Manpowergroup Financials

MAN

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Manpowergroup (MAN) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Key Financial Metrics

Revenue

$17.9B

YoY-13.9%

5Y CAGR-3.2%

10Y CAGR-1.5%

Manpowergroup generated $17.9B in revenue in fiscal year 2024. This represents a decrease of 13.9% from the prior year.

EBITDA

$392.6M

YoY-40.4%

5Y CAGR-14.8%

10Y CAGR-2.6%

Manpowergroup's EBITDA was $392.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 40.4% from the prior year.

Free Cash Flow

$258.1M

YoY-55.5%

5Y CAGR-5.7%

10Y CAGR-0.1%

Manpowergroup generated $258.1M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 55.5% from the prior year.

Net Income

$145.1M

YoY-62.1%

5Y CAGR-23.3%

10Y CAGR-3.0%

Manpowergroup reported $145.1M in net income in fiscal year 2024. This represents a decrease of 62.1% from the prior year.

EPS (Diluted)

$3.01

YoY-56.4%

5Y CAGR-17.8%

10Y CAGR+2.0%

Manpowergroup earned $3.01 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 56.4% from the prior year.

Cash & Debt

$509.4M

YoY-39.9%

5Y CAGR-5.9%

10Y CAGR-2.4%

Manpowergroup held $509.4M in cash against $929.4M in long-term debt as of fiscal year 2024.

Dividends Per Share

$3.08

YoY+22.2%

5Y CAGR+10.6%

10Y CAGR+13.6%

Manpowergroup paid $3.08 per share in dividends in fiscal year 2024. This represents an increase of 22.2% from the prior year.

Shares Outstanding

48M

Manpowergroup had 48M shares outstanding in fiscal year 2024.

Gross Margin

17.3%

YoY+0.9pp

5Y CAGR+0.7pp

10Y CAGR+0.6pp

Manpowergroup's gross margin was 17.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 0.9 percentage points from the prior year.

Operating Margin

1.7%

YoY-1.1pp

5Y CAGR-2.0pp

10Y CAGR-0.3pp

Manpowergroup's operating margin was 1.7% in fiscal year 2024, reflecting core business profitability. This is down 1.1 percentage points from the prior year.

Net Margin

0.8%

YoY-1.0pp

5Y CAGR-1.8pp

10Y CAGR-0.1pp

Manpowergroup's net profit margin was 0.8% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.

Return on Equity

6.8%

YoY-8.3pp

5Y CAGR-12.3pp

10Y CAGR-1.1pp

Manpowergroup's ROE was 6.8% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 8.3 percentage points from the prior year.

R&D Spending

N/A

Share Buybacks

$140.0M

YoY-33.3%

5Y CAGR-7.2%

10Y CAGR+0.1%

Manpowergroup spent $140.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 33.3% from the prior year.

Capital Expenditures

$51.1M

YoY-20.4%

5Y CAGR-1.4%

10Y CAGR-3.4%

Manpowergroup invested $51.1M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 20.4% from the prior year.

MAN Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	$17.9B-13.9%	$20.7B+15.1%	$18.0B-13.7%	$20.9B-5.1%	$22.0B+4.5%	$21.0B
Cost of Revenue	$14.8B-14.7%	$17.3B+14.1%	$15.2B-13.2%	$17.5B-5.0%	$18.4B+4.9%	$17.5B
Gross Profit	$3.1B-9.4%	$3.4B+20.6%	$2.8B-16.3%	$3.4B-5.7%	$3.6B+2.7%	$3.5B
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$2.8B-1.5%	$2.8B+7.0%	$2.6B-3.4%	$2.7B-1.9%	$2.8B+3.2%	$2.7B
Operating Income	$306.0M-47.7%	$585.4M+212.0%	$187.6M-70.9%	$644.9M-19.1%	$796.7M+1.0%	$789.2M
Interest Expense	-$90.0M-332.0%	$38.8M-10.4%	$43.3M-2.5%	$44.4M-5.5%	$47.0M-4.9%	$49.4M
Income Tax	$111.7M-39.8%	$185.7M+49.9%	$123.9M-43.6%	$219.8M+11.0%	$198.0M+3.2%	$191.9M
Net Income	$145.1M-62.1%	$382.4M+1506.7%	$23.8M-94.9%	$465.7M-16.3%	$556.7M+2.1%	$545.4M
EPS (Diluted)	$3.01-56.4%	$6.91+1585.4%	$0.41-94.7%	$7.72-9.8%	$8.56+6.5%	$8.04

