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ManpowerGroup Inc (MAN) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of ManpowerGroup Inc $23.19, price $57.37, upside -59.6%, quality 56 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Industrials · US · ISIN US56418H1005

MI ManpowerGroup Inc logo Some data Sep 23, 2026

ManpowerGroup Inc

MAN · US

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value $23.19 · Strongly overvalued (−60%)
!Quality 56/100
!Weak Growth (revenue 5y +0.0 %/yr)
!Loss-making · -0.1% net margin (TTM)
!Moderate debt · negative free cash flow
·2.51% dividend yield
!Trails peers (5/13)
!Narrow moat 22/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$101.70 $25.16 Fair Value $23.19 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range $25.16 – $101.70 · fair‑value band $19.80 – $26.05 · the $57.37 price screens above the $23.19 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

ManpowerGroup Inc. provides workforce solutions and services under the Manpower, the Experis, and the Talent Solutions brands in the Americas, Southern Europe, Northern Europe, and the Asia Pacific/the Middle East.

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ManpowerGroup Inc. provides workforce solutions and services under the Manpower, the Experis, and the Talent Solutions brands in the Americas, Southern Europe, Northern Europe, and the Asia Pacific/the Middle East. The company offers recruitment services, including permanent, temporary, and contract recruitment of professionals, as well as administrative, industrial, and information technology professional positions; assessment, upskilling, reskilling, training and development, career management, and workforce consulting services; and outsourcing services related to human resources functions primarily in the areas of large-scale recruiting and workforce-intensive initiatives. It also offers contingent staffing and permanent recruitment services; information technology professional resourcing and project services; and recruitment process outsourcing solutions; and right management services, as well as TAPFIN, a managed service provider solution. ManpowerGroup Inc. was incorporated in 1948 and is headquartered in Milwaukee, Wisconsin.

Stock analysis

ManpowerGroup Inc (MAN) currently trades at $57.37, while our model-based Fair Value estimate is $23.19, implying the stock looks roughly 147.4% overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of $83.40 per share, and 3 of the 9 models we run sit above the $57.37 price.

Bear case: the DCF Models group reads lowest at $12.20, and 6 of the 9 models stay below the price. Evidence for this calculation is medium.

Scenario range: $19.80 (bear) to $26.05 (bull), the price of $57.37 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 56/100 (solid quality), in the Industrials sector.

Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.

ManpowerGroup Inc reported revenue of $18.0B in FY2025 versus $20.7B in FY2021, a compound −3.5%/yr. Reported net income was −$13.3M in FY2025.

Key figures

Market cap $2.7B · P/S ratio 0.08 · EPS (TTM) $−0.3600 · Dividend yield 2.5% · Net margin −0.1% · Return on equity −0.8% · Return on assets (EBIT) 4.5% · Operating margin 1.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (medium confidence).

What moves the price

The share trades about 9% below its 52-week high and 128% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at 16% fair-value upside, at −60%, MAN screens richer than that median.

Fair Value models

Bear $19.80 Fair Value $23.19 Bull $26.05
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Owner Earnings $8.59 $12.20 $17.68 76
EPV $18.83 $21.93 $24.51 74
ROIC Compounder $18.83 $21.93 $24.51 72
All 9 models by family
DCF Models
Owner Earnings $8.59 $12.20 $17.68 76
Earnings-Based
EPV $18.83 $21.93 $24.51 74
Dividend Discount
Gordon GGM $11.14 $14.23 $17.07 69
DDM Multi-Stage $11.14 $14.52 $18.06 67
Multiples
EV/EBIT $61.57 $83.40 $105.22 66
EV/EBITDA $64.20 $86.90 $109.59 67
EV/Revenue $42.83 $62.86 $82.88 53
Asset-Based
NCAV (Graham) $22.14 $29.67 $44.29 54
Economic Profit
ROIC Compounder $18.83 $21.93 $24.51 72

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Quality Score breakdown

Overall quality 56/100

Of which business quality 54 · Market factors (momentum, volatility) 81

Profitability 41
Margins and returns on capital today
Quality Growth 27
Are margins and returns improving?
Cashflow 42
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 43
Calm price path (market factor)
Momentum 100
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 100
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 11/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+0.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−3.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.0%
Start year 2020 (pandemic). Over 10 years: −0.7% a year
Revenue growth 35 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.2%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
3.1% (2019) → 1.3% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

MAN screens 147% overvalued. Compare with Adecco Group →

Recent news

News mood ⓘNews mood, the average tone of recent news (94 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Staffing & Employment Services · 83 stocks

Beats the industry median on 5/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 56 · Below median
Fair Value upside −60% · Bottom 25%
Profitability
Return on assets 2% · Below median
Net margin (TTM) 0% · Below median
Operating margin (TTM) 1% · Below median
Growth and dividend
Revenue growth 10% · Top 25%
Dividend yield (TTM) 2.5% · Below median
Balance sheet
Debt / equity 0.51× · Highest 25%

Valuation Multiplesvs Staffing & Employment Services median · lower = cheaper

P/B 1.30× · Cheaper than median
P/S (TTM) 0.15× · Cheapest 25%
EV/EBITDA 7.6× · Cheaper than median
PEG 0.94× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 60
FUTURE (revenue growth)52 · sector 1
PAST (return on equity)0 · sector 41
HEALTH (low debt)74 · sector 95
DIVIDEND (yield)50 · sector 73

