ManpowerGroup Inc (MAN)

Debt-to-capital ratio

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Long-term debt	US$ in thousands	990,500	959,900	565,700	1,103,500	1,012,400
Total stockholders’ equity	US$ in thousands	2,223,300	2,447,300	2,521,700	2,441,000	2,743,000
Debt-to-capital ratio		0.31	0.28	0.18	0.31	0.27

December 31, 2023 calculation

Debt-to-capital ratio = Long-term debt ÷ (Long-term debt + Total stockholders’ equity)
= $990,500K ÷ ($990,500K + $2,223,300K)
= 0.31

The debt-to-capital ratio of ManpowerGroup has demonstrated some fluctuation over the past five years. In 2023, the ratio stands at 0.31, slightly higher compared to the previous year. This indicates that approximately 31% of the company's capital structure is financed by debt in 2023.

Looking at the trend from 2019 to 2023, the ratio has generally remained within a relatively stable range, fluctuating between 0.28 and 0.32. This suggests that ManpowerGroup has maintained a consistent level of debt relative to its total capital base during this period.

A debt-to-capital ratio of around 0.31 indicates a moderate reliance on debt financing, which can be beneficial for leveraging growth opportunities but also carries inherent risks. Overall, a stable and moderate debt-to-capital ratio suggests that ManpowerGroup has been managing its debt levels prudently in recent years.