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. In the quarter to June 2026, revenue grew 9.31%, EPS fell 8.51% and free cash flow grew 28.0%, each against the same quarter a year earlier. Revenue growth for five consecutive years, operating cash flow growth for three.
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Manhattan Associates, Inc. (MANH) Altman Z-score
Manhattan Associates, Inc.'s Altman Z-score for fiscal 2025 is 15.13, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 15.13 | (9.84) |
| FY2024 | 24.97 | 1.51 |
| FY2023 | 23.46 | 7.08 |
| FY2022 | 16.38 | (7.21) |
| FY2021 | 23.58 | 4.18 |
| FY2020 | 19.40 | 2.55 |
| FY2019 | 16.85 | 2.05 |
| FY2018 | 14.80 | (4.94) |
| FY2017 | 19.74 | (3.53) |
| FY2016 | 23.27 | (2.60) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.15 | — | 0.18 | |
| Retained earnings / total assets | 0.41 | — | 0.58 | |
| EBIT / total assets | 0.33 | — | 1.10 | |
| Market value of equity / total liabilities | 19.98 | — | 11.99 | |
| Sales / total assets | 1.29 | — | 1.29 | |
| Altman Z-score | Safe zone | 15.13 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 5.21 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| MANH Manhattan Associates, Inc. | 15.1× |
| FROG JFrog Ltd. compare | 9.7× |
| HUBS HubSpot, Inc. compare | 7.9× |
| FIG Figma, Inc. compare | 7.4× |
| TYL Tyler Technologies, Inc. compare | 7.2× |
| GWRE Guidewire Software, Inc. compare | 6.0× |
| CHYM Chime Financial, Inc. compare | 4.1× |
| DOCU Docusign Inc. compare | 3.0× |
| GRAB Grab Holdings Limited compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets