ManpowerGroup Inc. (MAN) Balance Sheet
MAN balance sheet, 2025
December 31, 2025 · U.S. dollars$9.16B assets = $7.10B liabilities + $2.06B equity
Both columns are drawn to the same scale: what MAN owns equals what it owes plus shareholders’ equity. Hover a block for its value.
MAN financial health
Descriptive bands, not a rating. Fiscal 2025.
MAN balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $7.57B2016 | $9.16B2025 | +2.1%/yr | |
| Total liabilities | $5.13B2016 | $7.10B2025 | +3.7%/yr | |
| Shareholders’ equity | $2.36B2016 | $2.06B2025 | −1.5%/yr | |
| Cash & short-term investments | $598.5M2016 | $871.0M2025 | +4.3%/yr | |
| Total debt | $825.4M2016 | $2.39B2025 | +12.6%/yr | |
| Net cash (debt) | −$226.9M2016 | −$1.52B2025 | −$1.3B | |
| Working capital | $1.47B2016 | $556.8M2025 | −$917.3M | |
| Book value per share | $33.362016 | $44.202025 | +3.2%/yr | |
| Current ratio | 1.402016 | 1.112025 | −0.30 | |
| Debt / equity | 0.352016 | 1.162025 | +0.81 | |
| Shares outstanding | 70.8M2016 | 46.6M2025 | −4.5%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
MAN assets
MAN liabilities and equity
MAN debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
MAN balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $871.0M | $509.4M | $581.3M | $639.0M | $847.8M | $1.57B | $1.03B | $591.9M | $689.0M | $598.5M |
| Cash & equivalents | $871.0M | $509.4M | $581.3M | $639.0M | $847.8M | $1.57B | $1.03B | $591.9M | $689.0M | $598.5M |
| Short-term investments | — | — | — | — | — | — | — | — | $0 | $0 |
| Receivables | $4.77B | $4.30B | $4.83B | $5.14B | $5.45B | $4.91B | $5.27B | $5.28B | $5.37B | $4.41B |
| Inventory | $0 | $0 | $1 | $0 | $1 | $1 | $1 | $0 | $1 | $1 |
| Other current assets | $149.1M | $163.7M | $160.8M | $158.0M | $126.7M | $186.9M | $185.6M | $129.1M | $111.7M | $121.3M |
| Total current assets | $5.79B | $4.97B | $5.57B | $5.93B | $6.42B | $6.67B | $6.48B | $6.00B | $6.17B | $5.13B |
| Property, plant & equipment (net) | $515.9M | $479.7M | $543.9M | $477.9M | $490.2M | $553.8M | $591.8M | $152.6M | $157.7M | $147.3M |
| Goodwill & intangible assets | $1.97B | $2.05B | $2.15B | $2.18B | $2.31B | $1.47B | $1.53B | $1.54B | $1.63B | $1.53B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $97.8M | $161.4M | $158.7M | $145.8M |
| Other non-current assets | $879.1M | $701.5M | $563.1M | $540.5M | $610.2M | $651.6M | $521.0M | $665.3M | $769.0M | $613.9M |
| Total assets | $9.16B | $8.20B | $8.83B | $9.13B | $9.83B | $9.35B | $9.22B | $8.52B | $8.88B | $7.57B |
| Liabilities | ||||||||||
| Accounts payable | $2.72B | $2.61B | $2.72B | $2.83B | $3.04B | $2.53B | $2.47B | $2.27B | $2.28B | $1.91B |
| Short-term debt | $732.4M | $23.4M | $112.3M | $132.1M | $552.6M | $139.7M | $183.1M | $50.1M | $469.4M | $1.46B |
| Deferred revenue | — | — | $31.9M | $35.6M | $34.8M | $34.9M | $44.5M | $95.9M | $46.5M | $38.7M |
| Total current liabilities | $5.23B | $4.44B | $4.80B | $4.92B | $5.78B | $4.68B | $4.44B | $4.18B | $4.81B | $3.66B |
| Long-term debt | $1.05B | $929.4M | $990.5M | $959.9M | $565.7M | $1.10B | $1.01B | $1.03B | $478.1M | $785.6M |
| Lease obligations | $411.7M | $279.0M | $323.2M | $266.6M | $275.8M | $323.3M | $336.7M | — | — | — |
| Other long-term liabilities | $814.1M | $707.6M | $805.9M | $790.6M | $951.0M | $1.09B | $1.01B | $620.1M | $737.5M | $683.4M |
| Total liabilities | $7.10B | $6.07B | $6.60B | $6.67B | $7.30B | $6.89B | $6.46B | $5.82B | $6.03B | $5.13B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $3.30B | $3.23B |
| Retained earnings (deficit) | $3.73B | $3.81B | $3.81B | $3.87B | $3.63B | $3.39B | $3.49B | $3.16B | $2.71B | $2.29B |
| Treasury stock | — | — | — | −$4.45B | −$4.17B | −$3.95B | −$3.68B | −$3.47B | −$2.95B | −$2.73B |
