ManpowerGroup (MAN)
Market Price (5/12/2026): $28.95 | Market Cap: $1.4 BilSector: Industrials | Industry: Human Resource & Employment Services
ManpowerGroup (MAN)
Market Price (5/12/2026): $28.95Market Cap: $1.4 BilSector: IndustrialsIndustry: Human Resource & Employment Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive yieldDividend Yield is 2.5% Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include Future of Work. Themes include Workforce Transformation, Talent Acquisition & Management, and Upskilling & Reskilling. | Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -135% Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% | Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97% Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% Key risksMAN key risks include [1] heavy revenue exposure to economic slowdowns in its core European markets, Show more. |
| Attractive yieldDividend Yield is 2.5% |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include Future of Work. Themes include Workforce Transformation, Talent Acquisition & Management, and Upskilling & Reskilling. |
| Weak multi-year price returns2Y Excs Rtn is -102%, 3Y Excs Rtn is -135% |
| Meaningful short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 12% |
| Debt is significantNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 97% |
| Weak revenue growthRev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -1.7% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.0% |
| Key risksMAN key risks include [1] heavy revenue exposure to economic slowdowns in its core European markets, Show more. |
Qualitative Assessment
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ManpowerGroup (MAN) stock has lost about 20% since 1/31/2026 because of the following key factors:
1. Q4 2025 Adjusted EPS Miss and Gross Margin Decline. ManpowerGroup reported adjusted earnings per share (EPS) of $0.92 for Q4 2025, which represented a 17% decrease in constant currency year-over-year. The company's reported GAAP EPS of $0.64 also fell short of the anticipated $0.82. Concurrently, the gross profit margin declined by 90 basis points to 16.3%, primarily due to ongoing pricing pressures within the staffing industry and a softer environment for permanent recruitment in Europe. The company also reported a net loss of $0.29 per share for the full year 2025.
2. Significant Restructuring Costs Impacting Q1 2026 Reported Earnings. In Q1 2026, ManpowerGroup's reported GAAP EPS was $0.05, a notable decline from $0.12 in the prior year period. This was largely attributable to $0.46 per share in restructuring and strategic transformation program costs. While the company aims for $200 million in permanent cost savings by 2028 through this program, these upfront expenses weighed on immediate profitability and investor sentiment.
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1. Q4 2025 Adjusted EPS Miss and Gross Margin Decline. ManpowerGroup reported adjusted earnings per share (EPS) of $0.92 for Q4 2025, which represented a 17% decrease in constant currency year-over-year. The company's reported GAAP EPS of $0.64 also fell short of the anticipated $0.82. Concurrently, the gross profit margin declined by 90 basis points to 16.3%, primarily due to ongoing pricing pressures within the staffing industry and a softer environment for permanent recruitment in Europe. The company also reported a net loss of $0.29 per share for the full year 2025.
2. Significant Restructuring Costs Impacting Q1 2026 Reported Earnings. In Q1 2026, ManpowerGroup's reported GAAP EPS was $0.05, a notable decline from $0.12 in the prior year period. This was largely attributable to $0.46 per share in restructuring and strategic transformation program costs. While the company aims for $200 million in permanent cost savings by 2028 through this program, these upfront expenses weighed on immediate profitability and investor sentiment.
