ManpowerGroup (MAN) AI Stock Analysis

• Market Cap: $1.36B
• Dividend Yield: 4.96%
• Average Volume (3M): 1.35M
• Price to Earnings (P/E): ―
• Beta (1Y): 0.97
• Revenue Growth: -2.44%
• EPS Growth: -156.01%
• Country: US
• Employees: 26,700
• Sector: Industrials
• Sector Strength: 72
• Industry: Staffing & Employment Services
• EPS (TTM): 0.92
• Shares Outstanding: 46,297,180
• 10 Day Avg. Volume: 1,569,618
• 30 Day Avg. Volume: 1,350,071
• PEG Ratio: 0.95
• Price to Book (P/B): 0.67
• Price to Sales (P/S): 0.08
• P/FCF Ratio: -8.58
• Enterprise Value/Market Cap: 2.09
• Enterprise Value/Revenue: 0.16
• Enterprise Value/Gross Profit: 0.95
• Enterprise Value/Ebitda: 10.37
• 1Y Price Target: $40.25
• Price Target Upside: 40.44% Upside
• Rating Consensus: Hold
• Number of Analyst Covering: 9
• EPS Forecast (FY): 3.78
• Revenue Forecast (FY): $18.74B

• Rating: 51 Neutral
• Price Target: $29.00 ▲(1.19% Upside)
• Action: Reiterated Date: 01/31/26
• Date: Action: Reiterated 01/31/26

The score is held back mainly by weakened financial performance (net loss, higher leverage, and negative 2025 operating/free cash flow). Offsetting this are constructive technical momentum and a supportive dividend yield, while earnings call guidance indicates stabilization but with meaningful ongoing headwinds and cost pressures.

Positive Factors

Scale & diversified global footprint

ManpowerGroup’s $5.1B system‑wide scale and global brand footprint create durable advantages: broad client relationships, diversified end‑markets and franchise cashflows. Scale supports cross‑sell, pricing leverage and geographic offsetting of regional slowdowns over the next several quarters.

Technology and AI adoption

Widespread adoption of PowerSuite (~90%) and an AI recruiter toolkit in 12+ markets delivers structural productivity gains. Improved placement rates (cited 7%) and faster workforce insights increase throughput per employee and reduce delivery costs, supporting a sustainable path to margin recovery.

Cost discipline and Q4 cash flow improvement

Structural SG&A reductions and tighter discretionary spend demonstrate durable expense discipline. Combined with a strong Q4 free cash flow finish ($168M cited elsewhere), these measures improve operating leverage and liquidity, enhancing the firm’s ability to invest in transformation while stabilizing margins across upcoming quarters.

Negative Factors

Rising leverage and reduced financial flexibility

Leverage increased materially in 2025, reducing balance‑sheet flexibility. Higher net debt raises interest and covenant sensitivity, limits free cash deployment for growth or buybacks, and lengthens recovery time after earnings stress, constraining strategic options over the next 2–6 months.

Negative operating and free cash flow in 2025

The reversal to negative operating and free cash flow in 2025 is a structural concern: cash burn reduces ability to pay down debt, fund transformation or support shareholder returns. Reliance on credit and timing fixes increases execution risk and may prolong recovery over the medium term.

Profitability pressure and concentrated market weakness

Substantial declines in adjusted EPS and EBITDA, plus pronounced regional and segment weakness (e.g., Germany and Experis), show margin compression and demand fragility. This raises the likelihood of continued earnings volatility and requires sustained execution to restore historical profitability levels.

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 recruitment of professionals, as well as administrative and industrial positions under the Manpower and Experis brands. It also offers various assessment services; training and development services; career management; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives. In addition, the company provides workforce consulting services; contingent staffing and permanent recruitment services; professional resourcing and project-based solutions in information technology, engineering, and finance fields; solutions in the areas of organizational efficiency, individual development, and career mobility; and recruitment process outsourcing, TAPFIN managed, and talent based outsourcing services, as well as Proservia services in the areas of digital services market and IT infrastructure sector. It operates through a network of approximately 2,200 offices in 75 countries and territories. The company was incorporated in 1948 and is based in Milwaukee, Wisconsin.

How the Company Makes Money

ManpowerGroup generates revenue primarily through its staffing and recruitment services, which include temporary and permanent placements for a diverse range of industries. The company earns money by charging clients a fee based on the salaries of the placed candidates or a percentage of the contract value for temporary staff. Additionally, ManpowerGroup offers managed services and recruitment process outsourcing (RPO), which contribute to its revenue through service contracts with organizations looking to streamline their hiring processes. The company also engages in partnerships with businesses to deliver customized workforce solutions, further enhancing its revenue potential. Economic trends, labor market conditions, and demand for skilled labor significantly impact ManpowerGroup's earnings, making its revenue model sensitive to fluctuations in the employment landscape.

ManpowerGroup Financial Statement Overview

Summary

Financials are pressured: 2025 profitability weakened to a net loss, leverage stepped up materially (debt-to-equity rising to ~1.16x), and operating/free cash flow turned negative in 2025 after prior-year consistency. Scale and historically positive cash generation are offsets, but the current mix implies elevated cyclical and execution risk.

