ManpowerGroup Inc (MAN)

Debt-to-equity 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-equity ratio		0.45	0.39	0.22	0.45	0.37

December 31, 2023 calculation

Debt-to-equity ratio = Long-term debt ÷ Total stockholders’ equity
= $990,500K ÷ $2,223,300K
= 0.45

ManpowerGroup's debt-to-equity ratio has shown some fluctuations over the past five years. The ratio increased from 0.39 in 2019 to 0.46 in 2020, indicating a higher proportion of debt relative to equity in the company's capital structure. However, in the subsequent years, the ratio decreased to 0.40 in 2022 and then increased slightly to 0.45 in 2023.

Overall, the trend suggests that ManpowerGroup has been managing its debt levels relative to equity effectively, with the ratio staying within a moderate range. An increasing ratio may signal higher financial risk due to increased reliance on debt financing, while a decreasing ratio may indicate a stronger equity position and potentially lower financial risk. It is essential to consider other factors such as the company's industry norms, operating cash flows, and future growth prospects to assess the implications of the debt-to-equity ratio on ManpowerGroup's financial health.