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Stock Movement Drivers
Fundamental Drivers
The -20.3% change in MAN stock from 1/31/2026 to 5/11/2026 was primarily driven by a -23.2% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 36.33 | 28.95 | -20.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,644 | 18,377 | 4.2% |
| P/S Multiple | 0.1 | 0.1 | -23.2% |
| Shares Outstanding (Mil) | 46 | 47 | -0.4% |
| Cumulative Contribution | -20.3% |
Market Drivers
1/31/2026 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MAN | -20.3% | |
| Market (SPY) | 3.6% | 11.5% |
| Sector (XLI) | 6.1% | -13.7% |
Fundamental Drivers
The -3.2% change in MAN stock from 10/31/2025 to 5/11/2026 was primarily driven by a -6.6% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 29.89 | 28.95 | -3.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,644 | 18,377 | 4.2% |
| P/S Multiple | 0.1 | 0.1 | -6.6% |
| Shares Outstanding (Mil) | 46 | 47 | -0.4% |
| Cumulative Contribution | -3.2% |
Market Drivers
10/31/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MAN | -3.2% | |
| Market (SPY) | 5.5% | 11.5% |
| Sector (XLI) | 13.6% | 3.0% |
Fundamental Drivers
The -29.9% change in MAN stock from 4/30/2025 to 5/11/2026 was primarily driven by a -33.0% change in the company's P/S Multiple.| (LTM values as of) | 4302025 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 41.27 | 28.95 | -29.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17,854 | 18,377 | 2.9% |
| P/S Multiple | 0.1 | 0.1 | -33.0% |
| Shares Outstanding (Mil) | 48 | 47 | 1.7% |
| Cumulative Contribution | -29.9% |
Market Drivers
4/30/2025 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MAN | -29.9% | |
| Market (SPY) | 30.4% | 26.6% |
| Sector (XLI) | 35.2% | 19.1% |
Fundamental Drivers
The -56.5% change in MAN stock from 4/30/2023 to 5/11/2026 was primarily driven by a -57.1% change in the company's P/S Multiple.| (LTM values as of) | 4302023 | 5112026 | Change |
|---|---|---|---|
| Stock Price ($) | 66.61 | 28.95 | -56.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 19,828 | 18,377 | -7.3% |
| P/S Multiple | 0.2 | 0.1 | -57.1% |
| Shares Outstanding (Mil) | 51 | 47 | 9.2% |
| Cumulative Contribution | -56.5% |
Market Drivers
4/30/2023 to 5/11/2026| Return | Correlation | |
|---|---|---|
| MAN | -56.5% | |
| Market (SPY) | 78.7% | 34.8% |
| Sector (XLI) | 83.0% | 35.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MAN Return | 11% | -12% | -1% | -24% | -46% | 0% | -60% |
| Peers Return | 55% | -26% | 28% | -14% | -36% | -19% | -35% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 97% |
Monthly Win Rates [3] | |||||||
| MAN Win Rate | 50% | 50% | 33% | 25% | 42% | 60% | |
| Peers Win Rate | 70% | 35% | 57% | 40% | 42% | 57% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| MAN Max Drawdown | -4% | -33% | -16% | -25% | -53% | -13% | |
| Peers Max Drawdown | -5% | -34% | -12% | -24% | -45% | -35% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -7% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: RHI, ASGN, KFY, NSP, TNET. See MAN Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/11/2026 (YTD)
How Low Can It Go
| Event | MAN | S&P 500 |
|---|---|---|
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -15.5% | -9.5% |
| % Gain to Breakeven | 18.4% | 10.5% |
| Time to Breakeven | 50 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.9% | -6.7% |
| % Gain to Breakeven | 28.1% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.2% | -33.7% |
| % Gain to Breakeven | 79.1% | 50.9% |
| Time to Breakeven | 246 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.4% | -19.2% |
| % Gain to Breakeven | 34.1% | 23.7% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.5% | -12.2% |
| % Gain to Breakeven | 36.1% | 13.9% |
| Time to Breakeven | 348 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.9% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 120 days | 15 days |
In The Past
ManpowerGroup's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
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Asset Allocation
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| Event | MAN | S&P 500 |
|---|---|---|
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -21.9% | -6.7% |
