Cash flow ManpowerGroup Inc.

Equities

MAN

US56418H1005

Employment Services

Market Closed - Nyse Other stock markets 04:00:02 2026-01-16 pm EST			5-day change	1st Jan Change
30.07 ^USD	-2.91%		-4.27%	+1.14%

Jan. 16	UBS Adjusts Price Target on ManpowerGroup to $32 From $39, Maintains Neutral Rating	MT
Dec. 18	BMO Capital Upgrades ManpowerGroup to Outperform From Market Perform, Adjusts Price Target to $44 From $42	MT

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Published financial data: MANPOWERGROUP INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	18B	20.72B	19.83B	18.91B	17.85B
Total Revenues	18B	20.72B	19.83B	18.91B	17.85B
Cost of Goods Sold, Total	15.18B	17.32B	16.26B	15.56B	14.77B
Gross Profit	2.82B	3.41B	3.57B	3.36B	3.09B
Selling General & Admin Expenses, Total	2.43B	2.77B	2.91B	2.89B	2.72B
Provision for Bad Debts	20.3M	17.9M	6.2M	5.4M	9M
Other Operating Expenses, Total	2.45B	2.79B	2.92B	2.9B	2.73B
Operating Income	371M	619M	657M	460M	361M
Interest Expense, Total	-43.3M	-38.8M	-46.9M	-79.7M	-90M
Interest And Investment Income	13.1M	12M	17.9M	34.2M	33.3M
Net Interest Expenses	-30.2M	-26.8M	-29M	-45.5M	-56.7M
Currency Exchange Gains (Loss)	-4.9M	-5.2M	-12.7M	-21.8M	-6.2M
Other Non Operating Income (Expenses)	5.4M	14.7M	15.8M	18.7M	20.2M
EBT, Excl. Unusual Items	341M	602M	631M	412M	318M
Restructuring Charges	-111M	-15.2M	-3.6M	-150M	-53.6M
Merger & Related Restructuring Charges	-	-18.8M	-14.7M	-	-
Impairment of Goodwill	-66.8M	-	-50M	-55.1M	-
Gain (Loss) On Sale Of Investments	-	-	-	-	-
Gain (Loss) On Sale Of Assets	-	-	-6M	-	-8.1M
Asset Writedown	-6M	-	-	-	-
Insurance Settlements	-	-	-	-	-
Other Unusual Items	-10.2M	-	-	-	-
EBT, Incl. Unusual Items	148M	568M	557M	206M	257M
Income Tax Expense	124M	186M	183M	117M	112M
Earnings From Continuing Operations	23.8M	382M	374M	88.8M	145M
Net Income to Company	23.8M	382M	374M	88.8M	145M
Net Income - (IS)	23.8M	382M	374M	88.8M	145M
Net Income to Common Incl Extra Items	23.8M	382M	374M	88.8M	145M
Net Income to Common Excl. Extra Items	23.8M	382M	374M	88.8M	145M
Per Share Items
Net EPS - Basic	0.41	7.02	7.16	1.78	3.04
Basic EPS - Continuing Operations	0.41	7.02	7.16	1.78	3.04
Basic Weighted Average Shares Outstanding	58M	54.5M	52.2M	49.8M	47.8M
Net EPS - Diluted	0.41	6.91	7.08	1.76	3.01
Diluted EPS - Continuing Operations	0.41	6.91	7.08	1.76	3.01
Diluted Weighted Average Shares Outstanding	58.3M	55.4M	52.8M	50.4M	48.3M
Normalized Basic EPS	3.68	6.9	7.56	5.16	4.16
Normalized Diluted EPS	3.66	6.79	7.47	5.1	4.12
Dividend Per Share	2.26	2.52	2.72	2.94	3.08
Payout Ratio	542.44	35.72	37.43	162.5	100.48
