Comprehensive Stock Comparison
Compare Manhattan Associates, Inc. (MANH) vs SAP SE (SAP) Stock
Analyze side-by-side fundamentals, valuation, growth, and profitability to decide which stock is the better buy.
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Quick Verdict
| Category | Winner | Why |
|---|---|---|
| Growth | MANH | 3.7% revenue growth vs SAP's 3.4% |
| Value | MANH | Lower P/E (26.0x vs 27.8x), PEG 1.21 vs 4.20 |
| Quality / Margins | MANH | 20.3% net margin vs SAP's 19.9% |
| Stability / Safety | SAP | Beta 0.86 vs MANH's 1.37, lower leverage |
| Dividends | SAP | 1.3% yield; 2-year raise streak; MANH pays no meaningful dividend |
| Momentum (1Y) | MANH | -23.4% vs SAP's -25.8% |
| Efficiency (ROA) | MANH | 26.2% ROA vs SAP's 10.4%, ROIC 236.8% vs 16.1% |
Who Each Stock Is For
Income & stability
Growth exposure
Long-term compounding (10Y)
Sleep-well-at-night portfolio
Valuation efficiency (growth/$)
Defensive / Recession hedge
Business Model
What each company does and how it makes money
Manhattan Associates is a supply chain and omnichannel commerce software provider that helps companies manage inventory, logistics, and retail operations. It generates revenue primarily through software license sales (~40%), maintenance and support services (~35%), and professional implementation services (~25%). The company's competitive advantage lies in its deep domain expertise and integrated platform approach—spanning warehouse management, transportation, and omnichannel solutions—which creates switching costs for enterprise clients.
SAP is a global enterprise software company that provides business applications, technology platforms, and cloud services for organizations worldwide. It generates revenue primarily through software licenses and cloud subscriptions — with cloud services now representing over 40% of total revenue — along with consulting and support services. The company's key advantage is its deep integration across business functions — from finance to supply chain to HR — creating switching costs and network effects within its large enterprise customer base.
Revenue Breakdown by Segment
How each company's revenue is distributed across its business units
Financial Metrics Comparison
Side-by-side fundamentals across 2 stocks. BestLagging
Financial Scorecard
SAP leads in 3 of 6 categories (Valuation Metrics, Total Returns). MANH leads in 1 (Profitability & Efficiency). 1 tied.
Financial Metrics (TTM)
SAP is the larger business by revenue, generating $36.7B annually — 33.9x MANH's $1.1B. Profitability is closely matched — net margins range from 20.3% (MANH) to 19.9% (SAP). On growth, MANH holds the edge at +5.7% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | MANHManhattan Associa… | SAPSAP SE |
|---|---|---|
| RevenueTrailing 12 months | $1.1B | $36.7B |
| EBITDAEarnings before interest/tax | $286M | $11.5B |
| Net IncomeAfter-tax profit | $220M | $7.3B |
| Free Cash FlowCash after capex | $374M | $8.4B |
| Gross MarginGross profit ÷ Revenue | +55.9% | +73.3% |
| Operating MarginEBIT ÷ Revenue | +25.9% | +27.0% |
| Net MarginNet income ÷ Revenue | +20.3% | +19.9% |
| FCF MarginFCF ÷ Revenue | +34.6% | +22.9% |
| Rev. Growth (YoY)Latest quarter vs prior year | +5.7% | +2.3% |
| EPS Growth (YoY)Latest quarter vs prior year | +11.7% | +14.7% |
Valuation Metrics
At 28.5x trailing earnings, SAP trades at a 24% valuation discount to MANH's 37.6x P/E. Adjusting for growth (PEG ratio), MANH offers better value at 1.75x vs SAP's 4.32x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MANHManhattan Associa… | SAPSAP SE |
|---|---|---|
| Market CapShares × price | $8.1B | $234.7B |
| Enterprise ValueMkt cap + debt − cash | $7.9B | $234.5B |
| Trailing P/EPrice ÷ TTM EPS | 37.62x | 28.52x |
| Forward P/EPrice ÷ next-FY EPS est. | 25.97x | 27.77x |
| PEG RatioP/E ÷ EPS growth rate | 1.75x | 4.32x |
| EV / EBITDAEnterprise value multiple | 27.29x | 17.84x |
| Price / SalesMarket cap ÷ Revenue | 7.49x | 5.63x |
| Price / BookPrice ÷ Book value/share | 26.27x | 4.44x |
| Price / FCFMarket cap ÷ FCF | 21.67x | 25.07x |
Profitability & Efficiency
MANH delivers a 69.9% return on equity — every $100 of shareholder capital generates $70 in annual profit, vs $16 for SAP. SAP carries lower financial leverage with a 0.18x debt-to-equity ratio, signaling a more conservative balance sheet compared to MANH's 0.36x. On the Piotroski fundamental quality scale (0–9), SAP scores 9/9 vs MANH's 6/9, reflecting strong financial health.
