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Manhattan Associates, Inc.

MANH Technology Software Application

Manhattan Associates, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 3.75% from fiscal 2024.

Revenue
+11.0%
EPS
+8.25%
Free cash flow
−22.5%

Quarter to September 2026, against a year earlier

256.29 4.12 −1.58%
Market cap
$14.8B
P/E
71.0×
Fwd P/E
68.4×
Dividend yield
—
F-score
7/9
Altman Z
15.13
Beneish M
−3.40
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2025

  • Services
  • Cloud Subscriptions
  • Maintenance
  • Hardware
  • Software License

Every year since 2009 →

Insider Decisions last twelve months

Sold, $m 3.39
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — 1 — 1 1 2 — — 1
Insider Ownership 1.71%

Capital & Financial Ratios $m

Size
Market Cap 14,820.00
Revenue ttm 1,156.58
Net income ttm 212.94
Free cash flow ttm 379.61
Net debt Q (199.45)
Valuation
P/E 70.99 (above 35: high)
Forward P/E 68.40 (above 35: high)
Price / sales 12.90 (above 10: high)
Forward P/S Powerpack
Price / FCF 39.30
Price / book 74.31 (above 6: high)
Financial health
Current ratio Q 1.07
Debt / equity Q 0.00 (at or below 0.5: strong)
Interest coverage Q —
Growth
Revenue growth Q +11.02% (above 0%: growing)
Operating income growth Q +6.81% (above 0%: growing)
EPS, this year +10.29%
EPS, next year A +10.75%
Revenue, next year A +8.93%
EPS, past 5 yrs +21.49% (at or above 15%: strong)
EPS, next 5 yrs A +10.82%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 12.7×, against a ten-year median of 9.8×; over the ten years it ranged from 4.6× in 2017 to 17.6× in 2021.
P/E against its own 10 years 66.30%
10-year low 10-year high
P/S against its own 10 years 74.51%
10-year low 10-year high
P/B against its own 10 years 98.75%
10-year low 10-year high
EV/Sales against its own 10 years 75.25%
10-year low 10-year high
EV/FCF against its own 10 years 51.38%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 271 266 329 199
Receivables 183 211 221 268
Inventory — — — —
Other 5 4 6 —
479 503 583 513
2023 2024 2025 Q'26
Payables 25 27 22 22
ST’ Debt — — — —
Other — — — —
366 400 456 480

Compound Annual Growth %

10y 5y 3y
Sales 6.87% 13.02% 12.13%
Cash Flow 12.48% 22.55% 29.43%
Earnings 7.83% 20.32% 19.48%
Book Value 4.88% 7.53% 11.54%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.46 Actual 1.55

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 1.11 1.21 Beat by 0.10
Q1 FY26 1.10 1.24 Beat by 0.14
Q2 FY26 1.31 1.39 Beat by 0.08
Q3 FY26 1.46 1.55 Beat by 0.09
Q4 FY26 1.39 — Reports 26 January 2027

EPS $

Mar Jun Sep Dec Year
’26 0.82 0.85 1.04 — —
’25 0.85 0.93 0.96 0.86 3.60
’24 0.86 0.85 1.03 0.77 3.51
’23 0.62 0.63 0.79 0.78 2.82
’22 0.48 0.49 0.47 0.60 2.03
’21 0.35 0.48 0.57 0.32 1.72
’20 0.35 0.30 0.39 0.32 1.36
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 282 298 306 — —
’25 263 272 276 270 1,081
’24 255 265 267 256 1,042
’23 221 231 238 238 929
’22 179 192 198 198 767
’21 157 166 169 171 664
’20 154 136 150 147 586
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 84 91 69 — —
’25 75 74 93 147 389
’24 55 73 62 105 295
’23 59 41 59 88 246
’22 32 53 40 55 180
’21 40 46 60 40 185
’20 12 49 42 38 141
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 80 90 68 — —
’25 74 70 87 142 374
’24 52 71 61 102 286
’23 58 40 57 86 241
’22 31 52 38 53 173
’21 39 45 59 38 181
’20 10 48 42 37 138
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 19.9% a year for ten years. It grew 9.0% a year over the last ten.