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Revenue	$4.6B+2.5%	$4.5B+10.5%	$4.1B-11.7%	$4.6B-1.0%	$4.7B-3.7%	$4.9B+2.2%	$4.8B-1.0%	$4.8B
Cost of Revenue	$3.9B+2.9%	$3.8B+10.7%	$3.4B-11.2%	$3.8B-0.9%	$3.9B-3.5%	$4.0B+2.7%	$3.9B-0.8%	$3.9B
Gross Profit	$768.9M+0.7%	$763.7M+9.4%	$698.3M-13.9%	$810.7M-1.4%	$821.9M-4.7%	$862.3M-0.1%	$863.1M-1.8%	$878.5M
R&D Expenses	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$702.3M-11.0%	$789.0M+17.7%	$670.1M-21.2%	$850.2M+13.0%	$752.1M-0.3%	$754.7M+1.3%	$745.2M+3.9%	$717.0M
Operating Income	$66.6M+363.2%	-$25.3M-189.7%	$28.2M+171.4%	-$39.5M-156.6%	$69.8M-35.1%	$107.6M-8.7%	$117.9M-27.0%	$161.5M
Interest Expense	$24.0M-7.7%	$26.0M+15.6%	$22.5M+116.1%	-$139.4M-763.8%	$21.0M+5.0%	$20.0M+7.0%	$18.7M+74.8%	$10.7M
Income Tax	$34.9M+37.9%	$25.3M+127.9%	$11.1M-88.3%	$94.7M+288.1%	$24.4M-20.3%	$30.6M+193.9%	-$32.6M-171.6%	$45.5M
Net Income	$18.0M+126.8%	-$67.1M-1298.2%	$5.6M+106.6%	-$84.5M-378.9%	$30.3M-53.5%	$65.2M-16.2%	$77.8M-30.1%	$111.3M
EPS (Diluted)	$0.38+126.4%	$-1.44-1300.0%	$0.12+107.3%	$-1.64-373.3%	$0.60-53.5%	$1.29-14.6%	$1.51-29.1%	$2.13

MAN Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$8.2B-16.6%	$9.8B+5.4%	$9.3B+1.1%	$9.2B+8.3%	$8.5B-4.1%	$8.9B
Current Assets	$5.0B-22.6%	$6.4B-3.7%	$6.7B+2.8%	$6.5B+8.1%	$6.0B-2.8%	$6.2B
Cash & Equivalents	$509.4M-39.9%	$847.8M-45.9%	$1.6B+52.8%	$1.0B+73.3%	$591.9M-14.1%	$689.0M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$4.3B-21.1%	$5.4B+10.9%	$4.9B-6.8%	$5.3B-0.1%	$5.3B-1.8%	$5.4B
Goodwill	$1.6B-9.2%	$1.7B+40.5%	$1.2B-2.7%	$1.3B-2.9%	$1.3B-3.4%	$1.3B
Total Liabilities	$6.1B-16.7%	$7.3B+6.1%	$6.9B+6.4%	$6.5B+11.0%	$5.8B-3.4%	$6.0B
Current Liabilities	$4.4B-23.2%	$5.8B+23.4%	$4.7B+5.5%	$4.4B+6.4%	$4.2B-13.2%	$4.8B
Long-Term Debt	$929.4M+64.3%	$565.7M-48.7%	$1.1B+9.0%	$1.0B-1.3%	$1.0B+114.5%	$478.1M
Total Equity	$2.1B-16.1%	$2.5B+3.2%	$2.5B-11.1%	$2.8B+2.3%	$2.7B-5.6%	$2.9B
Retained Earnings	$3.8B+4.9%	$3.6B+7.3%	$3.4B-3.0%	$3.5B+10.7%	$3.2B+16.4%	$2.7B

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Total Assets	$8.4B-0.7%	$8.5B+5.8%	$8.0B-9.0%	$8.8B+2.8%	$8.6B-3.2%	$8.9B-0.2%	$8.9B+3.9%	$8.6B
Current Assets	$5.1B-0.8%	$5.1B+8.3%	$4.7B-14.8%	$5.6B+4.4%	$5.3B-4.5%	$5.6B-1.2%	$5.7B+4.4%	$5.4B
Cash & Equivalents	$274.6M-5.2%	$289.8M-26.6%	$395.0M-32.0%	$581.3M+1.8%	$571.1M+40.1%	$407.6M-42.3%	$706.7M+34.0%	$527.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$4.6B-0.2%	$4.6B+11.3%	$4.2B-13.7%	$4.8B+5.0%	$4.6B-7.9%	$5.0B+4.7%	$4.8B+1.1%	$4.7B
Goodwill	$1.5B-0.3%	$1.5B-1.8%	$1.6B-0.6%	$1.6B-2.1%	$1.6B-0.9%	$1.6B+0.2%	$1.6B-0.5%	$1.6B
Total Liabilities	$6.4B-1.1%	$6.5B+9.7%	$5.9B-10.1%	$6.6B+6.8%	$6.2B-3.8%	$6.4B+0.6%	$6.4B+3.9%	$6.1B
Current Liabilities	$5.1B-2.7%	$5.3B+24.3%	$4.2B-11.7%	$4.8B+8.4%	$4.4B-4.1%	$4.6B+0.8%	$4.6B+2.9%	$4.5B
Long-Term Debt	$468.3M-0.4%	$470.3M-51.6%	$971.4M-1.9%	$990.5M+4.4%	$948.5M-3.1%	$978.8M+0.7%	$972.4M+10.1%	$883.0M
Total Equity	$2.0B+0.8%	$2.0B-5.2%	$2.1B-5.8%	$2.2B-7.4%	$2.4B-1.5%	$2.4B-2.4%	$2.5B+3.8%	$2.4B
Retained Earnings	$3.7B+0.5%	$3.7B-2.6%	$3.8B+0.1%	$3.8B-3.9%	$4.0B+0.8%	$3.9B-0.2%	$3.9B+1.5%	$3.9B

