GitLab vs Manhattan Associates
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KIRAβs take AI analyst
I put GitLab and Manhattan Associates side by side, using each oneβs latest annual report. Here is what stands out:
- Manhattan Associates is the larger business, with $1.1B of revenue in fiscal 2025 against $955M for GitLab.
- GitLab grew revenue faster (25.8%, against 3.8%).
- Manhattan Associates kept more of each dollar of sales as operating profit (25.9% operating margin, against β7.4%).
- Manhattan Associates turned more of its sales into free cash flow (34.6% FCF margin, against 23.2%).
Who comes out ahead
Of the 9 measures where higher (or lower) is clearly better, how many each company leads.
GitLab
GTLB
3/9
Revenue growth5-year growthGross margin
Manhattan Associates
MANH
6/9
Operating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| Latest fiscal year | GTLB FY26 | MANH FY25 |
|---|---|---|
| Size | ||
| Market cap | $9.5B | $14.1B |
| Revenue | $955M | $1.1B |
| Free cash flow | $222M | $374M |
| Net income | β$56.0M | $220M |
| Growth | ||
| Revenue growth | 25.8% | 3.8% |
| 5-year growth | 44.4% | 13.0% |
| Share count change | 3.9% | β1.8% |
| Profitability | ||
| Gross margin | 87.4% | 56.3% |
| Operating margin | β7.4% | 25.9% |
| Net margin | β5.9% | 20.3% |
| FCF margin | 23.2% | 34.6% |
| Return on capital | β | β |
| Return on equity | β6.3% | 71.7% |
| Balance sheet | ||
| Net debt | β$1.3B | β$329M |
| Net debt / EBITDA | β | β1.2x |
| Dividends and buybacks | $0.0M | $315M |
| Valuation & quality | ||
| P/E | β | 68.4x |
| Piotroski F-score | 4 | 6 |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
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.