Comprehensive Stock Comparison
Compare Manhattan Associates, Inc. (MANH) vs Santech Holdings Limited (STEC) 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 | STEC | 7.7% revenue growth vs MANH's 3.7% |
| Value | STEC | Lower P/E (1.5x vs 26.0x), PEG 0.07 vs 1.21 |
| Quality / Margins | MANH | 20.3% net margin vs STEC's 5.7% |
| Stability / Safety | STEC | Beta 0.37 vs MANH's 1.37, lower leverage |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | STEC | +6.8% vs MANH's -23.4% |
| Efficiency (ROA) | MANH | 26.2% ROA vs STEC's 5.8%, ROIC 236.8% vs 28.6% |
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.
Santech Holdings is a Chinese consumer technology company exploring emerging digital opportunities. It generates revenue through new retail platforms, social e-commerce services, and metaverse-related ventures — though specific segment contributions are not clearly disclosed. The company's competitive advantage appears to be its early positioning in China's evolving digital landscape and its ability to pivot between emerging technology trends.
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
STEC leads in 3 of 6 categories (Valuation Metrics, Total Returns). MANH leads in 2 (Financial Metrics, Profitability & Efficiency).
Financial Metrics (TTM)
STEC is the larger business by revenue, generating $2.1B annually — 1.9x MANH's $1.1B. MANH is the more profitable business, keeping 20.3% of every revenue dollar as net income compared to STEC's 5.7%.
| Metric | MANHManhattan Associa… | STECSantech Holdings … |
|---|---|---|
| RevenueTrailing 12 months | $1.1B | $2.1B |
| EBITDAEarnings before interest/tax | $286M | — |
| Net IncomeAfter-tax profit | $220M | — |
| Free Cash FlowCash after capex | $374M | — |
| Gross MarginGross profit ÷ Revenue | +55.9% | +41.2% |
| Operating MarginEBIT ÷ Revenue | +25.9% | +9.4% |
| Net MarginNet income ÷ Revenue | +20.3% | +5.7% |
| FCF MarginFCF ÷ Revenue | +34.6% | +24.1% |
| Rev. Growth (YoY)Latest quarter vs prior year | +5.7% | — |
| EPS Growth (YoY)Latest quarter vs prior year | +11.7% | — |
Valuation Metrics
At 1.5x trailing earnings, STEC trades at a 96% valuation discount to MANH's 37.6x P/E. Adjusting for growth (PEG ratio), STEC offers better value at 0.07x vs MANH's 1.75x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | MANHManhattan Associa… | STECSantech Holdings … |
|---|---|---|
| Market CapShares × price | $8.1B | $1.1B |
| Enterprise ValueMkt cap + debt − cash | $7.9B | $374M |
| Trailing P/EPrice ÷ TTM EPS | 37.62x | 1.52x |
| Forward P/EPrice ÷ next-FY EPS est. | 25.97x | — |
| PEG RatioP/E ÷ EPS growth rate | 1.75x | 0.07x |
| EV / EBITDAEnterprise value multiple | 27.29x | 1.48x |
| Price / SalesMarket cap ÷ Revenue | 7.49x | 0.51x |
| Price / BookPrice ÷ Book value/share | 26.27x | 0.15x |
| Price / FCFMarket cap ÷ FCF | 21.67x | 2.10x |
Profitability & Efficiency
MANH delivers a 69.9% return on equity — every $100 of shareholder capital generates $70 in annual profit, vs $11 for STEC. STEC carries lower financial leverage with a 0.15x debt-to-equity ratio, signaling a more conservative balance sheet compared to MANH's 0.36x. On the Piotroski fundamental quality scale (0–9), MANH scores 6/9 vs STEC's 4/9, reflecting solid financial health.
| Metric | MANHManhattan Associa… | STECSantech Holdings … |
|---|---|---|
| ROE (TTM)Return on equity | +69.9% | +10.7% |
| ROA (TTM)Return on assets | +26.2% | +5.8% |
| ROICReturn on invested capital | +2.4% | +28.6% |
| ROCEReturn on capital employed | +76.3% | +16.7% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 4 |
| Debt / EquityFinancial leverage | 0.36x | 0.15x |
| Net DebtTotal debt minus cash | -$216M | -$685M |
| Cash & Equiv.Liquid assets | $329M | $869M |
| Total DebtShort + long-term debt | $112M | $184M |
| Interest CoverageEBIT ÷ Interest expense | — | — |
Total Returns (with DRIP)
A $10,000 investment in STEC five years ago would be worth $341,463 today (with dividends reinvested), compared to $10,428 for MANH. Over the past 12 months, STEC leads with a +682.6% total return vs MANH's -23.4%. The 3-year compound annual growth rate (CAGR) favors STEC at 2.2% vs MANH's -2.0% — a key indicator of consistent wealth creation.