| % Gain to Breakeven | 28.1% | 7.1% |
| Time to Breakeven | 76 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -44.2% | -33.7% |
| % Gain to Breakeven | 79.1% | 50.9% |
| Time to Breakeven | 246 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -25.4% | -19.2% |
| % Gain to Breakeven | 34.1% | 23.7% |
| Time to Breakeven | 53 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -26.5% | -12.2% |
| % Gain to Breakeven | 36.1% | 13.9% |
| Time to Breakeven | 348 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -23.9% | -6.8% |
| % Gain to Breakeven | 31.5% | 7.3% |
| Time to Breakeven | 120 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -39.9% | -17.9% |
| % Gain to Breakeven | 66.4% | 21.8% |
| Time to Breakeven | 498 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -32.0% | -15.4% |
| % Gain to Breakeven | 47.0% | 18.2% |
| Time to Breakeven | 179 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -59.2% | -53.4% |
| % Gain to Breakeven | 144.9% | 114.4% |
| Time to Breakeven | 300 days | 1085 days |
| Summer 2007 Credit Crunch | ||
| % Loss | -35.0% | -8.6% |
| % Gain to Breakeven | 53.9% | 9.5% |
| Time to Breakeven | 2286 days | 47 days |
In The Past
ManpowerGroup's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About ManpowerGroup (MAN)
ManpowerGroup Inc. provides workforce solutions and services in the Americas, Southern Europe, Northern Europe, and the Asia Pacific Middle East region. The company offers recruitment services, including permanent, temporary, and contract recruitment of professionals, as well as administrative and industrial positions under the Manpower and Experis brands. It also offers various assessment services; training and development services; career management; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives. In addition, the company provides workforce consulting services; contingent staffing and permanent recruitment services; professional resourcing and project-based solutions in information technology, engineering, and finance fields; solutions in the areas of organizational efficiency, individual development, and career mobility; and recruitment process outsourcing, TAPFIN managed, and talent based outsourcing services, as well as Proservia services in the areas of digital services market and IT infrastructure sector. It operates through a network of approximately 2,200 offices in 75 countries and territories. The company was incorporated in 1948 and is based in Milwaukee, Wisconsin.
AI Analysis | Feedback
Here are a few analogies for ManpowerGroup:
- Accenture for Human Resources: Like Accenture provides global consulting, technology, and outsourcing services across various industries, ManpowerGroup offers similar comprehensive professional services focused specifically on human resources, staffing, and workforce solutions globally.
- Amazon for workforce solutions: Similar to how Amazon provides a vast, global marketplace for goods and services with various fulfillment options, ManpowerGroup serves as a global marketplace and comprehensive provider for companies seeking talent and workforce management solutions, from temporary staff to specialized professionals and outsourced HR functions.
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- Recruitment Services: Provides permanent, temporary, and contract recruitment for various professional, administrative, and industrial roles.
- Professional Resourcing and Project Solutions: Offers specialized staffing and project-based talent solutions primarily in information technology, engineering, and finance fields.
- Workforce Consulting Services: Delivers strategic advice and solutions focused on organizational efficiency, individual development, and career mobility.
- Talent Assessment, Training, and Development: Includes services for assessing candidate capabilities, providing employee training, and supporting career growth.
- HR Outsourcing Services: Manages human resources functions such as recruitment process outsourcing (RPO), contingent workforce programs (TAPFIN), and talent-based outsourcing.
- Digital Services and IT Infrastructure Solutions (Proservia): Offers specialized services in the digital market and IT infrastructure sector.
