Manhattan Associates, Inc. (MANH) 10-Year Financial Performance & Capital Metrics

MANH • • Industrial / General

TechnologyApplication SoftwareArtificial Intelligence & AnalyticsAI Analytics Platforms

AboutManhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Manhattan SCALE, a portfolio of logistics execution solutions that provide trading partner management, yard management, optimization, warehouse management, and transportation execution services; and Manhattan Active, a set of enterprise and store omni-channel solutions. The company also provides inventory optimization, planning, and allocation solutions; maintenance services comprising customer support services and software enhancements; professional services, such as solutions planning and implementation, and related consulting services; and training and change management services. In addition, it resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. The company offers products through direct sales personnel, as well as through partnership agreements with various organizations. It serves grocery, food and beverage, manufacturing, medical and pharmaceutical, retail, third-party logistics, and wholesale industries. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Manhattan Associates, Inc. was founded in 1990 and is headquartered in Atlanta, Georgia.Show more

Revenue $1.04B +12.2%
EBITDA $268M +24.2%
Net Income $218M +23.7%
EPS (Diluted) 3.51 +24.5%
Gross Margin 54.21% +2.3%
EBITDA Margin 25.7% +10.7%
Operating Margin 25.1% +11.1%
Net Margin 20.95% +10.2%
ROE 75.64% +8.2%
ROIC 370.46% -52.2%
Debt/Equity 0.16 +151.3%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 66.5%
✓Strong 5Y profit CAGR of 20.6%
✓FCF machine: 27.5% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 11.0%
✓Healthy 5Y average net margin of 17.7%

✗Weaknesses

✗Trading more than 30% below 52-week high
✗Expensive at 36.5x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y7.79%

5Y11.02%

3Y16.24%

TTM4.1%

Profit (Net Income) CAGR

10Y10.29%

5Y20.55%

3Y25.5%

TTM-1.4%

EPS CAGR

10Y12.51%

5Y21.6%

3Y26.84%

TTM-0.28%

ROCE

10Y Avg72.82%

5Y Avg61.43%

3Y Avg69.8%

Latest78.71%

Peer Comparison

AI Analytics Platforms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
LYFTLyft, Inc.	7.54B	18.88	342.65	31.39%	2.4%	26.3%	10.16%	1.64
DDOGDatadog, Inc.	39.33B	120.86	236.98	26.12%	3.32%	3.1%	2.13%	0.68
PEGAPegasystems Inc.	9B	53.00	96.36	4.51%	16.05%	46.57%	3.76%	0.94
SAPSAP SE	274.66B	235.84	89.00	9.51%	19.41%	13.94%	1.61%	0.23
TYLTyler Technologies, Inc.	19.2B	446.15	73.74	9.53%	13.72%	8.75%	3.15%	0.19
FICOFair Isaac Corporation	37.49B	1581.19	59.58	15.91%	32.75%		2.05%
DSGXThe Descartes Systems Group Inc.	7.62B	88.57	54.01	13.63%	22.1%	10%	2.79%	0.01
MANHManhattan Associates, Inc.	10.58B	175.57	50.02	12.23%	20.25%	69.86%	2.71%	0.16

