially, negative operating/free cash flow alongside higher leverage. Offsetting this are improving technical momentum and a supportive dividend yield, while the latest earnings call added moderate support via constructive Q2 guidance and a credible multi-year cost-savings plan, tempered by near-term charges and cash-flow pressure.
Positive Factors
Scale & Manpower brand strength
ManpowerGroup's core Manpower brand generates the majority of gross profit (62%) and showed durable YoY growth across multiple markets. That scale and geographic diversification supports recurring staffing flows and client relationships, helping stabilize revenue and gross profit through business cycles over coming quarters.
Negative Factors
Negative operating and free cash flow
A reversal from prior years, ongoing cash burn reduces financial flexibility to invest in transformation, fund dividends, or absorb seasonal working capital swings. Persistent negative OCF/FCF increases reliance on external financing and raises execution risk if revenue recovery or savings are delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale & Manpower brand strength
ManpowerGroup's core Manpower brand generates the majority of gross profit (62%) and showed durable YoY growth across multiple markets. That scale and geographic diversification supports recurring staffing flows and client relationships, helping stabilize revenue and gross profit through business cycles over coming quarters.
Read all positive factors
ManpowerGroup (MAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.41B
Dividend Yield4.96%
Average Volume (3M)1.14M
Price to Earnings (P/E)137.6
Beta (1Y)0.98
Revenue Growth4.77%
EPS Growth-115.03%
CountryUS
Employees26,700
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)0.51
Shares Outstanding46,489,647
10 Day Avg. Volume1,350,097
30 Day Avg. Volume1,143,325
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 Cap1.95
Enterprise Value/Revenue0.15
Enterprise Value/Gross Profit0.90
Enterprise Value/Ebitda10.72
Forecast
1Y Price Target
$36.11Price Target Upside16.00% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering9
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
Positive
31.13
Price Trends
28.76
Positive
29.39
Positive
33.29
Negative
Market Momentum
0.55
Negative
61.70
Neutral
83.94
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAN, the sentiment is Positive. The current price of 31.13 is above the 20-day moving average (MA) of 28.84, above the 50-day MA of 28.76, and below the 200-day MA of 33.29, indicating a neutral trend. The MACD of 0.55 indicates Negative momentum. The RSI at 61.70 is Neutral, neither overbought nor oversold. The STOCH value of 83.94 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | $3.45B | 13.73 | 13.94% | 2.89% | 5.44% | 8.92% | |
65 Neutral | $794.65M | 16.87 | 23.66% | 0.88% | 8.37% | 4.58% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $2.72B | 45.87 | 9.98% | 8.65% | -6.08% | -35.51% | |
56 Neutral | $353.67M | -1.20 | -22.10% | 3.53% | -1.87% | -48299.33% | |
53 Neutral | $1.41B | 137.58 | -0.81% | 4.96% | 4.77% | -115.03% | |
50 Neutral | $1.36B | -210.19 | -7.69% | 6.37% | 3.51% | -107.81% |
* Industrials Sector Average
MAN
ManpowerGroup
30.27
-12.13
-28.61%
BBSI
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-10.11
-24.29%
NSP
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-43.23%
KELYA
Kelly Services
9.76
-1.64
-14.41%
KFY
Korn Ferry
66.44
4.22
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RHI
Robert Half
26.61
-15.49
-36.79%
ManpowerGroup Corporate Events
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.