AI Analysis | Feedback
ManpowerGroup Inc. (MAN) sells primarily to other companies. Its services, which include recruitment, staffing, HR outsourcing, and consulting, are designed to meet the workforce needs of businesses rather than individual consumers. Due to the nature of its business as a provider of staffing, recruitment, and HR solutions across a wide range of industries and geographies, ManpowerGroup typically serves a highly diversified client base. Publicly traded companies in this sector generally do not disclose the names of specific major customer companies unless a single customer represents a material portion (e.g., 10% or more) of their revenue. Such specific customer information is not publicly available for ManpowerGroup. Therefore, while ManpowerGroup serves thousands of businesses worldwide, specific names of its major customer companies are not publicly disclosed.AI Analysis | Feedback
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```htmlJonas Prising, Chair & Chief Executive Officer
Jonas Prising joined ManpowerGroup in 1999 and was appointed CEO in 2014, later becoming Chairman in December 2015. He is responsible for leading ManpowerGroup's global operations across 75-80 countries. Before joining ManpowerGroup, he spent ten years at Electrolux, a Swedish multinational, where he held various international positions within the consumer goods and business-to-business divisions, including regional manager for Asia Pacific and managing director of Sales Companies in France and the United Kingdom. Prising holds an MBA equivalent from the Stockholm School of Economics and has participated in executive programs at Harvard, INSEAD, Stanford, and Yale. He serves as global Board Chairman for JA Worldwide and is actively involved with the World Economic Forum.
John T. McGinnis, Executive Vice President and Chief Financial Officer
John T. McGinnis, also known as Jack, was appointed Executive Vice President and Chief Financial Officer of ManpowerGroup in February 2016. He also took on additional oversight of global technology, information security, data privacy, and enterprise-wide transformation starting March 3, 2025. Prior to ManpowerGroup, he served as Global Controller at Morgan Stanley, where he was responsible for financial accounting and controls, SEC and regulatory reporting, and financial planning and analysis. His previous experience includes serving as CFO of HSBC North America Holdings Inc. and HSBC USA Inc., and Chief Accounting Officer and Executive Vice President of HSBC Finance Corp. He began his career as a Partner at Ernst & Young LLP. McGinnis is a Certified Public Accountant (Illinois) and a Chartered Accountant (Canada), and he holds a Bachelor of Business Administration from Loyola University of Chicago.
Becky Frankiewicz, President & Chief Strategy Officer
Becky Frankiewicz will assume the role of President & Chief Strategy Officer at ManpowerGroup effective June 1, 2025, where she will lead the company's strategy, focusing on innovation, commercial strategy, and the integration of AI. Prior to this, she was the Regional President for North America and Chief Commercial Officer. She joined ManpowerGroup in 2017 as President of its North American operations. Before joining ManpowerGroup, Frankiewicz held several leadership roles at PepsiCo, including serving as general manager of Quaker Foods North America, one of its largest subsidiaries.
Michelle Nettles, Executive Vice President, Chief People & Legal Officer
Michelle Nettles was appointed Executive Vice President, Chief People & Legal Officer, effective January 1, 2025. In this expanded role, she assumes responsibilities previously held by the senior vice president, general counsel, and secretary, in addition to her previous duties as Executive Vice President and Chief People & Culture Officer. Nettles joined ManpowerGroup in 2019. Before her tenure at ManpowerGroup, she was the Chief People and Diversity Officer at Molson Coors, a beverage firm.
Ganesh Ramakrishnan, Chief Information and Transformation Officer
Ganesh Ramakrishnan serves as ManpowerGroup's Chief Information and Transformation Officer.
```AI Analysis | Feedback
ManpowerGroup (MAN) faces several key risks to its business operations. The most significant risk stems from **macroeconomic volatility and geopolitical instability, particularly in Europe**. As a global workforce solutions provider, ManpowerGroup's business is highly susceptible to overall economic conditions and hiring trends. Europe is a crucial market for the company, generating approximately 65% of its revenue. Economic uncertainties, recessionary fears, and geopolitical pressures in this region can lead to more cautious hiring practices among clients, resulting in reduced demand for staffing and recruitment services, as well as increased pricing pressure. Another key risk involves **technological disruption, including the integration of artificial intelligence (AI), and the evolving nature of work**. The rapid pace of digital transformation necessitates continuous adaptation and upskilling of the workforce. ManpowerGroup must effectively address the challenges posed by changing skill requirements to remain competitive in matching talent with job opportunities. Finally, the company faces **intense competition and potential pricing pressure** within the staffing industry. Portions of the industry can become increasingly commoditized, leading to competition focused heavily on pricing. Clients may seek lower-cost alternatives, including utilizing their own in-house resources, which could limit ManpowerGroup's ability to maintain or increase its market share and negatively impact its financial results.AI Analysis | Feedback
The rapid advancement and adoption of artificial intelligence and automation technologies in talent acquisition and human resource management. These technologies are increasingly capable of automating tasks such as candidate sourcing, screening, matching, interview scheduling, and even initial candidate assessment, which are core services offered by ManpowerGroup under its various brands. This development threatens to disintermediate traditional human-led recruitment processes by enabling companies to manage a larger portion of their talent acquisition needs in-house with greater efficiency and lower cost, or by empowering tech-first competitors to offer similar services without the extensive human overhead.
