Forensic Analysis · Professional & Commercial Services · as of Sep 24, 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.
F · Poor — capital at risk
Forensic grade
Grey Zone
Financial health
2.2
Distress distance
Clean
Earnings quality
5
Forensic signals
25.7
P / E (ttm)
-0.6%
ROE
$2.7B
Market cap
3.85%
Dividend yield
0.6%
Revenue growth
This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (red flags, auditor quality, say on pay, board independence, going concern, valuation). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.
Manpowergroup Inc. earns an F (Poor — capital at risk) forensic quality grade, and its balance-sheet distress test reads 2.2, 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
2.7%
FY2025
Return on invested capital.Return on invested capital is 2.7% in the latest fiscal year and slipping across FY2023–FY2025 from 5%. The capital base behind it barely moved across FY2023–FY2025 ($3.5B to $3.6B, +6%), so there has been little new capital for that return to be earned on.
FCF ($161M)
FY2025
Shareholder returns.Returned $105M to shareholders (buybacks + dividends) in FY2025, but free cash flow was ($161M) after capex — there was no free cash flow to fund the payout from at all, and operating cash flow itself was negative or zero that year too. The entire return is coming from debt or cash reserves, not cash the business itself generated — a harder case than returns merely running ahead of free cash flow, since here there was none to run ahead of.
$144M
FY2023–FY2025
Goodwill impairments.Took $144M of goodwill writedowns across 2 years (FY2023 ($55M), FY2025 ($89M)) — about 65% 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%
FY2024→FY2025
Accruals ratio (% of NOA).Net operating assets grew +10.5% relative to their own average in FY2025 — scaled by NOA itself, not by total assets, which is what the Forensic Screens card's own accrual row divides by. Accruals are building faster than is comfortable — part of profit is sitting in the balance sheet rather than turning to cash. The build is led by receivables up +11% against revenue +1%. A cash-flow measure on the same base disagrees: reported earnings ran in line with operating cash by 3% of net operating assets, against an accruals ratio of 10.5%. The two are computed differently: the accruals ratio is the change in net operating assets over average net operating assets, while the cash-flow figure is net income less operating cash flow over that same average. Read them as two results, not one.
Key fundamentals
Latest Revenue$17.96B
Revenue Growth YoY+0.6%
Revenue CAGR (2yr)-2.6%
Net Margin-0.1%
Free Cash Flow-$161.4M
Return on Equity-0.6%
Debt / Equity0.80x
The forensic grade and screens above are free — no account needed. Want the AI investment read on top — the 0–100 rating, thesis, bull-vs-bear, red flags and the 12-month scenario, written from Manpowergroup Inc.'s actual 10-K/10-Q/8-K filings?
Data from SEC EDGAR public filings · metrics as of Sep 24, 2026. Forensic signals flag probability, not certainty.
Manpowergroup Inc. (MAN) Stock — Forensic Analysis, Red Flags & Rating | Stockonomy · Stockonomy
-53%
FY2024→FY2025
Dividend — cut.The payout was CUT ~53% in FY2025 (from FY2024). It still returns some cash, but it is NOT the dependable, rising dividend an unbroken streak implies.