| Accumulated other comprehensive income | −$412.1M | −$443.0M | −$466.0M | −$458.7M | −$389.4M | −$397.3M | −$441.0M | −$399.8M | −$288.2M | −$426.1M |
| Minority interest | $700,000 | $1.7M | $10.8M | $10.8M | $10.0M | $12.6M | $18.5M | $73.6M | $82.7M | $84.5M |
| Total shareholders' equity | $2.06B | $2.13B | $2.22B | $2.45B | $2.52B | $2.44B | $2.74B | $2.62B | $2.77B | $2.36B |
| Key figures | ||||||||||
| Total debt | $2.39B | $1.23B | $1.43B | $1.36B | $1.39B | $1.55B | $1.53B | $1.08B | $947.5M | $825.4M |
| Net cash (debt) | −$1.52B | −$722.4M | −$844.7M | −$719.6M | −$546.3M | $18.8M | −$506.4M | −$483.5M | −$258.5M | −$226.9M |
| Working capital | $556.8M | $533.2M | $772.4M | $1.01B | $642.2M | $1.98B | $2.04B | $1.82B | $1.36B | $1.47B |
| Tangible book value | $84.9M | $75.7M | $72.2M | $269.7M | $215.9M | $966.6M | $1.21B | $1.08B | $1.15B | $827.6M |
| Book value per share | $44.20 | $44.00 | $44.11 | $46.35 | $45.52 | $41.87 | $45.49 | $40.32 | $40.87 | $33.36 |
| Shares outstanding | 46.6M | 48.3M | 50.4M | 52.8M | 55.4M | 58.3M | 60.3M | 65.1M | 67.9M | 70.8M |
| Current ratio | 1.11 | 1.12 | 1.16 | 1.21 | 1.11 | 1.42 | 1.46 | 1.44 | 1.28 | 1.40 |
| Quick ratio | 1.08 | 1.08 | 1.13 | 1.17 | 1.09 | 1.38 | 1.42 | 1.41 | 1.26 | 1.37 |
| Debt / equity | 1.16 | 0.58 | 0.64 | 0.56 | 0.55 | 0.63 | 0.56 | 0.41 | 0.34 | 0.35 |
| Equity / assets | 22.5% | 25.9% | 25.2% | 26.8% | 25.7% | 26.1% | 29.7% | 30.8% | 31.2% | 31.2% |
| Sep '26 | Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $233.1M | $180.6M | $224.9M | $871.0M | $274.6M | $289.8M | $395.0M | $509.4M | $410.9M | $468.9M | $604.8M | $581.3M |
| Cash & equivalents | $233.1M | $180.6M | $224.9M | $871.0M | $274.6M | $289.8M | $395.0M | $509.4M | $410.9M | $468.9M | $604.8M | $581.3M |
| Receivables | $4.62B | $4.73B | $4.63B | $4.77B | $4.63B | $4.64B | $4.17B | $4.30B | $4.59B | $4.60B | $4.46B | $4.83B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $1 |
| Other current assets | $204.3M | $217.0M | $209.7M | $149.1M | $194.0M | $212.0M | $185.9M | $163.7M | $178.9M | $168.7M | $186.5M | $160.8M |
| Total current assets | $5.06B | $5.13B | $5.06B | $5.79B | $5.10B | $5.14B | $4.75B | $4.97B | $5.18B | $5.23B | $5.25B | $5.57B |
| Property, plant & equipment (net) | $456.6M | $475.9M | $492.1M | $515.9M | $527.3M | $548.5M | $503.3M | $479.7M | $512.4M | $503.6M | $528.1M | $543.9M |
| Goodwill & intangible assets | $1.89B | $1.90B | $1.96B | $1.97B | $1.98B | $1.99B | $2.06B | $2.05B | $2.09B | $2.07B | $2.08B | $2.11B |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $856.5M | $868.5M | $874.1M | $879.1M | $837.8M | $819.6M | $726.9M | $701.5M | $691.1M | $643.7M | $628.4M | $607.8M |
| Total assets | $8.26B | $8.37B | $8.39B | $9.16B | $8.45B | $8.51B | $8.04B | $8.20B | $8.48B | $8.45B | $8.49B | $8.83B |
| Liabilities | ||||||||||||
| Accounts payable | $2.43B | $2.59B | $2.56B | $2.72B | $2.58B | $2.56B | $2.41B | $2.61B | $2.62B | $2.59B | $2.61B | $2.72B |
| Short-term debt | $639.8M | $578.4M | $217.0M | $732.4M | $854.7M | $924.1M | $203.1M | $122.0M | $24.8M | $234.8M | $114.2M | $112.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | $403.4M | $33.3M | $33.1M | $31.9M |
| Total current liabilities | $4.81B | $4.92B | $4.50B | $5.23B | $5.12B | $5.27B | $4.24B | $4.44B | $4.53B | $4.58B | $4.50B | $4.80B |
| Long-term debt | $0 | $567.3M | $1.03B | $1.05B | $468.3M | $470.3M | $971.4M | $929.4M | $999.7M | $961.7M | $968.9M | $990.5M |
| Lease obligations | — | $376.5M | $392.2M | $411.7M | $421.0M | $436.9M | $397.5M | $279.0M | $299.0M | $294.8M | $315.5M | $323.2M |
