Latest Ratios: P/E Ratio -135.7x · EV/EBITDA 10.3x · ROE -0.6%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $1.8B | $1.4B | $2.8B | $4.0B | $4.4B | $5.4B | $5.3B | $5.9B | $4.2B | $8.6B | $6.3B |
| Enterprise Value | $3.4B | $2.9B | $3.5B | $4.8B | $5.1B | $5.9B | $5.2B | $6.4B | $4.7B | $8.8B | $6.5B |
| P/E Ratio → | -135.66 | — | 19.18 | 45.15 | 11.75 | 14.11 | 219.95 | 12.58 | 7.58 | 15.69 | 14.17 |
| P/S Ratio | 0.10 | 0.08 | 0.16 | 0.21 | 0.22 | 0.26 | 0.29 | 0.28 | 0.19 | 0.41 | 0.32 |
| P/B Ratio | 0.89 | 0.67 | 1.31 | 1.79 | 1.79 | 2.13 | 2.14 | 2.12 | 1.56 | 3.00 | 2.57 |
| P/FCF | — | — | 10.80 | 14.83 | 12.64 | 9.29 | 5.94 | 7.69 | 10.08 | 24.73 | 11.59 |
| P/OCF | — | — | 9.02 | 11.50 | 10.38 | 8.36 | 5.61 | 7.19 | 8.73 | 21.36 | 10.49 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 0.16 | 0.20 | 0.26 | 0.26 | 0.29 | 0.29 | 0.30 | 0.21 | 0.42 | 0.33 |
| EV / EBITDA | 10.32 | 8.95 | 8.94 | 14.08 | 6.86 | 9.01 | 11.71 | 8.81 | 5.33 | 10.11 | 7.80 |
| EV / EBIT | 14.04 | 15.40 | 10.12 | 16.98 | 8.47 | 9.78 | 27.43 | 8.72 | 5.87 | 11.21 | 8.68 |
| EV / FCF | — | — | 13.60 | 17.96 | 14.71 | 10.23 | 5.91 | 8.35 | 11.24 | 25.48 | 12.00 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 16.7% | 16.7% | 17.3% | 17.8% | 18.0% | 16.4% | 15.7% | 16.2% | 16.3% | 16.6% | 17.0% |
| Operating Margin | 1.3% | 1.3% | 1.7% | 1.4% | 3.3% | 2.8% | 2.1% | 3.1% | 3.6% | 3.7% | 3.8% |
| Net Profit Margin | -0.1% | -0.1% | 0.8% | 0.5% | 1.9% | 1.8% | 0.1% | 2.2% | 2.5% | 2.6% | 2.3% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | -0.6% | -0.6% | 6.7% | 3.8% | 15.0% | 15.3% | 0.9% | 17.1% | 20.0% | 20.6% | 17.3% |
| ROA | -0.2% | -0.2% | 1.7% | 1.0% | 3.9% | 4.0% | 0.3% | 5.2% | 6.4% | 6.6% | 5.9% |
| ROIC | 5.6% | 5.6% | 7.7% | 6.1% | 15.8% | 15.9% | 9.8% | 15.0% | 19.0% | 20.4% | 20.5% |
| ROCE | 6.2% | 6.2% | 7.9% | 6.2% | 16.0% | 13.4% | 7.9% | 14.1% | 18.9% | 19.7% | 18.8% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.16 | 1.16 | 0.58 | 0.64 | 0.55 | 0.55 | 0.63 | 0.55 | 0.40 | 0.33 | 0.34 |
| Debt / EBITDA | 7.37 | 7.37 | 3.14 | 4.14 | 1.82 | 2.12 | 3.46 | 2.12 | 1.22 | 1.09 | 0.99 |
| Net Debt / Equity | — | 0.74 | 0.34 | 0.38 | 0.29 | 0.22 | -0.01 | 0.18 | 0.18 | 0.09 | 0.09 |
| Net Debt / EBITDA | 4.69 | 4.69 | 1.84 | 2.45 | 0.97 | 0.83 | -0.04 | 0.70 | 0.55 | 0.30 | 0.27 |
| Debt / FCF | — | — | 2.80 | 3.13 | 2.07 | 0.94 | -0.02 | 0.67 | 1.16 | 0.75 | 0.42 |
| Interest Coverage | 1.98 | 1.98 | 3.85 | 3.58 | 12.88 | 15.64 | 4.41 | 16.44 | 17.06 | 15.93 | 15.17 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.11 | 1.11 | 1.12 | 1.16 | 1.21 | 1.11 | 1.42 | 1.46 | 1.44 | 1.28 | 1.40 |
| Quick Ratio | 1.11 | 1.11 | 1.12 | 1.16 | 1.21 | 1.11 | 1.42 | 1.46 | 1.44 | 1.28 | 1.40 |
| Cash Ratio | 0.17 | 0.17 | 0.11 | 0.12 | 0.13 | 0.15 | 0.33 | 0.23 | 0.14 | 0.14 | 0.16 |
| Asset Turnover | — | 1.96 | 2.18 | 2.14 | 2.17 | 2.11 | 1.93 | 2.26 | 2.58 | 2.37 | 2.59 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 96.96 | 87.85 | 93.21 | 94.57 | 95.95 | 99.61 | 92.25 | 87.57 | 93.19 | 81.96 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.6% | 4.8% | 5.2% | 3.6% | 3.2% | 2.5% | 2.5% | 2.2% | 3.0% | 1.4% | 1.9% |
| Payout Ratio | — | — | 100.5% | 162.5% | 37.4% | 35.7% | 542.4% | 27.8% | 22.9% | 22.7% | 26.7% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | — | — | 5.2% | 2.2% | 8.5% | 7.1% | 0.5% | 8.0% | 13.2% | 6.4% | 7.1% |
| FCF Yield | — | — | 9.3% | 6.7% | 7.9% | 10.8% | 16.8% | 13.0% | 9.9% | 4.0% | 8.6% |
| Buyback Yield | 2.1% | 2.8% | 5.0% | 4.5% | 6.1% | 3.9% | 5.0% | 3.5% | 11.9% | 2.4% | 7.7% |
| Total Shareholder Yield | 5.7% | 7.6% | 10.3% | 8.1% | 9.3% | 6.4% | 7.5% | 5.7% | 14.9% | 3.8% | 9.5% |
| Shares Outstanding | — | $47M | $48M | $50M | $53M | $55M | $58M | $60M | $65M | $68M | $71M |
