ManpowerGroup Inc. (MAN) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+199.5%

$141.97

vs $47.41 price

Levered DCF

$128.34

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.33

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-102.52×	18.99×	44.65×	11.62×	13.86×	219.95×	12.5×	7.52×
P/B	0.67×	1.3×	1.78×	1.77×	2.1×	2.14×	2.12×	1.59×
P/S	0.08×	0.15×	0.21×	0.22×	0.26×	0.29×	0.28×	0.19×
EV / EBITDA	10.58×	8.03×	12.83×	7.35×	8.6×	19.5×	7.83×	5.23×
Gross margin	16.7%	17.3%	17.8%	18.0%	16.4%	15.7%	16.2%	16.3%
Operating margin	1.3%	1.7%	1.4%	3.3%	2.8%	2.1%	3.1%	3.6%
Net margin	-0.1%	0.8%	0.5%	1.9%	1.8%	0.1%	2.2%	2.5%
Current ratio	1.11×	1.12×	1.16×	1.21×	1.11×	1.42×	1.46×	1.44×
Debt / equity	1.16×	0.58×	0.64×	0.56×	0.55×	0.63×	0.56×	0.41×
Interest coverage	2.5×	3.4×	3.21×	14.08×	15.09×	8.57×	14.52×	16.95×
Dividend yield	4.8%	5.3%	3.6%	3.2%	2.6%	2.5%	2.2%	3.0%
Payout ratio	-501.5%	100.5%	162.5%	37.4%	35.7%	542.4%	27.8%	22.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-0.6%	6.8%	4.0%	15.3%	15.2%	1.0%	17.0%	21.2%
Return on invested capital	-0.7%	4.6%	2.7%	10.2%	8.6%	1.2%	8.8%	13.4%
Return on assets	-0.1%	1.8%	1.0%	4.1%	3.9%	0.3%	5.0%	6.5%
Free cash flow yield	-11.6%	9.4%	6.8%	8.0%	10.9%	16.9%	13.1%	10.0%
Earnings yield	-1.0%	5.3%	2.2%	8.6%	7.2%	0.5%	8.0%	13.3%
Enterprise value	$2.9B	$3.5B	$4.8B	$5.1B	$5.9B	$5.2B	$6.3B	$4.7B
Net debt / EBITDA	5.54×	1.67×	2.26×	1.05×	0.8×	-0.07×	0.63×	0.54×
Cash conversion cycle (days)	31	23	29	31	32	39	41	43