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

MANH •

TechnologyApplication SoftwareE-commerce platforms and retail enablement

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 $1.08B +3.7%
EBITDA $289M +7.9%
Net Income $220M +0.7%
EPS (Diluted) 3.60 +2.6%
Gross Margin 55.74% +2.8%
EBITDA Margin 26.73% +4.0%
Operating Margin 26.15% +4.2%
Net Margin 20.34% -2.9%
ROE 71.66% -5.3%
ROIC 236.84% -36.1%
Debt/Equity 0.36 +123.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 72.4%
✓Strong 5Y profit CAGR of 20.3%
✓FCF machine: 34.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.0%
✓Healthy 5Y average net margin of 18.8%

✗Weaknesses

✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high
✗Expensive at 26.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.87%

5Y13.02%

3Y12.13%

TTM3.75%

Profit (Net Income) CAGR

10Y7.83%

5Y20.32%

3Y19.48%

TTM0.73%

EPS CAGR

10Y9.9%

5Y21.49%

3Y21.04%

TTM2.56%

ROCE

10Y Avg72.51%

5Y Avg66.76%

3Y Avg76.58%

Latest76.34%

Peer Comparison

E-commerce platforms and retail enablement

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHOPShopify Inc.	157.42B	120.73	128.44	30.14%	10.65%	9.14%	1.27%	0.01
GRABGrab Holdings Limited	16.75B	4.22	66.25	20.49%	7.92%	3.95%	0.8%	0.30
VTEXVtex	333.29M	3.43	54.97	12.5%	7.03%	6.81%	7.56%	0.01
MANHManhattan Associates, Inc.	8.1B	135.43	37.62	3.75%	20.34%	69.88%	4.61%	0.36
TRAKReposiTrak, Inc.	158.44M	8.70	24.86	10.53%	30.92%	14.62%	5.3%	0.01
MAPSWM Technology, Inc.	32.97M	0.67	8.49	-1.85%	4.4%	5.83%	75.94%	0.25
STECSantech Holdings Limited	1.06B	12.60	1.52	7.71%	5.75%	10.73%	47.6%	0.15
FTFTFuture FinTech Group Inc.	30.03M	1.49	-0.09	-90.05%	-15.27%	-63.79%		0.09

