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Side-by-side financial comparison of ManpowerGroup Inc. (MAN) and Smurfit Westrock (SW). Click either name above to swap in a different company.
Smurfit Westrock is the larger business by last-quarter revenue ($7.6B vs $4.7B, roughly 1.6× ManpowerGroup Inc.). Smurfit Westrock runs the higher net margin — 1.3% vs 0.6%, a 0.6% gap on every dollar of revenue. On growth, ManpowerGroup Inc. posted the faster year-over-year revenue change (7.1% vs 0.5%). Smurfit Westrock produced more free cash flow last quarter ($612.0M vs $168.0M). Over the past eight quarters, Smurfit Westrock's revenue compounded faster (60.8% CAGR vs 3.5%).
ManpowerGroup is an American multinational corporation headquartered in Milwaukee, Wisconsin. Founded in 1948 by Elmer Winter and Aaron Scheinfeld, ManpowerGroup is the third-largest staffing firm in the world behind Swiss firm Adecco and Dutch firm Randstad NV. The company provides administrative & support services, professional services, and business services through its four primary brands: Manpower, Experis, Right Management, and ManpowerGroup Solutions.
Smurfit Westrock plc is an Irish company based in Dublin, Ireland that manufactures corrugated and paper-based packaging. Its stock is listed on the New York Stock Exchange and the London Stock Exchange.
MAN vs SW — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $4.7B | $7.6B |
| Net Profit | $30.2M | $97.0M |
| Gross Margin | 16.3% | 18.2% |
| Operating Margin | 1.7% | 5.1% |
| Net Margin | 0.6% | 1.3% |
| Revenue YoY | 7.1% | 0.5% |
| Net Profit YoY | 34.2% | -33.6% |
| EPS (diluted) | $0.65 | $0.18 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $4.7B | $7.6B | ||
| Q3 25 | $4.6B | $8.0B | ||
| Q2 25 | $4.5B | $7.9B | ||
| Q1 25 | $4.1B | $7.7B | ||
| Q4 24 | $4.4B | $7.5B | ||
| Q3 24 | $4.5B | $7.7B | ||
| Q2 24 | $4.5B | $3.0B | ||
| Q1 24 | $4.4B | $2.9B |
| Q4 25 | $30.2M | $97.0M | ||
| Q3 25 | $18.0M | $246.0M | ||
| Q2 25 | $-67.1M | $-28.0M | ||
| Q1 25 | $5.6M | $384.0M | ||
| Q4 24 | $22.5M | $146.0M | ||
| Q3 24 | $22.8M | $-150.0M | ||
| Q2 24 | $60.1M | $132.0M | ||
| Q1 24 | $39.7M | $191.0M |
| Q4 25 | 16.3% | 18.2% | ||
| Q3 25 | 16.6% | 19.6% | ||
| Q2 25 | 16.9% | 19.1% | ||
| Q1 25 | 17.1% | 20.6% | ||
| Q4 24 | 17.2% | 19.1% | ||
| Q3 24 | 17.3% | 17.6% | ||
| Q2 24 | 17.4% | 23.3% | ||
| Q1 24 | 17.3% | 24.2% |
| Q4 25 | 1.7% | 5.1% | ||
| Q3 25 | 1.4% | 6.6% | ||
| Q2 25 | -0.6% | 3.2% | ||
| Q1 25 | 0.7% | 7.2% | ||
| Q4 24 | 1.6% | 5.3% | ||
| Q3 24 | 1.6% | 0.7% | ||
| Q2 24 | 2.2% | 8.2% | ||
| Q1 24 | 1.5% | 10.5% |
| Q4 25 | 0.6% | 1.3% | ||
| Q3 25 | 0.4% | 3.1% | ||
| Q2 25 | -1.5% | -0.4% | ||
| Q1 25 | 0.1% | 5.0% | ||
| Q4 24 | 0.5% | 1.9% | ||
| Q3 24 | 0.5% | -2.0% | ||
| Q2 24 | 1.3% | 4.4% | ||
| Q1 24 | 0.9% | 6.5% |
| Q4 25 | $0.65 | $0.18 | ||
| Q3 25 | $0.38 | $0.47 | ||
| Q2 25 | $-1.44 | $-0.05 | ||
| Q1 25 | $0.12 | $0.73 | ||
| Q4 24 | $0.49 | $-0.12 | ||
| Q3 24 | $0.47 | $-0.30 | ||
| Q2 24 | $1.24 | $0.51 | ||
| Q1 24 | $0.81 | $0.73 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $871.0M | $892.0M |
| Total DebtLower is stronger | $1.1B | $13.4B |
| Stockholders' EquityBook value | $2.1B | $18.3B |
