Asana vs Manhattan Associates
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The short version
- Manhattan Associates is the larger business, with $1.1B of revenue in fiscal 2025 against $791M for Asana.
- Asana grew revenue faster (9.3%, against 3.8%).
- Manhattan Associates kept more of each dollar of sales as operating profit (25.9% operating margin, against β25.0%).
- Manhattan Associates turned more of its sales into free cash flow (34.6% FCF margin, against 11.0%).
| Latest fiscal year | ASAN Β· FY26 | MANH Β· FY25 |
|---|---|---|
| Size | ||
| Market cap | $2.8B | $14.1B |
| Revenue | $791M | $1.1B |
| Free cash flow | $86.6M | $374M |
| Net income | β$189M | $220M |
| Growth | ||
| Revenue growth | 9.3% | 3.8% |
| 5-year growth | 28.4% | 13.0% |
| Share count change | 3.2% | β1.8% |
| Profitability | ||
| Gross margin | 89.0% | 56.3% |
| Operating margin | β25.0% | 25.9% |
| Net margin | β23.9% | 20.3% |
| FCF margin | 11.0% | 34.6% |
| Return on capital | β | β |
| Return on equity | β99.1% | 71.7% |
| Balance sheet | ||
| Net debt | β | β$329M |
| Net debt / EBITDA | β | β1.2x |
| Dividends and buybacks | $132M | $315M |
| Valuation & quality | ||
| P/E | β | 68.4x |
| Piotroski F-score | β | 6 |
Revenue
FY17
ASAN β
MANH $595M
FY18
ASAN β
MANH $559M
FY19
ASAN $76.8M
MANH $618M
FY20
ASAN $143M
MANH $586M
FY21
ASAN $227M
MANH $664M
FY22
ASAN $378M
MANH $767M
FY23
ASAN $547M
MANH $929M
FY24
ASAN $653M
MANH $1.0B
FY25
ASAN $724M
MANH $1.1B
FY26
ASAN $791M
MANH β
ASAN
MANH
Operating margin
FY17
ASAN β
MANH 31.2%
FY18
ASAN β
MANH 23.9%
FY19
ASAN β67.8%
MANH 18.8%
FY20
ASAN β83.9%
MANH 19.5%
FY21
ASAN β77.3%
MANH 20.2%
FY22
ASAN β70.1%
MANH 19.9%
FY23
ASAN β74.5%
MANH 22.6%
FY24
ASAN β41.4%
MANH 25.1%
FY25
ASAN β36.9%
MANH 25.9%
FY26
ASAN β25.0%
MANH β
ASAN
MANH
Free cash flow
FY17
ASAN β
MANH $158M
FY18
ASAN β
MANH $130M
FY19
ASAN β$33.0M
MANH $132M
FY20
ASAN β$47.0M
MANH $138M
FY21
ASAN β$150M
MANH $181M
FY22
ASAN β$125M
MANH $173M
FY23
ASAN β$165M
MANH $241M
FY24
ASAN β$25.7M
MANH $286M
FY25
ASAN $9.4M
MANH $374M
FY26
ASAN $86.6M
MANH β
ASAN
MANH
Return on capital
FY17
ASAN β
MANH β
FY18
ASAN β
MANH 214.3%
FY19
ASAN β
MANH 219.1%
FY20
ASAN β
MANH β
FY21
ASAN β
MANH β
FY22
ASAN β
MANH β
FY23
ASAN β
MANH β
FY24
ASAN β
MANH β
FY25
ASAN β
MANH β
FY26
ASAN β
MANH β
ASAN
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.