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ManpowerGroup
(NYSE:MAN)
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Rating:54Neutral
Price Target:
$45.00
▼(-27.66% Downside)
Action:Reiterated
Date:10/16/26
The score is held back primarily by weak financial performance through the cycle (sharp TTM revenue decline and thin profitability) and bearish technical momentum (price below key moving averages with negative MACD). Offsetting these are a more constructive earnings outlook from the latest call (growth and margin improvement guidance, stronger expected Q4 free cash flow) and a reasonable valuation with a ~3.29% dividend yield.
Positive Factors
U.S. Market Share Gains
Sustained U.S. growth and repeated market-share gains indicate improving competitive execution in a core business. New-logo wins and expansion within existing clients can deepen relationships, support recurring staffing volumes, and strengthen operating leverage as demand improves.
Negative Factors
Revenue and Margin Weakness
The sharp TTM revenue contraction and thin profitability show that earnings power remains materially below prior-cycle levels. Low margins leave limited room to absorb weaker staffing demand or cost pressure, making sustained recovery dependent on both volume improvement and disciplined execution.
Read all positive and negative factors
Positive Factors
Negative Factors
U.S. Market Share Gains
Sustained U.S. growth and repeated market-share gains indicate improving competitive execution in a core business. New-logo wins and expansion within existing clients can deepen relationships, support recurring staffing volumes, and strengthen operating leverage as demand improves.
Read all positive factors
ManpowerGroup (MAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.08B
Dividend Yield3.23%
Average Volume (3M)1.05M
Price to Earnings (P/E)17.3
Beta (1Y)0.98
Revenue Growth7.25%
EPS GrowthN/A
CountryUS
Employees25,400
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)2.58
Shares Outstanding46,505,570
10 Day Avg. Volume1,358,756
30 Day Avg. Volume1,050,465
Financial Highlights & Ratios
PEG Ratio0.94
Price to Book (P/B)0.67
Price to Sales (P/S)0.08
P/FCF Ratio-8.58
Enterprise Value/Market Cap1.88
Enterprise Value/Revenue0.21
Enterprise Value/Gross Profit1.28
Enterprise Value/Ebitda8.67
Forecast
1Y Price Target
$52.57Price Target Upside-15.49% Downside
Rating ConsensusHold
Number of Analyst Covering8
EPS Forecast (FY)3.6
Revenue Forecast (FY)$19.16B
ManpowerGroup Business Overview & Revenue Model
Company Description
ManpowerGroup Inc., established in 1948 and headquartered in Milwaukee, Wisconsin, is a prominent global provider of human resources and workforce management solutions. The company delivers an extensive array of staffing and talent services across...
How the Company Makes Money
ManpowerGroup primarily makes money by providing workforce services to client organizations and charging fees tied to staffing, recruiting, and outsourced talent management programs. Its largest revenue stream is typically contingent (temporary) s...
ManpowerGroup Earnings Call Summary
Earnings Call Date:Oct 15, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 02, 2027
Earnings Call Sentiment Positive
The call was broadly positive. Management reported solid revenue growth, stronger adjusted EBITDA, continued U.S. Manpower momentum, improving Experis and Talent Solutions trends, transformation progress, AI commercialization, and favorable fourth-quarter guidance. These positives outweighed challenges including France's revenue decline, gross-margin pressure, lower Right Management activity, restructuring costs, negative reported free cash flow, and continued balance-sheet focus.Positive Updates
Revenue Growth and Operating Momentum
Reported third-quarter revenue was $4.8 billion, while system-wide revenue including franchises was $5.3 billion. Organic constant-currency revenue growth was 6% according to the prepared remarks, and reported constant-currency growth was 5% according to the CFO, both at the midpoint of guidance.
Negative Updates
Gross Margin Pressure
Gross profit margin was 15.9%. Staffing margin was stable sequentially but declined 50 basis points year over year due to mix shifts, although this was an improvement from the 60-basis-point decline in the second quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Revenue Growth and Operating Momentum
Reported third-quarter revenue was $4.8 billion, while system-wide revenue including franchises was $5.3 billion. Organic constant-currency revenue growth was 6% according to the prepared remarks, and reported constant-currency growth was 5% according to the CFO, both at the midpoint of guidance.