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ManpowerGroup (symbol: MAN) operates in several large addressable markets related to workforce solutions and services. The key market sizes for their main products and services are as follows:
Staffing and Recruitment Services
- The global staffing industry is projected to reach approximately $650 billion in 2025.
- The broader global staffing and recruitment market is expected to reach US$2,031.34 billion by 2031, growing from US$757.56 billion in 2023 with a compound annual growth rate (CAGR) of 13.1% from 2023 to 2031.
- Another estimate for the global recruitment market size is approximately USD 642 billion in 2025.
- The global HR & Recruitment Services market size was $739.4 billion in 2025 and is projected to be $763.8 billion in 2026.
- In 2024, the global Recruitment & Staffing market size was USD 519.85 billion, with projections to expand at a CAGR of 9.90% from 2024 to 2031. Regionally in 2024, North America accounted for over 40% of this market (USD 207.94 billion), Europe for over 30% (USD 155.95 million), and Asia Pacific for approximately 23% (USD 119.57 billion).
- The U.S. staffing market saw revenues of approximately $189 billion in 2024 and is forecast to rebound by about 5% to $198 billion in 2025. The U.S. recruitment and staffing sector represented approximately one-third of the global recruitment market in 2023.
IT Staffing and Professional Resourcing (Experis brand)
- The global IT staffing market is expected to grow from USD 123.30 billion in 2025 to USD 127.75 billion in 2026, with a forecast to reach USD 152.47 billion by 2031. In 2025, North America comprised 44.05% of this revenue.
- Another analysis estimates the global IT Staffing Market size at USD 240.77 billion in 2024, growing to USD 253.87 billion in 2025 and projected to reach USD 431.27 billion by 2035.
- The IT staffing market size is forecast to increase by USD 96.8 billion at a CAGR of 8.5% between 2023 and 2028.
Recruitment Process Outsourcing (RPO) (Talent Solutions - RPO brand)
- The global recruitment process outsourcing (RPO) market was estimated at USD 7.33 billion in 2022 and is projected to reach USD 24.32 billion by 2030, exhibiting a CAGR of 16.1% from 2023 to 2030. North America held the largest revenue share of 41.2% in 2022.
- Another source reports the global RPO market size reached USD 9.4 billion in 2024 and is expected to reach USD 36.4 billion by 2033, growing at a CAGR of 15.48% during 2025-2033.
Human Capital Management (HCM) / HR Professional Services (Talent Solutions, Right Management, workforce consulting)
- The global human capital management (HCM) market was valued at USD 34.12 billion in 2025 and is projected to grow from USD 37.22 billion in 2026 to USD 76.22 billion by 2034. North America held a dominant share of 45.50% in 2025.
- The global HR professional services market was valued at USD 83.75 billion in 2025 and is estimated to grow from USD 89.75 billion in 2026 to reach USD 126.85 billion by 2031. North America commanded a 39.45% share in 2025.
- The global HR Services Market, including HR consulting solutions, was valued at USD 1024.32 billion in 2026 and is expected to reach USD 1348.22 billion by 2035.