Income Statement

Revenue has been relatively stable recently (2025 up modestly after declines in 2022–2024), but profitability has weakened materially. Operating profitability and margins have compressed versus prior years, culminating in a small net loss in 2025 after positive earnings in 2024–2021. Gross margin has also drifted down from the 2022–2023 level, signaling a tougher pricing/spread environment. Strength: the business still generates meaningful gross profit dollars on a large revenue base; weakness: earnings volatility and thin net margins leave limited cushion in a downturn.

Balance Sheet

Leverage increased sharply in 2025, with debt rising to a level above equity (debt-to-equity moved from ~0.6x in 2024 to ~1.16x in 2025), reducing balance-sheet flexibility. Equity is still sizable relative to total assets, but returns to shareholders turned negative in 2025 after mid-single-digit returns in 2024 and stronger returns in 2021–2022. Strength: the company maintains a substantial equity base; weakness: the step-up in debt alongside weaker earnings raises financial risk.

Cash Flow

Cash generation deteriorated in 2025, with operating cash flow turning negative and free cash flow also negative, a notable reversal from consistently positive operating and free cash flow in 2020–2024. While free cash flow growth shows a large percentage improvement in 2025, it is coming off a weaker base and remains negative, which limits flexibility for debt reduction and shareholder returns. Strength: historical track record of positive cash flow in prior years; weakness: current-year cash burn and negative operating cash flow are a key near-term concern.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	17.96B	17.85B	18.91B	19.83B	20.72B
Gross Profit	3.00B	3.09B	3.36B	3.57B	3.41B
EBITDA	274.80M	433.40M	374.20M	688.60M	680.30M
Net Income	-13.30M	145.10M	88.80M	373.80M	382.40M
Balance Sheet
Total Assets	9.16B	8.20B	8.83B	9.13B	9.83B
Cash, Cash Equivalents and Short-Term Investments	871.00M	509.40M	581.30M	639.00M	847.80M
Total Debt	2.39B	1.23B	1.43B	1.36B	1.39B
Total Liabilities	7.10B	6.07B	6.60B	6.67B	7.30B
Stockholders Equity	2.06B	2.13B	2.22B	2.45B	2.52B
Cash Flow
Free Cash Flow	-161.40M	258.10M	270.00M	347.70M	580.60M
Operating Cash Flow	-104.10M	309.20M	348.20M	423.30M	644.80M
Investing Cash Flow	-59.20M	-68.20M	-74.10M	-85.30M	-987.00M
Financing Cash Flow	485.50M	-282.40M	-349.50M	-482.10M	-283.70M

ManpowerGroup Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 28.66
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MAN, the sentiment is Negative. The current price of 28.66 is below the 20-day moving average (MA) of 32.20, below the 50-day MA of 30.81, and below the 200-day MA of 35.65, indicating a bearish trend. The MACD of -0.57 indicates Positive momentum. The RSI at 40.47 is Neutral, neither overbought nor oversold. The STOCH value of 14.81 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for MAN.

ManpowerGroup Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
KFY	73 Outperform	$3.27B	12.71	13.89%	2.89%	3.65%	5.71%
BBSI	66 Neutral	$837.93M	15.70	24.08%	0.88%	9.64%	9.93%
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%
RHI	59 Neutral	$2.62B	19.54	10.02%	8.65%	-7.27%	-43.88%
KELYA	56 Neutral	$352.48M	-1.33	-23.06%	3.53%	0.46%	-477.90%
MAN	51 Neutral	$1.36B	-99.11	-0.64%	4.96%	-2.44%	-156.01%
NSP	43 Neutral	$970.00M	-131.82	-9.79%	6.37%	3.19%	-86.21%

ManpowerGroup Corporate Events

ManpowerGroup Updates Executive Severance Agreements Ahead of Changes

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 benefits, and post-employment restrictive covenants. These agreements replace similar prior arrangements, keep substantially the same terms, and now run until two years after any future change of control or, if none occurs, until February 28, 2029, clarifying leadership protections and obligations in potential transaction scenarios.

The most recent analyst rating on (MAN) stock is a Hold with a $29.00 price target. To see the full list of analyst forecasts on ManpowerGroup stock, see the MAN Stock Forecast page.

ManpowerGroup Updates Credit Facility and Debt Strategy

On December 15, 2025, ManpowerGroup Inc. replaced its previous $600 million revolving credit facility with a new five-year Credit Agreement that maintains the same capacity while including updated allowances for restructuring charges and restrictive financial covenants. Additionally, the company sold €500 million in senior unsecured notes due December 13, 2030, for approximately €497.395 million, designated to redeem existing €500 million 1.750% notes set for full redemption in January 2026, strengthening its financial flexibility and reinforcing its long-term debt management strategy.

The most recent analyst rating on (MAN) stock is a Hold with a $27.00 price target. To see the full list of analyst forecasts on ManpowerGroup stock, see the MAN Stock Forecast page.