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ManpowerGroup
(NYSE:MAN)
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Rating:55Neutral
Price Target:
$53.00
▲(70.25% Upside)
Action:Reiterated
Date:07/17/26
The score is held back primarily by weak recent financial performance (sharp TTM revenue contraction and thin margins), partially offset by manageable leverage and improved TTM cash generation. Technicals add support due to strong trend strength, though overbought signals temper the technical score. Valuation is mixed (solid dividend yield but negative earnings via negative P/E). The latest earnings call adds a positive tilt due to improving operational momentum and constructive guidance, despite ongoing restructuring costs and margin/tax headwinds.
Positive Factors
Strong core staffing brand
A dominant Manpower brand that generates the majority of gross profit and is still growing provides durable scale and client relationships in contingent staffing. This concentration supports stable fee capture, pricing leverage in core markets, and recurring revenue that underpins long-term cash generation and resilience across cycles.
Negative Factors
Sharp TTM revenue decline & thin margins
A steep TTM revenue decline with only single-digit operating margins indicates weakened scale economics and stressed operating leverage. Restoring sustainable profitability will require durable revenue recovery and margin-friendly mix shifts, which may take multiple quarters and constrain return on capital until achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong core staffing brand
A dominant Manpower brand that generates the majority of gross profit and is still growing provides durable scale and client relationships in contingent staffing. This concentration supports stable fee capture, pricing leverage in core markets, and recurring revenue that underpins long-term cash generation and resilience across cycles.
Read all positive factors
ManpowerGroup (MAN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.43B
Dividend Yield2.71%
Average Volume (3M)1.43M
Price to Earnings (P/E)―
Beta (1Y)0.82
Revenue Growth6.72%
EPS GrowthN/A
CountryUS
Employees25,400
SectorIndustrials
Sector Strength72
IndustryStaffing & Employment Services
Share Statistics
EPS (TTM)2.24
Shares Outstanding46,507,343
10 Day Avg. Volume1,790,226
30 Day Avg. Volume1,431,548
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$57.43Price Target Upside84.48% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering8
EPS Forecast (FY)3.6
Revenue Forecast (FY)$18.84B
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 generates revenue by providing workforce solutions to client employers and charging fees tied to the placement and management of workers.
1) Temporary and contract staffing (staffing services): A core revenue stream comes ...
ManpowerGroup Earnings Call Summary
Earnings Call Date:Jul 16, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 15, 2026
Earnings Call Sentiment Positive
The call presented a constructive and improving picture: revenue and adjusted EBITDA exceeded expectations, Manpower delivered robust and broad-based growth, Experis and Talent Solutions showed sequential improvement, AI initiatives demonstrated measurable productivity and new commercial opportunities, and management has a clear multi-year cost-savings plan. Near-term challenges include continued margin pressure from mix and dispositions, ongoing restructuring costs, pockets of underperformance (Experis, Right Management), a modest negative cash flow for the quarter, and a high near-term tax rate. Overall, the positive operational momentum, tangible AI traction, and a credible transformation roadmap outweigh the listed challenges.Positive Updates
Revenue Above Expectations
Reported revenues of $4.9B (system-wide $5.3B) with constant currency revenue growth of 6%, and organic days adjusted constant currency revenue growth of 6% (well above prior midpoint guidance of 3%).
Negative Updates
Experis and Talent Solutions Still Lagging
Experis revenue declined 2% in the quarter (improved from -9% in Q1) and Experis gross profit decreased 6% organic CC; Talent Solutions gross profit declined 4% organic CC and Right Management faced declines due to lower outplacement activity.
Read all updates
Q2-2026 Updates
Positive
Negative
Revenue Above Expectations
Reported revenues of $4.9B (system-wide $5.3B) with constant currency revenue growth of 6%, and organic days adjusted constant currency revenue growth of 6% (well above prior midpoint guidance of 3%).