Implied
19.9%
10 years, reported
9.0%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 605 595 559 618 586 664 767 929 1,042 1,081 1,157 +6.7% 1,178 1,272 1,387 +8.7%
Gross margin, % 58.67 58.67 56.92 53.89 53.97 55.12 53.30 53.63 54.82 56.32 55.93 (2.3) pt
EBT 196 185 136 116 114 134 158 214 267 286 288 +4.3%
EBT margin, % 32.44 31.09 24.36 18.78 19.40 20.20 20.61 23.01 25.60 26.44 24.89 (6.0) pt
Net income 124 116 105 86 87 110 129 177 218 220 213 +6.6%
Per share, $
Per share, $ Revenue 8.43 8.60 8.45 9.60 9.23 10.46 12.22 15.02 17.00 17.88 19.87 +8.7%
Earnings 1.73 1.68 1.58 1.33 1.37 1.74 2.05 2.86 3.56 3.64 3.61 +8.6%
Cash flow 1.94 2.37 2.07 2.28 2.22 2.92 2.86 3.98 4.81 6.44 6.71 +14.2%
Capex (0.10) (0.09) (0.11) (0.24) (0.04) (0.06) (0.10) (0.08) (0.14) (0.26) (0.18) +11.6%
Free cash flow 1.85 2.28 1.96 2.05 2.17 2.86 2.76 3.91 4.67 6.18 6.52 +14.4%
Book value 2.36 2.53 2.22 2.21 3.45 3.95 3.61 4.50 4.88 5.21 3.45 +9.2%
Shares, m 72 69 66 64 64 63 63 62 61 60 59 (1.9%)
Valuation, ×
Valuation, × P/E 31.59 29.92 26.65 60.42 77.34 88.85 59.02 72.55 75.91 47.61 70.99 57.0
P/S 6.48 5.85 5.02 8.31 11.40 14.87 9.90 13.76 15.89 9.69 12.90 10.1
P/B 23.13 19.87 19.06 36.10 30.53 39.36 33.49 45.93 55.38 33.30 74.31 33.6
EV/Sales 6.32 5.64 4.84 8.13 11.05 14.47 9.61 13.47 15.64 9.39 12.73 9.9
EV/FCF 28.84 21.23 20.80 38.15 46.89 53.00 42.59 51.81 56.93 27.14 38.77 38.7
Cash, $m
Cash, $m Operating cash flow 139 164 137 147 141 185 180 246 295 389 390 +12.1%
Capex (7) (6) (7) (15) (3) (4) (7) (5) (9) (15) (11) +9.5%
Free cash flow 133 158 130 132 138 181 173 241 286 374 380 +12.2%
Balance, $m
Balance, $m Working capital 89 104 70 50 137 159 100 113 103 127 33 +4.0%
Net debt (96) (126) (101) (111) (205) (264) (225) (271) (266) (329) (199) +14.7%
Shareholders’ equity 169 175 147 142 219 251 227 278 299 315 201 +7.1%
Returns, %
Returns, % ROA 39.48 38.06 33.65 25.25 20.83 21.98 23.24 28.40 30.52 27.55 28.03 (11.9) pt
ROIC 164.66 234.71 179.64 229.28 502.31 0.00 7,138.18 1,740.42 497.01 0.00 13,484.10 (164.7) pt
ROE 68.10 67.66 65.00 59.26 48.31 47.06 54.02 69.92 75.64 71.66 83.51 +3.6 pt
People
People Employees 3,020 2,790 3,000 3,400 3,400 3,600 4,150 4,580 4,690 4,370 — +4.2%
Revenue/emp, $m 0.20 0.21 0.19 0.18 0.17 0.18 0.18 0.20 0.22 0.25 — +2.4%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Manhattan Associates develops software that helps organizations manage the movement and availability of goods. Its customers include retailers, wholesalers, manufacturers and logistics providers. Founded in 1990, the company is headquartered in Atlanta, Georgia.

