Manhattan Associates Inc

Services-Prepackaged Software

MANHStrong8 of 10 basics passed

$204.89

-0.91%

Market cap $11.9B

$204.89

-0.91%

Market cap $11.9B

Manhattan Associates provides software that helps users manage their supply chains, inventory, and omnichannel operations. Customers are generally retailers, wholesalers, manufacturers, and logistics providers.

It is a $11.9B technology company. Revenue grew 110.4% over the last year, and it keeps 19¢ of every dollar of sales as profit. It trades at 56.8× earnings — in the cheapest third of its own history.

Website: manh.com
Location: Atlanta, GA
Employees: 4 100
Sector: Technology
Founded: 1983

Share price · 3 years

$209.69 → $204.89-2.3%

price only — dividends excluded

Key facts · TTM

Revenue: total sales; $1.13B
Profit: keeps 19¢ of every $1 sold; $210M
Free cash flow: cash left after running the business; $399M
P/E: years of profit in the price; 56.8
EPS: earnings per share, TTM; $3.44
Shares: down 15% since 2016 — buybacks; 61.1M
Volatility: beta vs the market — under 1 swings less; 0.88

Revenue, last 10 years

52-week range

Low $120.88$204.89High $223.76

Today's price is 82% of the way from the year's low to its high.

P/E vs its history5y

56.8×median 72.9×

Higher than 28% of past days — in the cheapest third of its own history.

Valuation vs own history

P/E

56.8×

71%

P/S

10.6×

73%

EV/EBITDA

41.9×

32%

P/B

75.8×

FCF yield

3.3%

87%

Share of the last ~5 years that was pricier than today (in line with its own history). Based on the daily valuation record.

Insider activity · 90 days

-$1.90Mnet selling

Purchases$0

Sales$1.90M

Insiders trading, last 14d0 buy · 0 sell

Standing in Technology

Size$11.9Btop 78%
Revenue growth+12%top 47%
Net margin19%top 35%
Return on equity85%top 10%
P/E56.8×top 75%

Ranked against 220 Technology companies with a full CV — for P/E, lower ranks higher.

Skills

Six independent scores, 0–100, built from reported numbers and valuation history. Click a row to see how it was scored.

Strong growth, quality and moat; Valuation lags behind.

Valuation37

P/E vs own history28th pct · 20/25
FCF yield3.3% · 12/25
P/S10.6x · 5/25
EV/EBITDA41.9x · 0/25

Growth90

Revenue CAGR13.0% · 20/25
Net income CAGR18.8% · 20/25
EPS CAGR ~5Y21.6% · 25/25
Fwd implied growth63.1% · 25/25

Profitability65

ROICn/a · 0/25
ROE85.2% · 25/25
Net margin18.7% · 20/25
Operating margin24.3% · 20/25

Health56

Altman Z15.11 · 25/25
Current ratio0.98 · 6/25
Interest coverage35.0x · 25/25
Net cash / debtn/a · 0/25

Quality90

Piotroski F6/9 · 15/25
Beneish M-3.40 · 25/25
FCF conversion190% · 25/25
Margin stabilityσ 4.8% · 25/25

Moat95

ROIC >12% years8/8 yrs · 25/25
Median gross margin54.4% · 20/25
FCF-positive years10/10 yrs · 25/25
Worst-year net marginworst 13.9% · 25/25

How the scores work →

Experience

The company's career so far — founding, the IPO, landmark products and acquisitions, plus revenue milestones and insider buying.

FY2025Financial
Best year on record
$220M net income
FY2024Financial
Revenue crossed $1B
$1.04B for the year
FY2016Financial
Profitable every year on record
10 consecutive profitable years in our data
FY2016Financial
Positive free cash flow every year since
10-year streak
1983Founded
They are administered by the non-profit Manhattan Association of Cabarets & Clubs (MAC), founded in 1983

Achievements

Verifiable track record, straight from the reported numbers.

$10 000 invested in 2021 would be worth ~$12 647 today — price return only

$1.1B revenue in FY2025

Revenue up 110.4% year over year

Profitable 10 years in a row

Positive free cash flow 10 years in a row

4 100 employees

Strengths & watch-outs

What a bull and a bear would each point to. Both lists come from the reported numbers, not opinions.

Strengths

High gross margin (55.8%)
Revenue growing 110.4% year over year
Strong cash conversion — FCF is 35.4% of revenue
Interest covered 35.0× by operating earnings
Altman Z-Score 15.11 — low bankruptcy-risk zone

Watch-outs

Nothing stands out as a concern in the available data.

Qualifications

The basics a company should meet before you research it further. Each check uses the reported numbers.

