# ManpowerGroup Inc. (MAN)

> Source: Nexqual · https://nexqual.com/MAN · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, ManpowerGroup Inc. (MAN), nexqual.com/MAN" · informational, not investment advice.

**Price:** USD 46.6 (+4.39% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 44.64 · day 45.06–46.75 · 52w 25.15–63.88 · market cap $2.17B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $18.7B, net income $104M (0.6% margin), free cash flow $68.9M (SEC filings).
- Valuation: P/E 20.8x (avg 32.1x at the last 2 fiscal year-ends), EV/EBITDA 8.1x, net debt $863M.
- 1 of 80 tracked superinvestors hold MAN (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Analysts: Hold (mean 2.58 on a 1–5 scale) (12 analysts), mean target USD 52.33 (range 47–65).
- Total return with dividends: 1Y +45.4% vs S&P 500 +14.9%; 5Y -44.3% vs S&P 500 +80.3%.
- Next earnings: 2026-10-15, EPS estimate USD 1.07, revenue estimate $4.93B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $20.7B | $19.8B | $18.9B | $17.9B | $18.0B | $18.7B |
| Gross profit | $3.41B | $3.57B | $3.36B | $3.09B | $3.00B | — |
| Operating income | $585M | $582M | $256M | $306M | $150M | $288M |
| Net income | $382M | $374M | $88.8M | $145M | -$13.3M | $104M |
| EPS (diluted) | $6.91 | $7.08 | $1.76 | $3.01 | -$0.29 | — |
| Free cash flow | $581M | $348M | $270M | $258M | -$161M | $68.9M |
| Gross margin | 16.4% | 18.0% | 17.8% | 17.3% | 16.7% | — |
| Operating margin | 2.8% | 2.9% | 1.4% | 1.7% | 0.8% | 1.5% |
| Net margin | 1.8% | 1.9% | 0.5% | 0.8% | -0.1% | 0.6% |
| Revenue growth | +15.1% | -4.3% | -4.6% | -5.6% | +0.6% | — |
| Cash + short-term investments | $848M | $639M | $581M | $509M | $871M | — |
| Total debt | $1.10B | $965M | $994M | $932M | $1.64B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 20.8x · P/S 0.1x · EV/EBITDA 8.1x · EV/Sales 0.2x · P/FCF 31.5x · P/B 1.0x · FCF yield 3.18% · Earnings yield 4.81% · Buyback yield (TTM) 0.01% · Net debt $863M · EV $3.03B
P/E at fiscal year-ends: Dec 2024 19.2x, Dec 2023 45.1x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold MAN. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Richard Pzena | Pzena Investment Management | 0.03% | $11.9M | Unchanged |

## Analysts
Consensus Hold (mean 2.58 on a 1–5 scale), 12 analysts; mean target USD 52.33 (low 47, high 65).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-19 | BMO Capital | Target lowered | Outperform | $63 → $58 |
| 2026-10-16 | UBS | Target lowered | Neutral | $56 → $48 |
| 2026-10-16 | Baird | Target lowered | Outperform | $72 → $65 |
| 2026-10-16 | Goldman Sachs | Target lowered | Neutral | $57 → $50 |
| 2026-10-16 | JP Morgan | Target lowered | Neutral | $59 → $50 |
| 2026-10-13 | UBS | Target raised | Neutral | $55 → $56 |
| 2026-07-20 | Barclays | Target raised | Equal-Weight | $30 → $47 |
| 2026-07-17 | BMO Capital | Target raised | Outperform | $49 → $63 |
| 2026-07-17 | Goldman Sachs | Target raised | Neutral | $36 → $57 |
| 2026-07-17 | Truist Securities | Target raised | Hold | $34 → $50 |
| 2026-07-17 | UBS | Target raised | Neutral | $41 → $55 |
| 2026-07-17 | Baird | Target raised | Outperform | $45 → $72 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +45.4% | -44.3% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +45.6% | -11.0% |
| Volatility (annualized) | 60.5% | 40.7% |
| Max drawdown | -34.1% (Aug 2026→Oct 2026) | -72.5% (Feb 2022→Mar 2026) |

## Peers (Staffing & Employment Services)
NSP (Insperity, Inc.) USD 53.48 +6.58% · TNET (TriNet Group, Inc.) USD 74.62 +5.05% · RHI (Robert Half Inc.) USD 37.68 +8.78% · KFY (Korn Ferry) USD 76.35 +4.49% · KFRC (Kforce, Inc.) USD 53.66 +4.40% · KELYB (Kelly Services, Inc.) USD 26 +0.00%

## More
Full page: https://nexqual.com/MAN · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Staffingand Interim | $1.10B | 22.7% | +15.4% |
| Productsand Services Other | $48.5M | 1.0% | +0.6% |
| Permanent Recruitment | $40.5M | 0.8% | +12.8% |
| Outcome Based Solutionsand Consulting | $20.0M | 0.4% | +2.6% |
| Total revenue | $4.86B | 100% | — |
The lines above cover 24.9% of total revenue.

## Company outlook (8-K filed 2026-10-15)

- "The Company assumes no obligation to update or revise any forward-looking statements."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $1.07 | $1.11 | -2.9% | $4.93B | 9 |
| Next quarter (ends 2027-03-31) | $0.70 | $0.73 | -4.3% | $4.65B | 6 |
| Current fiscal year (ends 2026-12-31) | $3.59 | $3.62 | -0.8% | $19.13B | 11 |
| Next fiscal year (ends 2027-12-31) | $4.64 | $4.85 | -4.3% | $19.80B | 11 |