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	604.56M	594.6M	559.16M	617.95M	586.37M	663.64M	767.08M	928.73M	1.04B	1.08B
Revenue Growth %	8.66%	-1.65%	-5.96%	10.51%	-5.11%	13.18%	15.59%	21.07%	12.23%	3.75%
Cost of Goods Sold+	258.97M	254.79M	249.49M	292.95M	278.83M	305.74M	364.9M	436.37M	477.28M	478.66M
COGS % of Revenue	42.84%	42.85%	44.62%	47.41%	47.55%	46.07%	47.57%	46.99%	45.79%	44.26%
Gross Profit+	345.59M	339.81M	309.66M	325M	307.54M	357.9M	402.18M	492.36M	565.07M	602.74M
Gross Margin %	57.16%	57.15%	55.38%	52.59%	52.45%	53.93%	52.43%	53.01%	54.21%	55.74%
Gross Profit Growth %	10.35%	-1.67%	-8.87%	4.95%	-5.37%	16.38%	12.37%	22.42%	14.77%	6.67%
Operating Expenses+	151.28M	151.24M	175.78M	209.07M	193.48M	223.57M	249.48M	282.48M	303.48M	320M
OpEx % of Revenue	25.02%	25.44%	31.44%	33.83%	33%	33.69%	32.52%	30.42%	29.11%	29.59%
Selling, General & Admin	96.55M	93.54M	103.88M	121.46M	109.2M	125.94M	137.61M	155.66M	165.79M	174.94M
SG&A % of Revenue	15.97%	15.73%	18.58%	19.66%	18.62%	18.98%	17.94%	16.76%	15.9%	16.18%
Research & Development	54.74M	57.7M	71.9M	87.61M	84.28M	97.63M	111.88M	126.81M	137.69M	145.06M
R&D % of Revenue	9.05%	9.7%	12.86%	14.18%	14.37%	14.71%	14.58%	13.65%	13.21%	13.41%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	194.31M	185.65M	133.89M	115.92M	114.06M	134.33M	152.7M	209.88M	261.6M	282.74M
Operating Margin %	32.14%	31.22%	23.94%	18.76%	19.45%	20.24%	19.91%	22.6%	25.1%	26.15%
Operating Income Growth %	20.35%	-4.46%	-27.88%	-13.42%	-1.61%	17.77%	13.67%	37.45%	24.64%	8.08%
EBITDA+	203.4M	194.71M	142.5M	123.91M	123.01M	142.25M	159.36M	215.63M	267.9M	289.05M
EBITDA Margin %	33.64%	32.75%	25.48%	20.05%	20.98%	21.43%	20.78%	23.22%	25.7%	26.73%
EBITDA Growth %	20.2%	-4.27%	-26.81%	-13.04%	-0.73%	15.64%	12.03%	35.31%	24.24%	7.9%
D&A (Non-Cash Add-back)	9.09M	9.06M	8.61M	7.99M	8.95M	7.91M	6.66M	5.75M	6.3M	6.32M
EBIT	196.11M	188.57M	133.89M	115.92M	114.06M	134.33M	152.7M	209.88M	261.6M	285.89M
Net Interest Income+	1.16M	1.17M	1.07M	715K	98K	168K	596K	5.3M	6.03M	4.39M
Interest Income	1.16M	1.17M	1.07M	715K	98K	168K	596K	5.3M	6.03M	4.39M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.8M	-812K	2.34M	153K	-285K	-261K	5.42M	3.79M	5.22M	3.16M
Pretax Income+	196.11M	184.83M	136.23M	116.08M	113.78M	134.07M	158.12M	213.67M	266.81M	285.89M
Pretax Margin %	32.44%	31.09%	24.36%	18.78%	19.4%	20.2%	20.61%	23.01%	25.6%	26.44%
Income Tax+	71.87M	68.35M	31.54M	30.32M	26.54M	23.6M	29.16M	37.1M	48.45M	65.95M
Effective Tax Rate %	63.35%	63.02%	76.85%	73.88%	76.68%	82.4%	81.56%	82.64%	81.84%	76.93%
Net Income+	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M	219.95M
Net Margin %	20.55%	19.59%	18.72%	13.88%	14.88%	16.65%	16.81%	19.01%	20.95%	20.34%
Net Income Growth %	20.06%	-6.24%	-10.12%	-18.08%	1.72%	26.63%	16.73%	36.92%	23.67%	0.73%
Net Income (Continuing)	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M	219.95M
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)+	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51	3.60
EPS Growth %	22.86%	-2.33%	-5.95%	-16.46%	3.03%	26.47%	18.02%	38.92%	24.47%	2.56%
EPS (Basic)	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56	3.64
Diluted Shares Outstanding	72.06M	69.42M	66.43M	65.1M	64.33M	64.32M	63.41M	62.61M	62.18M	61.05M