Supplemental Items
EBITDA	446M	687M	732M	535M	432M
EBITA	398M	644M	694M	495M	394M
EBIT	371M	619M	657M	460M	361M
EBITDAR	617M	854M	882M	690M	584M
Effective Tax Rate - (Ratio)	83.89	32.69	32.9	56.87	43.5
Current Domestic Taxes	9.7M	23.5M	24.4M	4.4M	3.2M
Current Foreign Taxes	125M	164M	154M	133M	141M
Total Current Taxes	134M	187M	178M	138M	144M
Deferred Domestic Taxes	-15.9M	8.2M	12.1M	-12.6M	-19.7M
Deferred Foreign Taxes	5.5M	-9.5M	-7.3M	-8M	-12.7M
Total Deferred Taxes	-10.4M	-1.3M	4.8M	-20.6M	-32.4M
Normalized Net Income	213M	376M	395M	257M	199M
Non-Cash Pension Expense	13.1M	200K	-800K	6.2M	1.5M
Supplemental Operating Expense Items
Advertising Expense	22.2M	28.1M	29.6M	28.9M	28.3M
Net Rental Expense, Total	171M	167M	149M	155M	152M
Imputed Operating Lease Interest Expense	38.48M	34M	39.16M	71.16M	79.3M
Imputed Operating Lease Depreciation	133M	133M	110M	84.24M	72.5M
Stock-Based Comp., SG&A Exp. (Total)	24.2M	36.8M	37.6M	28.7M	27.3M
Total Stock-Based Compensation	24.2M	36.8M	37.6M	28.7M	27.3M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	1.57B	848M	639M	581M	509M
Total Cash And Short Term Investments	1.57B	848M	639M	581M	509M
Accounts Receivable, Total	4.91B	5.45B	5.12B	4.79B	4.28B
Total Receivables	4.91B	5.45B	5.12B	4.79B	4.28B
Prepaid Expenses	175M	102M	158M	161M	164M
Other Current Assets, Total	13.1M	24.7M	14M	38.4M	18.1M
Total Current Assets	6.67B	6.42B	5.93B	5.57B	4.97B
Gross Property Plant And Equipment	1.02B	968M	951M	940M	850M
Accumulated Depreciation	-480M	-478M	-473M	-397M	-370M
Net Property Plant And Equipment	536M	490M	478M	544M	480M
Long-term Investments	107M	114M	95.8M	102M	104M
Goodwill	1.23B	1.72B	1.63B	1.59B	1.56B
Other Intangibles, Total	268M	622M	597M	564M	523M
Deferred Tax Assets Long-Term	-	-	-	-	-
Other Long-Term Assets, Total	526M	458M	397M	461M	561M
Total Assets	9.33B	9.83B	9.13B	8.83B	8.2B
Liabilities
Accounts Payable, Total	2.53B	3.04B	2.83B	2.72B	2.61B
Accrued Expenses, Total	1.95B	2.01B	1.89B	1.86B	1.63B
Short-term Borrowings	20.4M	16.8M	21.5M	9M	21M
Current Portion of Long-Term Debt	-	536M	5.1M	3.1M	2.4M
Current Portion of Leases	119M	110M	106M	100M	98.6M
Unearned Revenue Current, Total	34.9M	34.8M	35.6M	31.9M	30.3M
Other Current Liabilities	30.5M	29.7M	25.8M	75.6M	45.5M
Total Current Liabilities	4.68B	5.78B	4.91B	4.8B	4.44B
Long-Term Debt	1.1B	566M	960M	990M	929M
Long-Term Leases	305M	276M	267M	323M	279M
Unearned Revenue Non Current	-	-	-	-	-
Other Non Current Liabilities	781M	675M	534M	483M	429M
Total Liabilities	6.87B	7.3B	6.67B	6.6B	6.07B
Common Stock, Total	1.2M	1.2M	1.2M	1.2M	1.2M
Additional Paid In Capital	3.4B	3.44B	3.48B	3.51B	3.55B
