Manpowergroup Inc. key statistics and ratios

In fiscal 2025, Manpowergroup Inc. had return on equity of -0.6%, an operating margin of 0.8%, debt equal to 81.4% of equity and a current ratio of 1.11. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Manpowergroup Inc.: financial ratios, annual
Fiscal year	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMSept 2026
Gross margin	17.0%	16.6%	16.3%	16.2%	15.7%	16.4%	18.0%	17.8%	17.3%	16.7%	16.1%
Operating margin	3.8%	3.8%	3.6%	3.1%	1.0%	2.8%	2.9%	1.4%	1.7%	0.8%	1.6%
Net margin	2.3%	2.6%	2.5%	2.2%	0.1%	1.8%	1.9%	0.5%	0.8%	−0.1%	0.6%
Free-cash-flow margin	2.8%	1.6%	1.9%	3.6%	4.9%	2.8%	1.8%	1.4%	1.4%	−0.9%	0.0%
Return on equity	18.8%	21.2%	20.6%	17.4%	0.9%	15.4%	15.0%	3.8%	6.7%	−0.6%	5.7%
Return on assets	5.9%	6.6%	6.4%	5.2%	0.3%	4.0%	3.9%	1.0%	1.7%	−0.2%	1.4%
Asset turnover	2.59	2.56	2.53	2.35	1.94	2.16	2.09	2.11	2.10	2.07	2.17
Current ratio	1.40	1.28	1.44	1.46	1.42	1.11	1.21	1.16	1.12	1.11	1.05
Debt to equity	34.9%	34.1%	41.0%	39.1%	46.0%	44.3%	40.3%	45.1%	44.8%	81.4%	51.6%
Interest cover (operating income ÷ interest)	15.1x	16.0x	17.0x	14.5x	4.3x	15.1x	—	—	—	—	—
Effective tax rate	36.7%	26.0%	26.2%	32.1%	83.9%	32.7%	32.9%	56.9%	43.5%	—	50.2%
SG&A as % of revenue	13.2%	12.8%	12.7%	13.1%	14.6%	13.6%	15.1%	16.4%	15.6%	15.9%	—
Capital spending as % of revenue	0.3%	0.3%	0.3%	0.3%	0.3%	0.3%	0.4%	0.4%	0.3%	0.3%	0.2%
Free cash flow ÷ net income	122.4%	63.5%	75.2%	163.5%	>999%	151.8%	93.0%	304.1%	177.9%	—	6.2%
Dividends ÷ net income	26.7%	22.7%	22.9%	27.8%	542.4%	35.7%	37.4%	162.5%	100.5%	—	—
Dividends and buybacks ÷ free cash flow	110.6%	94.6%	150.1%	43.6%	44.5%	59.7%	117.9%	120.0%	110.7%	—	4.1%

US$ thousands unless shown otherwise. Fiscal quarters.

Manpowergroup Inc.: financial ratios, quarterly
Quarter	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026	2026 Q3Sept 2026
Gross margin	17.2%	17.1%	16.9%	16.6%	16.3%	16.0%	16.1%	15.9%
Operating margin	1.6%	0.7%	−0.6%	1.4%	1.7%	0.6%	2.3%	1.7%
Net margin	0.5%	0.1%	−1.5%	0.4%	0.6%	0.1%	1.1%	0.7%
Free-cash-flow margin	5.4%	−4.1%	−4.6%	1.0%	3.6%	−3.0%	−0.2%	−0.3%
Current ratio	1.12	1.12	0.98	1.00	1.11	1.12	1.04	1.05
Debt to equity	44.8%	51.0%	64.5%	60.5%	81.4%	55.5%	49.5%	51.6%
SG&A as % of revenue	15.6%	16.4%	17.5%	15.2%	14.6%	—	13.8%	14.2%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

Financial health

1 of 6 checks passed · September 30, 2026

What it owns · $8.3bn

Short-term assets $5.1bnLonger-term assets $3.2bn

What it owes, and who funded it · $6.9bn

Short-term liabilities $4.8bnShareholders' equity $2.1bn

Short-term assets cover short-term liabilities $5.1bn of assets due within a year against $4.8bn of liabilities due within a year.
Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
More cash than debt $233m of cash against $1.1bn of debt.
Debt below 40% of shareholders' equity Debt is 52% of equity.
Debt burden no higher than five years ago Debt to equity moved from 22% to 52% over five years.
A year's operating cash flow covers at least 20% of debt $42m of operating cash flow against $1.1bn of debt.
Operating profit covers interest at least five times over Operating income of $303m against −$90m of interest.

From Manpowergroup Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Moat

30 /100

Weak moat

How hard Manpowergroup's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

Returns on capital 2 / 20

Net income has been a median 3.1% of total assets over 10 years.
Pricing power 8 / 20

Gross margin has been a median 16.3%, moving by 0.7 percentage points (standard deviation) across 9 years.
Durability 5 / 20

Operating margin has been a median 2.1%; its worst year was 0.8%.
Cash conversion 10 / 20

Free cash flow was positive in 8 of 9 years, at a median 1.6% of revenue.
Discipline 20 / 20

The diluted share count fell 15.9% over five years; stock-based pay has been a median 0.1% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (45 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

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Figures from Manpowergroup Inc.'s SEC filings (10-K and 10-Q), retrieved October 30, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Manpowergroup Inc.