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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. 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.

222.17 4.79 −2.11%
Market cap
$13.2B
P/E
62.9×
Fwd P/E
40.5×
Dividend yield
—
F-score
7/9
Altman Z
15.13
Beneish M
−3.40
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 3.34
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell 1 — — — — 1 — 1 1 2 — —
Insider Ownership 2.23%

Capital & Financial Ratios $m

Market Cap 13,230.00
Revenue 1,126.19
Net Income 210.23
Free Cash Flow 399.19
Net Debt (186.11)
Current Ratio 0.98 (below 1: weak)
Debt/Equity 0.00 (at or below 0.5: strong)
P/E ratio 62.94 (above 35: high)
Fwd P/E 40.50 (above 35: high)
P/S ratio 11.59 (above 10: high)
P/B ratio 82.88 (above 6: high)
Past 5Y EPS Growth 21.49% (at or above 15%: strong)
This Y EPS Growth 8.65%
Next Y EPS Growth 11.78%
Next Y revenue growth 7.73%
Next 5Y EPS Growth 12.05%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 11.4×, 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 57.72%
10-year low 10-year high
P/S against its own 10 years 65.17%
10-year low 10-year high
P/B against its own 10 years 99.78%
10-year low 10-year high
EV/Sales against its own 10 years 65.79%
10-year low 10-year high
EV/FCF against its own 10 years 35.68%
10-year low 10-year high

Dividends

Payout Ratio —
Annual Dividend Rate —
Annual Dividend Yield —
total individual payouts
2023 Powerpack
2022 Powerpack
2021 Powerpack
2020 Powerpack
2019 Powerpack
2017 Powerpack
special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 271 266 329 186
Receivables 183 211 221 219
Inventory — — — —
Other 5 4 6 —
479 503 583 467
2023 2024 2025 Q'26
Payables 25 27 22 31
ST’ Debt — — — —
Other — — — —
366 400 456 475

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%

Revenue $m

Mar Jun Sep Dec Year
’26 282 298 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.82 0.85 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

1.9
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 44.14 40.75 39.01 39.85 35.20 101.18 106.02 113.43 199.23 140.81