Retained Earnings	3.39B	3.63B	3.87B	3.81B	3.81B
Treasury Stock	-3.95B	-4.17B	-4.45B	-4.64B	-4.79B
Comprehensive Income and Other	-397M	-389M	-459M	-466M	-443M
Total Common Equity	2.44B	2.52B	2.45B	2.22B	2.13B
Minority Interest	12.6M	10M	10.8M	10.8M	1.7M
Total Equity	2.45B	2.53B	2.46B	2.23B	2.13B
Total Liabilities And Equity	9.33B	9.83B	9.13B	8.83B	8.2B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	54.99M	53.65M	50.62M	48.24M	46.69M
ECS Total Common Shares Outstanding	55.57M	53.6M	50.56M	48.42M	46.75M
Book Value / Share	43.93	47.05	48.4	45.91	45.46
Tangible Book Value	947M	178M	222M	72.2M	39.2M
Tangible Book Value Per Share	17.05	3.32	4.39	1.49	0.84
Total Debt	1.55B	1.5B	1.36B	1.43B	1.33B
Net Debt	-18.8M	656M	720M	845M	821M
Debt Equivalent of Unfunded Proj. Benefit Obligation	240M	161M	105M	136M	102M
Debt Equivalent Oper. Leases	1.37B	1.34B	1.2B	1.24B	1.21B
Minority Interest, Total (Incl. Fin. Div)	12.6M	10M	10.8M	10.8M	1.7M
Equity Method Investments, Total	107M	114M	95.8M	102M	104M
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	500K	500K	400K	400K	400K
Buildings, Total	7.1M	6.7M	6.3M	6.4M	6M
Machinery, Total	301M	299M	296M	276M	252M
Full Time Employees	25K	30K	30.9K	27.9K	26.7K
Accumulated Allowance for Doubtful Accounts (Supple)	128M	122M	109M	99.2M	67.6M

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	23.8M	382M	374M	88.8M	145M
Depreciation & Amortization - CF	47.3M	43.7M	37.7M	40.2M	38.1M
Amortization of Goodwill and Intangible Assets - (CF)	27.2M	24.2M	37.1M	34.6M	32.7M
Depreciation & Amortization, Total	74.5M	67.9M	74.8M	74.8M	70.8M
Amortization of Deferred Charges, Total - (CF)	1.8M	5.5M	9.8M	13.8M	15.8M
(Gain) Loss From Sale Of Asset	-	-	6M	1.3M	8.2M
(Gain) Loss on Sale of Investments - (CF)	-	-	-	-	-
Asset Writedown & Restructuring Costs	98.6M	-	50M	57.3M	-
Stock-Based Compensation (CF)	24.2M	36.8M	37.6M	28.7M	27.3M
Tax Benefit from Stock Options	-	-	-	-	-
Provision and Write-off of Bad Debts	20.3M	17.9M	6.2M	5.4M	9M
Other Operating Activities, Total	-10.4M	-1.3M	4.8M	-20.6M	-32.4M
Change In Accounts Receivable	587M	-641M	28.8M	392M	261M
Change In Accounts Payable	-	-	-	-	15.7M
Change in Other Net Operating Assets	117M	776M	-168M	-293M	-211M
Cash from Operations	936M	645M	423M	348M	309M
Capital Expenditure	-50.7M	-64.2M	-75.6M	-78.2M	-51.1M
Cash Acquisitions	-700K	-924M	-16.4M	-	-4.9M
Divestitures	9M	1.6M	6.7M	4.1M	-12.2M
Investment in Marketable and Equity Securities, Total	-	-	-	-	-
Cash from Investing	-42.4M	-987M	-85.3M	-74.1M	-68.2M
Short Term Debt Issued, Total	-	-	7.2M	-	14M