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	556.37M	604.56M	594.6M	559.16M	617.95M	586.37M	663.64M	767.08M	928.73M	1.04B
Revenue Growth %	0.13%	0.09%	-0.02%	-0.06%	0.11%	-0.05%	0.13%	0.16%	0.21%	0.12%
Cost of Goods Sold+	243.19M	258.97M	254.79M	249.49M	292.95M	278.83M	305.74M	364.9M	436.37M	477.28M
COGS % of Revenue	0.44%	0.43%	0.43%	0.45%	0.47%	0.48%	0.46%	0.48%	0.47%	0.46%
Gross Profit+	313.18M	345.59M	339.81M	309.66M	325M	307.54M	357.9M	402.18M	492.36M	565.07M
Gross Margin %	0.56%	0.57%	0.57%	0.55%	0.53%	0.52%	0.54%	0.52%	0.53%	0.54%
Gross Profit Growth %	0.15%	0.1%	-0.02%	-0.09%	0.05%	-0.05%	0.16%	0.12%	0.22%	0.15%
Operating Expenses+	151.73M	151.28M	151.24M	175.78M	209.07M	193.48M	223.57M	249.48M	282.48M	303.48M
OpEx % of Revenue	0.27%	0.25%	0.25%	0.31%	0.34%	0.33%	0.34%	0.33%	0.3%	0.29%
Selling, General & Admin	97.87M	96.55M	93.54M	103.88M	121.46M	109.2M	125.94M	137.61M	155.66M	165.79M
SG&A % of Revenue	0.18%	0.16%	0.16%	0.19%	0.2%	0.19%	0.19%	0.18%	0.17%	0.16%
Research & Development	53.86M	54.74M	57.7M	71.9M	87.61M	84.28M	97.63M	111.88M	126.81M	137.69M
R&D % of Revenue	0.1%	0.09%	0.1%	0.13%	0.14%	0.14%	0.15%	0.15%	0.14%	0.13%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	161.45M	194.31M	185.65M	133.89M	115.92M	114.06M	134.33M	152.7M	209.88M	261.6M
Operating Margin %	0.29%	0.32%	0.31%	0.24%	0.19%	0.19%	0.2%	0.2%	0.23%	0.25%
Operating Income Growth %	0.27%	0.2%	-0.04%	-0.28%	-0.13%	-0.02%	0.18%	0.14%	0.37%	0.25%
EBITDA+	169.21M	203.4M	194.71M	142.5M	123.91M	123.01M	142.25M	159.36M	215.63M	267.9M
EBITDA Margin %	0.3%	0.34%	0.33%	0.25%	0.2%	0.21%	0.21%	0.21%	0.23%	0.26%
EBITDA Growth %	0.27%	0.2%	-0.04%	-0.27%	-0.13%	-0.01%	0.16%	0.12%	0.35%	0.24%
D&A (Non-Cash Add-back)	7.76M	9.09M	9.06M	8.61M	7.99M	8.95M	7.91M	6.66M	5.75M	6.3M
EBIT	162.84M	196.11M	188.57M	133.89M	115.92M	114.06M	134.33M	152.7M	209.88M	261.6M
Net Interest Income+	1.33M	1.16M	1.17M	1.07M	715K	98K	168K	596K	5.3M	6.03M
Interest Income	1.33M	1.16M	1.17M	1.07M	715K	98K	168K	596K	5.3M	6.03M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.4M	1.8M	-812K	2.34M	153K	-285K	-261K	5.42M	3.79M	5.22M
Pretax Income+	162.84M	196.11M	184.83M	136.23M	116.08M	113.78M	134.07M	158.12M	213.67M	266.81M
Pretax Margin %	0.29%	0.32%	0.31%	0.24%	0.19%	0.19%	0.2%	0.21%	0.23%	0.26%
Income Tax+	59.37M	71.87M	68.35M	31.54M	30.32M	26.54M	23.6M	29.16M	37.1M	48.45M
Effective Tax Rate %	0.64%	0.63%	0.63%	0.77%	0.74%	0.77%	0.82%	0.82%	0.83%	0.82%
Net Income+	103.47M	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M
Net Margin %	0.19%	0.21%	0.2%	0.19%	0.14%	0.15%	0.17%	0.17%	0.19%	0.21%
Net Income Growth %	0.26%	0.2%	-0.06%	-0.1%	-0.18%	0.02%	0.27%	0.17%	0.37%	0.24%
Net Income (Continuing)	103.47M	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.40	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51
EPS Growth %	0.3%	0.23%	-0.02%	-0.06%	-0.16%	0.03%	0.26%	0.18%	0.39%	0.24%
EPS (Basic)	1.41	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56
