Financials ManpowerGroup Inc.

Equities

MAN

US56418H1005

Employment Services

Market Closed - Nyse Other stock markets 04:00:02 2025-12-11 pm EST			5-day change	1st Jan Change
28.54 ^USD	+0.46%		+1.53%	-50.55%

Nov. 20	ManpowerGroup, Maharah Sign Brand License Deal for Saudi Operations	MT
Nov. 20	Mahah Signs Manpower Brand License Agreement to Strengthen Its Role as A Gateway for Global Companies Entering Saudi Arabia	CI

Projected Income Statement: ManpowerGroup Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	18,001	20,724	19,828	18,914	17,854	17,880	18,507	19,261
Change	-	15.13%	-4.33%	-4.6%	-5.61%	0.14%	3.51%	4.07%
EBITDA ¹	392.1	658.8	716.3	551	456.9	349.4	454.5	546.1
Change	-	68.03%	8.73%	-23.08%	-17.08%	-23.52%	30.07%	20.15%
EBIT ¹	315.8	585.4	631.7	462.4	370.3	296.6	342.5	426.9
Change	-	85.38%	7.91%	-26.8%	-19.92%	-19.9%	15.45%	24.65%
Interest Paid ¹	-39.9	-17.3	-24.6	-49.9	-49.2	-55	-51.25	-48.5
Earnings before Tax (EBT) ¹	147.7	568.1	557.1	205.9	256.8	99.55	308.7	408.1
Change	-	284.63%	-1.94%	-63.04%	24.72%	-61.23%	210.13%	32.18%
Net income ¹	23.8	382.4	373.8	88.8	145.1	-4.533	172.4	229.5
Change	-	1,506.72%	-2.25%	-76.24%	63.4%	-103.12%	3,903.54%	33.11%
Announcement Date	2/2/21	2/1/22	1/31/23	1/30/24	1/30/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	5,055	4,924	5,277	5,141	5,382	5,143	5,074	4,801	4,809	4,752	4,856	4,676	4,630	4,403	4,521	4,530	4,400	4,090	4,519	4,634	4,634	4,368	4,639	4,734	4,729	4,531	4,778	4,875
Change	-	-2.59%	7.17%	-2.59%	4.7%	-4.44%	-1.35%	-5.38%	0.17%	-1.18%	2.18%	-3.72%	-0.96%	-4.91%	2.67%	0.21%	-2.88%	-7.03%	10.49%	2.55%	-0.01%	-5.74%	6.21%	2.06%	-0.11%	-4.18%	5.44%	2.04%
EBITDA ¹	174	116.3	186.4	167	189.1	160	201.9	182.9	171.5	138.9	143.9	130	131.9	93.3	127	100.8	107.7	65.1	100.1	110.1	108.9	69.26	117.5	129.3	132.5	88.55	127.6	129.9
Change	-	-33.15%	60.28%	-10.41%	13.23%	-15.39%	26.19%	-9.41%	-6.23%	-19.01%	3.6%	-9.66%	1.46%	-29.26%	36.08%	-20.6%	6.85%	-39.55%	53.81%	9.96%	-1.11%	-36.39%	69.67%	9.99%	2.53%	-33.18%	44.08%	1.81%
EBIT ¹	153.1	98.4	169.9	150.5	166.6	138.7	180.7	161.5	150.8	117.9	122.3	108.3	107.6	71.7	105.6	79	85.9	43.9	77.93	88	85.72	53.2	87.99	96.06	93.38	67.05	106.1	108.4
Change	-	-35.71%	72.66%	-11.42%	10.7%	-16.75%	30.28%	-10.63%	-6.63%	-21.82%	3.73%	-11.45%	-0.65%	-33.36%	47.22%	-25.16%	8.73%	-48.89%	77.52%	12.92%	-2.59%	-37.94%	65.41%	9.17%	-2.78%	-28.2%	58.22%	2.17%
Charge d'intérêts ¹	-7.6	-5.4	-2.8	-4.9	-4.2	-2.7	-9.4	-4.7	-10.5	-7.5	-19.3	-15.1	-15.5	-8.4	-8.7	-11.6	-20.5	-11.5	-16.5	-13.7	-13.5	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	130.7	93	167.1	145.6	162.4	136	174	156.8	90.3	110.4	95.8	54.7	-55	57.5	92.4	59.2	47.7	16.7	-41.8	52.9	74.07	42.8	76.5	88	86.5	-	-	-
Change	-	-28.84%	79.68%	-12.87%	11.54%	-16.26%	27.94%	-9.89%	-42.41%	22.26%	-13.22%	-42.9%	-200.55%	204.55%	60.7%	-35.93%	-19.43%	-64.99%	-350.3%	226.56%	40.01%	-42.21%	78.74%	15.03%	-1.7%	-	-	-
Net income ¹	76.2	62	111.6	97.7	111.1	91.6	122.2	111.3	48.7	77.8	65.2	30.3	-84.5	39.7	60.1	22.8	22.5	5.6	-67.1	18	38.84	19.52	46.49	50.84	56.24	35.75	60.73	62.21
Change	-	-18.64%	80%	-12.46%	13.72%	-17.55%	33.41%	-8.92%	-56.24%	59.75%	-16.2%	-53.53%	-378.88%	146.98%	51.39%	-62.06%	-1.32%	-75.11%	-1,298.21%	126.83%	115.79%	-49.73%	138.1%	9.37%	10.61%	-36.43%	69.88%	2.43%
Announcement Date	2/2/21	4/20/21	7/20/21	10/19/21	2/1/22	4/19/22	7/19/22	10/20/22	1/31/23	4/20/23	7/20/23	10/19/23	1/30/24	4/18/24	7/18/24	10/17/24	1/30/25	4/17/25	7/17/25	10/16/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: ManpowerGroup Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	-443	271	348	421	443	925	832	822
Change	-	161.17%	28.41%	20.98%	5.23%	108.62%	-10.05%	-1.2%
Announcement Date	2/2/21	2/1/22	1/31/23	1/30/24	1/30/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: ManpowerGroup Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	50.7	64.2	75.6	78.2	51.1	65.95	72.92	84.33
Change	-	26.63%	17.76%	3.44%	-34.65%	29.06%	10.58%	15.64%
Free Cash Flow (FCF) ¹	885.7	580.6	347.7	270	258.1	-77.3	208.7	265
Change	-	-34.45%	-40.11%	-22.35%	-4.41%	-129.95%	369.99%	26.98%
Announcement Date	2/2/21	2/1/22	1/31/23	1/30/24	1/30/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: ManpowerGroup Inc.

