Latest Ratios: P/E Ratio -197.8x · EV/EBITDA 12.9x · ROE -0.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.7B | $1.4B | $2.8B | $4.0B | $4.4B | $5.4B | $5.3B | $5.9B | $4.2B | $8.6B | $6.3B |
| Enterprise Value | $4.2B | $2.9B | $3.5B | $4.8B | $5.1B | $5.9B | $5.2B | $6.4B | $4.7B | $8.8B | $6.5B |
| P/E Ratio → | -197.83 | — | 19.18 | 45.15 | 11.75 | 14.11 | 219.95 | 12.58 | 7.58 | 15.69 | 14.17 |
| P/S Ratio | 0.15 | 0.08 | 0.16 | 0.21 | 0.22 | 0.26 | 0.29 | 0.28 | 0.19 | 0.41 | 0.32 |
| P/B Ratio | 1.30 | 0.67 | 1.31 | 1.79 | 1.79 | 2.13 | 2.14 | 2.12 | 1.56 | 3.00 | 2.57 |
| P/FCF | — | — | 10.80 | 14.83 | 12.64 | 9.29 | 5.94 | 7.69 | 10.08 | 24.73 | 11.59 |
| P/OCF | — | — | 9.02 | 11.50 | 10.38 | 8.36 | 5.61 | 7.19 | 8.73 | 21.36 | 10.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.20 | 0.26 | 0.26 | 0.29 | 0.29 | 0.30 | 0.21 | 0.42 | 0.33 |
| EV / EBITDA | 12.90 | 8.95 | 8.94 | 14.08 | 6.86 | 9.01 | 11.71 | 8.81 | 5.33 | 10.11 | 7.80 |
| EV / EBIT | 17.55 | 15.40 | 10.12 | 16.98 | 8.47 | 9.78 | 27.43 | 8.72 | 5.87 | 11.21 | 8.68 |
| EV / FCF | — | — | 13.60 | 17.96 | 14.71 | 10.23 | 5.91 | 8.35 | 11.24 | 25.48 | 12.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.7% | 16.7% | 17.3% | 17.8% | 18.0% | 16.4% | 15.7% | 16.2% | 16.3% | 16.6% | 17.0% |
| Operating Margin | 1.3% | 1.3% | 1.7% | 1.4% | 3.3% | 2.8% | 2.1% | 3.1% | 3.6% | 3.7% | 3.8% |
| Net Profit Margin | -0.1% | -0.1% | 0.8% | 0.5% | 1.9% | 1.8% | 0.1% | 2.2% | 2.5% | 2.6% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.6% | -0.6% | 6.7% | 3.8% | 15.0% | 15.3% | 0.9% | 17.1% | 20.0% | 20.6% | 17.3% |
| ROA | -0.2% | -0.2% | 1.7% | 1.0% | 3.9% | 4.0% | 0.3% | 5.2% | 6.4% | 6.6% | 5.9% |
| ROIC | 5.6% | 5.6% | 7.7% | 6.1% | 15.8% | 15.9% | 9.8% | 15.0% | 19.0% | 20.4% | 20.5% |
| ROCE | 6.2% | 6.2% | 7.9% | 6.2% | 16.0% | 13.4% | 7.9% | 14.1% | 18.9% | 19.7% | 18.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.16 | 1.16 | 0.58 | 0.64 | 0.55 | 0.55 | 0.63 | 0.55 | 0.40 | 0.33 | 0.34 |
| Debt / EBITDA | 7.37 | 7.37 | 3.14 | 4.14 | 1.82 | 2.12 | 3.46 | 2.12 | 1.22 | 1.09 | 0.99 |
| Net Debt / Equity | — | 0.74 | 0.34 | 0.38 | 0.29 | 0.22 | -0.01 | 0.18 | 0.18 | 0.09 | 0.09 |
| Net Debt / EBITDA | 4.69 | 4.69 | 1.84 | 2.45 | 0.97 | 0.83 | -0.04 | 0.70 | 0.55 | 0.30 | 0.27 |
| Debt / FCF | — | — | 2.80 | 3.13 | 2.07 | 0.94 | -0.02 | 0.67 | 1.16 | 0.75 | 0.42 |
| Interest Coverage | 1.98 | 1.98 | 3.85 | 3.58 | 12.88 | 15.64 | 4.41 | 16.44 | 17.06 | 15.93 | 15.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.12 | 1.16 | 1.21 | 1.11 | 1.42 | 1.46 | 1.44 | 1.28 | 1.40 |
| Quick Ratio | 1.11 | 1.11 | 1.12 | 1.16 | 1.21 | 1.11 | 1.42 | 1.46 | 1.44 | 1.28 | 1.40 |
| Cash Ratio | 0.17 | 0.17 | 0.11 | 0.12 | 0.13 | 0.15 | 0.33 | 0.23 | 0.14 | 0.14 | 0.16 |
| Asset Turnover | — | 1.96 | 2.18 | 2.14 | 2.17 | 2.11 | 1.93 | 2.26 | 2.58 | 2.37 | 2.59 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 96.96 | 87.85 | 93.21 | 94.57 | 95.95 | 99.61 | 92.25 | 87.57 | 93.19 | 81.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 2.5% | 4.8% | 5.2% | 3.6% | 3.2% | 2.5% | 2.5% | 2.2% | 3.0% | 1.4% | 1.9% |
| Payout Ratio | — | — | 100.5% | 162.5% | 37.4% | 35.7% | 542.4% | 27.8% | 22.9% | 22.7% | 26.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.2% | 2.2% | 8.5% | 7.1% | 0.5% | 8.0% | 13.2% | 6.4% | 7.1% |
| FCF Yield | — | — | 9.3% | 6.7% | 7.9% | 10.8% | 16.8% | 13.0% | 9.9% | 4.0% | 8.6% |
| Buyback Yield | 1.4% | 2.8% | 5.0% | 4.5% | 6.1% | 3.9% | 5.0% | 3.5% | 11.9% | 2.4% | 7.7% |
| Total Shareholder Yield | 3.9% | 7.6% | 10.3% | 8.1% | 9.3% | 6.4% | 7.5% | 5.7% | 14.9% | 3.8% | 9.5% |
| Shares Outstanding | — | $47M | $48M | $50M | $53M | $55M | $58M | $60M | $65M | $68M | $71M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying MAN stock.