Its supply chain execution products help customers run warehouses and distribution centers, manage transportation and coordinate workers and automation. For example, warehouse software tracks the flow of goods and information through a distribution center, while transportation software helps plan and manage freight movements.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by products and services, and margins
Services 503 46.52%
Cloud Subscriptions 408 37.74%
Maintenance 130 12.02%
Hardware 25 2.35%
Software License 15 1.37%
Gross margin 56.32%
Operating margin 25.87%
Pre-tax margin 26.44%

Revenue by segment since 2009

Manhattan Associates, Inc. vs peers in Software Application (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
SSNC SS&C Technologies Holdings, Inc. $18.4B 21.8× 20.6× +10.34% (above 0%: growing) +33.78% (above 0%: growing) +14.94% (above 0%: growing) 48.26% 24.60% Compare
TYL Tyler Technologies, Inc. $17.1B 53.6× 45.9× +8.67% (above 0%: growing) +19.80% (above 0%: growing) +11.88% (above 0%: growing) 49.14% 18.07% Compare
FICO Fair Isaac Corporation $15.3B 20.4× 19.2× +25.68% (above 0%: growing) +39.65% (above 0%: growing) +34.07% (above 0%: growing) 87.09% 53.79% Compare
MANH Manhattan Associates, Inc. $14.8B 71.0× 68.4× +11.02% (above 0%: growing) +8.25% (above 0%: growing) −22.46% (below 0%: shrinking) 56.93% 26.45%
DOCU Docusign Inc. $14.8B 47.3× 45.2× +9.38% (above 0%: growing) +32.26% (above 0%: growing) +35.89% (above 0%: growing) 79.69% 13.43% Compare
GRAB Grab Holdings Limited $14.2B 25.9× 19.3× +27.38% (above 0%: growing) −56.00% (below 0%: shrinking) +108.44% (above 0%: growing) 46.49% 9.71% Compare
GWRE Guidewire Software, Inc. $13.8B 101× 74.0× +15.29% (above 0%: growing) −38.71% (below 0%: shrinking) +16.42% (above 0%: growing) 65.60% 15.16% Compare
BSY Bentley Systems, Incorporated $13.6B 43.3× 39.1× +12.24% (above 0%: growing) +61.11% (above 0%: growing) −8.34% (below 0%: shrinking) 82.93% 29.09% Compare
DT Dynatrace, Inc. $12.5B 79.3× 70.5× +17.43% (above 0%: growing) +23.84% (above 0%: growing) +29.38% (above 0%: growing) 80.56% 16.49% Compare
Median of peers $14.5B 45.3× 42.2× +13.77% +28.05% +22.90% 72.65% 17.28%

All 230 Software Application stocks →

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 109.74%
Held by the ten largest 59.41%
Holder Shares Stake Change
Vanguard 7.02m 12.05% −13.14k
BlackRock 6.78m 11.63% −63.32k
T. Rowe Price 3.65m 6.26% −28.85k
Fidelity (FMR) 3.61m 6.19% +307.90k
AQR Capital Management 3.32m 5.69% +164.67k
Morgan Stanley 2.67m 4.57% −164.93k
AllianceBernstein 2.30m 3.94% −817.13k
State Street 1.91m 3.27% +43.10k
Geode Capital Management 1.88m 3.22% +65.07k
Swedbank 1.50m 2.57% 0.00
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 2 April 2026

Ownership

Directors and executive officers, together less than 1%
The Vanguard Group, Inc. 11.00%
BlackRock, Inc. 10.00%
AllianceBernstein L.P. 5.00%
FMR LLC 5.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Manhattan Associates, Inc. (MANH) Latest News

1 Nov

Impact 3 · · Simply Wall St.

30 Oct

Impact 3 · · StockStory
Impact 3 · · StockStory

28 Oct

Impact 4 · · Associated Press
Impact 4 · · Moby
Impact 3 · · Simply Wall St.

27 Oct

Impact 4 · · The Motley Fool
Impact 4 · · MarketBeat
Impact 4 · · The Motley Fool transcript
Impact 4 · · Investing.com earnings
Impact 4 · · StockStory
Impact 4 · · Business Wire
Impact 4 · · Business Wire
Impact 3 · · PR Newswire
Impact 3 · · Zacks
Impact 3 · · Zacks

26 Oct

Impact 4 · · Trefis
Impact 3 · · StockStory

23 Oct

Impact 4 · · Trefis
Impact 3 · · StockStory

22 Oct

Impact 4 · · Simply Wall St.
Impact 3 · · Zacks

20 Oct

Impact 4 · · Zacks

13 Oct

Impact 4 · · Business Wire

12 Oct

Impact 3 · · StockStory

25 Sep

Impact 3 · · StockStory

24 Sep

Impact 4 · · Simply Wall St.

22 Sep

Impact 4 · · Business Wire
Impact 4 ·

1 Sep

Impact 3 ·

MANH metrics, ten years each

stockrow.com/MANH · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com