Basic Shares Outstanding	71.67M	69.17M	66.2M	64.4M	63.54M	63.45M	62.77M	61.82M	61.3M	60.47M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	207.02M	228.07M	215.38M	232.04M	334.04M	408.42M	415.38M	479.19M	503.26M	583.34M
Cash & Short-Term Investments	95.61M	125.52M	100.57M	110.68M	204.71M	263.71M	225.46M	270.74M	266.23M	328.75M
Cash Only	95.61M	125.52M	99.13M	110.68M	204.71M	263.71M	225.46M	270.74M	266.23M	328.75M
Short-Term Investments	0	0	1.44M	0	0	0	0	0	0	0
Accounts Receivable	100.28M	92.23M	100.11M	100.94M	109.2M	127.02M	167.41M	182.54M	210.67M	214.68M
Days Sales Outstanding	60.55	56.62	65.35	59.62	67.98	69.86	79.66	71.74	73.77	72.46
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	937K	1.17M	3.54M	6.27M	5.42M	643K	3.61M	5.2M	4.14M	39.91M
Total Non-Current Assets+	90.12M	86.92M	91.77M	140.24M	131.37M	131.29M	154.8M	194.16M	254.29M	256.05M
Property, Plant & Equipment	19.02M	15.49M	14.32M	58.62M	49.37M	41.16M	30.6M	33.44M	61.89M	73.56M
Fixed Asset Turnover	31.79x	38.38x	39.05x	10.54x	11.88x	16.12x	25.07x	27.77x	16.84x	14.70x
Goodwill	62.23M	62.25M	62.24M	62.24M	62.25M	62.24M	62.23M	62.23M	62.23M	62.24M
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	6.01M	7.3M	9.77M	12.57M	13.99M	20.24M	24.77M	32.45M	35.66M	44.34M
Total Assets+	297.14M	315M	307.15M	372.28M	465.41M	539.71M	570.18M	673.35M	757.55M	839.39M
Asset Turnover	2.03x	1.89x	1.82x	1.66x	1.26x	1.23x	1.35x	1.38x	1.38x	1.29x
Asset Growth %	-12.07%	6.01%	-2.49%	21.2%	25.02%	15.96%	5.65%	18.1%	12.5%	10.8%
Total Current Liabilities+	117.64M	124.25M	145.26M	181.6M	196.99M	249.04M	315.6M	365.92M	400.3M	455.91M
Accounts Payable	12.05M	14.03M	18.18M	20.56M	17.8M	19.63M	25.7M	24.51M	26.61M	22.18M
Days Payables Outstanding	16.99	20.1	26.6	25.62	23.31	23.43	25.71	20.5	20.35	16.91
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	63.46M	75.07M	81.89M	94.37M	114.16M	153.2M	208.81M	237.79M	277.97M	337.05M
Other Current Liabilities	12.51M	12.11M	12.16M	45.99M	41.96M	53.1M	54.47M	27.37M	72.18M	26.57M
Current Ratio	1.76x	1.84x	1.48x	1.28x	1.70x	1.64x	1.32x	1.31x	1.26x	1.28x
Quick Ratio	1.76x	1.84x	1.48x	1.28x	1.70x	1.64x	1.32x	1.31x	1.26x	1.28x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.13M	15.78M	14.74M	48.41M	49.53M	40.02M	27.78M	29.16M	58.12M	68.71M
Long-Term Debt	0	0	0	0	0	0	0	0	0	56.18M
Capital Lease Obligations	0	0	0	32.42M	27.84M	23.16M	14.06M	17.69M	47.79M	56.18M
Deferred Tax Liabilities	53K	69K	53K	37K	0	0	0	0	0	0
Other Non-Current Liabilities	10.08M	15.71M	14.69M	15.95M	21.69M	16.86M	13.72M	11.47M	10.33M	-43.65M
Total Liabilities	127.77M	140.04M	160M	230M	246.51M	289.06M	343.38M	395.07M	458.43M	524.62M
Total Debt+	0	0	0	32.42M	27.84M	23.16M	14.06M	17.69M	47.79M	112.36M
Net Debt	-95.61M	-125.52M	-99.13M	-78.26M	-176.86M	-240.55M	-211.4M	-253.05M	-218.44M	-216.39M
Debt / Equity	-	-	-	0.23x	0.13x	0.09x	0.06x	0.06x	0.16x	0.36x
Debt / EBITDA	-	-	-	0.26x	0.23x	0.16x	0.09x	0.08x	0.18x	0.39x
Net Debt / EBITDA	-0.47x	-0.64x	-0.70x	-0.63x	-1.44x	-1.69x	-1.33x	-1.17x	-0.82x	-0.75x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	169.37M	174.96M	147.15M	142.28M	218.9M	250.64M	226.8M	278.28M	299.13M	314.76M
Equity Growth %	-13.36%	3.3%	-15.89%	-3.31%	53.85%	14.5%	-9.51%	22.7%	7.49%	5.23%
Book Value per Share	2.35	2.52	2.21	2.19	3.40	3.90	3.58	4.44	4.81	5.16