| Other long-term liabilities | $1.31B | $781.9M | $789.4M | $814.1M | $843.3M | $773.6M | $724.3M | $707.6M | $775.9M | $768.0M | $827.9M | $805.9M |
| Total liabilities | $6.12B | $6.27B | $6.33B | $7.10B | $6.44B | $6.51B | $5.93B | $6.07B | $6.30B | $6.31B | $6.30B | $6.60B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Retained earnings (deficit) | $3.79B | $3.75B | $3.73B | $3.73B | $3.74B | $3.72B | $3.82B | $3.81B | $3.86B | $3.84B | $3.85B | $3.81B |
| Accumulated other comprehensive income | −$406.1M | −$399.1M | −$412.1M | −$412.1M | −$457.1M | −$450.9M | −$447.1M | −$443.0M | −$469.9M | −$500.4M | −$495.5M | −$466.0M |
| Minority interest | — | $100,000 | $500,000 | $700,000 | $600,000 | $800,000 | — | — | — | — | — | — |
| Total shareholders' equity | $2.14B | $2.11B | $2.06B | $2.06B | $2.01B | $1.99B | $2.10B | $2.13B | $2.18B | $2.14B | $2.18B | $2.22B |
| Key figures | ||||||||||||
| Total debt | $1.46B | $1.42B | $1.54B | $2.39B | $1.95B | $1.72B | $1.47B | $1.33B | $1.32B | $1.49B | $1.40B | $1.43B |
| Net cash (debt) | −$1.23B | −$1.24B | −$1.31B | −$1.52B | −$1.68B | −$1.43B | −$1.07B | −$821.0M | −$912.6M | −$1.02B | −$793.8M | −$844.7M |
| Working capital | $251.2M | $212.0M | $560.2M | $556.8M | −$23.0M | −$123.9M | $511.0M | $533.2M | $657.6M | $655.3M | $745.7M | $772.4M |
| Tangible book value | $250.4M | $207.2M | $102.7M | $84.9M | $29.9M | $300,000 | $45.5M | $75.7M | $83.9M | $63.9M | $94.4M | $116.9M |
| Book value per share | $44.50 | $44.62 | $43.84 | $43.91 | $42.87 | $42.89 | $44.46 | $44.55 | $45.24 | $44.15 | $44.51 | $45.65 |
| Shares outstanding | 48.1M | 47.2M | 47.1M | 46.9M | 46.9M | 46.5M | 47.3M | 47.7M | 48.1M | 48.4M | 48.9M | 48.7M |
| Current ratio | 1.05 | 1.04 | 1.12 | 1.11 | 1.00 | 0.98 | 1.12 | 1.12 | 1.15 | 1.14 | 1.17 | 1.16 |
| Quick ratio | 1.01 | 1.00 | 1.08 | 1.08 | 0.96 | 0.94 | 1.08 | 1.08 | 1.11 | 1.11 | 1.12 | 1.13 |
| Debt / equity | 0.68 | 0.67 | 0.75 | 1.16 | 0.97 | 0.86 | 0.70 | 0.63 | 0.61 | 0.70 | 0.64 | 0.64 |
| Equity / assets | 25.9% | 25.2% | 24.6% | 22.5% | 23.8% | 23.4% | 26.2% | 25.9% | 25.7% | 25.3% | 25.6% | 25.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
MAN financial position
At the end of fiscal 2025 (December 31, 2025), ManpowerGroup had total assets of $9.2 billion (up 11.7% from a year earlier), total liabilities of $7.1 billion and shareholders' equity of $2.1 billion. It held $871.0 million in cash and short-term investments against $2.4 billion of debt, net debt of $1.5 billion. Its current ratio was 1.11. In the latest quarter (ended September 30, 2026) total assets were $8.3 billion and equity $2.1 billion.
Related: MAN income statement, MAN cash flow statement, MAN key metrics. See the MAN stock overview for the latest quote and news.
MAN balance sheet FAQ
What are ManpowerGroup's total assets?
ManpowerGroup reported total assets of $9.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $8.2 billion a year earlier.
How much debt does ManpowerGroup have?
ManpowerGroup had $2.4 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.16.
How much cash does ManpowerGroup have?
ManpowerGroup held $871.0 million in cash and short-term investments at the end of fiscal 2025; with $2.4 billion of debt that is net debt of $1.5 billion.
What is ManpowerGroup's book value?
ManpowerGroup's shareholders' equity (book value) was $2.1 billion at the end of fiscal 2025, or $44.20 per share.
What is ManpowerGroup's current ratio?
ManpowerGroup had current assets of $5.8 billion and current liabilities of $5.2 billion, a current ratio of 1.11 (it can cover its short-term obligations).
How much goodwill does ManpowerGroup have?
ManpowerGroup carried $2.0 billion of goodwill and intangible assets, 21.6% of total assets, at the end of fiscal 2025.