ManpowerGroup Inc (MAN)

Pretax margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Earnings before tax but after interest (EBT)	US$ in thousands	205,900	557,100	568,100	147,700	685,500
Revenue	US$ in thousands	18,811,700	19,764,800	20,680,400	17,952,800	20,892,800
Pretax margin		1.09%	2.82%	2.75%	0.82%	3.28%

December 31, 2023 calculation

Pretax margin = EBT ÷ Revenue
= $205,900K ÷ $18,811,700K
= 1.09%

The pretax margin of ManpowerGroup has displayed fluctuating trends over the past five years. In 2023, the pretax margin decreased to 1.09% from 2.81% in 2022, representing a significant decline. This reduction marks a deviation from the relatively stable pretax margins reported in the preceding years, such as 2.74% in 2021 and 3.29% in 2019. The pretax margin was particularly low in 2020 at 0.82%, indicating a challenging year for the company in terms of profitability before taxes. The downward trend in the pretax margin in 2023 raises concerns about the company's ability to generate profits before accounting for taxes. Further analysis of the financial and operational performance of ManpowerGroup is recommended to understand the underlying factors driving these fluctuations in the pretax margin.