Total Shareholders' Equity	169.37M	174.96M	147.15M	142.28M	218.9M	250.64M	226.8M	278.28M	299.13M	314.76M
Common Stock	702K	678K	649K	635K	635K	631K	621K	615K	609K	598K
Retained Earnings	184.56M	186.12M	163.36M	159.49M	236.52M	269.84M	253.71M	304.7M	329.44M	345.1M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-15.89M	-11.84M	-16.86M	-17.85M	-18.26M	-19.83M	-27.53M	-27.04M	-30.92M	-30.93M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	139.35M	164.07M	137.35M	146.91M	140.88M	185.18M	179.63M	246.22M	295M	389.47M
Operating CF Margin %	23.05%	27.59%	24.56%	23.77%	24.03%	27.9%	23.42%	26.51%	28.3%	36.02%
Operating CF Growth %	15.97%	17.74%	-16.28%	6.96%	-4.1%	31.44%	-3%	37.07%	19.81%	32.02%
Net Income	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M	219.95M
Depreciation & Amortization	9.09M	9.06M	8.61M	7.99M	8.95M	7.91M	6.66M	5.75M	6.3M	6.32M
Stock-Based Compensation	15.93M	16.23M	19.86M	31.84M	33.35M	43.26M	59.36M	71.57M	93.21M	111.26M
Deferred Taxes	1.8M	1.57M	-4.26M	-1.41M	1.04M	-1.91M	-29.71M	-28.84M	-28.69M	18.34M
Other Non-Cash Items	-368K	348K	357K	-1.14M	918K	-486K	-1.6M	1.34M	-513K	-274K
Working Capital Changes	-11.34M	20.37M	8.09M	23.86M	9.39M	25.94M	15.96M	19.83M	6.33M	33.87M
Change in Receivables	-4.36M	10.14M	-9.34M	-1.06M	-6.59M	-16.65M	-44.06M	-13.08M	-26.7M	-3.58M
Change in Inventory	6.43M	2.54M	-4.36M	-7.74M	915K	0	0	0	0	0
Change in Payables	-9.26M	-5.35M	18.6M	20.81M	-3.1M	12.26M	11.79M	18.12M	1.25M	-229K
Cash from Investing+	3.36M	-5.77M	-9.84M	-13.75M	-2.73M	-4.02M	-6.59M	-4.73M	-8.68M	-15.46M
Capital Expenditures	-6.84M	-6.2M	-7.31M	-15.19M	-2.73M	-4.02M	-6.59M	-4.73M	-8.68M	-15.46M
CapEx % of Revenue	1.13%	1.04%	1.31%	2.46%	0.47%	0.61%	0.86%	0.51%	0.83%	1.43%
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15.38M	12.87M	-12.05M	14.58M	-1.44M	0	0	0	0	0
Cash from Financing+	-162.7M	-131.71M	-149.32M	-121.49M	-43.56M	-120.42M	-204.46M	-196.05M	-286.37M	-315.16M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-167.93M	-131.71M	-149.32M	-121.49M	-43.56M	-120.42M	-204.46M	-196.05M	-286.37M	-315.16M
Other Financing	5.23M	0	0	0	0	0	0	0	0	0
Net Change in Cash	-22.8M	29.91M	-26.4M	11.55M	94.03M	59M	-38.24M	45.28M	-4.51M	62.52M
Free Cash Flow+	132.5M	157.87M	130.04M	131.72M	138.16M	181.17M	173.04M	241.49M	286.33M	374.01M
FCF Margin %	21.92%	26.55%	23.26%	21.31%	23.56%	27.3%	22.56%	26%	27.47%	34.59%
FCF Growth %	21.94%	19.14%	-17.63%	1.29%	4.89%	31.13%	-4.48%	39.55%	18.57%	30.62%
FCF per Share	1.84	2.27	1.96	2.02	2.15	2.82	2.73	3.86	4.60	6.13
FCF Conversion (FCF/Net Income)	1.12x	1.41x	1.31x	1.71x	1.61x	1.68x	1.39x	1.39x	1.35x	1.77x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	58.68M	64.91M	40.22M	30.49M	23.77M	29.16M	58.02M	67.38M	83.4M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	68.1%	67.66%	65%	59.26%	48.31%	47.06%	54.02%	69.92%	75.64%	71.66%
Return on Invested Capital (ROIC)	193.24%	226.06%	206.08%	155.2%	161.33%	386.53%	898.34%	774.79%	370.46%	236.84%
Gross Margin	57.16%	57.15%	55.38%	52.59%	52.45%	53.93%	52.43%	53.01%	54.21%	55.74%
Net Margin	20.55%	19.59%	18.72%	13.88%	14.88%	16.65%	16.81%	19.01%	20.95%	20.34%
Debt / Equity	-	-	-	0.23x	0.13x	0.09x	0.06x	0.06x	0.16x	0.36x
FCF Conversion	1.12x	1.41x	1.31x	1.71x	1.61x	1.68x	1.39x	1.39x	1.35x	1.77x
Revenue Growth	8.66%	-1.65%	-5.96%	10.51%	-5.11%	13.18%	15.59%	21.07%	12.23%	3.75%