Talent Management
- The global talent management market was valued at USD 12.85 billion in 2025 and is estimated to grow from USD 14.81 billion in 2026 to reach USD 30.06 billion by 2031.
- Another report states the global talent management market size was estimated at USD 9.96 billion in 2023 and is projected to reach USD 22.67 billion by 2030.
- The global talent management market size was USD 7.01 billion in 2025 and is projected to reach USD 13.76 billion by 2033. North America and Europe are the largest markets for talent management, while the Asia Pacific region shows the highest CAGR.
Workforce Management
- The global workforce management market is projected to grow from USD 9.57 billion in 2025 to USD 15.67 billion by 2030.
- Another estimate indicates the global workforce management market size was valued at USD 8.07 billion in 2022 and is projected to reach USD 19.35 billion by 2030.
- The workforce management market is estimated to be valued at USD 9.7 billion in 2025 and is projected to reach USD 22.4 billion by 2035.
AI Analysis | Feedback
ManpowerGroup (NYSE: MAN) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and anticipated improvements in market conditions. The company's leadership has highlighted a clear path toward sustainable organic revenue and margin growth. Expected drivers of future revenue growth include:- Improving Market Demand and Stabilization: ManpowerGroup anticipates capitalizing on "improving market demand" and "stabilization in market trends" across various regions, including North America and Europe. This suggests a positive cyclical upturn in the global staffing industry will contribute to increased business.
- Technological Advancements and AI Integration: The company is actively "advancing technological initiatives to diversify capabilities and increase market share," with a significant focus on integrating artificial intelligence (AI) across its operations. This includes scaling AI recruiter toolkits, which has already led to a 7% increase in placement rates, and expanding agentic AI coding assistants. ManpowerGroup aims to become an "AI-enabled global people business."
- Strategic Regional Performance and Market Penetration: Strong performance and sequential improvements in key geographic markets are expected to fuel growth. Specifically, France, Northern Europe, Italy, Latin America, and Asia Pacific have shown promising trends. The company is focused on "market penetration" as a core growth strategy.
- Cost Optimization and Productivity Gains: A continued emphasis on "disciplined execution and a commitment to cost optimization" and "transformation efforts to boost productivity and operational leverage" is crucial. These internal efficiency improvements are expected to support revenue growth and expand margins.
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Share Repurchases
- ManpowerGroup authorized a new share repurchase program in August 2023, allowing for the repurchase of up to 5.0 million shares of its common stock. This was in addition to a program authorized in August 2021.
- In 2024, the company's annual share buybacks amounted to $140 million.
- By October 31, 2025, ManpowerGroup completed the repurchase of 3,068,451 shares for $205.95 million under the August 2023 authorization.
Share Issuance
- ManpowerGroup's outstanding shares have consistently decreased over the last few years, from 54.2 million in 2021 to 46.5 million in 2025, primarily due to share repurchase programs.
- In early 2026, the company withheld shares from executive equity compensation for tax obligations, including 1,441 shares at $28.66 per share and 4,943 shares at $29.48 per share.
Outbound Investments
- ManpowerGroup completed the acquisition of ettain group, a significant IT staffing provider in the US, for $925 million in cash in 2021.
Capital Expenditures
- ManpowerGroup's capital expenditures were approximately $64.2 million in 2021, $75.6 million in 2022, and $78.2 million in 2023.
- Forecasted capital expenditures were $51.1 million for 2024 and $57.3 million for 2025.
- The company's capital allocation in this area includes strategic technology investments aimed at diversifying capabilities, gaining market share, and driving productivity.
