At a glance
ManpowerGroup Inc is worth $2.13B. Revenue grew 0.6% to $17.96B in fiscal 2025, at a loss; over 5 years it has grown 0.0% a year. It pays a 3.15% dividend yield, and returned $1.47B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +47.8% over the past year with dividends reinvested and −10.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 44.2% in the 2020 crash (S&P 500: 33.7%) and 43.2% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
ManpowerGroup is a staffing and recruiting company based in Milwaukee, Wisconsin. It places people in temporary, contract and permanent jobs for employers across all major industries, through about 2,100 offices in more than 70 countries and territories. The company dates to 1948 and has been listed on the New York Stock Exchange since 1967.
It has three brands. Manpower supplies temporary, or contingent, workers for office and industrial jobs and fills permanent roles. Experis provides IT professionals and project services in areas such as cloud and cybersecurity. Talent Solutions runs larger programs. Through recruitment process outsourcing (RPO), it handles part or all of a client's hiring. TAPFIN-MSP manages a client's use of outside contractors. Right Management helps laid-off workers find new jobs. Demand for Right Management has historically moved opposite to staffing demand, which helps cushion downturns.
Much of what clients pay goes to the wages and costs of the workers it places, so margins are thin. In fiscal 2025, revenue was $17.96 billion. Only 16.7% remained after those direct costs (the gross margin), and 0.8% remained after all operating expenses (the operating margin). In its Americas segment, the United States produced 63% of revenue. The largest operations elsewhere in that region include Canada, Mexico and Colombia. Some US offices are franchises that generally pay fees of 2% to 3% of their sales.
Price history
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MAN +47.8% over the year to Oct 28, 2026, total return with dividends reinvested.
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.84B, up 4.4% from a year earlier, and net income was $34.1M (+89.4%).
- For fiscal 2025, revenue was $17.96B (+0.6% year over year; 0.0% a year from FY2020 to FY2025) with a -0.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | 0.0% watch |
|---|---|
| Operating margin | 0.8% weak |
| Free cash flow margin | -0.9% weak |
| Return on equity (FY2025) | -0.6% weak |
| Return on assets (FY2025) | -0.1% weak |
| Net cash (cash minus debt) | $-870.3M weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $18.00B | $23.8M | $885.7M |
| FY2021 | $20.72B | $382.4M | $580.6M |
| FY2022 | $19.83B | $373.8M | $347.7M |
| FY2023 | $18.91B | $88.8M | $270.0M |
| FY2024 | $17.85B | $145.1M | $258.1M |
| FY2025 | $17.96B | $-13.3M | $-161.4M |
Valuation snapshot
| Market value | $2.13B |
|---|---|
| P/E ratio | — |
| Dividend yield | 3.15% |
Rank among 1514 US companies
Market value at each year end
ManpowerGroup’s market value went from $5.96B at the end of 2016 to $2.13B on Oct 28, 2026, down 64%; since the end of 2025 it is up 55%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $2.13B | +54.6% |
| 2025 | $1.38B | -49.2% |
| 2024 | $2.71B | -30.2% |
| 2023 | $3.88B | -7.8% |
| 2022 | $4.21B | -20.3% |
| 2021 | $5.28B | +1.8% |
| 2020 | $5.19B | -9.4% |
| 2019 | $5.73B | +42.9% |
| 2018 | $4.01B | -52.1% |
| 2017 | $8.36B | +40.2% |
| 2016 | $5.96B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MAN price data to Oct 28, 2026 | +57.2% | +47.8% | -9.1% | -10.8% | -2.1% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +57.3% |
| 2025 | -46.3% |
| 2024 | -24.0% |
| 2023 | -0.6% |
| 2022 | -11.9% |
| 2021 | +10.6% |
| 2020 | -4.4% |
| 2019 | +53.5% |
| 2018 | -47.4% |
| 2017 | +44.3% |
| 2016 | +7.7% |
| 2015 | +25.9% |
| 2014 | -19.6% |
| 2013 | +105.1% |
| 2012 | +21.5% |
| 2011 | -42.0% |
| 2010 | +16.7% |
| 2009 | +63.1% |
| 2008 | -39.1% |
| 2007 | -23.3% |
| 2006 | +62.5% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 64% over that stretch · deepest drop along the way 68%, back to its old high 56.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 44.2% over that stretch · deepest drop along the way 44.2%, back to its old high 8.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 30.6% over that stretch · deepest drop along the way 43.2%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 0 sales ($0.00).
