ManpowerGroup Inc (MAN)

Operating return on assets (Operating ROA)

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Operating income	US$ in thousands	255,800	581,700	585,400	187,600	644,900
Total assets	US$ in thousands	8,830,200	9,130,400	9,828,900	9,328,200	9,223,800
Operating ROA		2.90%	6.37%	5.96%	2.01%	6.99%

December 31, 2023 calculation

Operating ROA = Operating income ÷ Total assets
= $255,800K ÷ $8,830,200K
= 2.90%

ManpowerGroup's operating return on assets (ROA) has shown fluctuations over the past five years. In 2023, the operating ROA decreased to 3.52% from 6.37% in 2022. This decline indicates that the company's operating income generated from its assets decreased relative to the previous year. However, the 2023 operating ROA of 3.52% is still above the 2020 figure of 2.73%.

When compared to the 2019 high of 6.99%, the current operating ROA remains significantly lower. This suggests that in 2023, ManpowerGroup may be facing challenges in efficiently utilizing its assets to generate operating income compared to its performance in previous years. Further analysis of the company's financial statements and operational efficiency may be necessary to understand the factors contributing to this decline in operating ROA.