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| 04302026 | GEO | GEO | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | RUN | Sunrun | Special | Short Squeeze PotentialShort Squeeze PotentialHas potential for a short squeeze. High short interest, rising short interest and high debt. | 0.0% | 0.0% | 0.0% |
| 04172026 | RSG | Republic Services | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.8% | 0.8% | -1.1% |
| 04102026 | VRSK | Verisk Analytics | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 12.3% | 12.3% | 0.0% |
| 04102026 | UHAL | U-Haul | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 0.3% | 0.3% | -1.0% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 32.43 |
| Mkt Cap | 1.7 |
| Rev LTM | 5,135 |
| Op Inc LTM | 235 |
| FCF LTM | 248 |
| FCF 3Y Avg | 309 |
| CFO LTM | 297 |
| CFO 3Y Avg | 367 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 0.3% |
| Rev Chg 3Y Avg | -0.8% |
| Rev Chg Q | 0.6% |
| QoQ Delta Rev Chg LTM | 0.2% |
| Op Inc Chg LTM | -17.7% |
| Op Inc Chg 3Y Avg | -19.5% |
| Op Mgn LTM | 3.5% |
| Op Mgn 3Y Avg | 5.5% |
| QoQ Delta Op Mgn LTM | -0.0% |
| CFO/Rev LTM | 6.1% |
| CFO/Rev 3Y Avg | 7.9% |
| FCF/Rev LTM | 4.9% |
| FCF/Rev 3Y Avg | 6.7% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1.7 |
| P/S | 0.3 |
| P/Op Inc | 6.3 |
| P/EBIT | 7.9 |
| P/E | 9.8 |
| P/CFO | 7.4 |
| Total Yield | 10.0% |
| Dividend Yield | 2.6% |
| FCF Yield 3Y Avg | 7.5% |
| D/E | 0.4 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 11.2% |
| 3M Rtn | -12.0% |
| 6M Rtn | 4.3% |
| 12M Rtn | -41.8% |
| 3Y Rtn | -54.2% |
| 1M Excs Rtn | 2.5% |
| 3M Excs Rtn | -18.4% |
| 6M Excs Rtn | -8.6% |
| 12M Excs Rtn | -73.2% |
| 3Y Excs Rtn | -136.4% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Staffing and Interim | 15,677 | 16,529 | 17,358 | 18,206 | 15,792 |
| Outcome-Based Solutions and Consulting | 1,259 | 1,412 | 1,438 | 1,598 | 1,440 |
| Permanent Recruitment | 492 | 615 | 758 | 623 | 435 |
| Other | 482 | 444 | 354 | 335 | 334 |
| Intercompany Eliminations | -55 | -86 | -80 | -38 | |
| Total | 17,854 | 18,914 | 19,828 | 20,724 | 18,001 |
Price Behavior
Price Behavior
| Market Price | $28.95 | |
| Market Cap ($ Bil) | 1.3 | |
| First Trading Date | 10/05/1988 | |
| Distance from 52W High | -35.0% | |
| 50 Days | 200 Days | |
| DMA Price | $28.86 | $32.29 |
| DMA Trend | down | down |
| Distance from DMA | 0.3% | -10.3% |
| 3M | 1YR | |
| Volatility | 53.6% | 47.5% |
| Downside Capture | 0.82 | 0.67 |
| Upside Capture | 60.69 | 55.24 |
| Correlation (SPY) | 11.0% | 24.3% |
MAN Betas & Captures as of 4/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.41 | 0.22 | 0.30 | 0.48 | 1.05 | 0.88 |
| Up Beta | -0.70 | -0.24 | 0.08 | 0.15 | 1.03 | 0.98 |
| Down Beta | -4.32 | -0.82 | 1.26 | 0.89 | 1.18 | 0.81 |
| Up Capture | 91% | 78% | 24% | 43% | 55% | 28% |
| Bmk +ve Days | 15 | 22 | 31 | 66 | 141 | 428 |
| Stock +ve Days | 11 | 23 | 32 | 60 | 115 | 372 |
| Down Capture | 848% | 56% | 15% | 58% | 129% | 102% |