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Staffing & Employment Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Adecco Group ADEN CHF 23.82 CHF 26.63 +12%
Korn Ferry, KFY $75.86 $114.56 +51%
Robert Half Inc RHI $37.58 $24.81 −34%
TriNet Group TNET $66.71 $97.07 +46%
Insperity, Inc NSP $50.26 $17.34 −65%
Grupa Pracuj S.A GPP 56.80 PLN 65.88 PLN +16%
Barrett Business Services, Inc BBSI $33.26 $35.55 +7%
Maharah for Human Resources Company 1831 4.35 SAR 5.22 SAR +20%
Kforce Inc KFRC $51.99 $35.44 −32%
Synergie SE SDG €27.30 €50.07 +83%

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ManpowerGroup Inc · Fair Value
$23.19 −147%Fair Value
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Cite: Fair Value Calculator (2026). "ManpowerGroup Inc Fair Value". https://www.fairvalue-calculator.com/stock/MAN

Frequently asked questions

Is ManpowerGroup Inc (MAN) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of $23.19 versus a price of $57.37, about −60% upside (overvalued).
What is the fair value of MAN?
Our model-based fair value for ManpowerGroup Inc is $23.19 (as of Sep 23, 2026), built from audited fundamentals. The current price: $57.37.
What is the quality score of MAN?
ManpowerGroup Inc has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for ManpowerGroup Inc (MAN)?
Our model-based price target is the fair value of $23.19 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario $19.80, optimistic scenario $26.05. It is a calculation from audited fundamentals, not an analyst target.
What is the ManpowerGroup Inc stock forecast for 2026?
Our models put fair value at $23.19, about −60% upside versus a price of $57.37 (overvalued). Cautious scenario $19.80, optimistic scenario $26.05. The calculation is refreshed regularly with new filings.
What is the revenue of ManpowerGroup Inc (MAN)?
ManpowerGroup Inc reported trailing-twelve-month revenue of about $18.4B (latest available figure, as of Sep 23, 2026).
Does ManpowerGroup Inc pay a dividend?
ManpowerGroup Inc currently shows a dividend yield of about 2.51% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of ManpowerGroup Inc (MAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For ManpowerGroup Inc it is $23.19 per share (as of Sep 23, 2026), against a price of $57.37. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is ManpowerGroup Inc stock overvalued or undervalued in 2026?
As of Sep 23, 2026, MAN trades above its calculated fair value: price $57.37, fair value $23.19, a gap of about −60% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MAN?
No. The price is what the market pays today ($57.37); the fair value is what the company's own numbers justify ($23.19). For ManpowerGroup Inc the two are $34.18 per share apart. That gap is exactly why we show both numbers side by side.
How much is ManpowerGroup Inc worth?
The market values ManpowerGroup Inc at about $2.7B (market capitalisation, as of Sep 23, 2026). Per share that is $57.37; our models calculate a fair value of $23.19 per share.
What do the bullish and bearish scenarios say about MAN?
Our models span a range for ManpowerGroup Inc: cautious scenario $19.80, base $23.19, optimistic $26.05 per share (as of Sep 23, 2026, price $57.37). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of MAN?
The PEG ratio of ManpowerGroup Inc is 0.94 (P/E divided by earnings growth, as of Sep 23, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of ManpowerGroup Inc (MAN)?
Balance-sheet figures for ManpowerGroup Inc (as of Sep 23, 2026): return on equity −0.8%, debt of 0.51 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is MAN from its 52-week high?
ManpowerGroup Inc trades at $57.37, about 9% below its 52-week high of $62.95 and 128% above the low of $25.16 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of $23.19 is for.
Which stocks are comparable to ManpowerGroup Inc?
From the same area (Industrials) we also value Adecco Group, Korn Ferry,, Robert Half Inc, TriNet Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is ManpowerGroup Inc stock attractive at the current price?
The data as of Sep 23, 2026: price $57.37, calculated fair value $23.19 (−60%), Quality Score 56/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MAN calculated?
We run ManpowerGroup Inc through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $23.19, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. ManpowerGroup Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of ManpowerGroup Inc (MAN)?
The closing price on Sep 23, 2026 was $57.37. Our model-based fair value is $23.19, about −60% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with ManpowerGroup Inc right now?
The price sits above even our optimistic bull case ($26.05). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of ManpowerGroup Inc (MAN) come from?
Earnings per share at ManpowerGroup Inc grew −9.7 % a year from 2014 to 2025. Broken into its drivers: revenue per share +4.3 %, EBIT margin −9.6 %, tax rate −2.6 %, residual (interest, one-offs) −1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of ManpowerGroup Inc

How large is the market capitalisation of ManpowerGroup Inc (MAN)?
The market capitalisation of ManpowerGroup Inc is $2.7B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of ManpowerGroup Inc (MAN)?
The price-to-sales ratio of ManpowerGroup Inc is 0.08 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of ManpowerGroup Inc (MAN)?
Earnings per share at ManpowerGroup Inc are $−0.3600. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of ManpowerGroup Inc (MAN)?
The dividend yield of ManpowerGroup Inc is 2.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of ManpowerGroup Inc (MAN)?
The net margin of ManpowerGroup Inc is −0.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of ManpowerGroup Inc (MAN)?
The return on equity (ROE) of ManpowerGroup Inc is −0.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of ManpowerGroup Inc (MAN)?
On an EBIT basis the return on assets of ManpowerGroup Inc is 4.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of ManpowerGroup Inc (MAN)?
The operating margin of ManpowerGroup Inc is 1.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at ManpowerGroup Inc (MAN)?
Revenue at ManpowerGroup Inc is growing +10.3% versus a year earlier (3y avg −3.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at ManpowerGroup Inc (MAN)?
Earnings per share at ManpowerGroup Inc are growing −58.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does ManpowerGroup Inc (MAN) generate?
The free cash flow of ManpowerGroup Inc is −$161M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does ManpowerGroup Inc (MAN) carry?
The net debt of ManpowerGroup Inc is $1.5B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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