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

MANH •

TechnologyApplication SoftwareE-commerce platforms and retail enablement

Revenue $1.08B +3.7%
EBITDA $289M +7.9%
Net Income $220M +0.7%
EPS (Diluted) 3.60 +2.6%
Gross Margin 55.74% +2.8%
EBITDA Margin 26.73% +4.0%
Operating Margin 26.15% +4.2%
Net Margin 20.34% -2.9%
ROE 71.66% -5.3%
ROIC 236.84% -36.1%
Debt/Equity 0.36 +123.4%
Interest Coverage -

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 72.4%
✓Strong 5Y profit CAGR of 20.3%
✓FCF machine: 34.6% free cash flow margin
✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.0%
✓Healthy 5Y average net margin of 18.8%

✗Weaknesses

✗Weak momentum: RS Rating 17 (bottom 17%)
✗Trading more than 30% below 52-week high
✗Expensive at 26.3x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y6.87%

5Y13.02%

3Y12.13%

TTM3.75%

Profit (Net Income) CAGR

10Y7.83%

5Y20.32%

3Y19.48%

TTM0.73%

EPS CAGR

10Y9.9%

5Y21.49%

3Y21.04%

TTM2.56%

ROCE

10Y Avg72.51%

5Y Avg66.76%

3Y Avg76.58%

Latest76.34%

Peer Comparison

E-commerce platforms and retail enablement

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SHOPShopify Inc.	157.42B	120.73	128.44	30.14%	10.65%	9.14%	1.27%	0.01
GRABGrab Holdings Limited	16.75B	4.22	66.25	20.49%	7.92%	3.95%	0.8%	0.30
VTEXVtex	333.29M	3.43	54.97	12.5%	7.03%	6.81%	7.56%	0.01
MANHManhattan Associates, Inc.	8.1B	135.43	37.62	3.75%	20.34%	69.88%	4.61%	0.36
TRAKReposiTrak, Inc.	158.44M	8.70	24.86	10.53%	30.92%	14.62%	5.3%	0.01
MAPSWM Technology, Inc.	32.97M	0.67	8.49	-1.85%	4.4%	5.83%	75.94%	0.25
STECSantech Holdings Limited	1.06B	12.60	1.52	7.71%	5.75%	10.73%	47.6%	0.15
FTFTFuture FinTech Group Inc.	30.03M	1.49	-0.09	-90.05%	-15.27%	-63.79%		0.09

