# ManpowerGroup (MAN) — Stock CV

ManpowerGroup is a $2.45B industrial company. Revenue grew 6.7% over the last year, it keeps 1¢ of every dollar of sales as profit, and its net debt equals ~11.7 years of free cash flow. It trades at 23.6× earnings — near the highest of its own history.

> ManpowerGroup Inc provides workforce solutions and services, including recruitment and assessment, upskilling, reskilling, training and development, career management, outsourcing, and workforce consulting.

## Identity

- **Ticker**: MAN
- **Sector**: Industrials
- **Industry**: Services-Help Supply Services
- **Headquarters**: MILWAUKEE, WI
- **Employees**: 25 400
- **Website**: https://www.manpowergroup.com
- **Market cap**: $2.45B
- **Last price**: $52.78
- **Financial profile**: Strained

## Vitals (TTM)

- **Revenue**: $18.7B
- **Net income**: $104M
- **Free cash flow**: $68.9M
- **Net debt**: $806M
- **P/E**: 23.6
- **Revenue growth (YoY)**: 6.7%

## Skills (profile scores, 0–100)

| Pillar | Score |
|---|---|
| Valuation | 55 |
| Growth | 25 |
| Profitability | 16 |
| Health | 42 |
| Quality | 60 |
| Moat | 36 |

## Qualifications (beginner checklist) — 8 of 11 passed

- [x] Revenue growing — +6.7% YoY
- [x] Profitable — $104M TTM
- [ ] Profit growing — -109.2% YoY
- [x] Generates cash — $68.9M TTM
- [ ] Debt under control — ~11.7y of cash flow to repay
- [x] Established company — $2.45B market cap
- [x] Not printing shares — -20.1% shares over ~5y
- [x] Proven track record — 9/10 profitable years
- [ ] Financially stable — health score 22/100
- [x] Pays a dividend — yield 2.73%
- [x] Valuation not extreme — P/E 23.6

## Experience (career milestones)

- **FY2020** — Became debt-free: cash now exceeds total debt
- **FY2018** — Best year on record: $557M net income
- **FY2016** — First recorded profitable year: $444M net income
- **FY2016** — Revenue already above $10B: $19.7B in first reported year
- **2016** — And 2017, ManpowerGroup purchased several divisions of Ciber in Europe: Ciber Netherlands, Ciber Norway
- **Jun 1, 2015** — ManpowerGroup announced the acquisition of the Australian and Singapore divisions of Greythorn and…
- **Sep 22, 2011** — ManpowerGroup acquired 70% of Proservia SA, a French IT and systems engineering company
- **2011** — The company rebranded itself to ManpowerGroup and organized itself into four primary brands: Manpower,…
- **Apr 5, 2010** — Manpower completed the COMSYS acquisition and integrated the company with Manpower Professional IT
- **2000** — Manpower launched The Empower Group, an independent operating division providing consulting services to…
- **1991** — This process completed in 1991 with the incorporation of Manpower Inc, a new publicly traded holding company that…
- **Aug 18, 1975** — Upon the retirement of co-founder Elmer Winter, the Parker Pen Company announced its acquisition…
- **1962** — Manpower went public, listing shares on the New York Stock Exchange
- **1948** — Founded in 1948 by Elmer Winter and Aaron Scheinfeld, ManpowerGroup is the third-largest staffing firm in the world…

## Strengths

- None stand out in the data.

## Watch-outs

- Loss-making in 1 of the recent years
- Net debt equals ~11.7 years of free cash flow

## Track record

| Year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2021 | $20.7B | $382M | $581M |
| FY2022 | $19.8B | $374M | $348M |
| FY2023 | $18.9B | $88.8M | $270M |
| FY2024 | $17.9B | $145M | $258M |
| FY2025 | $18.0B | -$13.3M | -$161M |

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Source: https://stockcv.com/MAN — derived from company filings; may be delayed or incomplete. Information, not investment advice.