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Manhattan Associates

MANH Nasdaq Application Software Financials FY2016–FY2025

Manhattan Associates' revenue rose 3.8% to $1.1 billion in fiscal 2025. Its operating margin was 25.9%, up from 25.1% a year earlier. Free cash flow was $374 million, up 30.6%. It paid out $315 million in dividends and buybacks, 84% of free cash flow. The diluted share count fell 1.8%.

Last close · Oct 23, 2026

$238.19

1.6%
Value it Compare
Revenue Total sales reported in the income statement.
$1.1B
3.7% vs prior year
Operating margin Operating income as a share of revenue.
25.9%
0.8 pts
Net income Profit after all expenses, interest and tax.
$220M
0.7%
Free cash flow Cash from operations minus capital spending.
$374M
30.6%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
—
Market cap Last close times the latest diluted share count, so it is approximate.
$14.1B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
68.5x
On $3.48 EPS (TTM)

About these figures. Manhattan Associates has no debt and no credit facilities (its 10-K says so), so debt is counted as zero.

What Manhattan Associates does

No business description yet.

Legal name
Manhattan Associates, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001193125-26-037138
0001056696

Revenue and margins

Manhattan Associates had $1.1B of revenue in fiscal 2025, up 3.8% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 8.6% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $374M in fiscal 2025, 34.6% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Manhattan Associates returned $315M to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 1.8%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Manhattan Associates yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $329M and divides by 61.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 68.4x · peers 44.4x · sector 33.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably Manhattan Associates can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $264M$226M$271M$266M$329M
Debt incl. finance leases $0.0M$0.0M$0.0M$0.0M$0.0M
Net debt / EBITDA −1.9x−1.4x−1.3x−1.0x−1.2x
Debt / equity 0.0x0.0x0.0x0.0x0.0x
Current ratio 1.6x1.3x1.3x1.3x1.3x
Quick ratio 1.6x1.3x1.3x1.3x1.3x
Total assets $540M$570M$673M$758M$839M
Total liabilities $289M$343M$395M$458M$525M
Shareholders' equity $251M$227M$278M$299M$315M
Net debt (− = net cash) −$264M−$226M−$271M−$266M−$329M

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$3.3M

3 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Aug 11, 2026 Eric Andrew ClarkPresident & CEO, Director Sold 3,000 $197.76 $0.6M Form 4
Aug 6, 2026 Linda T. HollembaekDirector Sold 1,579 $189.88 $0.3M Form 4
Jul 30, 2026 James Stewart GanttEVP, Professional Services Sold 5,139 $195.53 $1.0M Form 4
Jun 10, 2026 Eric Andrew ClarkPresident & CEO, Director Sold 1,000 $146.77 $0.1M Form 4
Apr 24, 2026 James Stewart GanttEVP, Professional Services Sold 7,300 $139.25 $1.0M Form 4
Nov 28, 2025 Eric Andrew ClarkPresident & CEO, Director Sold 1,600 $176.40 $0.3M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✕
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✓ ✓ ✓
Revenue rose relative to assets ✓ ✕ ✕
F-score 7 / 96 / 96 / 9
Accruals ratio −11.2%−10.7%−21.2%
Altman Z'' 5.415.315.21