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	604.56M	594.6M	559.16M	617.95M	586.37M	663.64M	767.08M	928.73M	1.04B	1.08B
Revenue Growth %	8.66%	-1.65%	-5.96%	10.51%	-5.11%	13.18%	15.59%	21.07%	12.23%	3.75%
Cost of Goods Sold+	258.97M	254.79M	249.49M	292.95M	278.83M	305.74M	364.9M	436.37M	477.28M	478.66M
COGS % of Revenue	42.84%	42.85%	44.62%	47.41%	47.55%	46.07%	47.57%	46.99%	45.79%	44.26%
Gross Profit+	345.59M	339.81M	309.66M	325M	307.54M	357.9M	402.18M	492.36M	565.07M	602.74M
Gross Margin %	57.16%	57.15%	55.38%	52.59%	52.45%	53.93%	52.43%	53.01%	54.21%	55.74%
Gross Profit Growth %	10.35%	-1.67%	-8.87%	4.95%	-5.37%	16.38%	12.37%	22.42%	14.77%	6.67%
Operating Expenses+	151.28M	151.24M	175.78M	209.07M	193.48M	223.57M	249.48M	282.48M	303.48M	320M
OpEx % of Revenue	25.02%	25.44%	31.44%	33.83%	33%	33.69%	32.52%	30.42%	29.11%	29.59%
Selling, General & Admin	96.55M	93.54M	103.88M	121.46M	109.2M	125.94M	137.61M	155.66M	165.79M	174.94M
SG&A % of Revenue	15.97%	15.73%	18.58%	19.66%	18.62%	18.98%	17.94%	16.76%	15.9%	16.18%
Research & Development	54.74M	57.7M	71.9M	87.61M	84.28M	97.63M	111.88M	126.81M	137.69M	145.06M
R&D % of Revenue	9.05%	9.7%	12.86%	14.18%	14.37%	14.71%	14.58%	13.65%	13.21%	13.41%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0
Operating Income+	194.31M	185.65M	133.89M	115.92M	114.06M	134.33M	152.7M	209.88M	261.6M	282.74M
Operating Margin %	32.14%	31.22%	23.94%	18.76%	19.45%	20.24%	19.91%	22.6%	25.1%	26.15%
Operating Income Growth %	20.35%	-4.46%	-27.88%	-13.42%	-1.61%	17.77%	13.67%	37.45%	24.64%	8.08%
EBITDA+	203.4M	194.71M	142.5M	123.91M	123.01M	142.25M	159.36M	215.63M	267.9M	289.05M
EBITDA Margin %	33.64%	32.75%	25.48%	20.05%	20.98%	21.43%	20.78%	23.22%	25.7%	26.73%
EBITDA Growth %	20.2%	-4.27%	-26.81%	-13.04%	-0.73%	15.64%	12.03%	35.31%	24.24%	7.9%
D&A (Non-Cash Add-back)	9.09M	9.06M	8.61M	7.99M	8.95M	7.91M	6.66M	5.75M	6.3M	6.32M
EBIT	196.11M	188.57M	133.89M	115.92M	114.06M	134.33M	152.7M	209.88M	261.6M	285.89M
Net Interest Income+	1.16M	1.17M	1.07M	715K	98K	168K	596K	5.3M	6.03M	4.39M
Interest Income	1.16M	1.17M	1.07M	715K	98K	168K	596K	5.3M	6.03M	4.39M
Interest Expense	0	0	0	0	0	0	0	0	0	0
Other Income/Expense	1.8M	-812K	2.34M	153K	-285K	-261K	5.42M	3.79M	5.22M	3.16M
Pretax Income+	196.11M	184.83M	136.23M	116.08M	113.78M	134.07M	158.12M	213.67M	266.81M	285.89M
Pretax Margin %	32.44%	31.09%	24.36%	18.78%	19.4%	20.2%	20.61%	23.01%	25.6%	26.44%
Income Tax+	71.87M	68.35M	31.54M	30.32M	26.54M	23.6M	29.16M	37.1M	48.45M	65.95M
Effective Tax Rate %	63.35%	63.02%	76.85%	73.88%	76.68%	82.4%	81.56%	82.64%	81.84%	76.93%
Net Income+	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M	219.95M
Net Margin %	20.55%	19.59%	18.72%	13.88%	14.88%	16.65%	16.81%	19.01%	20.95%	20.34%
Net Income Growth %	20.06%	-6.24%	-10.12%	-18.08%	1.72%	26.63%	16.73%	36.92%	23.67%	0.73%
Net Income (Continuing)	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M	219.95M
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)+	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51	3.60
EPS Growth %	22.86%	-2.33%	-5.95%	-16.46%	3.03%	26.47%	18.02%	38.92%	24.47%	2.56%
EPS (Basic)	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56	3.64
Diluted Shares Outstanding	72.06M	69.42M	66.43M	65.1M	64.33M	64.32M	63.41M	62.61M	62.18M	61.05M