Long-Term Debt Issued, Total	2.7M	75.5M	421M	1M	3.7M
Total Debt Issued	2.7M	75.5M	428M	1M	17.7M
Short Term Debt Repaid, Total	-40.8M	-3M	-	-12.8M	-
Long-Term Debt Repaid, Total	-400K	-2.2M	-487M	-4.4M	-1.6M
Total Debt Repaid	-41.2M	-5.2M	-487M	-17.2M	-1.6M
Issuance of Common Stock	7.4M	5.1M	300K	1.8M	800K
Repurchase of Common Stock	-265M	-210M	-270M	-180M	-140M
Common Dividends Paid	-129M	-137M	-140M	-144M	-146M
Common & Preferred Stock Dividends Paid	-129M	-137M	-140M	-144M	-146M
Other Financing Activities, Total	-10.3M	-12.5M	-13.8M	-11M	-13.5M
Cash from Financing	-435M	-284M	-482M	-350M	-282M
Foreign Exchange Rate Adjustments	82.5M	-93.4M	-64.7M	17.7M	-30.5M
Net Change in Cash	541M	-719M	-209M	-57.7M	-71.9M
Supplemental Items
Cash Interest Paid	40.8M	37M	38.2M	75.9M	84.9M
Cash Income Tax Paid (Refund)	150M	140M	202M	182M	188M
Levered Free Cash Flow	901M	506M	369M	489M	390M
Unlevered Free Cash Flow	928M	530M	399M	539M	446M
Change In Net Working Capital	-646M	-97.2M	58.8M	-212M	-158M
Net Debt Issued / Repaid	-38.5M	70.3M	-58.7M	-16.2M	16.1M

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	2.5	4.04	4.33	3.2	2.65
Return on Total Capital	5.59	9.63	10.46	7.69	6.34
Return On Equity %	0.91	15.34	14.98	3.78	6.65
Return on Common Equity	0.92	15.41	15.05	3.8	6.67
Margin Analysis
Gross Profit Margin %	15.69	16.44	18.02	17.75	17.29
SG&A Margin	13.52	13.37	14.67	15.29	15.22
EBITDA Margin %	2.48	3.32	3.69	2.83	2.42
EBITA Margin %	2.21	3.11	3.5	2.62	2.21
EBIT Margin %	2.06	2.99	3.32	2.43	2.02
Income From Continuing Operations Margin %	0.13	1.85	1.89	0.47	0.81
Net Income Margin %	0.13	1.85	1.89	0.47	0.81
Net Avail. For Common Margin %	0.13	1.85	1.89	0.47	0.81
Normalized Net Income Margin	1.19	1.82	1.99	1.36	1.11
Levered Free Cash Flow Margin	5	2.44	1.86	2.59	2.18
Unlevered Free Cash Flow Margin	5.15	2.56	2.01	2.85	2.5
Asset Turnover
Asset Turnover	1.94	2.16	2.09	2.11	2.1
Fixed Assets Turnover	31.93	40.4	40.96	37.02	34.88
Receivables Turnover (Average Receivables)	3.53	4	3.76	3.82	3.94
Short Term Liquidity
Current Ratio	1.42	1.11	1.21	1.16	1.12
Quick Ratio	1.38	1.09	1.17	1.12	1.08
Operating Cash Flow to Current Liabilities	0.2	0.11	0.09	0.07	0.07
Days Sales Outstanding (Average Receivables)	103.54	91.23	97.08	95.67	92.97
Average Days Payable Outstanding	60.32	58.67	65.91	65.16	66.12
Long Term Solvency
Total Debt/Equity	63.1	59.41	55.27	63.83	62.55
Total Debt / Total Capital	38.69	37.27	35.6	38.96	38.48
LT Debt/Equity	57.41	33.24	49.9	58.8	56.82
Long-Term Debt / Total Capital	35.2	20.85	32.14	35.89	34.95
Total Liabilities / Total Assets	73.7	74.24	73.08	74.7	74.07