8 of 10 checks passed

Revenue growing — the company sells more than a year ago+110.4% YoY
Profitable — makes more than it spends$210M TTM
Profit growing — earnings are higher than last year+21.0% YoY
Generates cash — cash left after running and investing$399M TTM
Debt under control — could handle its obligationscurrent ratio 0.98
Established company — not a micro-cap — lower blow-up risk$11.9B market cap
Not printing shares — share count not ballooning — you keep your slice-5.1% shares over ~5y
Proven track record — years of profitability behind it10/10 profitable years
Financially stable — balance sheet not near distressAltman Z 15.1 — safe
Pays a dividend — returns cash to shareholdersno data
Valuation not extreme — price not wildly above earningsP/E 56.8

Peer comparisonManhattan Associates Inc vs 6 largest technology peers — cap, P/E, growth and margin side by sideOpen ▾

Company	Market cap	P/E	Revenue growth	Net margin	Profile
MANH this company	$11.9B	56.8	+110.4%	18.7%	Strong
NVDA Nvidia Corp	$5.5T	28.6	+83.4%	63.7%	Mixed
AAPL Apple Inc.	$4.9T	38.1	+14.2%	27.6%	Strong
GOOGL Alphabet Inc.	$4.3T	17.6	+20.1%	54.8%	Mixed
MSFT Microsoft Corp	$4.0T	29.7	+17.8%	40.3%	Strong
SPCX Space Exploration Technologies Corp.	$2.1T	—	+33.2%	-34.0%	Strained
META Meta Platforms, Inc.	$1.8T	26.9	+27.7%	29.8%	Mixed

Head-to-head: MANH vs NVDA · MANH vs AAPL · MANH vs GOOGL

References

What covering analysts publish about the company — information only, not a recommendation.

Strong buy 7Buy 9Hold 3

Appendix · Financial records

The full statements behind this CV, FY2016–FY2025. For readers who want to check the numbers.

Profit & lossRevenue $1.13B · net income $210M (TTM)Open ▾

Profit & loss

Revenue and profit over the company's career — the income statement, visualised.

How FY2025 revenue flows to profit

RevenueNet income

Revenue (TTM)

$1.13B

YoY 110.4%

Net income (TTM)

$210M

Margin 18.7%

Gross margin

55.8%

Operating margin

24.3%

P/E ratio

56.8

Income statement — full detail

Figures in USD billions · EPS in USD

	2020	2021	2022	2023	2024	2025
Revenue	0.6	0.7	0.8	0.9	1.0	1.1
Gross profit	0.3	0.4	0.4	0.5	0.6	0.6
Operating income (EBIT)	0.1	0.1	0.2	0.2	0.3	0.3
Net income	0.1	0.1	0.1	0.2	0.2	0.2
EPS (diluted)	1.36	1.72	2.03	2.82	3.51	3.60

Cash flowFree cash flow $399M · operating cash flow $415M (TTM)Open ▾

Cash flow statement

Cash generated by the business and what is left after investment — year by year.

Operating cash flowFree cash flow

Free cash flow (TTM)

$399M

Margin 35.4%

Operating cash flow (TTM)

$415M

FCF margin

35.4%

Cash flow statement — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Operating cash flow	0.1	0.2	0.2	0.2	0.3	0.4
Capital expenditure	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Free cash flow	0.1	0.2	0.2	0.2	0.3	0.4
FCF margin	23.6%	27.3%	22.6%	26.0%	27.5%	34.6%

Balance sheetAssets $839M · debt n/a (FY2025)Open ▾

Balance sheet

How the balance sheet is built — what it owns versus how it is financed.

How $839M of assets is financed

63%

37%

Liabilities $525M — borrowed moneyEquity $315M — owners' stake

Altman Z-Score

15.11

Safe zone

Debt repayment

0.0 yrs

Years of free cash flow to clear net debt

Interest coverage

35.0x

EBIT ÷ interest expense

ROE

85.2%

Profit per $1 of equity

Balance sheet — full detail

Figures in USD billions

	2020	2021	2022	2023	2024	2025
Cash & equivalents	0.2	0.3	0.2	0.3	0.3	0.3
Total assets	0.5	0.5	0.6	0.7	0.8	0.8
Total liabilities	0.2	0.3	0.3	0.4	0.5	0.5
Total debt	—	—	—	0.0	—	—
Equity	0.2	0.3	0.2	0.3	0.3	0.3
Net debt	—	—	—	-0.3	—	—

Want the live picture — intraday moves, valuation history and full analysis?

Deeper analysis of MANH on PreMarketPrice

Figures are derived from company filings (quarterly values normalised from as-filed year-to-date data where applicable) and may be delayed, restated or incomplete. This page is information, not investment advice. Latest price $204.89 · market cap $11.9B.