| Metric | MANHManhattan Associa… | STECSantech Holdings … |
|---|---|---|
| YTD ReturnYear-to-date | -19.0% | +800.0% |
| 1-Year ReturnPast 12 months | -23.4% | +682.6% |
| 3-Year ReturnCumulative with dividends | -5.8% | +3314.6% |
| 5-Year ReturnCumulative with dividends | +4.3% | +3314.6% |
| 10-Year ReturnCumulative with dividends | +145.1% | +3314.6% |
| CAGR (3Y)Annualised 3-year return | -2.0% | +2.2% |
Risk & Volatility
STEC is the less volatile stock with a 0.37 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. STEC currently trades 84.0% 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… | STECSantech Holdings … |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 1.37x | 0.37x |
| 52-Week HighHighest price in past year | $247.22 | $15.00 |
| 52-Week LowLowest price in past year | $127.86 | $0.44 |
| % of 52W HighCurrent price vs 52-week peak | +54.8% | +84.0% |
| RSI (14)Momentum oscillator 0–100 | 42.0 | 60.8 |
| Avg Volume (50D)Average daily shares traded | 696K | 4.4M |
Analyst Outlook
| Metric | MANHManhattan Associa… | STECSantech Holdings … |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | — |
| Price TargetConsensus 12-month target | $231.71 | — |
| # AnalystsCovering analysts | 15 | — |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | 2 | — |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | +3.9% | 0.0% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Aug 24 | Feb 26 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 100 | 60.12 | -39.9% |
| Santech Holdings Li… (STEC) | 79.49 | 379.4 | +377.3% |
Santech Holdings Li… (STEC) returned +3.3K% over 5 years vs Manhattan Associate… (MANH)'s +4%. A $10,000 investment in STEC 5 years ago would be worth $341,463 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | $605M | $1.1B | +78.9% |
| Santech Holdings Li… (STEC) | $1.2B | $2.1B | +81.7% |
Manhattan Associates, Inc.'s revenue grew from $605M (2016) to $1.1B (2025) — a 6.7% CAGR.
Chart 3Net Margin Trend — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 20.5% | 20.3% | -1.0% |
| Santech Holdings Li… (STEC) | 3.7% | 5.7% | +57.3% |
Manhattan Associates, Inc.'s net margin went from 21% (2016) to 20% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 29.5 | 48.1 | +63.1% |
Manhattan Associates, Inc. has traded in a 27x–90x P/E range over 9 years; current trailing P/E is ~38x.
Chart 5EPS Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Manhattan Associate… (MANH) | 1.72 | 3.6 | +109.3% |
| Santech Holdings Li… (STEC) | 3 | 8.3 | +176.7% |
Manhattan Associates, Inc.'s EPS grew from $1.72 (2016) to $3.60 (2025) — a 9% CAGR.
Chart 6Free Cash Flow — 5 Years
Manhattan Associates, Inc. generated $374M FCF in 2025 (+106% vs 2021). Santech Holdings Limited generated $504M FCF in 2022 (+9590% vs 2021).
MANH vs STEC: Frequently Asked Questions
8 questions · data-driven answers · updated daily
01Is MANH or STEC a better buy right now?
Santech Holdings Limited (STEC) offers the better valuation at 1.5x trailing P/E, 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 STEC?
On trailing P/E, Santech Holdings Limited (STEC) is the cheapest at 1.5x versus Manhattan Associates, Inc. at 37.6x.
03Which is the better long-term investment — MANH or STEC?
Over the past 5 years, Santech Holdings Limited (STEC) delivered a total return of +33.1%, compared to +4.3% for Manhattan Associates, Inc. (MANH). A $10,000 investment in STEC five years ago would be worth approximately $13K today (assuming dividends reinvested). Over 10 years, the gap is even starker: STEC returned +33.1% 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 STEC?
By beta (market sensitivity over 5 years), Santech Holdings Limited (STEC) is the lower-risk stock at 0.37β versus Manhattan Associates, Inc.'s 1.37β — meaning MANH is approximately 272% more volatile than STEC relative to the S&P 500. On balance sheet safety, Santech Holdings Limited (STEC) carries a lower debt/equity ratio of 15% versus 36% for Manhattan Associates, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — MANH or STEC?
Manhattan Associates, Inc. (MANH) is the more profitable company, earning 20.3% net margin versus 5.7% for Santech Holdings Limited — meaning it keeps 20.3% of every revenue dollar as bottom-line profit. Operating margin tells a similar story: MANH leads at 26.1% versus 9.4% for STEC. At the gross margin level — before operating expenses — MANH leads at 55.7%, 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.
06Which pays a better dividend — MANH or STEC?
None of the stocks in this comparison currently pay a material dividend. All are effectively zero-yield and should be held for capital appreciation rather than income.
07Is MANH or STEC better for a retirement portfolio?
For long-horizon retirement investors, Santech Holdings Limited (STEC) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (low volatility (β 0.37)). Both have compounded well over 10 years (STEC: +33.1%, 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.
08What are the main differences between MANH and STEC?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. In terms of investment character: MANH is a small-cap quality compounder stock; STEC is a small-cap deep-value stock. 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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