Korn Ferry (KFY) is undervalued and ManpowerGroup (MAN) is undervalued.
Against our estimates of intrinsic value, KFY trades at the wider discount: a margin of safety of +29%, against +23% for MAN.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 10.2% (average of 3 methods) values the shares at $106.60; the price of $75.86 is 29% below that value, and 72% of that value comes from beyond year five.
Leak Score 84/100 on 3 of 12 signals
Discounting its cash flows at 7.6% (average of 2 methods) values the shares at $74.71; the price of $57.63 is 23% below that value.
Leak Score 54/100 on 3 of 12 signals
| Metric | KFY | MAN |
|---|---|---|
| Verdict | Undervalued | Undervalued |
| Price | $75.86 | $57.63 |
| Intrinsic value | $106.60 | $74.71 |
| Margin of safety | +29% | +23% |
| Leak Score | 84/100 (3/12) | 54/100 (3/12) |
| Market cap | $4.1B | $2.7B |
| Revenue growth, 5 years | 10.1% | -0.1% |
| Operating margin | 13.4% | 1.8% |
| Net margin | 9.2% | 0.6% |
| Return on equity | 14.2% | 5.1% |
| Debt to equity | 0.30 | 0.67 |
| P/E | 14.3x | 26.0x |
| Forward P/E | 11.9x | 11.8x |
| P/B | 1.9x | 1.3x |
| Dividend yield | 2.9% | 2.8% |