Analyst estimates 2026–2028

Powerpack
High 68.57 55.74 62.39 89.53 108.07 188.52 155.81 230.61 312.60 299.27
People
People Employees 3,020 2,790 3,000 3,400 3,400 3,600 4,150 4,580 4,690 4,370
Revenue/emp, $m 0.20 0.21 0.19 0.18 0.17 0.18 0.18 0.20 0.22 0.25
Income, $m
Income, $m Revenue 605 595 559 618 586 664 767 929 1,042 1,081
Gross margin, % 58.67 58.67 56.92 53.89 53.97 55.12 53.30 53.63 54.82 56.32
EBT 196 185 136 116 114 134 158 214 267 286
EBT margin, % 32.44 31.09 24.36 18.78 19.40 20.20 20.61 23.01 25.60 26.44
Net income 124 116 105 86 87 110 129 177 218 220
Depreciation 9 9 9 8 9 8 7 6 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
Earnings 1.73 1.68 1.58 1.33 1.37 1.74 2.05 2.86 3.56 3.64
Cash flow 1.94 2.37 2.07 2.28 2.22 2.92 2.86 3.98 4.81 6.44
Capex (0.10) (0.09) (0.11) (0.24) (0.04) (0.06) (0.10) (0.08) (0.14) (0.26)
Free cash flow 1.85 2.28 1.96 2.05 2.17 2.86 2.76 3.91 4.67 6.18
Book value 2.36 2.53 2.22 2.21 3.45 3.95 3.61 4.50 4.88 5.21
Shares, m 72 69 66 64 64 63 63 62 61 60
Valuation, ×
Valuation, × P/E 31.59 29.92 26.65 60.42 77.34 88.85 59.02 72.55 75.91 47.61
P/S 6.48 5.85 5.02 8.31 11.40 14.87 9.90 13.76 15.89 9.69
P/B 23.13 19.87 19.06 36.10 30.53 39.36 33.49 45.93 55.38 33.30
EV/Sales 6.32 5.64 4.84 8.13 11.05 14.47 9.61 13.47 15.64 9.39
EV/FCF 28.84 21.23 20.80 38.15 46.89 53.00 42.59 51.81 56.93 27.14
Cash, $m
Cash, $m Operating cash flow 139 164 137 147 141 185 180 246 295 389
Capex (7) (6) (7) (15) (3) (4) (7) (5) (9) (15)
Free cash flow 133 158 130 132 138 181 173 241 286 374
Balance, $m
Balance, $m Working capital 89 104 70 50 137 159 100 113 103 127
Total debt — — — 39 34 30 20 — — —
Net debt (96) (126) (101) (111) (205) (264) (225) (271) (266) (329)
Shareholders’ equity 169 175 147 142 219 251 227 278 299 315
Returns, %
Returns, % ROA 39.48 38.06 33.65 25.25 20.83 21.98 23.24 28.40 30.52 27.55
ROIC 164.66 234.71 179.64 229.28 502.31 0.00 7,138.18 1,740.42 497.01 0.00
ROE 68.10 67.66 65.00 59.26 48.31 47.06 54.02 69.92 75.64 71.66
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
TYL Tyler Technologies, Inc. $14.9B 47.3× 37.8× +8.22% (above 0%: growing) +14.80% (above 0%: growing) +34.72% (above 0%: growing) 47.60% 14.74% Compare
DOCU Docusign Inc. $14.5B 44.7× 27.4× +9.38% (above 0%: growing) +32.26% (above 0%: growing) +35.89% (above 0%: growing) 79.69% 13.43% Compare
GWRE Guidewire Software, Inc. $14.4B 102× 64.1× +15.29% (above 0%: growing) −38.71% (below 0%: shrinking) +16.42% (above 0%: growing) 65.60% 15.16% Compare
MANH Manhattan Associates, Inc. $13.2B 62.9× 40.5× +9.31% (above 0%: growing) −8.51% (below 0%: shrinking) +27.98% (above 0%: growing) 56.53% 22.24%
FIG Figma, Inc. $12.3B — (loss-making) — (loss-making) +48.25% (above 0%: growing) n/m −16.79% (below 0%: shrinking) 83.66% (31.69%) Compare
GRAB Grab Holdings Limited $12.2B 21.0× 32.6× +21.73% (above 0%: growing) +500.00% (above 0%: growing) −40.38% (below 0%: shrinking) 43.63% 1.91% Compare
HUBS HubSpot, Inc. $11.9B 81.5× 56.8× +19.83% (above 0%: growing) n/m +44.84% (above 0%: growing) 82.35% 4.75% Compare
FROG JFrog Ltd. $11.7B — (loss-making) — (loss-making) +28.73% (above 0%: growing) n/m +51.58% (above 0%: growing) 77.93% (8.09%) Compare
CHYM Chime Financial, Inc. $11.3B — (loss-making) 54.6× +26.81% (above 0%: growing) n/m +749.07% (above 0%: growing) 88.82% 3.18% Compare
Median of peers $12.2B 47.3× 46.2× +20.78% +23.53% +35.31% 78.81% 3.97%

All 237 Software Application stocks →

Manhattan Associates, Inc. (MANH) key facts

  • Strength: Manhattan Associates, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $1.1 billion, up 3.75% from fiscal 2024.
  • Strength: Net income was $219.9 million, or $3.64 per share (basic), a net margin of 20.3%.
  • Manhattan Associates, Inc. (MANH) is a Software Application company in the Technology sector, listed on Nasdaq.
  • As of October 16, 2026, MANH traded at $222.17, a market capitalization of $13.2 billion.
  • At that price the stock trades at 62.9× trailing-twelve-month earnings and 11.6× sales; its P/E is higher than 58% of its own readings over the past ten years.
  • Return on equity was 71.7% and debt-to-equity 0.00.
  • Its Piotroski F-score is 7 out of 9 and its Altman Z-score is 15.13 (safe zone) for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Manhattan Associates, Inc. (MANH) Latest News

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stockrow.com/MANH · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com