Read all positive updates
Company Guidance
ManpowerGroup guided third‑quarter 2026 adjusted EPS of $0.96–$1.06 (midpoint ≈ $1.01) including an unfavorable FX impact of ~$0.02; organic days‑adjusted constant‑currency revenue is expected to continue Q2 momentum with a 6% increase at the midpoint (company constant‑currency range +3% to +7%, midpoint +5%, and after business‑days/dispositions adjustment +6% at midpoint). Management expects gross profit margin around 16% at the midpoint (reflecting a full‑quarter impact of the higher‑margin U.S. disposition and current mix), adjusted EBITDA margin up ~10 basis points year‑over‑year at the midpoint, an effective tax rate of 44%, restructuring/strategic transformation costs to be carved out of underlying guidance (with restructuring/STP charges ~ $10–$15M per quarter through year‑end), and weighted‑average shares of ~47.9 million.ManpowerGroup Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
41
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 18.72B | 17.96B | 17.85B | 18.91B | 19.83B | 20.72B |
| Gross Profit | 3.05B | 3.00B | 3.09B | 3.36B | 3.57B | 3.41B |
| EBITDA | 431.40M | 274.80M | 433.40M | 374.20M | 688.60M | 680.30M |
| Net Income | 104.20M | -13.30M | 145.10M | 88.80M | 373.80M | 382.40M |
Balance Sheet | ||||||
| Total Assets | 8.37B | 9.16B | 8.20B | 8.83B | 9.13B | 9.83B |
| Cash, Cash Equivalents and Short-Term Investments | 180.60M | 871.00M | 509.40M | 581.30M | 639.00M | 847.80M |
| Total Debt | 1.42B | 2.39B | 1.23B | 1.43B | 1.36B | 1.39B |
| Total Liabilities | 6.27B | 7.10B | 6.07B | 6.60B | 6.67B | 7.30B |
| Stockholders Equity | 2.11B | 2.06B | 2.13B | 2.22B | 2.45B | 2.52B |
Cash Flow | ||||||
| Free Cash Flow | 58.80M | -161.40M | 258.10M | 270.00M | 347.70M | 580.60M |
| Operating Cash Flow | 99.60M | -104.10M | 309.20M | 348.20M | 423.30M | 644.80M |
| Investing Cash Flow | 48.20M | -59.20M | -68.20M | -74.10M | -85.30M | -987.00M |
| Financing Cash Flow | -275.00M | 485.50M | -282.40M | -349.50M | -482.10M | -283.70M |
ManpowerGroup Technical Analysis
Positive
31.13
Price Trends
33.72
Positive
30.88
Positive
30.53
Positive
Market Momentum
4.36
Negative
80.75
Negative
86.88
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 below the 20-day moving average (MA) of 38.98, below the 50-day MA of 33.72, and above the 200-day MA of 30.53, indicating a bullish trend. The MACD of 4.36 indicates Negative momentum. The RSI at 80.75 is Negative, neither overbought nor oversold. The STOCH value of 86.88 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 |
|---|---|---|---|---|---|---|---|
76 Outperform | $4.00B | 14.58 | 13.94% | 2.89% | 6.43% | 13.64% | |
69 Neutral | $984.35M | 25.35 | 17.82% | 0.88% | 7.12% | -21.18% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | $4.28B | 32.18 | 10.14% | 8.65% | -6.08% | -35.51% | |
60 Neutral | $555.03M | -2.03 | -24.58% | 3.53% | -7.30% | -1239.34% | |
55 Neutral | $2.43B | -151.74 | -0.81% | 4.96% | 6.72% | ― | |
52 Neutral | $1.89B | -77.16 | -32.05% | 6.37% | 3.04% | -140.22% |
* Industrials Sector Average
MAN
ManpowerGroup
53.11
12.98
32.34%
BBSI
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NSP
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KELYA
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KFY
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RHI
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41.83
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8.93%
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...
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.