MAN Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	$309.2M-52.0%	$644.8M-31.1%	$936.4M+15.0%	$814.4M+68.6%	$483.1M+20.5%	$400.9M
Capital Expenditures	$51.1M-20.4%	$64.2M+26.6%	$50.7M-4.2%	$52.9M-18.2%	$64.7M+18.3%	$54.7M
Free Cash Flow	$258.1M-55.5%	$580.6M-34.4%	$885.7M+16.3%	$761.5M+82.0%	$418.4M+20.9%	$346.2M
Investing Cash Flow	-$68.2M+93.1%	-$987.0M-2227.8%	-$42.4M-161.7%	-$16.2M+70.5%	-$54.9M+26.3%	-$74.5M
Financing Cash Flow	-$282.4M+0.5%	-$283.7M+34.8%	-$435.2M-29.0%	-$337.4M+30.4%	-$484.9M-51.9%	-$319.3M
Dividends Paid	$145.8M+6.7%	$136.6M+5.8%	$129.1M-0.2%	$129.3M+1.6%	$127.3M+2.9%	$123.7M
Share Buybacks	$140.0M-33.3%	$210.0M-20.7%	$264.7M+30.4%	$203.0M-59.5%	$500.7M+145.6%	$203.9M

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Operating Cash Flow	N/A	N/A	-$153.2M	N/A	N/A	N/A	$124.6M	N/A
Capital Expenditures	N/A	N/A	$13.7M	N/A	N/A	N/A	$13.2M	N/A
Free Cash Flow	N/A	N/A	-$166.9M	N/A	N/A	N/A	$111.4M	N/A
Investing Cash Flow	N/A	N/A	-$14.6M	N/A	N/A	N/A	-$13.2M	N/A
Financing Cash Flow	N/A	N/A	$45.7M	N/A	N/A	N/A	-$48.8M	N/A
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	$25.0M	N/A	N/A	N/A	$30.0M	N/A

MAN Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	17.3%+0.9pp	16.4%+0.7pp	15.7%-0.5pp	16.2%-0.1pp	16.3%-0.3pp	16.6%
Operating Margin	1.7%-1.1pp	2.8%+1.8pp	1.0%-2.1pp	3.1%-0.5pp	3.6%-0.1pp	3.8%
Net Margin	0.8%-1.0pp	1.8%+1.7pp	0.1%-2.1pp	2.2%-0.3pp	2.5%-0.1pp	2.6%
Return on Equity	6.8%-8.3pp	15.1%+14.1pp	1.0%-15.9pp	16.9%-3.8pp	20.6%+1.5pp	19.1%
Return on Assets	1.8%-2.1pp	3.9%+3.6pp	0.3%-4.8pp	5.1%-1.5pp	6.5%+0.4pp	6.1%
Current Ratio	1.120.0	1.11-0.3	1.42-0.0	1.46+0.0	1.44+0.2	1.28
Debt-to-Equity	0.44+0.2	0.22-0.2	0.45+0.1	0.37-0.0	0.38+0.2	0.17
FCF Margin	1.5%-1.4pp	2.8%-2.1pp	4.9%+1.3pp	3.6%+1.7pp	1.9%+0.2pp	1.7%

