Comprehensive Stock Comparison
Compare Shopify Inc. (SHOP) vs Manhattan Associates, Inc. (MANH) 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 | SHOP | 30.1% revenue growth vs MANH's 3.7% |
| Value | MANH | Lower P/E (26.0x vs 65.9x), PEG 1.21 vs 2.25 |
| Quality / Margins | MANH | 20.3% net margin vs SHOP's 10.7% |
| Stability / Safety | MANH | Beta 1.37 vs SHOP's 2.23 |
| Dividends | Tie | Neither pays a meaningful dividend |
| Momentum (1Y) | SHOP | +7.8% vs MANH's -23.4% |
| Efficiency (ROA) | MANH | 26.2% ROA vs SHOP's 8.1%, ROIC 236.8% vs 9.4% |
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
Shopify is a comprehensive commerce platform that enables businesses of all sizes to create online stores, manage sales across multiple channels, and handle operations like payments, shipping, and inventory. It generates revenue primarily through subscription fees for its platform tiers — which account for about 30% of revenue — and merchant solutions like payment processing, shipping, and capital advances that make up the remaining 70%. The company's key advantage is its integrated ecosystem that combines easy-to-use store creation tools with a vast app marketplace and fulfillment network, creating high switching costs for merchants as they grow their businesses.
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.
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
MANH leads in 3 of 6 categories (Financial Metrics, Valuation Metrics). SHOP leads in 1 (Total Returns). 1 tied.
Financial Metrics (TTM)
SHOP is the larger business by revenue, generating $11.6B annually — 10.7x MANH's $1.1B. MANH is the more profitable business, keeping 20.3% of every revenue dollar as net income compared to SHOP's 10.7%. On growth, SHOP holds the edge at +30.6% YoY revenue growth, suggesting stronger near-term business momentum.
| Metric | SHOPShopify Inc. | MANHManhattan Associa… |
|---|---|---|
| RevenueTrailing 12 months | $11.6B | $1.1B |
| EBITDAEarnings before interest/tax | $1.5B | $286M |
| Net IncomeAfter-tax profit | $1.2B | $220M |
| Free Cash FlowCash after capex | $2.0B | $374M |
| Gross MarginGross profit ÷ Revenue | +48.1% | +55.9% |
| Operating MarginEBIT ÷ Revenue | +12.7% | +25.9% |
| Net MarginNet income ÷ Revenue | +10.7% | +20.3% |
| FCF MarginFCF ÷ Revenue | +17.4% | +34.6% |
| Rev. Growth (YoY)Latest quarter vs prior year | +30.6% | +5.7% |
| EPS Growth (YoY)Latest quarter vs prior year | -42.0% | +11.7% |
Valuation Metrics
At 37.6x trailing earnings, MANH trades at a 71% valuation discount to SHOP's 128.4x P/E. Adjusting for growth (PEG ratio), MANH offers better value at 1.75x vs SHOP's 4.38x — a lower PEG means you pay less per unit of expected earnings growth.
| Metric | SHOPShopify Inc. | MANHManhattan Associa… |
|---|---|---|
| Market CapShares × price | $157.4B | $8.1B |
| Enterprise ValueMkt cap + debt − cash | $156.1B | $7.9B |
| Trailing P/EPrice ÷ TTM EPS | 128.44x | 37.62x |
| Forward P/EPrice ÷ next-FY EPS est. | 65.90x | 25.97x |
| PEG RatioP/E ÷ EPS growth rate | 4.38x | 1.75x |
| EV / EBITDAEnterprise value multiple | 104.11x | 27.29x |
| Price / SalesMarket cap ÷ Revenue | 13.62x | 7.49x |
| Price / BookPrice ÷ Book value/share | 11.69x | 26.27x |
| Price / FCFMarket cap ÷ FCF | 78.44x | 21.67x |
Profitability & Efficiency
MANH delivers a 69.9% return on equity — every $100 of shareholder capital generates $70 in annual profit, vs $9 for SHOP. SHOP carries lower financial leverage with a 0.01x debt-to-equity ratio, signaling a more conservative balance sheet compared to MANH's 0.36x.
