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World's largest staffing and HR-services company, placing temporary/permanent workers and providing career and skills services.
World's largest staffing and HR-services company, placing temporary/permanent workers and providing career and skills services.
Bills employers for each hour a temporary worker works and pays the worker, keeping the difference, so income rises and falls with hiring. Permanent placement earns a one-off fee per hire. Career-transition work under the LHH name is paid by employers for staff they let go, which tends to grow when hiring slows.
In one line: Switzerland's version of ManpowerGroup, but larger.
Moat: none (scale, brand). Staffing is low-differentiation and people-intensive; scale gives branch density but little pricing power.
Headquarters: Zurich, Switzerland · Founded: 1996 · Employees: 34,000
Size Adecco (ADEN.SW) is a Switzerland Industrials company (Personnel Services) with a market value of $4.82B, the 58th largest of 158 Switzerland companies the cockpit tracks. Shares closed at CHF 22.68 on 6 Nov 2026.
Performance Over six months the shares gained 23.9%, against +33.3% for the median peer and +11.6% for the Switzerland market (cap-weighted) — 5th lowest of 11 in its peer set.
Growth Revenue grew 0.1% over the last twelve months (peer median +7.1%); the operating margin is 2.4% (peer median 3.5%).
Valuation It trades at 10.3× forward earnings against a peer median of 15.5× (3rd cheapest of 10).
Price implies For today's price to make sense, revenue must grow about -3% a year for seven years (Req g). Recent delivered growth is +1%, so the hurdle is -4 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.8 points above its cost of capital (5.0% WACC).
Credit Adecco has 6 bonds outstanding ($2.84B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 101 bp.
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | CHF 21.6B | CHF 21.6B | CHF 22.0B | CHF 23.3B | CHF 23.7B |
| Revenue growth | — | -2% | -5% | -2% | — |
| Gross profit | CHF 4.03B | CHF 4.09B | CHF 4.21B | CHF 4.73B | CHF 4.86B |
| EBITDA | CHF 711M | CHF 760M | CHF 791M | CHF 930M | CHF 948M |
| Net income | CHF 272M | CHF 276M | CHF 289M | CHF 316M | CHF 343M |
| Free cash flow | CHF 363M | CHF 453M | CHF 536M | CHF 337M | CHF 329M |
| Capital expenditure | CHF 129M | CHF 122M | CHF 137M | CHF 210M | CHF 216M |
| Total debt | CHF 3.33B | CHF 2.96B | CHF 3.26B | CHF 3.41B | CHF 3.65B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Adecco ADEN.SW | $4.82B | +24% | 0% | 2% | 10.3× | -3.5% |
| ManpowerGroup MAN | $2.07B | +49% | +7% | 2% | 10.3× | -0.4% |
| Randstad RAND.AS | $8.14B | +69% | 0% | 3% | 15.5× | 1.1% |
| Robert Half RHI | $4.28B | +55% | -3% | 1% | 23.5× | 26.7% |
| Recruit 6098.T | $149B | +133% | +9% | 20% | 30.3× | 22.0% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | ADEN.SW | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -1.8% | +2.9% | 5th lowest of 11 |
| 6-month return | +23.9% | +33.3% | 5th lowest of 11 |
| Distance from 52-week high | -13.5% | -14.1% | 5th highest of 11 |
| Revenue growth (TTM) | +0.1% | +7.1% | 5th lowest of 11 |
| Operating margin | 2.4% | 3.5% | 5th lowest of 11 |
| Forward P/E | 10.3× | 15.5× | 3rd cheapest of 10 |
| Growth the price implies (Req g, 7 yrs) | -3.5% | 1.1% | 3rd least demanding of 10 |
| Growth delivered (Del g) | +0.7% | +10.1% | 2nd lowest of 10 |
| Hurdle (Req g minus delivered) | -4.1 pp | -1.1 pp | 5th least demanding of 10 |
| ROIC minus cost of capital | +1.8 pp | +2.0 pp | 5th lowest of 10 |
| Net debt / EBITDA | 4.0× | -0.5× | most indebted of 10 |
| Bond spread | 101 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Adecco ADEN.SW | Switzerland | $4.82B | +24% | 0% | 2% | 10.3× | -3.5% | +0.7% |
| Robert Half RHI | United States | $4.28B | +55% | -3% | 1% | 23.5× | 26.7% | +1.0% |
| Korn Ferry KFY | United States | $4.11B | +11% | +7% | 13% | 13.0× | 2.0% | +10.1% |
| Persol 2181.T | Japan | $4.11B | +22% | +10% | 4% | 13.7× | -10.3% | +10.4% |
| Jinhai Medical Technology 2225.HK | Hong Kong | $3.02B | -6% | +75% | -17% | n/a | n/a | n/a |
| Randstad RAND.AS | Netherlands | $8.14B | +69% | 0% | 3% | 15.5× | 1.1% | +2.2% |
| ManpowerGroup MAN | United States | $2.07B | +49% | +7% | 2% | 10.3× | -0.4% | 0.0% |
| SMS 2175.T | Japan | $1.31B | +33% | +8% | 11% | 31.1× | 19.2% | +12.5% |
| Upwork UPWK | United States | $1.26B | +14% | -1% | 18% | 8.9× | -7.1% | +16.1% |
| Hays HAS.L | United Kingdom | $1.24B | +75% | -3% | 1% | 33.0× | 18.3% | +2.6% |
| JAC Recruitment 2124.T | Japan | $1.21B | +34% | +12% | 26% | 19.3× | -1.0% | +16.4% |
Adecco has 6 bonds outstanding with $2.84B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 4.06%, a spread of 101 bp over government bonds.