Manhattan Associates
MANH · Application Software
$238.19
1.6%Strategy
MSTR · Application Software
$146.01
0.1%The short version
- Manhattan Associates is the larger business, with $1.1B of revenue in fiscal 2025 against $477M for Strategy, about 2.3 times as much.
- Manhattan Associates grew revenue faster (3.8%, against 3.0%).
- Manhattan Associates kept more of each dollar of sales as operating profit (25.9% operating margin, against −1,140.8% operating margin).
- Manhattan Associates turned more of its sales into free cash flow (34.6% FCF margin, against −15.8% FCF margin).
| Latest fiscal year | MANH · FY25 | MSTR · FY25 |
|---|---|---|
| Size | ||
| Market cap | $14.1B | $51.5B |
| Revenue | $1.1B | $477M |
| Free cash flow | $374M | −$75.5M |
| Net income | $220M | −$3.8B |
| Growth | ||
| Revenue growth | 3.8% | 3.0% |
| 5-year growth | 13.0% | −0.2% |
| Share count change | −1.8% | 44.2% |
| Profitability | ||
| Gross margin | 56.3% | 68.7% |
| Operating margin | 25.9% | −1,140.8% |
| Net margin | 20.3% | −806.4% |
| FCF margin | 34.6% | −15.8% |
| Return on capital | — | −11.4% |
| Return on equity | 71.7% | −12.3% |
| Balance sheet | ||
| Net debt | −$329M | $5.9B |
| Net debt / EBITDA | −1.2x | — |
| Dividends and buybacks | $315M | $0.0M |
| Valuation & quality | ||
| P/E | 68.4x | — |
| Piotroski F-score | 6 | 4 |
FY16
MANH $605M
MSTR $514M
FY17
MANH $595M
MSTR $504M
FY18
MANH $559M
MSTR $498M
FY19
MANH $618M
MSTR $486M
FY20
MANH $586M
MSTR $481M
FY21
MANH $664M
MSTR $511M
FY22
MANH $767M
MSTR $499M
FY23
MANH $929M
MSTR $496M
FY24
MANH $1.0B
MSTR $464M
FY25
MANH $1.1B
MSTR $477M
MANH
MSTR
FY16
MANH 32.1%
MSTR 21.3%
FY17
MANH 31.2%
MSTR 14.5%
FY18
MANH 23.9%
MSTR 0.8%
FY19
MANH 18.8%
MSTR −0.2%
FY20
MANH 19.5%
MSTR −2.8%
FY21
MANH 20.2%
MSTR −153.6%
FY22
MANH 19.9%
MSTR −255.5%
FY23
MANH 22.6%
MSTR −23.2%
FY24
MANH 25.1%
MSTR −399.8%
FY25
MANH 25.9%
MSTR −1,140.8%
MANH
MSTR
FY16
MANH $133M
MSTR $108M
FY17
MANH $158M
MSTR $74.3M
FY18
MANH $130M
MSTR $3.8M
FY19
MANH $132M
MSTR $50.7M
FY20
MANH $138M
MSTR $50.0M
FY21
MANH $181M
MSTR $91.1M
FY22
MANH $173M
MSTR $0.7M
FY23
MANH $241M
MSTR $9.8M
FY24
MANH $286M
MSTR −$56.0M
FY25
MANH $374M
MSTR −$75.5M
MANH
MSTR
FY16
MANH —
MSTR —
FY17
MANH —
MSTR —
FY18
MANH 214.3%
MSTR —
FY19
MANH 219.1%
MSTR —
FY20
MANH —
MSTR −2.6%
FY21
MANH —
MSTR −31.4%
FY22
MANH —
MSTR −40.1%
FY23
MANH —
MSTR −2.9%
FY24
MANH —
MSTR −9.9%
FY25
MANH —
MSTR −11.4%
MANH
MSTR
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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.