ManpowerGroup Inc.
MAN · Technology · $2.4B mkt cap · FY2025 filings · Shallow moat ·
Doesn't clear the bar
The four filters
Median gross margin 16.6% over 10y, very stable.
Median ROIC 14.0%, above the 9% hurdle in 60% of years.
Net debt/EBITDA 3.4x, no material interest expense disclosed.
Owner earnings -31.6%/yr, share count shrinking (buybacks).
Margin of safety
- Owner earnings (normalized)
- $180.6M
- Est. intrinsic value / share
- $43.23
- Recent price
- $52.34
- Discount to value
- 21% above value
Conservative model: 9% discount rate, 0% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).
19 years of fundamentals
The business, in plain English
ManpowerGroup Inc. booked $18.0B of revenue in FY2025 in the Technology sector and kept 16.7% of it as gross profit — a thin-margin business by that measure. After every other cost, −0.1% of each revenue dollar reached the bottom line.
Across the filed record, revenue shrank from $19.7B (FY2016) to $18.0B (FY2025) — about −1.0% a year compounded over 9 years.
It earned 3.4% on invested capital in FY2025, with a median of 13.5% across 18 filed years. The Returns on Capital filter above scores it 60/100.
The balance sheet carried $1.7B of total debt in FY2025 against $15.4M of owner earnings — roughly 108.9 years of owner earnings to retire it all. Balance-Sheet Safety scores it 53/100.
The share count fell 43.3% between FY2010 and FY2025 — management has been retiring shares, which concentrates each remaining owner's claim. Capital Discipline scores it 40/100.
Put together: Returns on Capital is the strongest of the four filters (60/100) and Pricing Power the weakest (31/100), which is how MAN lands at 46/100 — a Shallow moat.
This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.
Gaps in a line mean that item isn’t in MAN’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.
Moat Score history
Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.
Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars
None yet — MAN has read Shallow moat for every logged capture since Jul 17, 2026.
Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.
Technology context
#225 of 532 scored Technology companies, ranked by Moat Score.
Nearest peers by Moat Score
- #223EXTR EXTREME NETWORKS, INC.46.3 out of 100, Shallow moatShallow moat
- #224BLIN Bridgeline Digital, Inc.46.1 out of 100, Shallow moatShallow moat
- #226ENPH Enphase Energy, Inc.46.0 out of 100, Shallow moatShallow moat
- #227CIEN Ciena Corp45.9 out of 100, Shallow moatShallow moat
Compare MAN with its nearest peers →All Technology companies on the Index →
Common questions about MAN
- Does ManpowerGroup Inc. have an economic moat?
- Based on its FY2025 SEC filings, the Moat Index scores ManpowerGroup Inc. (MAN) 46.0 out of 100 — a Shallow moat. The four filters behind that score (each 0–100): pricing power 31, returns on capital 60, balance-sheet safety 53, capital discipline 40.
- Is MAN stock trading below its intrinsic value?
- Against a deliberately conservative owner-earnings model (9% discount rate, 0% assumed growth, capped at 4%), estimated intrinsic value is $43.23 per share versus a recent price of $52.34 — 21% above value. This is an educational estimate computed from primary SEC filings, not investment advice.
- How has MAN's Moat Score changed over time?
- The record logs 3 readings since Jul 17, 2026; the latest reads 46.0 out of 100 (shallow moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.