| Metric | SHOPShopify Inc. | MANHManhattan Associa… |
|---|---|---|
| ROE (TTM)Return on equity | +9.1% | +69.9% |
| ROA (TTM)Return on assets | +8.1% | +26.2% |
| ROICReturn on invested capital | +9.4% | +2.4% |
| ROCEReturn on capital employed | +11.0% | +76.3% |
| Piotroski ScoreFundamental quality 0–9 | 6 | 6 |
| Debt / EquityFinancial leverage | 0.01x | 0.36x |
| Net DebtTotal debt minus cash | -$1.4B | -$216M |
| Cash & Equiv.Liquid assets | $1.5B | $329M |
| Total DebtShort + long-term debt | $188M | $112M |
| Interest CoverageEBIT ÷ Interest expense | — | — |
Total Returns (with DRIP)
A $10,000 investment in MANH five years ago would be worth $10,428 today (with dividends reinvested), compared to $9,216 for SHOP. Over the past 12 months, SHOP leads with a +7.8% total return vs MANH's -23.4%. The 3-year compound annual growth rate (CAGR) favors SHOP at 43.2% vs MANH's -2.0% — a key indicator of consistent wealth creation.
| Metric | SHOPShopify Inc. | MANHManhattan Associa… |
|---|---|---|
| YTD ReturnYear-to-date | -23.2% | -19.0% |
| 1-Year ReturnPast 12 months | +7.8% | -23.4% |
| 3-Year ReturnCumulative with dividends | +193.5% | -5.8% |
| 5-Year ReturnCumulative with dividends | -7.8% | +4.3% |
| 10-Year ReturnCumulative with dividends | +5294.6% | +145.1% |
| CAGR (3Y)Annualised 3-year return | +43.2% | -2.0% |
Risk & Volatility
MANH is the less volatile stock with a 1.37 beta — it tends to amplify market swings less than SHOP's 2.23 beta. A beta below 1.0 means the stock typically moves less than the S&P 500. SHOP currently trades 66.3% from its 52-week high vs MANH's 54.8% drawdown — a narrower gap to the peak suggests stronger recent price momentum.
| Metric | SHOPShopify Inc. | MANHManhattan Associa… |
|---|---|---|
| Beta (5Y)Sensitivity to S&P 500 | 2.23x | 1.37x |
| 52-Week HighHighest price in past year | $182.19 | $247.22 |
| 52-Week LowLowest price in past year | $69.84 | $127.86 |
| % of 52W HighCurrent price vs 52-week peak | +66.3% | +54.8% |
| RSI (14)Momentum oscillator 0–100 | 48.7 | 42.0 |
| Avg Volume (50D)Average daily shares traded | 10.0M | 696K |
Analyst Outlook
Wall Street rates SHOP as "Buy" and MANH as "Buy". Consensus price targets imply 71.1% upside for MANH (target: $232) vs 36.8% for SHOP (target: $165).
| Metric | SHOPShopify Inc. | MANHManhattan Associa… |
|---|---|---|
| Analyst RatingConsensus buy/hold/sell | Buy | Buy |
| Price TargetConsensus 12-month target | $165.16 | $231.71 |
| # AnalystsCovering analysts | 63 | 15 |
| Dividend YieldAnnual dividend ÷ price | — | — |
| Dividend StreakConsecutive years of raises | — | 2 |
| Dividend / ShareAnnual DPS | — | — |
| Buyback YieldShare repurchases ÷ mkt cap | 0.0% | +3.9% |
Historical Charts
Charts are rendered on first load. Hover for details.
Chart 1Total Return — 5 Years (Rebased to 100)
| Stock | Mar 20 | Feb 26 | Change |
|---|---|---|---|
| Shopify Inc. (SHOP) | 100 | 270.68 | +170.7% |
| Manhattan Associate… (MANH) | 100 | 220.53 | +120.5% |
Manhattan Associate… (MANH) returned +4% over 5 years vs Shopify Inc. (SHOP)'s -8%. A $10,000 investment in MANH 5 years ago would be worth $10,428 today (including dividends reinvested).
