Dolby vs Manhattan Associates
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The short version
- Dolby is the larger business, with $1.3B of revenue in fiscal 2025 against $1.1B for Manhattan Associates.
- Dolby grew revenue faster (5.9%, against 3.8%).
- Manhattan Associates kept more of each dollar of sales as operating profit (25.9% operating margin, against 19.6%).
- Manhattan Associates turned more of its sales into free cash flow (34.6% FCF margin, against 32.3%).
- Investors pay more for each dollar of Manhattan Associates’s earnings: a P/E of 68.4x against 26.7x for Dolby.
| Latest fiscal year | DLB · FY25 | MANH · FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.9B | $14.1B |
| Revenue | $1.3B | $1.1B |
| Free cash flow | $436M | $374M |
| Net income | $255M | $220M |
| Growth | ||
| Revenue growth | 5.9% | 3.8% |
| 5-year growth | 3.0% | 13.0% |
| Share count change | 0.2% | −1.8% |
| Profitability | ||
| Gross margin | 88.1% | 56.3% |
| Operating margin | 19.6% | 25.9% |
| Net margin | 18.9% | 20.3% |
| FCF margin | 32.3% | 34.6% |
| Return on capital | 11.4% | — |
| Return on equity | 10.0% | 71.7% |
| Balance sheet | ||
| Net debt | −$703M | −$329M |
| Net debt / EBITDA | −2.0x | −1.2x |
| Dividends and buybacks | $252M | $315M |
| Valuation & quality | ||
| P/E | 26.7x | 68.4x |
| Piotroski F-score | 5 | 6 |
Revenue
FY16
DLB $1.0B
MANH $605M
FY17
DLB $1.1B
MANH $595M
FY18
DLB $1.1B
MANH $559M
FY19
DLB $1.2B
MANH $618M
FY20
DLB $1.2B
MANH $586M
FY21
DLB $1.3B
MANH $664M
FY22
DLB $1.3B
MANH $767M
FY23
DLB $1.3B
MANH $929M
FY24
DLB $1.3B
MANH $1.0B
FY25
DLB $1.3B
MANH $1.1B
DLB
MANH
Operating margin
FY16
DLB 22.6%
MANH 32.1%
FY17
DLB 22.9%
MANH 31.2%
FY18
DLB 17.4%
MANH 23.9%
FY19
DLB 20.7%
MANH 18.8%
FY20
DLB 18.8%
MANH 19.5%
FY21
DLB 26.9%
MANH 20.2%
FY22
DLB 16.5%
MANH 19.9%
FY23
DLB 16.6%
MANH 22.6%
FY24
DLB 20.3%
MANH 25.1%
FY25
DLB 19.6%
MANH 25.9%
DLB
MANH
Free cash flow
FY16
DLB $259M
MANH $133M
FY17
DLB $278M
MANH $158M
FY18
DLB $279M
MANH $130M
FY19
DLB $231M
MANH $132M
FY20
DLB $278M
MANH $138M
FY21
DLB $393M
MANH $181M
FY22
DLB $271M
MANH $173M
FY23
DLB $337M
MANH $241M
FY24
DLB $297M
MANH $286M
FY25
DLB $436M
MANH $374M
DLB
MANH
Return on capital
FY16
DLB 13.4%
MANH —
FY17
DLB 12.9%
MANH —
FY18
DLB 6.6%
MANH 214.3%
FY19
DLB 17.4%
MANH 219.1%
FY20
DLB 15.6%
MANH —
FY21
DLB 23.2%
MANH —
FY22
DLB 12.7%
MANH —
FY23
DLB 11.9%
MANH —
FY24
DLB 12.5%
MANH —
FY25
DLB 11.4%
MANH —
DLB
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.