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Manhattan Associates MANH $14.1B 3.8% 25.9% 34.6% — 68.5x 6
GitLab GTLB $9.5B 25.8% −7.4% 23.2% — — 4 Compare →
AppFolio APPF $7.5B 19.7% 16.1% 25.1% 50.3% 44.4x 4 Compare →
Dolby DLB $5.9B 5.9% 19.6% 32.3% 11.4% 26.7x 5 Compare →
Guidewire Software GWRE $16.1B 22.7% 10.2% 25.6% 12.1% 116.0x 8 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $605M $595M $559M $618M $586M $664M $767M $929M $1.0B $1.1B
Gross profit $355M $349M $318M $333M $317M $366M $409M $498M $571M $609M
Research and development $54.7M $57.7M $71.9M $87.6M $84.3M $97.6M $112M $127M $138M $145M
Operating income $194M $186M $134M $116M $114M $134M $153M $210M $262M $280M
Pretax income $196M $185M $136M $116M $114M $134M $158M $214M $267M $286M
Income tax $71.9M $68.4M $31.5M $30.3M $26.5M $23.6M $29.2M $37.1M $48.4M $65.9M
Net income $124M $117M $105M $85.8M $87.2M $111M $129M $177M $218M $220M
Diluted EPS $1.72 $1.68 $1.58 $1.32 $1.36 $1.72 $2.03 $2.82 $3.51 $3.60
Diluted shares 0.07B 0.07B 0.07B 0.07B 0.06B 0.06B 0.06B 0.06B 0.06B 0.06B
Cash flow
Cash from operations $139M $164M $137M $147M $141M $185M $180M $246M $295M $390M
Capital expenditure $6.8M $6.2M $7.3M $15.2M $2.7M $4.0M $6.6M $4.7M $8.7M $15.5M
Free cash flow $133M $158M $130M $132M $138M $181M $173M $241M $286M $374M
Depreciation and amortization $9.1M $9.1M $8.6M $8.0M $8.9M $7.9M $6.7M $5.8M $6.3M $6.3M
Stock-based compensation $15.9M $16.2M $19.9M $31.8M $33.4M $43.3M $59.4M $71.6M $93.2M $111M
Acquisitions $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Share buybacks $168M $132M $149M $122M $43.6M $120M $205M $196M $286M $315M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $168M $132M $149M $121M $43.6M $120M $204M $196M $286M $315M
Balance sheet
Cash and short-term investments — $126M $101M $111M $205M $264M $226M $271M $266M $329M
Total debt $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $207M $228M $215M $232M $334M $408M $415M $479M $503M $583M
Current liabilities $118M $124M $145M $182M $197M $249M $316M $366M $400M $456M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $17.4M $15.5M $14.3M $22.7M $17.9M $13.9M $12.8M $11.8M $14.0M $23.1M
Total assets $297M $315M $307M $372M $465M $540M $570M $673M $758M $839M
Total liabilities $128M $140M $160M $230M $247M $289M $343M $395M $458M $525M
Shareholders' equity $169M $175M $147M $142M $219M $251M $227M $278M $299M $315M
Margins
Gross margin 58.7% 58.7% 56.9% 53.9% 54.0% 55.1% 53.3% 53.6% 54.8% 56.3%
Operating margin 32.1% 31.2% 23.9% 18.8% 19.5% 20.2% 19.9% 22.6% 25.1% 25.9%
EBITDA margin 33.6% 32.8% 25.5% 20.1% 21.0% 21.4% 20.8% 23.2% 25.7% 26.5%
Net margin 20.6% 19.6% 18.7% 13.9% 14.9% 16.7% 16.8% 19.0% 21.0% 20.3%
FCF margin 21.9% 26.6% 23.3% 21.3% 23.6% 27.3% 22.6% 26.0% 27.5% 34.6%
Returns
Return on capital — — 214.3% 219.1% — — — — — —
Return on capital employed 101.1% 100.3% 75.9% 65.8% 49.7% 48.1% 56.0% 74.7% 78.7% 75.6%
Return on equity 68.1% 67.7% 65.0% 59.3% 48.3% 47.1% 54.0% 69.9% 75.6% 71.7%
Return on assets 39.5% 38.1% 33.7% 25.3% 20.8% 22.0% 23.2% 28.4% 30.5% 27.6%
Growth
Revenue growth 360.4% −1.7% −6.0% 10.5% −5.1% 13.2% 15.6% 21.1% 12.2% 3.8%
Net income growth 20.1% −6.2% −10.1% −18.1% 1.7% 26.6% 16.7% 36.9% 23.7% 0.7%
EPS growth 22.9% −2.3% −6.0% −16.5% 3.0% 26.5% 18.0% 38.9% 24.5% 2.6%
FCF growth 21.9% 19.1% −17.6% 1.3% 4.9% 31.1% −4.5% 39.6% 18.6% 30.6%
Share count change −2.7% −3.7% −4.3% −2.0% −1.2% −0.0% −1.4% −1.3% −0.7% −1.8%
Financial health
Net debt / EBITDA — −0.6x −0.7x −0.9x −1.7x −1.9x −1.4x −1.3x −1.0x −1.2x
Debt / equity 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x 0.0x
Current ratio 1.8x 1.8x 1.5x 1.3x 1.7x 1.6x 1.3x 1.3x 1.3x 1.3x
Quick ratio 1.8x 1.8x 1.5x 1.3x 1.7x 1.6x 1.3x 1.3x 1.3x 1.3x
Capital allocation
Capex / revenue 1.1% 1.0% 1.3% 2.5% 0.5% 0.6% 0.9% 0.5% 0.8% 1.4%
Stock comp / revenue 2.6% 2.7% 3.6% 5.2% 5.7% 6.5% 7.7% 7.7% 8.9% 10.3%
Payouts / FCF 126.7% 83.4% 114.8% 92.2% 31.5% 66.5% 118.2% 81.2% 100.0% 84.3%
Quality scores
Piotroski F-score 7.0 8.0 4.0 5.0 6.0 6.0 5.0 7.0 6.0 6.0
Altman Z'' 9.8 9.4 7.1 5.0 6.2 6.2 5.1 5.4 5.3 5.2
Accruals ratio −4.8% −15.6% −10.5% −18.0% −12.8% −14.9% −9.1% −11.2% −10.7% −21.2%

Source: SEC EDGAR XBRL filings (CIK 0001056696). Data updated October 16, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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