ManpowerGroup Inc.'s current P/E ratio is -197.8x. The historical average is 17.9x.
ManpowerGroup Inc.'s current EV/EBITDA is 12.9x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
ManpowerGroup Inc.'s return on equity (ROE) is -0.6%. The historical average is 13.0%.
Based on historical data, ManpowerGroup Inc. is trading at a P/E of -197.8x. Compare with industry peers and growth rates for a complete picture.
ManpowerGroup Inc.'s current dividend yield is 2.49%.
ManpowerGroup Inc. has 16.7% gross margin and 1.3% operating margin.
ManpowerGroup Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Cyclical demand and margin volatility
Metrics are mathematically derived from official filings.
Margin Compression Amid Recovery
According to ManpowerGroup's quarterly reports, gross margin contracted from 17.4% in 2024Q2 to 16.1% in 2026Q2, a 130 basis point decline, while operating margin recovered to 2.3%.
The gross margin erosion suggests persistent pricing pressure and a mix shift toward lower-margin permanent recruitment or temporary staffing, which may be structural rather than purely cyclical. Operating margin's rebound to 2.3% in 2026Q2 from -0.6% in 2025Q2 reflects strong operating leverage as SG&A remained flat, but the absolute level remains thin and highly sensitive to revenue fluctuations. Net margin of 1.1% in 2026Q2 is still below the 1.3% seen in 2024Q2, indicating that profitability has not fully recovered to prior peaks despite revenue growth.
Return on Capital Stuck at Low Single Digits
Based on ManpowerGroup's reported figures, ROIC has hovered between 0.6% and 2.5% over the past ten quarters, with 2026Q2 at 2.5%, reflecting a capital-intensive working capital model that dilutes returns.
ROIC's narrow range suggests the company is not compounding returns on invested capital, as the asset base is dominated by receivables and goodwill rather than productive fixed assets. The modest improvement to 2.5% in 2026Q2 from 0.6% in 2026Q1 aligns with the operating margin recovery, but the level remains far below the cost of capital, implying value destruction on a risk-adjusted basis. ROE of 2.6% in 2026Q2 is similarly subdued, indicating that shareholder returns are not yet reflecting the cyclical upswing.
Working Capital Efficiency Strained by DSO
As reported in financial statements, DSO rose from 91 days in 2024Q2 to 88 days in 2026Q2, while DPO fell from 63 to 57 days, indicating a slight deterioration in cash conversion efficiency.
The stable DSO around 88-96 days reflects the staffing model's reliance on client receivables, which ties up cash and exposes the company to collection risk. The decline in DPO from 67 days in 2025Q1 to 57 days in 2026Q2 suggests ManpowerGroup is paying suppliers faster, which may be a strategic choice or a sign of reduced negotiating power. Asset turnover of 0.58 in 2026Q2 is consistent with the asset-light model but remains low due to the large receivable base, limiting overall efficiency gains.
Leverage Elevated but Coverage Improving
According to ManpowerGroup's balance sheet data, D/E rose to 0.67 in 2026Q2 from 0.63 in 2024Q4, while interest coverage improved to 2.87x from 3.07x, reflecting higher debt and volatile earnings.
The D/E increase is modest, but the spike to 1.16 in 2025Q4 highlights the cyclicality of debt levels, likely driven by working capital needs during seasonal peaks. Interest coverage of 2.87x in 2026Q2 is thin, and the negative coverage in 2025Q2 (-0.61x) underscores the risk of earnings shortfalls in downturns. The D/EBITDA ratio of 10.74x in 2026Q2 is elevated relative to peers, suggesting that EBITDA is currently depressed and leverage appears higher than the long-term average.
Liquidity Buffer Thins to Critical Levels
Based on ManpowerGroup's reported figures, the current ratio slipped to 1.04 in 2026Q2 from 1.17 in 2024Q1, while cash fell to $181M, a level that may cover only a few days of operating costs.
The current ratio near 1.0 indicates that current assets barely cover current liabilities, leaving little cushion for a sudden downturn or working capital shock. The quick ratio of 1.04 in 2026Q2 is identical to the current ratio, suggesting that inventory is negligible, which is typical for a services firm, but the reliance on receivables for liquidity is a vulnerability. The cash balance of $181M is low relative to quarterly operating expenses, and the negative FCF margin in 2026Q2 (-0.4%) suggests that internal cash generation is insufficient to build a buffer.
Misapplied EV/EBITDA in Cyclical Staffing
The EV/EBITDA multiple of 13.03x is commonly misapplied to ManpowerGroup because EBITDA is highly cyclical and currently depressed, making the multiple appear expensive when normalized earnings are considered.
In staffing, EBITDA margins swing dramatically with the economic cycle, so a trailing EV/EBITDA can be misleading; the forward EV/EBITDA of 8.70x suggests the market expects a recovery, but this depends on sustained demand. A better metric is EV/EBIT or EV/normalized earnings, which adjusts for the volatility in D&A and working capital charges. Investors should also consider the price-to-book ratio of 1.32x, which is low relative to peers like Kforce (8.29x), but this may reflect the market's skepticism about the sustainability of returns.