| Metric | MANHManhattan Associa… | SAPSAP SE |
|---|---|---|
| ROE (TTM)Return on equity | +69.9% | +16.2% |
| ROA (TTM)Return on assets | +26.2% | +10.4% |
| ROICReturn on invested capital | +2.4% | +16.1% |
| ROCEReturn on capital employed | +76.3% | +18.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 9 |
| Debt / EquityFinancial leverage | 0.36x | 0.18x |
| Net DebtTotal debt minus cash | -$216M | -$149M |
| Cash & Equiv.Liquid assets | $329M | $8.2B |
| Total DebtShort + long-term debt | $112M | $8.1B |
| Interest CoverageEBIT ÷ Interest expense | — | 8.94x |
Total Returns (with DRIP)
A $10,000 investment in SAP five years ago would be worth $17,166 today (with dividends reinvested), compared to $10,428 for MANH. Over the past 12 months, MANH leads with a -23.4% total return vs SAP's -25.8%. The 3-year compound annual growth rate (CAGR) favors SAP at 22.4% vs MANH's -2.0% — a key indicator of consistent wealth creation.
| Metric | MANHManhattan Associa… | SAPSAP SE |
|---|---|---|
| YTD ReturnYear-to-date | -19.0% | -14.9% |
| 1-Year ReturnPast 12 months | -23.4% | -25.8% |
| 3-Year ReturnCumulative with dividends | -5.8% | +83.4% |
| 5-Year ReturnCumulative with dividends | +4.3% | +71.7% |
| 10-Year ReturnCumulative with dividends | +145.1% | +193.8% |
| CAGR (3Y)Annualised 3-year return | -2.0% | +22.4% |
Risk & Volatility
SAP is the less volatile stock with a 0.86 beta — it tends to amplify market swings less than MANH's 1.37 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. SAP currently trades 64.3% from its 52-week high vs MANH's 54.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | MANHManhattan Associa… | SAPSAP SE |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.37x | 0.86x |
| 52-Week HighHighest price in past year | $247.22 | $313.28 |
| 52-Week LowLowest price in past year | $127.86 | $189.22 |
| % of 52W HighCurrent price vs 52-week peak | +54.8% | +64.3% |
| RSI (14)Momentum oscillator 0–100 | 42.0 | 45.3 |
| Avg Volume (50D)Average daily shares traded | 696K | 2.4M |
Analyst Outlook
Wall Street rates MANH as "Buy" and SAP as "Buy". Consensus price targets imply 106.1% upside for SAP (target: $415) vs 71.1% for MANH (target: $232). SAP is the only dividend payer here at 1.31% yield — a key consideration for income-focused portfolios.
| Metric | MANHManhattan Associa… | SAPSAP SE |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $231.71 | $415.33 |
| # AnalystsCovering analysts | 15 | 43 |
| Dividend YieldAnnual dividend ÷ price | — | +1.3% |
| Dividend StreakConsecutive years of raises | 2 | 2 |
| Dividend / ShareAnnual DPS | — | $2.24 |
| Buyback YieldShare repurchases ÷ mkt cap | +3.9% | +0.9% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Feb 20 | Feb 26 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 100 | 223.71 | +123.7% |
| SAP SE (SAP) | 100 | 167.7 | +67.7% |
SAP SE (SAP) returned +72% over 5 years vs Manhattan Associate… (MANH)'s +4%. A $10,000 investment in SAP 5 years ago would be worth $17,166 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | $605M | $1.1B | +78.9% |
| SAP SE (SAP) | $22.1B | $35.3B | +60.2% |
Manhattan Associates, Inc.'s revenue grew from $605M (2016) to $1.1B (2025) — a 6.7% CAGR. SAP SE's revenue grew from $22.1B (2016) to $35.3B (2025) — a 5.4% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 20.5% | 20.3% | -1.0% |
| SAP SE (SAP) | 16.5% | 19.9% | +20.6% |
Manhattan Associates, Inc.'s net margin went from 21% (2016) to 20% (2025). SAP SE's net margin went from 17% (2016) to 20% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 29.5 | 48.1 | +63.1% |
| SAP SE (SAP) | 33.5 | 40.6 | +21.2% |
Manhattan Associates, Inc. has traded in a 27x–90x P/E range over 9 years; current trailing P/E is ~38x. SAP SE has traded in a 29x–93x P/E range over 9 years; current trailing P/E is ~29x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 1.72 | 3.6 | +109.3% |
| SAP SE (SAP) | 3.03 | 5.99 | +97.7% |
Manhattan Associates, Inc.'s EPS grew from $1.72 (2016) to $3.60 (2025) — a 9% CAGR. SAP SE's EPS grew from $3.03 (2016) to $5.99 (2025) — a 8% CAGR.