Basic Shares Outstanding	71.67M	69.17M	66.2M	64.4M	63.54M	63.45M	62.77M	61.82M	61.3M	60.47M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	207.02M	228.07M	215.38M	232.04M	334.04M	408.42M	415.38M	479.19M	503.26M	583.34M
Cash & Short-Term Investments	95.61M	125.52M	100.57M	110.68M	204.71M	263.71M	225.46M	270.74M	266.23M	328.75M
Cash Only	95.61M	125.52M	99.13M	110.68M	204.71M	263.71M	225.46M	270.74M	266.23M	328.75M
Short-Term Investments	0	0	1.44M	0	0	0	0	0	0	0
Accounts Receivable	100.28M	92.23M	100.11M	100.94M	109.2M	127.02M	167.41M	182.54M	210.67M	214.68M
Days Sales Outstanding	60.55	56.62	65.35	59.62	67.98	69.86	79.66	71.74	73.77	72.46
Inventory	0	0	0	0	0	0	0	0	0	0
Days Inventory Outstanding	-	-	-	-	-	-	-	-	-	-
Other Current Assets	937K	1.17M	3.54M	6.27M	5.42M	643K	3.61M	5.2M	4.14M	39.91M
Total Non-Current Assets+	90.12M	86.92M	91.77M	140.24M	131.37M	131.29M	154.8M	194.16M	254.29M	256.05M
Property, Plant & Equipment	19.02M	15.49M	14.32M	58.62M	49.37M	41.16M	30.6M	33.44M	61.89M	73.56M
Fixed Asset Turnover	31.79x	38.38x	39.05x	10.54x	11.88x	16.12x	25.07x	27.77x	16.84x	14.70x
Goodwill	62.23M	62.25M	62.24M	62.24M	62.25M	62.24M	62.23M	62.23M	62.23M	62.24M
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	6.01M	7.3M	9.77M	12.57M	13.99M	20.24M	24.77M	32.45M	35.66M	44.34M
Total Assets+	297.14M	315M	307.15M	372.28M	465.41M	539.71M	570.18M	673.35M	757.55M	839.39M
Asset Turnover	2.03x	1.89x	1.82x	1.66x	1.26x	1.23x	1.35x	1.38x	1.38x	1.29x
Asset Growth %	-12.07%	6.01%	-2.49%	21.2%	25.02%	15.96%	5.65%	18.1%	12.5%	10.8%
Total Current Liabilities+	117.64M	124.25M	145.26M	181.6M	196.99M	249.04M	315.6M	365.92M	400.3M	455.91M
Accounts Payable	12.05M	14.03M	18.18M	20.56M	17.8M	19.63M	25.7M	24.51M	26.61M	22.18M
Days Payables Outstanding	16.99	20.1	26.6	25.62	23.31	23.43	25.71	20.5	20.35	16.91
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Deferred Revenue (Current)	63.46M	75.07M	81.89M	94.37M	114.16M	153.2M	208.81M	237.79M	277.97M	337.05M
Other Current Liabilities	12.51M	12.11M	12.16M	45.99M	41.96M	53.1M	54.47M	27.37M	72.18M	26.57M
Current Ratio	1.76x	1.84x	1.48x	1.28x	1.70x	1.64x	1.32x	1.31x	1.26x	1.28x
Quick Ratio	1.76x	1.84x	1.48x	1.28x	1.70x	1.64x	1.32x	1.31x	1.26x	1.28x
Cash Conversion Cycle	-	-	-	-	-	-	-	-	-	-
Total Non-Current Liabilities+	10.13M	15.78M	14.74M	48.41M	49.53M	40.02M	27.78M	29.16M	58.12M	68.71M
Long-Term Debt	0	0	0	0	0	0	0	0	0	56.18M
Capital Lease Obligations	0	0	0	32.42M	27.84M	23.16M	14.06M	17.69M	47.79M	56.18M
Deferred Tax Liabilities	53K	69K	53K	37K	0	0	0	0	0	0
Other Non-Current Liabilities	10.08M	15.71M	14.69M	15.95M	21.69M	16.86M	13.72M	11.47M	10.33M	-43.65M
Total Liabilities	127.77M	140.04M	160M	230M	246.51M	289.06M	343.38M	395.07M	458.43M	524.62M
Total Debt+	0	0	0	32.42M	27.84M	23.16M	14.06M	17.69M	47.79M	112.36M
Net Debt	-95.61M	-125.52M	-99.13M	-78.26M	-176.86M	-240.55M	-211.4M	-253.05M	-218.44M	-216.39M
Debt / Equity	-	-	-	0.23x	0.13x	0.09x	0.06x	0.06x	0.16x	0.36x
Debt / EBITDA	-	-	-	0.26x	0.23x	0.16x	0.09x	0.08x	0.18x	0.39x
Net Debt / EBITDA	-0.47x	-0.64x	-0.70x	-0.63x	-1.44x	-1.69x	-1.33x	-1.17x	-0.82x	-0.75x
Interest Coverage	-	-	-	-	-	-	-	-	-	-
Total Equity+	169.37M	174.96M	147.15M	142.28M	218.9M	250.64M	226.8M	278.28M	299.13M	314.76M
