Dolby vs Manhattan Associates
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KIRA’s take AI analyst
I put Dolby and Manhattan Associates side by side, using each one’s latest annual report. Here is what stands out:
- 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.
Who comes out ahead
Of the 10 measures where higher (or lower) is clearly better, how many each company leads.
Dolby
DLB
3/10
Revenue growthGross marginNet debt / EBITDA
Manhattan Associates
MANH
7/10
5-year growthOperating marginNet marginFCF marginReturn on equityPiotroski F-scoreShare count change
Side by side
Best in the row
| 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 |
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.