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	2.18%	3.18%	3.61%	2.91%	2.56%	1.95%	2.46%	2.84%
EBIT Margin (%)	1.75%	2.82%	3.19%	2.44%	2.07%	1.66%	1.85%	2.22%
EBT Margin (%)	0.82%	2.74%	2.81%	1.09%	1.44%	0.56%	1.67%	2.12%
Net margin (%)	0.13%	1.85%	1.89%	0.47%	0.81%	-0.03%	0.93%	1.19%
FCF margin (%)	4.92%	2.8%	1.75%	1.43%	1.45%	-0.43%	1.13%	1.38%
FCF / Net Income (%)	3,721.43%	151.83%	93.02%	304.05%	177.88%	1,705.26%	121.04%	115.47%
Profitability
ROA	2.3%	4.19%	3.94%	3.39%	2.58%	1.63%	2.58%	3.38%
ROE	8.25%	16.16%	15.05%	13.04%	10.11%	6.9%	9.8%	11.76%
Financial Health
Leverage (Debt/EBITDA)	-	0.41x	0.49x	0.76x	0.97x	2.65x	1.83x	1.51x
Debt / Free cash flow	-	0.47x	1x	1.56x	1.72x	-11.96x	3.98x	3.1x
Capital Intensity
CAPEX / Current Assets (%)	0.28%	0.31%	0.38%	0.41%	0.29%	0.37%	0.39%	0.44%
CAPEX / EBITDA (%)	12.93%	9.74%	10.55%	14.19%	11.18%	18.87%	16.04%	15.44%
CAPEX / FCF (%)	5.72%	11.06%	21.74%	28.96%	19.8%	-85.32%	34.94%	31.82%
Items per share
Cash flow per share ¹	16.06	11.64	8.017	6.909	6.402	1.62	6.385	8.04
Change	-	-27.54%	-31.12%	-13.82%	-7.34%	-74.69%	294.14%	25.92%
Dividend per Share ¹	2.26	2.52	2.72	2.94	3.08	1.438	1.852	2.123
Change	-	11.5%	7.94%	8.09%	4.76%	-53.33%	28.87%	14.62%
Book Value Per Share ¹	41.87	45.52	46.35	44.64	45.46	43.2	45.62	48.7
Change	-	8.71%	1.83%	-3.68%	1.83%	-4.96%	5.59%	6.75%
EPS ¹	0.41	6.91	7.08	1.76	3.01	-0.085	3.659	4.838
Change	-	1,585.37%	2.46%	-75.14%	71.02%	-102.82%	4,404.18%	32.24%
Nbr of stocks (in thousands)	57,533	54,240	50,557	48,809	46,936	46,297	46,297	46,297
Announcement Date	2/2/21	2/1/22	1/31/23	1/30/24	1/30/25	-	-	-