Chart 6Free Cash Flow — 5 Years
Manhattan Associates, Inc. generated $374M FCF in 2025 (+106% vs 2021). SAP SE generated $8B FCF in 2025 (+44% vs 2021).
MANH vs SAP: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is MANH or SAP a better buy right now?
SAP SE (SAP) offers the better valuation at 28.5x trailing P/E (27.8x forward), making it the more compelling value choice. Analysts rate Manhattan Associates, Inc. (MANH) a "Buy" — based on 15 analyst ratings — the highest consensus in this comparison. The "better buy" depends entirely on your goals: growth investors should weight revenue trajectory, value investors should weight P/E and PEG, and income investors should weight dividend yield and streak.
02Which has the better valuation — MANH or SAP?
On trailing P/E, SAP SE (SAP) is the cheapest at 28.5x versus Manhattan Associates, Inc. at 37.6x. On forward P/E, Manhattan Associates, Inc. is actually cheaper at 26.0x — notably different from the trailing picture, reflecting expected earnings growth. The PEG ratio (P/E divided by earnings growth rate) is the most growth-adjusted single valuation metric: Manhattan Associates, Inc. wins at 1.21x versus SAP SE's 4.20x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — MANH or SAP?
Over the past 5 years, SAP SE (SAP) delivered a total return of +71.7%, compared to +4.3% for Manhattan Associates, Inc. (MANH). A $10,000 investment in SAP five years ago would be worth approximately $17K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SAP returned +193.8% versus MANH's +145.1%. Past returns do not guarantee future results, and the stock with the higher historical return may already have its best growth priced in.
04Which is safer — MANH or SAP?
By beta (market sensitivity over 5 years), SAP SE (SAP) is the lower-risk stock at 0.86β versus Manhattan Associates, Inc.'s 1.37β — meaning MANH is approximately 60% more volatile than SAP relative to the S&P 500. On balance sheet safety, SAP SE (SAP) carries a lower debt/equity ratio of 18% versus 36% for Manhattan Associates, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — MANH or SAP?
Manhattan Associates, Inc. (MANH) is the more profitable company, earning 20.3% net margin versus 19.9% for SAP SE — meaning it keeps 20.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: SAP leads at 28.0% versus 26.1% for MANH. At the gross margin level — before operating expenses — SAP leads at 73.5%, reflecting greater pricing power or product mix advantage. Stronger margins indicate durable pricing power, lower cost of revenue, or higher mix of software/services. They are one of the clearest signs of business quality.
06Is MANH or SAP more undervalued right now?
The PEG ratio (forward P/E divided by expected earnings growth rate) is the most precise measure of undervaluation relative to growth potential. By this metric, Manhattan Associates, Inc. (MANH) is the more undervalued stock at a PEG of 1.21x versus SAP SE's 4.20x. A PEG below 1.5 suggests fair-to-attractive pricing relative to expected growth. On forward earnings alone, Manhattan Associates, Inc. (MANH) trades at 26.0x forward P/E versus 27.8x for SAP SE — 1.8x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for SAP: 106.1% to $415.33.
07Which pays a better dividend — MANH or SAP?
In this comparison, SAP (1.3% yield) pays a dividend. MANH does not pay a meaningful dividend and should not be held primarily for income.
08Is MANH or SAP better for a retirement portfolio?
For long-horizon retirement investors, SAP SE (SAP) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.86), 1.3% yield, +193.8% 10Y return). Both have compounded well over 10 years (SAP: +193.8%, MANH: +145.1%), confirming both are viable long-term holds — but the lower-volatility option typically results in less emotional selling during corrections. Retirement portfolios generally favour predictability over maximum returns. Consult a financial advisor before making allocation decisions.
09What are the main differences between MANH and SAP?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. SAP pays a dividend while MANH does not, making them suitable for different income and tax situations. These fundamental differences mean investors should not choose between them on a single metric — the "better stock" depends entirely on which of these characteristics aligns with your investment strategy.
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