Diluted Shares Outstanding	74.04M	72.06M	69.42M	66.43M	65.1M	64.33M	64.32M	63.41M	62.61M	62.18M
Basic Shares Outstanding	73.44M	71.67M	69.17M	66.2M	64.4M	63.54M	63.45M	62.77M	61.82M	61.3M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	247.14M	207.02M	228.07M	215.38M	232.04M	334.04M	408.42M	415.38M	479.19M	503.26M
Cash & Short-Term Investments	128.76M	95.61M	125.52M	100.57M	110.68M	204.71M	263.71M	225.46M	270.74M	266.23M
Cash Only	118.42M	95.61M	125.52M	99.13M	110.68M	204.71M	263.71M	225.46M	270.74M	266.23M
Short-Term Investments	10.34M	0	0	1.44M	0	0	0	0	0	0
Accounts Receivable	97.38M	100.28M	92.23M	100.11M	100.94M	109.2M	127.02M	167.41M	182.54M	210.67M
Days Sales Outstanding	63.88	60.55	56.62	65.35	59.62	67.98	69.86	79.66	71.74	73.77
Inventory	10.23M	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	15.36	-	-	-	-	-	-	-	-	-
Other Current Assets	11.78M	937K	1.17M	3.54M	6.27M	5.42M	643K	3.61M	5.2M	4.14M
Total Non-Current Assets+	90.77M	90.12M	86.92M	91.77M	140.24M	131.37M	131.29M	154.8M	194.16M	254.29M
Property, Plant & Equipment	21.18M	19.02M	15.49M	14.32M	58.62M	49.37M	41.16M	30.6M	33.44M	61.89M
Fixed Asset Turnover	26.27x	31.79x	38.38x	39.05x	10.54x	11.88x	16.12x	25.07x	27.77x	16.84x
Goodwill	62.23M	62.23M	62.25M	62.24M	62.24M	62.25M	62.24M	62.23M	62.23M	62.23M
Intangible Assets	0	0	0	0	0	0	0	0	0	0
Long-Term Investments	0	0	0	0	0	0	0	0	0	0
Other Non-Current Assets	7.28M	6.01M	7.3M	9.77M	12.57M	13.99M	20.24M	24.77M	32.45M	35.66M
Total Assets+	337.91M	297.14M	315M	307.15M	372.28M	465.41M	539.71M	570.18M	673.35M	757.55M
Asset Turnover	1.65x	2.03x	1.89x	1.82x	1.66x	1.26x	1.23x	1.35x	1.38x	1.38x
Asset Growth %	0.06%	-0.12%	0.06%	-0.02%	0.21%	0.25%	0.16%	0.06%	0.18%	0.13%
Total Current Liabilities+	127.19M	117.64M	124.25M	145.26M	181.6M	196.99M	249.04M	315.6M	365.92M	400.3M
Accounts Payable	11.22M	12.05M	14.03M	18.18M	20.56M	17.8M	19.63M	25.7M	24.51M	26.61M
Days Payables Outstanding	16.84	16.99	20.1	26.6	25.62	23.31	23.43	25.71	20.5	20.35
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Other Current Liabilities	13.85M	12.51M	12.11M	12.16M	45.99M	41.96M	53.1M	54.47M	27.37M	72.18M
Current Ratio	1.94x	1.76x	1.84x	1.48x	1.28x	1.70x	1.64x	1.32x	1.31x	1.26x
Quick Ratio	1.86x	1.76x	1.84x	1.48x	1.28x	1.70x	1.64x	1.32x	1.31x	1.26x
Cash Conversion Cycle	62.4	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	15.23M	10.13M	15.78M	14.74M	48.41M	49.53M	40.02M	27.78M	29.16M	58.12M
Long-Term Debt	0	0	0	0	0	0	0	0	0	0
Capital Lease Obligations	0	0	0	0	32.42M	27.84M	23.16M	14.06M	17.69M	47.79M
Deferred Tax Liabilities	5.7M	53K	69K	53K	37K	0	0	0	0	0
Other Non-Current Liabilities	9.53M	10.08M	15.71M	14.69M	15.95M	21.69M	16.86M	13.72M	11.47M	10.33M
Total Liabilities	142.42M	127.77M	140.04M	160M	230M	246.51M	289.06M	343.38M	395.07M	458.43M
Total Debt+	0	0	0	0	32.42M	27.84M	23.16M	14.06M	17.69M	47.79M
Net Debt	-118.42M	-95.61M	-125.52M	-99.13M	-78.26M	-176.86M	-240.55M	-211.4M	-253.05M	-218.44M
Debt / Equity	-	-	-	-	0.23x	0.13x	0.09x	0.06x	0.06x	0.16x
Debt / EBITDA	-	-	-	-	0.26x	0.23x	0.16x	0.09x	0.08x	0.18x
