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what it is
Manpower helps companies hire temporary and permanent workers through 2,100 offices across 75 countries.
how it gets paid
Last year Manpowergroup made $18.0B in revenue. Southern Europe was the main engine at $8.3B, or 46% of sales.
why it's growing
Revenue grew 0.6% last year. Third-quarter revenue topped forecasts, up a modest 2%, vs. prior year, as trends in north america and europe showed ongoing steadiness, while latin america and.
what just happened
The latest data set says Manpower posted $13.2B in revenue, but the earnings feeds disagree sharply on profit.
At a glance
B+ balance sheet — decent shape, but not bulletproof
25/100 earnings predictability — expect surprises
8.4x trailing p/e — the market's not buying it — or you found a deal
4.9% dividend yield — cash in your pocket every quarter
10.0% return on capital — nothing to write home about
xvary composite: 38/100 — weak
What they do
Manpower helps companies hire temporary and permanent workers through 2,100 offices across 75 countries.
When your company needs workers fast in Milan, Paris, or Milwaukee, scale matters. Manpower has 2,100 offices in 75 countries and says it serves 400,000+ clients. That reach is distribution, not magic. You call one vendor instead of rebuilding recruiting country by country, which matters when operating margin is only 3.5%.
How they make money
$18.0B
annual revenue · their business grew +0.6% last year
Major geographic markets include: the United State
$2.7B
Southern Europe
$8.3B
Northern Europe
$3.4B
Asia Pacific/Middle East
$2.2B
other parts of the Americas
$1.4B
The products that matter
global workforce solutions
Staffing and Recruitment
$18.0B revenue
it's the entire $18.0B business, and it runs on a razor-thin 0.9% net profit margin. that's a lot of revenue for very little economic slack.
100% of revenue
Key numbers
8.4x
trailing p/e
P/E → price compared with past earnings → so what: you are paying a bargain multiple for a business the market does not trust.
4.9%
dividend yield
Dividend yield → cash paid to you each year versus stock price → so what: you get paid to wait, if profits hold.
1.4%
net margin
Net margin → profit kept from each sales dollar → so what: Manpower keeps only 1.4 cents of every $1.00 it sells.
10.0%
return on capital
Return on capital → profit generated from money tied up in the business → so what: the company is decent, not elite, at turning investment into earnings.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 55 / 100
- long-term debt $468M (25% of capital)
- net profit margin 1.4% — keeps 1 cents of every dollar in revenue
- return on equity 12% — $0.12 profit for every $1 investors have put in
B+ — functional but not a standout on the balance sheet.
Total return vs. market
You invested $10,000 in MAN 3 years ago → it's now worth $4,010.
The index would have given you $13,920.
source: institutional data · total return
What just happened
beat estimates
The latest data set says Manpower posted $13.2B in revenue, but the earnings feeds disagree sharply on profit.
Yahoo says the last report delivered $0.92 EPS versus a $0.44 estimate, a 109.09% beat. The EDGAR figures provided here show revenue of $13.2B, EPS of -$0.93, and gross margin of 16.8%, so your first job is confirming which quarter each data feed is labeling.
$13.2B
revenue
$0.93
eps
16.8%
gross margin
the number that mattered
Gross margin was 16.8%. Gross margin → money left after direct costs → so what: with operating margin only 3.5%, there is not much room for mistakes below that line.
-
third-quarter revenue topped forecasts, up a modest 2%, vs. prior year, as trends in north america and europe showed ongoing steadiness, while latin america and asia pacific saw continued positive demand.
-
yet, although there was some improvement with jobplacement and it trends, there were notable weak spots, namely lower permanent recruitment and outplacement activity, and business mix shifts by enterprise clients, which weighed on gross margins.
-
this, along with restructuring and other charges, hurt share profits. (earnings on an adjusted basis fell, too.) chances are the fourth quarter saw similar patterns, but ultimately we now think the staffer will post a loss for 2025, on flat revenues.
-
although we see a pickup in 2026, the near-term view is cautious.
-
stabilizing demand across key markets is certainly welcome news.but it seems macroeconomic conditions (such as tariffs, inflation, and interest rates) remain a top concern for now, more so than ai/tech evolution, prompting many employers to be hesitant in hiring. in fact, recent surveys conducted by manpowergroup found that global employers are maintaining a stable, cautious outlook to start 2026, with some adding at a very measured pace.
source: company earnings report, 2026
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What could go wrong
the #1 risk is hiring demand staying weak across europe and north america.
med
hiring demand stays soft
This company lives on employer hiring decisions. The latest quarter showed $4.6B in revenue, but EPS still fell 19% from a year ago. If demand only stabilizes instead of improving, earnings stay under pressure.
With a 0.9% net margin, even a small drop in placement volume can do outsized damage to profit.
med
margin compression from restructuring and weak pricing
Operating margin is 3.0%. That already leaves little room for mistakes. The latest quarter included restructuring and other charges, which is exactly the kind of hit a low-margin model struggles to absorb.
If operating margin slips below today's 3.0%, the income story gets harder to defend.
med
ai and automation pressure on basic staffing work
The market is already nervous about AI disruption in staffing. That does not need to erase the business to matter. In a commoditized service model, even mild pricing pressure can show up quickly.
A company earning 0.9% on $18.0B of revenue does not have much buffer against cheaper digital alternatives.
med
labor compliance and reputational issues
Staffing companies operate in a regulation-heavy environment around worker treatment, pay practices, and local labor rules. Reputation matters because clients can switch providers without much pain.
This risk does not need a dramatic event to hurt you. In a 0.9% net margin model, small compliance costs can have a big earnings effect.
$18.0B in revenue sounds sturdy. A 0.9% net margin says otherwise. This business has scale, but almost no shock absorber.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
operating margin at 3.0%
This is the number with the least room for error. If margin weakens from here, the recovery case gets thinner fast.
trend
whether EPS keeps falling from a year ago
Last quarter's EPS was $0.38, down 19% from a year ago. You want that decline to stop before you trust the rebound story.
next report
proof of the 2026 pickup
Management is pointing to better conditions in 2026. The next report needs more than cautious optimism. It needs cleaner profit follow-through.
risk
the 4.9% yield versus business pressure
Income can make weak stocks look safer than they are. In this case, the payout matters most when the business is under stress.
Analyst rankings
short-term outlook
bottom 5%
momentum score 5 — the lowest rating. in human-speak, analysts expect this stock to lag most names in the next 12 months.
risk profile
average
stability score 3 — not a bunker stock, not a disaster either.
chart momentum
average
technical score 3 — the chart is not giving you a strong reversal signal yet.
earnings predictability
25 / 100
earnings predictability is low. Translation: quarterly numbers can surprise you in both directions.
source: institutional data
Institutional activity
institutions have been net buying for 2 consecutive quarters — 165 buyers vs. 152 sellers in 3q2025. total institutional holdings: 51.4M shares. net buying for 2 quarters.
source: institutional data
Price targets
3-5 year target range
$25
$72
$30
current price
$49
target midpoint · +66% from current · 3-5yr high: $75 (+155% · 29% ann'l return)
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