Read all positive updates
Company Guidance
For the fourth quarter of 2026, revenue guidance on a constant currency basis is between a 3% increase and a 7% increase, with a midpoint of a 5% increase; organic days adjusted constant currency revenue growth is estimated at 4% at the midpoint, estimated GP margin is 15.9% at the midpoint, EBITDA margin is projected to be up 20 basis points year over year at the midpoint, the effective tax rate is expected to be 44%, and earnings per share is forecast to be in the range of $1.03 to $1.13, with weighted average shares estimated at 48.3 million. The guidance range assumes a neutral foreign currency impact, and restructuring and global strategic transformation program costs will continue to be carved out. The U. S. is expected to deliver solid mid single digit percentage growth in the fourth quarter, France is expected to have a slightly improved year over year revenue trend, Italy is estimated to have a similar revenue rate, Japan is expected to have a similar level of revenue growth, and the company expects very strong free cash flow in the fourth quarter; ManpowerGroup remains committed to deliver $200 million in permanent cost savings in 2028.ManpowerGroup Financial Statement Overview
Summary
Income Statement
46
Neutral
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.92B | 17.96B | 17.85B | 18.91B | 19.83B | 20.72B |
| Gross Profit | 3.04B | 3.00B | 3.09B | 3.36B | 3.57B | 3.41B |
| EBITDA | 450.10M | 274.80M | 433.40M | 374.20M | 688.60M | 680.30M |
| Net Income | 120.30M | -13.30M | 145.10M | 88.80M | 373.80M | 382.40M |
Balance Sheet | ||||||
| Total Assets | 8.26B | 9.16B | 8.20B | 8.83B | 9.13B | 9.83B |
| Cash, Cash Equivalents and Short-Term Investments | 233.10M | 871.00M | 509.40M | 581.30M | 639.00M | 847.80M |
| Total Debt | 1.46B | 2.39B | 1.23B | 1.43B | 1.36B | 1.39B |
| Total Liabilities | 6.12B | 7.10B | 6.07B | 6.60B | 6.67B | 7.30B |
| Stockholders Equity | 2.14B | 2.06B | 2.13B | 2.22B | 2.45B | 2.52B |
Cash Flow | ||||||
| Free Cash Flow | 7.40M | -161.40M | 258.10M | 270.00M | 347.70M | 580.60M |
| Operating Cash Flow | 41.90M | -104.10M | 309.20M | 348.20M | 423.30M | 644.80M |
| Investing Cash Flow | 54.80M | -59.20M | -68.20M | -74.10M | -85.30M | -987.00M |
| Financing Cash Flow | -142.60M | 485.50M | -282.40M | -349.50M | -482.10M | -283.70M |
ManpowerGroup Technical Analysis
Neutral
62.21
Price Trends
56.15
Negative
49.10
Negative
38.98
Positive
Market Momentum
-3.58
Positive
32.20
Neutral
20.59
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 62.21 is above the 20-day moving average (MA) of 51.47, above the 50-day MA of 56.15, and above the 200-day MA of 38.98, indicating a neutral trend. The MACD of -3.58 indicates Positive momentum. The RSI at 32.20 is Neutral, neither overbought nor oversold. The STOCH value of 20.59 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 |
|---|---|---|---|---|---|---|---|
77 Outperform | $226.85M | 27.66 | 11.98% | 1.41% | -7.54% | 237.08% | |
64 Neutral | $908.52M | 24.25 | 29.32% | 3.09% | -1.26% | -11.37% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $3.46B | 30.12 | 9.18% | 6.81% | -4.95% | -34.47% | |
57 Neutral | $260.91M | -4.52 | -20.78% | ― | 10.17% | -65.10% | |
54 Neutral | $2.08B | 17.30 | 5.75% | 3.23% | 7.25% | ― | |
54 Neutral | $571.15M | -2.10 | -27.06% | 1.83% | -9.63% | -4468.44% |
* Industrials Sector Average
MAN
ManpowerGroup
44.64
12.60
39.32%
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ManpowerGroup Corporate Events
Business Operations and StrategyExecutive/Board Changes
ManpowerGroup Announces CEO Succession and Leadership Transition
Positive
Oct 15, 2026
ManpowerGroup announced a leadership transition on October 15, 2026, following an October 13, 2026 Board decision, appointing President and Chief Strategy Officer Becky Frankiewicz as Chief Executive Officer effective January 1, 2027. She will als...
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.