Net Debt / EBITDA	-0.70x	-0.47x	-0.64x	-0.70x	-0.63x	-1.44x	-1.69x	-1.33x	-1.17x	-0.82x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	195.49M	169.37M	174.96M	147.15M	142.28M	218.9M	250.64M	226.8M	278.28M	299.13M
Equity Growth %	0.07%	-0.13%	0.03%	-0.16%	-0.03%	0.54%	0.15%	-0.1%	0.23%	0.07%
Book Value per Share	2.64	2.35	2.52	2.21	2.19	3.40	3.90	3.58	4.44	4.81
Total Shareholders' Equity	195.49M	169.37M	174.96M	147.15M	142.28M	218.9M	250.64M	226.8M	278.28M	299.13M
Common Stock	728K	702K	678K	649K	635K	635K	631K	621K	615K	609K
Retained Earnings	207.07M	184.56M	186.12M	163.36M	159.49M	236.52M	269.84M	253.71M	304.7M	329.44M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-12.31M	-15.89M	-11.84M	-16.86M	-17.85M	-18.26M	-19.83M	-27.53M	-27.04M	-30.92M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	120.15M	139.35M	164.07M	137.35M	146.91M	140.88M	185.18M	179.63M	246.22M	295M
Operating CF Margin %	0.22%	0.23%	0.28%	0.25%	0.24%	0.24%	0.28%	0.23%	0.27%	0.28%
Operating CF Growth %	0.28%	0.16%	0.18%	-0.16%	0.07%	-0.04%	0.31%	-0.03%	0.37%	0.2%
Net Income	103.47M	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M
Depreciation & Amortization	7.76M	9.09M	9.06M	8.61M	7.99M	8.95M	7.91M	6.66M	5.75M	6.3M
Stock-Based Compensation	14.53M	15.93M	16.23M	19.86M	31.84M	33.35M	43.26M	59.36M	71.57M	93.21M
Deferred Taxes	1.53M	1.8M	1.57M	-4.26M	-1.41M	1.04M	-1.91M	-29.71M	-28.84M	-28.69M
Other Non-Cash Items	42K	-368K	348K	357K	-1.14M	918K	-486K	-1.6M	1.34M	-513K
Working Capital Changes	-7.19M	-11.34M	20.37M	8.09M	23.86M	9.39M	25.94M	15.96M	19.83M	6.33M
Change in Receivables	-12.22M	-4.36M	10.14M	-9.34M	-1.06M	-6.59M	-16.65M	-44.06M	-13.08M	-26.7M
Change in Inventory	-3.7M	6.43M	2.54M	-4.36M	-7.74M	915K	-10.2M	0	-12.34M	0
Change in Payables	-1.59M	-9.26M	-5.35M	18.6M	20.81M	-3.1M	12.26M	11.79M	18.12M	1.25M
Cash from Investing+	-13.54M	3.36M	-5.77M	-9.84M	-13.75M	-2.73M	-4.02M	-6.59M	-4.73M	-8.68M
Capital Expenditures	-11.49M	-6.84M	-6.2M	-7.31M	-15.19M	-2.73M	-4.02M	-6.59M	-4.73M	-8.68M
CapEx % of Revenue	0.02%	0.01%	0.01%	0.01%	0.02%	0%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	-13.33M	15.38M	12.87M	-12.05M	14.58M	-1.44M	0	0	0	0
Cash from Financing+	-102.27M	-162.7M	-131.71M	-149.32M	-121.49M	-43.56M	-120.42M	-204.46M	-196.05M	-286.37M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	9.86M	5.23M	0	0	0	0	0	0	0	0
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	108.66M	132.5M	157.87M	130.04M	131.72M	138.16M	181.17M	173.04M	241.49M	286.33M
FCF Margin %	0.2%	0.22%	0.27%	0.23%	0.21%	0.24%	0.27%	0.23%	0.26%	0.27%
FCF Growth %	0.28%	0.22%	0.19%	-0.18%	0.01%	0.05%	0.31%	-0.04%	0.4%	0.19%
FCF per Share	1.47	1.84	2.27	1.96	2.02	2.15	2.82	2.73	3.86	4.60
FCF Conversion (FCF/Net Income)	1.16x	1.12x	1.41x	1.31x	1.71x	1.61x	1.68x	1.39x	1.39x	1.35x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	50.9M	58.68M	64.91M	40.22M	30.49M	23.77M	29.16M	58.02M	67.38M	83.4M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	54.82%	68.1%	67.66%	65%	59.26%	48.31%	47.06%	54.02%	69.92%	75.64%