EBIT / Interest Expense	8.57	15.96	14.01	5.77	4.01
EBITDA / Interest Expense	14.24	22.02	18.8	8.66	6.49
(EBITDA - Capex) / Interest Expense	13.07	20.37	17.18	7.68	5.92
Total Debt / EBITDA	2.51	1.76	1.54	2.07	2.28
Net Debt / EBITDA	-0.03	0.77	0.82	1.22	1.41
Total Debt / (EBITDA - Capex)	2.74	1.9	1.69	2.33	2.5
Net Debt / (EBITDA - Capex)	-0.03	0.83	0.89	1.38	1.54
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-13.72	15.13	-4.33	-4.6	-5.61
Gross Profit, 1 Yr. Growth %	-16.31	20.63	4.84	-6	-8.08
EBITDA, 1 Yr. Growth %	-44.11	54.24	7.9	-27.97	-19.24
EBITA, 1 Yr. Growth %	-47.03	61.59	9.39	-29.82	-20.38
EBIT, 1 Yr. Growth %	-48.61	66.91	7.65	-31.1	-21.5
Earnings From Cont. Operations, 1 Yr. Growth %	-94.89	1.51K	-2.25	-76.24	63.4
Net Income, 1 Yr. Growth %	-94.89	1.51K	-2.25	-76.24	63.4
Normalized Net Income, 1 Yr. Growth %	-49.96	76.36	6.42	-35.89	-22.6
Diluted EPS Before Extra, 1 Yr. Growth %	-94.69	1.59K	2.46	-75.14	71.02
Accounts Receivable, 1 Yr. Growth %	-6.86	10.93	-5.53	-6.48	-10.7
Net Property, Plant and Equip., 1 Yr. Growth %	-9.46	-8.51	-2.51	13.81	-11.8
Total Assets, 1 Yr. Growth %	1.13	5.37	-7.11	-3.29	-7.13
Tangible Book Value, 1 Yr. Growth %	-21.49	-81.24	24.93	-67.48	-45.71
Common Equity, 1 Yr. Growth %	-11.01	3.31	-2.95	-9.15	-4.41
Cash From Operations, 1 Yr. Growth %	14.98	-31.14	-34.35	-17.74	-11.2
Capital Expenditures, 1 Yr. Growth %	-4.16	26.63	17.76	3.44	-34.65
Levered Free Cash Flow, 1 Yr. Growth %	62.86	-43.82	-26.22	30.17	-20.31
Unlevered Free Cash Flow, 1 Yr. Growth %	59.74	-42.85	-24.05	33.04	-17.24
Dividend Per Share, 1 Yr. Growth %	3.67	11.5	7.94	8.09	4.76
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-9.53	-0.33	4.95	-4.47	-5.11
Gross Profit, 2 Yr. CAGR %	-11.16	0.48	12.46	-0.73	-7.04
EBITDA, 2 Yr. CAGR %	-30.42	-7.06	28.21	-11.86	-22.36
EBITA, 2 Yr. CAGR %	-32.38	-7.38	32.07	-12.41	-23.83
EBIT, 2 Yr. CAGR %	-33.37	-7.28	33.12	-13.9	-24.98
Earnings From Cont. Operations, 2 Yr. CAGR %	-79.32	-9.38	296.31	-51.81	-37.7
Net Income, 2 Yr. CAGR %	-79.32	-9.38	296.31	-51.81	-37.7
Normalized Net Income, 2 Yr. CAGR %	-34.43	-5.95	38.11	-17.41	-28.14
Diluted EPS Before Extra, 2 Yr. CAGR %	-78.11	-5.39	315.55	-49.53	-34.8
Accounts Receivable, 2 Yr. CAGR %	-3.52	1.65	2.14	-6.01	-8.61
Net Property, Plant and Equip., 2 Yr. CAGR %	87.38	-8.99	-5.56	5.34	0.19
Total Assets, 2 Yr. CAGR %	4.64	3.23	-1.07	-5.22	-5.23
Tangible Book Value, 2 Yr. CAGR %	-6.08	-61.63	-51.59	-36.26	-57.98
Common Equity, 2 Yr. CAGR %	-3.57	-4.12	0.13	-6.1	-6.81
Cash From Operations, 2 Yr. CAGR %	39.22	-11.02	-32.77	-26.51	-14.53
Capital Expenditures, 2 Yr. CAGR %	-11.48	10.16	22.11	10.37	-17.79