| Bmk -ve Days | 4 | 18 | 30 | 56 | 108 | 321 |
| Stock -ve Days | 11 | 20 | 31 | 64 | 135 | 374 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAN | |
|---|---|---|---|---|
| MAN | -27.1% | 47.8% | -0.51 | - |
| Sector ETF (XLI) | 30.6% | 15.6% | 1.51 | 17.3% |
| Equity (SPY) | 28.1% | 12.5% | 1.78 | 24.7% |
| Gold (GLD) | 42.9% | 26.9% | 1.30 | -23.6% |
| Commodities (DBC) | 48.6% | 18.0% | 2.14 | -8.7% |
| Real Estate (VNQ) | 13.6% | 13.5% | 0.70 | 31.2% |
| Bitcoin (BTCUSD) | -22.4% | 41.7% | -0.50 | 3.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAN | |
|---|---|---|---|---|
| MAN | -22.2% | 36.1% | -0.61 | - |
| Sector ETF (XLI) | 12.8% | 17.4% | 0.58 | 46.7% |
| Equity (SPY) | 12.9% | 17.1% | 0.59 | 46.1% |
| Gold (GLD) | 21.2% | 17.9% | 0.96 | -8.2% |
| Commodities (DBC) | 13.5% | 19.1% | 0.58 | 5.8% |
| Real Estate (VNQ) | 3.6% | 18.8% | 0.09 | 42.1% |
| Bitcoin (BTCUSD) | 8.5% | 56.0% | 0.36 | 19.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MAN | |
|---|---|---|---|---|
| MAN | -6.6% | 35.4% | -0.09 | - |
| Sector ETF (XLI) | 14.0% | 20.0% | 0.62 | 57.5% |
| Equity (SPY) | 15.0% | 17.9% | 0.72 | 54.2% |
| Gold (GLD) | 13.4% | 15.9% | 0.70 | -10.4% |
| Commodities (DBC) | 9.5% | 17.7% | 0.45 | 15.1% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.24 | 44.9% |
| Bitcoin (BTCUSD) | 68.1% | 66.9% | 1.07 | 12.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/16/2026 | 0.9% | 2.6% | |
| 1/29/2026 | 15.0% | 27.1% | -3.4% |
| 10/16/2025 | -6.5% | -12.2% | -24.1% |
| 7/17/2025 | 2.9% | 4.6% | -4.4% |
| 4/17/2025 | -19.1% | -15.4% | -11.2% |
| 1/30/2025 | 0.5% | -3.6% | -4.6% |
| 10/17/2024 | -9.8% | -16.2% | -15.0% |
| 7/18/2024 | -1.1% | -2.0% | -5.0% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 11 | 11 | 10 |
| # Negative | 13 | 13 | 13 |
| Median Positive | 3.8% | 4.5% | 8.6% |
| Median Negative | -4.5% | -4.5% | -5.0% |
| Max Positive | 15.0% | 27.1% | 23.0% |
| Max Negative | -19.1% | -16.2% | -24.1% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/08/2026 | 10-Q |
| 12/31/2025 | 02/23/2026 | 10-K |
| 09/30/2025 | 10/31/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 05/02/2025 | 10-Q |
| 12/31/2024 | 02/19/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/02/2024 | 10-Q |
| 03/31/2024 | 05/03/2024 | 10-Q |
| 12/31/2023 | 02/16/2024 | 10-K |
| 09/30/2023 | 11/03/2023 | 10-Q |
| 06/30/2023 | 08/04/2023 | 10-Q |
| 03/31/2023 | 05/05/2023 | 10-Q |
| 12/31/2022 | 02/17/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/05/2022 | 10-Q |
Recent Forward Guidance [BETA]
Latest: Q1 2026 Earnings Reported 4/16/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 EPS | 0.91 | 0.96 | 1.01 | 92.0% | Higher New | Guidance: 0.5 for Q1 2026 | |
| 2028 Permanent Cost Savings | 200.00 Mil | ||||||
Prior: Q4 2025 Earnings Reported 1/29/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Diluted EPS | 0.45 | 0.5 | 0.55 | ||||
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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