Forensic Analysis · General / Diversified · as of Jun 27, 2026
ManpowerGroup Inc. (MAN)
A forensic read on ManpowerGroup Inc. built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.
D · Weak — demands caution
Forensic grade
Grey Zone
Financial health
2.1
Altman Z-score
Clean
Earnings quality
5
Forensic signals
-0.8%
ROE
$1.7B
Market cap
4.46%
Dividend yield
ManpowerGroup Inc. earns a D (Weak — demands caution) forensic quality grade, and its Altman Z-score is 2.1, placing it in the Grey zone. 5 forensic signals were flagged in its latest SEC filings, led by return on invested capital.
What the filings flag
2%Return on invested capital.Return on invested capital is 2% and slipping from 11% — well below its ~9% cost of capital, so reinvested dollars may be destroying value, not building it.
$325MGoodwill impairments.Took $325M of goodwill writedowns across 5 year(s) (FY2022 ($50M), FY2023 ($55M), FY2025 ($89M)) — about 22% of net income over the span. A large writedown means an acquisition turned out worth far less than was paid — a real mark against M&A discipline.
+10.5%Accruals ratio.Net operating assets grew +10.5% relative to their average in FY2025 — the accrual component of earnings. Accruals are building faster than is comfortable — part of profit sits in receivables, inventory or capitalized costs rather than cash. The cash-flow cross-check agrees: reported earnings ran in line with operating cash by +3% of net operating assets.
97d DSOReceivables vs revenue.Days sales outstanding moved from 88 to 97 days FY2024→FY2025 (receivables +11% vs revenue +1%). Receivables are creeping up relative to sales — watch the trend.
-54%Dividend — cut.The payout was CUT ~54% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies — weigh the cut when judging reliability.
Key fundamentals
Net Margin-0.1%
Debt / Equity0.80x
Free Cash Flow$-161.4M
Latest Revenue$17.96B
Return on Equity-0.6%
Revenue Growth YoY+0.6%
Go deeper — free with an account
The forensic grade and screens above are free — no account needed. An account adds the full interactive deep-dive on ManpowerGroup Inc.:
🔒The written investment read — what the numbers mean, in plain English
🔒Ask anything about MAN's filings — AI Q&A across the 10-K, 10-Qs & 8-Ks
🔒Interactive valuation — reverse-DCF sliders, Monte Carlo & scenario stress
🔒Calibrated 12-month price forecast, with the math shown