Metric	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q3'23
Gross Margin	16.6%-0.3pp	16.9%-0.2pp	17.1%-0.4pp	17.5%-0.1pp	17.6%-0.2pp	17.8%-0.4pp	18.2%-0.1pp	18.3%
Operating Margin	1.4%+2.0pp	-0.6%-1.3pp	0.7%+1.5pp	-0.9%-2.3pp	1.5%-0.7pp	2.2%-0.3pp	2.5%-0.9pp	3.4%
Net Margin	0.4%+1.9pp	-1.5%-1.6pp	0.1%+2.0pp	-1.8%-2.5pp	0.7%-0.7pp	1.3%-0.3pp	1.6%-0.7pp	2.3%
Return on Equity	0.9%-1.9pp	2.8%+2.5pp	0.3%-1.7pp	2.0%+0.7pp	1.3%-1.4pp	2.7%-0.4pp	3.1%-1.5pp	4.6%
Return on Assets	0.2%+1.0pp	-0.8%-0.9pp	0.1%+1.0pp	-1.0%-1.3pp	0.4%-0.4pp	0.7%-0.1pp	0.9%-0.4pp	1.3%
Current Ratio	1.00+0.0	0.98-0.1	1.12-0.0	1.16-0.0	1.210.0	1.21-0.0	1.24+0.0	1.22
Debt-to-Equity	0.230.0	0.24-0.2	0.46+0.0	0.44+0.1	0.390.0	0.40+0.0	0.39+0.0	0.37
FCF Margin	N/A	N/A	-4.1%	N/A	N/A	N/A	2.3%	N/A

Financial Health Signals

Financial Profile 27/100

Profitability

Growth

Leverage

Liquidity

Cash Flow

Returns

Based on FY2024 annual data. Scores normalized against common benchmarks.

Altman Z-Score Safe

3.16

Bankruptcy risk indicator. Above 2.99 = safe, below 1.81 = distress.

Piotroski F-Score Neutral

6/9

Financial strength trend (9 signals). 7-9 = strong, 0-3 = weak.

Earnings Quality Cash-Backed

2.13x

Operating cash flow vs net income. Above 1.0x = cash-backed earnings.

Interest Coverage Adequate

3.4x

Operating income vs interest expense. Above 5x = safe, below 2x = risky.

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Frequently Asked Questions

What is Manpowergroup's annual revenue?

Manpowergroup (MAN) reported $17.9B in total revenue for fiscal year 2024. This represents a -13.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Manpowergroup's revenue growing?

Manpowergroup (MAN) revenue declined by 13.9% year-over-year, from $20.7B to $17.9B in fiscal year 2024.

Is Manpowergroup profitable?

Yes, Manpowergroup (MAN) reported a net income of $145.1M in fiscal year 2024, with a net profit margin of 0.8%.

What is Manpowergroup's earnings per share (EPS)?

Manpowergroup (MAN) reported diluted earnings per share of $3.01 for fiscal year 2024. This represents a -56.4% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Manpowergroup's EBITDA?

Manpowergroup (MAN) had EBITDA of $392.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Manpowergroup have?

As of fiscal year 2024, Manpowergroup (MAN) had $509.4M in cash and equivalents against $929.4M in long-term debt.

What is Manpowergroup's gross margin?

Manpowergroup (MAN) had a gross margin of 17.3% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.

What is Manpowergroup's operating margin?

Manpowergroup (MAN) had an operating margin of 1.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.

What is Manpowergroup's net profit margin?

Manpowergroup (MAN) had a net profit margin of 0.8% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.

Does Manpowergroup pay dividends?

Yes, Manpowergroup (MAN) paid $3.08 per share in dividends during fiscal year 2024.

What is Manpowergroup's return on equity (ROE)?

Manpowergroup (MAN) has a return on equity of 6.8% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.

What is Manpowergroup's free cash flow?

Manpowergroup (MAN) generated $258.1M in free cash flow during fiscal year 2024. This represents a -55.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Manpowergroup's operating cash flow?

Manpowergroup (MAN) generated $309.2M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Manpowergroup's total assets?

Manpowergroup (MAN) had $8.2B in total assets as of fiscal year 2024, including both current and long-term assets.

What are Manpowergroup's capital expenditures?

Manpowergroup (MAN) invested $51.1M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

Does Manpowergroup buy back shares?

Yes, Manpowergroup (MAN) spent $140.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.

How many shares does Manpowergroup have outstanding?

Manpowergroup (MAN) had 48M shares outstanding as of fiscal year 2024.

What is Manpowergroup's current ratio?

Manpowergroup (MAN) had a current ratio of 1.12 as of fiscal year 2024, which is considered adequate.

What is Manpowergroup's debt-to-equity ratio?

Manpowergroup (MAN) had a debt-to-equity ratio of 0.44 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Manpowergroup's return on assets (ROA)?

Manpowergroup (MAN) had a return on assets of 1.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Manpowergroup's Altman Z-Score?

Manpowergroup (MAN) has an Altman Z-Score of 3.16, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress.

What is Manpowergroup's Piotroski F-Score?

Manpowergroup (MAN) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals.

Are Manpowergroup's earnings high quality?

Manpowergroup (MAN) has an earnings quality ratio of 2.13x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation.

Can Manpowergroup cover its interest payments?

Manpowergroup (MAN) has an interest coverage ratio of 3.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline.

How financially healthy is Manpowergroup?

Manpowergroup (MAN) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks.