TacticScaleWhat ManpowerGroup Does & How It Makes Money (MAN)
Updated October 2026 · reflects ManpowerGroup's latest reported financials
Global staffing and workforce solutions company. It earns fees and markups on temporary and contract workers it places with clients, plus placement fees for permanent hires.
How ManpowerGroup makes money
It earns fees and markups on temporary and contract workers it places with clients, plus placement fees for permanent hires. It also charges service fees for outsourced recruiting, managed service programs, IT project work, and career and consulting services.
What ManpowerGroup does
ManpowerGroup Inc., founded in 1948 and headquartered in Milwaukee, Wisconsin, is a workforce solutions provider operating in the Americas, Southern Europe, Northern Europe, and Asia Pacific/Middle East. It works under three main brands: Manpower for contingent and permanent staffing, Experis for IT professional resourcing and project services, and Talent Solutions, which includes recruitment process outsourcing, the TAPFIN managed service provider offering, and Right Management career services. Most of its business comes from placing temporary, contract, and permanent workers in administrative, industrial, and IT roles. It also sells assessment, upskilling, reskilling, training, and workforce consulting services. Because it earns money from placing workers, its results tend to follow hiring demand and the wider economy.
Products & services
- Manpower (contingent and permanent staffing)
- Experis (IT professional resourcing and projects)
- Talent Solutions
- Recruitment Process Outsourcing (RPO)
- TAPFIN managed service provider
- Right Management (career management)
What is ManpowerGroup worth?
On an owner-earnings DCF, ManpowerGroup's most-likely value is about $76 versus a recent price near $53 (44% below fair value). But TacticScale only calls a stock undervalued when the price sits below its conservative no-growth floor (~$55) with a margin of safety — so the honest verdict here is “Fairly priced — no edge.” Fair value earns its keep only at the extremes, not in the wide middle.
Price sits in the normal range — fair value isn't actionable here; it earns its keep only when price drops below the no-growth floor, or runs to roughly double the optimistic case.
⚠ High leverage — net debt is 5.6× annual cash flow. Net debt is subtracted from this fair value, but refinancing at higher rates, principal timing, and share dilution aren’t modeled — the equity can be worth far less if cash flow weakens.
Analysis, not advice. Fair value is a margin-of-safety estimate from a deterministic owner-earnings DCF, not a price target or recommendation. See the full breakdown →
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