Chart 2Revenue Growth — 10 Years
| Stock | 2016 | 2025 | Change |
|---|---|---|---|
| Shopify Inc. (SHOP) | $389M | $11.6B | +2868.2% |
| Manhattan Associate… (MANH) | $605M | $1.1B | +78.9% |
Shopify Inc.'s revenue grew from $389M (2016) to $11.6B (2025) — a 45.8% CAGR. 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 |
|---|---|---|---|
| Shopify Inc. (SHOP) | -9.1% | 10.7% | +217.3% |
| Manhattan Associate… (MANH) | 20.5% | 20.3% | -1.0% |
Shopify Inc.'s net margin went from -9% (2016) to 11% (2025). Manhattan Associates, Inc.'s net margin went from 21% (2016) to 20% (2025).
Chart 4P/E Ratio History — 9 Years
| Stock | 2017 | 2025 | Change |
|---|---|---|---|
| Shopify Inc. (SHOP) | 435.4 | 171.2 | -60.7% |
| Manhattan Associate… (MANH) | 29.5 | 48.1 | +63.1% |
Shopify Inc. has traded in a 61x–435x P/E range over 4 years; current trailing P/E is ~128x. 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 |
|---|---|---|---|
| Shopify Inc. (SHOP) | -0.04 | 0.94 | +2332.8% |
| Manhattan Associate… (MANH) | 1.72 | 3.6 | +109.3% |
Shopify Inc.'s EPS grew from $-0.04 (2016) to $0.94 (2025). Manhattan Associates, Inc.'s EPS grew from $1.72 (2016) to $3.60 (2025) — a 9% CAGR.
Chart 6Free Cash Flow — 5 Years
Shopify Inc. generated $2B FCF in 2025 (+314% vs 2021). Manhattan Associates, Inc. generated $374M FCF in 2025 (+106% vs 2021).
SHOP vs MANH: Frequently Asked Questions
9 questions · data-driven answers · updated daily
01Is SHOP or MANH a better buy right now?
Manhattan Associates, Inc. (MANH) offers the better valuation at 37.6x trailing P/E (26.0x forward), making it the more compelling value choice. Analysts rate Shopify Inc. (SHOP) a "Buy" — based on 63 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 — SHOP or MANH?
On trailing P/E, Manhattan Associates, Inc. (MANH) is the cheapest at 37.6x versus Shopify Inc. at 128.4x. On forward P/E, Manhattan Associates, Inc. is actually cheaper at 26.0x. 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 Shopify Inc.'s 2.25x — a reasonable growth-adjusted valuation.
03Which is the better long-term investment — SHOP or MANH?
Over the past 5 years, Manhattan Associates, Inc. (MANH) delivered a total return of +4.3%, compared to -7.8% for Shopify Inc. (SHOP). A $10,000 investment in MANH five years ago would be worth approximately $10K today (assuming dividends reinvested). Over 10 years, the gap is even starker: SHOP returned +52.9% 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 — SHOP or MANH?
By beta (market sensitivity over 5 years), Manhattan Associates, Inc. (MANH) is the lower-risk stock at 1.37β versus Shopify Inc.'s 2.23β — meaning SHOP is approximately 62% more volatile than MANH relative to the S&P 500. On balance sheet safety, Shopify Inc. (SHOP) carries a lower debt/equity ratio of 1% versus 36% for Manhattan Associates, Inc. — giving it more financial flexibility in a downturn.
05Which has better profit margins — SHOP or MANH?
Manhattan Associates, Inc. (MANH) is the more profitable company, earning 20.3% net margin versus 10.7% for Shopify Inc. — 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 12.7% for SHOP. 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.
06Is SHOP or MANH 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 Shopify Inc.'s 2.25x. 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 65.9x for Shopify Inc. — 39.9x cheaper on a one-year earnings basis. Analyst consensus price targets imply the most upside for MANH: 71.1% to $231.71.
07Which pays a better dividend — SHOP or MANH?
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.
08Is SHOP or MANH better for a retirement portfolio?
For long-horizon retirement investors, Manhattan Associates, Inc. (MANH) is the stronger choice — it scores higher on the combination of lower volatility, dividend reliability, and long-term compounding (+145.1% 10Y return). Shopify Inc. (SHOP) carries a higher beta of 2.23 — meaning larger drawdowns in market downturns, which matters significantly when you cannot wait years for a recovery. Both have compounded well over 10 years (MANH: +145.1%, SHOP: +52.9%), 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 SHOP and MANH?
Both stocks operate in the Technology sector, making this a peer-level intra-sector comparison — the same macro tailwinds and headwinds will affect both. 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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