Return on Invested Capital (ROIC)	168.89%	193.24%	226.06%	206.08%	155.2%	161.33%	386.53%	898.34%	774.79%	370.46%
Gross Margin	56.29%	57.16%	57.15%	55.38%	52.59%	52.45%	53.93%	52.43%	53.01%	54.21%
Net Margin	18.6%	20.55%	19.59%	18.72%	13.88%	14.88%	16.65%	16.81%	19.01%	20.95%
Debt / Equity	-	-	-	-	0.23x	0.13x	0.09x	0.06x	0.06x	0.16x
FCF Conversion	1.16x	1.12x	1.41x	1.31x	1.71x	1.61x	1.68x	1.39x	1.39x	1.35x
Revenue Growth	13.06%	8.66%	-1.65%	-5.96%	10.51%	-5.11%	13.18%	15.59%	21.07%	12.23%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Service, Other	-	-	-	-	-	-	-	-	487.87M	525.52M
Service, Other Growth	-	-	-	-	-	-	-	-	-	7.72%
Cloud Subscriptions	-	-	-	-	-	79.83M	122.19M	176.46M	254.61M	337.2M
Cloud Subscriptions Growth	-	-	-	-	-	-	53.07%	44.41%	44.29%	32.44%
Maintenance	-	-	-	-	-	147.75M	145.84M	142.2M	143.94M	138.3M
Maintenance Growth	-	-	-	-	-	-	-1.29%	-2.50%	1.22%	-3.91%
Hardware	-	-	-	-	-	16.94M	23.74M	29.48M	24.1M	26.24M
Hardware Growth	-	-	-	-	-	-	40.12%	24.21%	-18.25%	8.88%
License and Maintenance	-	-	-	-	-	-	-	-	18.21M	15.09M
License and Maintenance Growth	-	-	-	-	-	-	-	-	-	-17.14%
Service Other	-	-	-	-	-	303.57M	334.8M	394.1M	-	-
Service Other Growth	-	-	-	-	-	-	10.29%	17.71%	-	-
License And Maintenance	-	-	-	-	-	38.28M	37.07M	24.85M	-	-
License And Maintenance Growth	-	-	-	-	-	-	-3.17%	-32.97%	-	-
Warehouse Product Groups	50.1M	48.31M	52.58M	-	-	-	-	-	-	-
Warehouse Product Groups Growth	-	-3.57%	8.83%	-	-	-	-	-	-	-
Non Warehouse Product Groups	28.52M	36.69M	19.73M	-	-	-	-	-	-	-
Non Warehouse Product Groups Growth	-	28.64%	-46.21%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	1.12B	-	-	4.2M	4.5M	465.94M	526.22M	603.88M	719.2M	802.49M
Americas Growth	-	-	-	-	7.14%	10254.20%	12.94%	14.76%	19.09%	11.58%
E M E A	173.63M	-	-	84.74M	98.27M	93.58M	110.57M	128.94M	166.64M	190.52M
E M E A Growth	-	-	-	-	15.96%	-4.77%	18.16%	16.61%	29.24%	14.33%
Asia Pacific	55.39M	-	-	28.93M	29.84M	26.85M	26.85M	34.26M	42.89M	49.34M
Asia Pacific Growth	-	-	-	-	3.16%	-10.02%	0.01%	27.59%	25.19%	15.04%
Non Us	-	144.8M	168.3M	-	-	-	-	-	-	-
Non Us Growth	-	-	16.23%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Manhattan Associates, Inc. (MANH) has a price-to-earnings (P/E) ratio of 50.0x. This suggests investors expect higher future growth.

Growth & Financials

Manhattan Associates, Inc. (MANH) reported $1.07B in revenue for fiscal year 2024. This represents a 224% increase from $329.3M in 2011.

Manhattan Associates, Inc. (MANH) grew revenue by 12.2% over the past year. This is steady growth.

Yes, Manhattan Associates, Inc. (MANH) is profitable, generating $216.0M in net income for fiscal year 2024 (20.9% net margin).

Dividend & Returns

Manhattan Associates, Inc. (MANH) has a return on equity (ROE) of 75.6%. This is excellent, indicating efficient use of shareholder capital.

Manhattan Associates, Inc. (MANH) generated $333.2M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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