ManpowerGroup Inc. (MAN) intrinsic value & 10-year financials
ManpowerGroup Inc. (MAN) has a Graham intrinsic value of $16.88 per share. At $41.49 on Oct 17, 2026, the stock trades 146% above that value. Over the last 10 fiscal years revenue shrank 1.0% a year to $18.0B, with an average return on invested capital of 13.0%.
- Graham intrinsic value
- $16.88
- Share price (Oct 17, 2026)
- $41.49
- Price vs Graham value
- 146% above
- Market cap
- $1.9B
- Revenue (FY2025)
- $18.0B
- Revenue growth (10-yr CAGR)
- -1.0%
- ROIC (10-yr avg)
- 13.0%
- Free cash flow (FY2025)
- -$161.4M
MAN 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $18.0B | -$13.3M | -$0.29 | -$161.4M | 0.8% | 3.1% |
| FY2024 | $17.9B | $145.1M | $3.01 | $258.1M | 1.7% | 6.7% |
| FY2023 | $18.9B | $88.8M | $1.76 | $270.0M | 1.4% | 4.7% |
| FY2022 | $19.8B | $373.8M | $7.08 | $347.7M | 2.9% | 15.6% |
| FY2021 | $20.7B | $382.4M | $6.91 | $580.6M | 2.8% | 18.7% |
| FY2020 | $18.0B | $23.8M | $0.41 | $885.7M | 1.0% | 4.0% |
| FY2019 | $20.9B | $465.7M | $7.72 | $761.5M | 3.1% | 15.1% |
| FY2018 | $22.0B | $556.7M | $8.56 | $418.4M | 3.6% | 20.9% |
| FY2017 | $21.0B | $545.4M | $8.04 | $346.2M | 3.7% | 22.8% |
| FY2016 | $19.7B | $443.7M | $6.27 | $543.1M | 3.8% | 18.6% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
ManpowerGroup Inc. is facing top-line stagnation, with revenue contracting over the decade.
ManpowerGroup Inc. returns on capital have been average, hovering around 13.0% ROIC over the decade.
Over the decade, ManpowerGroup Inc. shows that management has aggressively returned capital to shareholders by retiring 34.2% of outstanding shares.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, ManpowerGroup Inc. is modeled at -1.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $16.88 per share.