| Total Assets | $9.2B | $45.2B |
| Debt / EquityLower = less leverage | 0.51× | 0.73× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $871.0M | $892.0M | ||
| Q3 25 | $274.6M | $851.0M | ||
| Q2 25 | $289.8M | $778.0M | ||
| Q1 25 | $395.0M | $797.0M | ||
| Q4 24 | $509.4M | $855.0M | ||
| Q3 24 | $410.9M | — | ||
| Q2 24 | $468.9M | $26.8K | ||
| Q1 24 | $604.8M | $108 |
| Q4 25 | $1.1B | $13.4B | ||
| Q3 25 | $468.3M | $13.3B | ||
| Q2 25 | $470.3M | $13.3B | ||
| Q1 25 | $971.4M | $12.9B | ||
| Q4 24 | $929.4M | $12.5B | ||
| Q3 24 | $999.7M | $13.2B | ||
| Q2 24 | $961.7M | — | ||
| Q1 24 | $968.9M | — |
| Q4 25 | $2.1B | $18.3B | ||
| Q3 25 | $2.0B | $18.4B | ||
| Q2 25 | $2.0B | $18.3B | ||
| Q1 25 | $2.1B | $17.9B | ||
| Q4 24 | $2.1B | $17.4B | ||
| Q3 24 | $2.2B | $18.0B | ||
| Q2 24 | $2.1B | $14.5K | ||
| Q1 24 | $2.2B | $108 |
| Q4 25 | $9.2B | $45.2B | ||
| Q3 25 | $8.4B | $45.6B | ||
| Q2 25 | $8.5B | $45.7B | ||
| Q1 25 | $8.0B | $44.6B | ||
| Q4 24 | $8.2B | $43.8B | ||
| Q3 24 | $8.5B | $45.0B | ||
| Q2 24 | $8.5B | $26.8K | ||
| Q1 24 | $8.5B | $108 |
| Q4 25 | 0.51× | 0.73× | ||
| Q3 25 | 0.23× | 0.72× | ||
| Q2 25 | 0.24× | 0.73× | ||
| Q1 25 | 0.46× | 0.72× | ||
| Q4 24 | 0.44× | 0.72× | ||
| Q3 24 | 0.46× | 0.73× | ||
| Q2 24 | 0.45× | — | ||
| Q1 24 | 0.45× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $178.9M | $1.2B |
| Free Cash FlowOCF − Capex | $168.0M | $612.0M |
| FCF MarginFCF / Revenue | 3.6% | 8.1% |
| Capex IntensityCapex / Revenue | 0.2% | 7.7% |
| Cash ConversionOCF / Net Profit | 5.92× | 12.32× |
| TTM Free Cash FlowTrailing 4 quarters | $-161.4M | $1.2B |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $178.9M | $1.2B | ||
| Q3 25 | $59.8M | $1.1B | ||
| Q2 25 | $-189.6M | $829.0M | ||
| Q1 25 | $-153.2M | $235.0M | ||
| Q4 24 | $247.6M | $781.0M | ||
| Q3 24 | $83.5M | $320.0M | ||
| Q2 24 | $-137.9M | $340.0M | ||
| Q1 24 | $116.0M | $42.0M |
| Q4 25 | $168.0M | $612.0M | ||
| Q3 25 | $44.7M | $523.0M | ||
| Q2 25 | $-207.2M | $307.0M | ||
| Q1 25 | $-166.9M | $-242.0M | ||
| Q4 24 | $236.3M | $212.0M | ||
| Q3 24 | $67.4M | $-192.0M | ||
| Q2 24 | $-149.8M | $163.0M | ||
| Q1 24 | $104.2M | $-166.0M |
| Q4 25 | 3.6% | 8.1% | ||
| Q3 25 | 1.0% | 6.5% | ||
| Q2 25 | -4.6% | 3.9% | ||
| Q1 25 | -4.1% | -3.2% | ||
| Q4 24 | 5.4% | 2.8% | ||
| Q3 24 | 1.5% | -2.5% | ||
| Q2 24 | -3.3% | 5.5% | ||
| Q1 24 | 2.4% | -5.7% |
| Q4 25 | 0.2% | 7.7% | ||
| Q3 25 | 0.3% | 7.6% | ||
| Q2 25 | 0.4% | 6.6% | ||
| Q1 25 | 0.3% | 6.2% | ||
| Q4 24 | 0.3% | 7.5% | ||
| Q3 24 | 0.4% | 6.7% | ||
| Q2 24 | 0.3% | 6.0% | ||
| Q1 24 | 0.3% | 7.1% |
| Q4 25 | 5.92× | 12.32× | ||
| Q3 25 | 3.32× | 4.61× | ||
| Q2 25 | — | — | ||
| Q1 25 | -27.36× | 0.61× | ||
| Q4 24 | 11.00× | 5.35× | ||
| Q3 24 | 3.66× | — | ||
| Q2 24 | -2.29× | 2.58× | ||
| Q1 24 | 2.92× | 0.22× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MAN
| Other | $2.4B | 52% |
| Transferred Over Time | $1.1B | 24% |
| Staffingand Interim | $1.0B | 22% |
| Productsand Services Other | $50.8M | 1% |
| Permanent Recruitment | $37.5M | 1% |
| Outcome Based Solutionsand Consulting | $20.7M | 0% |
| Transferred At Point In Time | $20.4M | 0% |
SW
| Packaging | $3.3B | 43% |
| Other | $3.2B | 43% |
| Paper | $1.1B | 14% |