Levered Free Cash Flow, 2 Yr. CAGR %	49.36	-4.26	-35.97	-1.75	4.13
Unlevered Free Cash Flow, 2 Yr. CAGR %	46.36	-4.37	-34.45	0.75	7.1
Dividend Per Share, 2 Yr. CAGR %	5.77	7.52	9.71	8.01	6.41
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-5.06	-1.96	-1.68	1.66	-4.85
Gross Profit, 3 Yr. CAGR %	-6.76	-1.62	1.91	5.93	-3.24
EBITDA, 3 Yr. CAGR %	-21.09	-9.27	-2.74	6.29	-14.39
EBITA, 3 Yr. CAGR %	-22.58	-9.6	-2.55	7.51	-15.15
EBIT, 3 Yr. CAGR %	-23.34	-9.51	-3.01	7.45	-16.51
Earnings From Cont. Operations, 3 Yr. CAGR %	-64.79	-11.77	-7.07	55.1	-27.6
Net Income, 3 Yr. CAGR %	-64.79	-11.77	-7.07	55.1	-27.6
Normalized Net Income, 3 Yr. CAGR %	-23.81	-8.81	-2.47	7.53	-19.18
Diluted EPS Before Extra, 3 Yr. CAGR %	-62.92	-6.89	-2.84	62.52	-24.2
Accounts Receivable, 3 Yr. CAGR %	-2.93	1.08	-0.96	-0.82	-7.6
Net Property, Plant and Equip., 3 Yr. CAGR %	50.33	47.55	-6.88	0.5	-0.72
Total Assets, 3 Yr. CAGR %	1.64	4.88	-0.34	-1.81	-5.86
Tangible Book Value, 3 Yr. CAGR %	-6.1	-45.1	-43.13	-57.6	-39.58
Common Equity, 3 Yr. CAGR %	-4.18	-1.33	-3.73	-3.07	-5.54
Cash From Operations, 3 Yr. CAGR %	32.68	10.1	-19.6	-28.09	-21.73
Capital Expenditures, 3 Yr. CAGR %	-2.5	-0.26	12.64	15.54	-7.33
Levered Free Cash Flow, 3 Yr. CAGR %	41.71	7.81	-12.55	-18.41	-8.37
Unlevered Free Cash Flow, 3 Yr. CAGR %	38.75	6.98	-11.75	-16.56	-5.64
Dividend Per Share, 3 Yr. CAGR %	6.71	7.65	7.66	9.16	6.92
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	-1.41	1.07	-1.17	-2.97	-3.07
Gross Profit, 5 Yr. CAGR %	-3.04	0.44	0.5	-1.27	-1.77
EBITDA, 5 Yr. CAGR %	-10.7	-3.8	-4.19	-10.28	-11.5
EBITA, 5 Yr. CAGR %	-11.69	-3.94	-4.15	-10.7	-12.09
EBIT, 5 Yr. CAGR %	-12.14	-3.77	-4.41	-11.26	-12.9
Earnings From Cont. Operations, 5 Yr. CAGR %	-43.66	-2.93	-7.28	-30.73	-20.8
Net Income, 5 Yr. CAGR %	-43.66	-2.93	-7.28	-30.73	-20.8
Normalized Net Income, 5 Yr. CAGR %	-12.89	-3	-3.94	-12.32	-14.09
Diluted EPS Before Extra, 5 Yr. CAGR %	-40.29	1.96	-2.51	-27.12	-17.17
Accounts Receivable, 5 Yr. CAGR %	2.97	4.3	-0.94	-1.91	-4.09
Net Property, Plant and Equip., 5 Yr. CAGR %	29.5	27.18	24.82	28.94	-4.11
Total Assets, 5 Yr. CAGR %	4.41	5.35	0.55	0.72	-2.32
Tangible Book Value, 5 Yr. CAGR %	-1.77	-26.43	-27.96	-41.72	-49.61
Common Equity, 5 Yr. CAGR %	-1.44	1.32	-2.48	-3.27	-4.98
Cash From Operations, 5 Yr. CAGR %	12.86	1.45	1.09	-6.34	-17.61
Capital Expenditures, 5 Yr. CAGR %	-0.62	2.44	6.69	3.86	-0.69
Levered Free Cash Flow, 5 Yr. CAGR %	12.7	-1.05	3.13	3.91	-6.72
Unlevered Free Cash Flow, 5 Yr. CAGR %	12.37	-1.24	2.79	4.47	-5.11
Dividend Per Share, 5 Yr. CAGR %	7.15	7.94	7.9	7.8	7.16