Guidewire Software vs Manhattan Associates
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The short version
- Guidewire Software is the larger business, with $1.5B of revenue in fiscal 2026 against $1.1B for Manhattan Associates.
- Guidewire Software grew revenue faster (22.7%, against 3.8%).
- Manhattan Associates kept more of each dollar of sales as operating profit (25.9% operating margin, against 10.2%).
- Manhattan Associates turned more of its sales into free cash flow (34.6% FCF margin, against 25.6%).
| Latest fiscal year | GWRE · FY26 | MANH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $16.1B | $14.1B |
| Revenue | $1.5B | $1.1B |
| Free cash flow | $378M | $374M |
| Net income | $139M | $220M |
| Growth | ||
| Revenue growth | 22.7% | 3.8% |
| 5-year growth | 14.7% | 13.0% |
| Share count change | −0.6% | −1.8% |
| Profitability | ||
| Gross margin | 64.2% | 56.3% |
| Operating margin | 10.2% | 25.9% |
| Net margin | 9.4% | 20.3% |
| FCF margin | 25.6% | 34.6% |
| Return on capital | 12.1% | — |
| Return on equity | 10.5% | 71.7% |
| Balance sheet | ||
| Net debt | −$75.0M | −$329M |
| Net debt / EBITDA | −0.4x | −1.2x |
| Dividends and buybacks | $606M | $315M |
| Valuation & quality | ||
| P/E | — | 68.4x |
| Piotroski F-score | 8 | 6 |
Revenue
FY17
GWRE $510M
MANH $595M
FY18
GWRE $653M
MANH $559M
FY19
GWRE $720M
MANH $618M
FY20
GWRE $742M
MANH $586M
FY21
GWRE $743M
MANH $664M
FY22
GWRE $813M
MANH $767M
FY23
GWRE $905M
MANH $929M
FY24
GWRE $981M
MANH $1.0B
FY25
GWRE $1.2B
MANH $1.1B
FY26
GWRE $1.5B
MANH —
GWRE
MANH
Operating margin
FY17
GWRE 4.3%
MANH 31.2%
FY18
GWRE −2.4%
MANH 23.9%
FY19
GWRE 0.2%
MANH 18.8%
FY20
GWRE −3.2%
MANH 19.5%
FY21
GWRE −14.2%
MANH 20.2%
FY22
GWRE −24.5%
MANH 19.9%
FY23
GWRE −16.5%
MANH 22.6%
FY24
GWRE −5.4%
MANH 25.1%
FY25
GWRE 3.4%
MANH 25.9%
FY26
GWRE 10.2%
MANH —
GWRE
MANH
Free cash flow
FY17
GWRE $133M
MANH $158M
FY18
GWRE $131M
MANH $130M
FY19
GWRE $71.2M
MANH $132M
FY20
GWRE $91.7M
MANH $138M
FY21
GWRE $92.6M
MANH $181M
FY22
GWRE −$47.5M
MANH $173M
FY23
GWRE $32.6M
MANH $241M
FY24
GWRE $189M
MANH $286M
FY25
GWRE $295M
MANH $374M
FY26
GWRE $378M
MANH —
GWRE
MANH
Return on capital
FY17
GWRE —
MANH —
FY18
GWRE —
MANH 214.3%
FY19
GWRE 0.2%
MANH 219.1%
FY20
GWRE −2.3%
MANH —
FY21
GWRE −10.3%
MANH —
FY22
GWRE −19.7%
MANH —
FY23
GWRE −14.5%
MANH —
FY24
GWRE −5.4%
MANH —
FY25
GWRE 4.8%
MANH —
FY26
GWRE 12.1%
MANH —
GWRE
MANH
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.