MANManpowerGroup Inc.
Is the business good?
More warning than reassurance: 1 of 9 health tests passed, thin cash backing (0.5×), and margins compressing.
Weak, deteriorating fundamentals. Nine pass/fail tests of year-over-year health from the filings.
Operating profit outpaces operating cash flow, watch accruals and working capital. Conversion is improving vs a year ago.
Positive operating leverage, operating profit is growing faster than sales, so margins widen as the business scales.
A balanced mix of margins, efficiency, and leverage. ROE 1% = margin × turnover × leverage.
Unless marked, from derived.
Against the whole market›
Percentile against every name Ryufin tracks. Higher is better; the tick marks the middle of the market. Context, not one of the checks above.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is MAN?
ManpowerGroup Inc. earns 7.6% on the capital it employs against a 9.0% cost of capital, so growth costs more than it returns.
Return on invested capital · cost of capital 9.0% · 1.4 points below what the capital costs: growth destroys value
- Operating margin
- 1.5%
Operating margin · Staffing & Employment Services median 0.87% · 12 months to Q2 2026
- Cash conversion
- 0.48×
Cash conversion · −0.10× a year ago · the operating profit has not turned into cash yet
- Share count, year on year
- +1.9%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 1.0% |
| FY2021 | 2.8% |
| FY2022 | 2.9% |
| FY2023 | 1.4% |
| FY2024 | 1.7% |
| FY2025 | 0.84% |
Details›
- Gross margin12 months to Q2 2026
- 16%
- Operating margin12 months to Q2 2026
- 1.5%
- Net margin12 months to Q2 2026
- 0.56%
- Free cash flow margin
- 0.37%
- Revenue, trailing twelve months
- $18.7B
- Free cash flow, trailing twelve months
- $69M
- Net income, trailing twelve months
- $104M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 7.6%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.
Staffing & Employment Services
Ranks #5 of 9 by RyuScore