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 14.9% | Jun 30, 2026 |
| AQR Capital Management, LLC | 8.05% | Mar 31, 2026 |
| Vanguard Portfolio Management | 6.98% | Mar 31, 2026 |
| Quantinno Capital Management LP | 6.7% | Jun 30, 2026 |
| Vanguard Capital Management | 5.29% | Mar 31, 2026 |
| SCHRODER INVESTMENT MANAGEMENT GROUP | 5% | Jun 30, 2026 |
| Invesco Ltd. | 4.5% | Sep 30, 2025 |
| Dimensional Fund Advisors LP | 3.9% | Dec 31, 2025 |
| BlackRock Portfolio Management LLC | 2.8% | Sep 30, 2025 |
| Victory Capital Management, Inc. | 0.92% | Dec 31, 2024 |
ETFs with the most weight in MAN
| PEY Invesco High Yield Equity Dividend Achievers™ ETF | 2.33% |
| RFV Invesco S&P MidCap 400® Pure Value ETF | 2.27% |
| DGRS WisdomTree US Smallcap Quality Dividend Growth Fund | 2.12% |
| MYLD Cambria Micro and SmallCap Shareholder Yield ETF | 0.99% |
| HEJD VictoryShares Hedged Equity Income ETF | 0.87% |
| SYLD Cambria Shareholder Yield ETF | 0.83% |
| FXR First Trust Industrials/Producer Durables AlphaDEX Fund | 0.7% |
| HAPS Harbor Human Capital Factor US Small Cap ETF | 0.59% |
What could go wrong
- Recessions hit staffing demand hard. Employers cut temporary workers when growth slows, and ManpowerGroup's costs fall more slowly than revenue. With an operating margin of 0.8% in fiscal 2025, there is little room to absorb a downturn.
- AI could reduce demand for its services. The company warns that artificial intelligence could reduce demand for its services, disrupt operations and bring legal or regulatory challenges, even as it builds AI into its own assessments and HR technology.
- Paying workers before clients pay. It pays workers weekly or monthly, but clients took an average of 55 days to pay as of December 31, 2025. Growth ties up cash, and clients' financial trouble could strain liquidity.
- Debt and loan covenants limit flexibility. Total debt was about $1.04 billion against $180.6 million of cash and investments as of June 30, 2026. Breaking loan conditions (covenants) could force early repayment, and lenders may refuse credit on acceptable terms.
- Low barriers let new rivals in easily. Many staffing markets have limited barriers to entry, so competition is intense. That can make it harder to hold market share and profits, and to attract and keep the qualified workers clients need.
- Governments could restrict staffing services. Governments could ban or restrict certain types of employment services, or add licensing or tax requirements. Operating in more than 70 countries and territories means many sets of rules that could change.
Recent events
- Executive or board change
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Executive or board change
- Quarterly results released
- Executive or board change; Bylaws or fiscal year changed; Shareholder vote results; Other company announcement
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
For income and retirement investors
ManpowerGroup pays a dividend, but the record has weakened. Dividends per share rose each year from $2.26 in 2020 to $3.08 in 2024, then fell to $1.44 in 2025. That year brought a net loss and negative free cash flow (cash left after running and investing in the business), so neither covered the $66.7 million paid out. The dividend yield was 3.15% as of October 28, 2026. Buybacks (share repurchases) totaled $838 million over 2021–2025 but shrank to $38.2 million in 2025. The share count fell 14.3% between November 2021 and August 2026.
The shares have fallen steeply in downturns. They dropped 68% in the 2008 financial crisis and took about 56 months from the low to recover. They lost 44.2% in the 2020 COVID crash and recovered in about 8 months. After a 43.2% drop in 2022, they had not recovered as of October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does ManpowerGroup make money?
Mostly by supplying workers to employers. Its Manpower brand places temporary, contract and permanent staff in office and industrial jobs. Experis provides IT professionals. Talent Solutions runs outsourced hiring, manages clients' use of contractors and offers outplacement to laid-off workers. Revenue was $17.96 billion in fiscal 2025, but most of it covers the workers' pay and related costs, so the gross margin was 16.7%. US franchise offices also pay fees, generally 2% to 3% of their sales.
Did ManpowerGroup cut its dividend?
Yes. Dividends per share fell to $1.44 in fiscal 2025 from $3.08 in fiscal 2024, after rising each year from 2020 through 2024. The lower payout came as the company posted a net loss of $13.3 million and negative free cash flow of $161.4 million. That means neither earnings nor free cash flow covered the $66.7 million paid in dividends. The dividend yield was 3.15% as of October 28, 2026.
Is ManpowerGroup profitable?
Not for fiscal 2025, the year ended December 31, 2025. It lost $13.3 million, or $0.29 per diluted share, on revenue of $17.96 billion, even though operating income was $150.1 million. Results improved in the quarter ended June 30, 2026. Revenue rose 7.5% from a year earlier to $4.86 billion, and net income was $53.5 million. Because margins are thin, small changes in demand can swing results between profit and loss.
How much debt does ManpowerGroup have?
Total debt was about $1.04 billion as of June 30, 2026. Against $180.6 million of cash and investments, that leaves net debt of roughly $863 million, compared with shareholders' equity of $2.11 billion. The company's 10-K warns that its debt could limit its operating flexibility. It also warns that breaking restrictive covenants (conditions set by lenders) in its credit facilities and other debt could trigger early repayment.
How has ManpowerGroup stock performed over time?
It has swung widely and lost ground over the long term. As of October 28, 2026, the share price was up 57.2% year to date and 47.8% over one year. Over five years it was down 44% in total, or about 10.8% a year. It fell 46.25% in calendar 2025. The stock dropped 68% in the 2008 financial crisis. After a 43.2% slide in 2022, it had not regained its earlier peak. These figures are share-price returns.