Cyclical margin compression risk
According to recent market data, ManpowerGroup trades at a forward P/E of 9.85, which, when compared to the broader industrial staffing sector, suggests that investors are pricing in a significant, albeit potentially temporary, contraction in earnings power relative to historical averages.
The negative TTM P/E ratio highlights the extreme volatility in recent earnings, making forward-looking multiples the primary focus for valuation. This discount relative to peers like Robert Half suggests the market remains skeptical of the company's ability to achieve margin expansion in the current demand environment.
Based on reported financial statements, ManpowerGroup's ROIC has struggled to maintain positive momentum, falling to 0.6% in 2026Q1, which indicates that the company is currently failing to generate returns that exceed its cost of capital during this phase of the economic cycle.
The decay in ROIC from 3.2% in 2023Q4 to current levels reflects the difficulty of maintaining profitability in a high-variable-cost model when demand for professional resourcing softens. Investors should monitor whether the company can improve its capital efficiency as the mix shifts toward higher-margin Talent Solutions.
As reported in quarterly filings, ManpowerGroup's DSO has remained elevated, hovering around 94 days in 2026Q1, which suggests that the company's collection efficiency is being tested by the current macroeconomic environment and the credit profiles of its large-scale multinational clients.
The persistent DSO levels, combined with an asset turnover ratio of 0.51, indicate that the company is not effectively accelerating its cash conversion cycle. This inefficiency places additional strain on liquidity, as the firm must finance its payroll obligations well before receiving payment from its customers.
Based on recent balance sheet data, ManpowerGroup's interest coverage ratio has fluctuated significantly, reaching 1.60 in 2026Q1, a level that warrants investigation given the company's reliance on debt to manage its working capital requirements during periods of low profitability.
The volatility in the debt-to-EBITDA ratio, which spiked to 31.73 in 2026Q1, suggests that the company's ability to service its debt is highly sensitive to operating income fluctuations. This leverage profile appears vulnerable if the current cyclical downturn in staffing demand persists longer than anticipated.
Data from financial reports suggests that the Price-to-Sales ratio is a frequently misapplied metric for ManpowerGroup, as it fails to account for the significant pass-through nature of payroll costs which artificially inflates the revenue base and obscures the underlying profitability of the firm.
Investors should instead focus on the 'Bill Rate-Pay Rate Spread' and operating margins to gauge true earning power. Relying on P/S ratios ignores the fact that a large portion of revenue is essentially a flow-through, making the metric a poor proxy for the company's actual value creation.
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Quick answers to the most common questions about buying MAN stock.
ManpowerGroup Inc.'s current P/E ratio is -135.7x. The historical average is 17.9x.
ManpowerGroup Inc.'s current EV/EBITDA is 10.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 9.6x.
ManpowerGroup Inc.'s return on equity (ROE) is -0.6%. The historical average is 13.0%.
Based on historical data, ManpowerGroup Inc. is trading at a P/E of -135.7x. Compare with industry peers and growth rates for a complete picture.
ManpowerGroup Inc.'s current dividend yield is 3.64%.
ManpowerGroup Inc. has 16.7% gross margin and 1.3% operating margin.
ManpowerGroup Inc.'s Debt/EBITDA ratio is 7.4x, indicating high leverage. A ratio above 4x may signal elevated financial risk.