Equity Growth %	-13.36%	3.3%	-15.89%	-3.31%	53.85%	14.5%	-9.51%	22.7%	7.49%	5.23%
Book Value per Share	2.35	2.52	2.21	2.19	3.40	3.90	3.58	4.44	4.81	5.16
Total Shareholders' Equity	169.37M	174.96M	147.15M	142.28M	218.9M	250.64M	226.8M	278.28M	299.13M	314.76M
Common Stock	702K	678K	649K	635K	635K	631K	621K	615K	609K	598K
Retained Earnings	184.56M	186.12M	163.36M	159.49M	236.52M	269.84M	253.71M	304.7M	329.44M	345.1M
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	-15.89M	-11.84M	-16.86M	-17.85M	-18.26M	-19.83M	-27.53M	-27.04M	-30.92M	-30.93M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	139.35M	164.07M	137.35M	146.91M	140.88M	185.18M	179.63M	246.22M	295M	389.47M
Operating CF Margin %	23.05%	27.59%	24.56%	23.77%	24.03%	27.9%	23.42%	26.51%	28.3%	36.02%
Operating CF Growth %	15.97%	17.74%	-16.28%	6.96%	-4.1%	31.44%	-3%	37.07%	19.81%	32.02%
Net Income	124.23M	116.48M	104.69M	85.76M	87.24M	110.47M	128.96M	176.57M	218.36M	219.95M
Depreciation & Amortization	9.09M	9.06M	8.61M	7.99M	8.95M	7.91M	6.66M	5.75M	6.3M	6.32M
Stock-Based Compensation	15.93M	16.23M	19.86M	31.84M	33.35M	43.26M	59.36M	71.57M	93.21M	111.26M
Deferred Taxes	1.8M	1.57M	-4.26M	-1.41M	1.04M	-1.91M	-29.71M	-28.84M	-28.69M	18.34M
Other Non-Cash Items	-368K	348K	357K	-1.14M	918K	-486K	-1.6M	1.34M	-513K	-274K
Working Capital Changes	-11.34M	20.37M	8.09M	23.86M	9.39M	25.94M	15.96M	19.83M	6.33M	33.87M
Change in Receivables	-4.36M	10.14M	-9.34M	-1.06M	-6.59M	-16.65M	-44.06M	-13.08M	-26.7M	-3.58M
Change in Inventory	6.43M	2.54M	-4.36M	-7.74M	915K	0	0	0	0	0
Change in Payables	-9.26M	-5.35M	18.6M	20.81M	-3.1M	12.26M	11.79M	18.12M	1.25M	-229K
Cash from Investing+	3.36M	-5.77M	-9.84M	-13.75M	-2.73M	-4.02M	-6.59M	-4.73M	-8.68M	-15.46M
Capital Expenditures	-6.84M	-6.2M	-7.31M	-15.19M	-2.73M	-4.02M	-6.59M	-4.73M	-8.68M	-15.46M
CapEx % of Revenue	1.13%	1.04%	1.31%	2.46%	0.47%	0.61%	0.86%	0.51%	0.83%	1.43%
Acquisitions	0	0	0	0	0	0	0	0	0	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	15.38M	12.87M	-12.05M	14.58M	-1.44M	0	0	0	0	0
Cash from Financing+	-162.7M	-131.71M	-149.32M	-121.49M	-43.56M	-120.42M	-204.46M	-196.05M	-286.37M	-315.16M
Debt Issued (Net)	0	0	0	0	0	0	0	0	0	0
Equity Issued (Net)	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-167.93M	-131.71M	-149.32M	-121.49M	-43.56M	-120.42M	-204.46M	-196.05M	-286.37M	-315.16M
Other Financing	5.23M	0	0	0	0	0	0	0	0	0
Net Change in Cash	-22.8M	29.91M	-26.4M	11.55M	94.03M	59M	-38.24M	45.28M	-4.51M	62.52M
Free Cash Flow+	132.5M	157.87M	130.04M	131.72M	138.16M	181.17M	173.04M	241.49M	286.33M	374.01M
FCF Margin %	21.92%	26.55%	23.26%	21.31%	23.56%	27.3%	22.56%	26%	27.47%	34.59%
FCF Growth %	21.94%	19.14%	-17.63%	1.29%	4.89%	31.13%	-4.48%	39.55%	18.57%	30.62%
FCF per Share	1.84	2.27	1.96	2.02	2.15	2.82	2.73	3.86	4.60	6.13
FCF Conversion (FCF/Net Income)	1.12x	1.41x	1.31x	1.71x	1.61x	1.68x	1.39x	1.39x	1.35x	1.77x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	58.68M	64.91M	40.22M	30.49M	23.77M	29.16M	58.02M	67.38M	83.4M	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	68.1%	67.66%	65%	59.26%	48.31%	47.06%	54.02%	69.92%	75.64%	71.66%
Return on Invested Capital (ROIC)	193.24%	226.06%	206.08%	155.2%	161.33%	386.53%	898.34%	774.79%	370.46%	236.84%
Gross Margin	57.16%	57.15%	55.38%	52.59%	52.45%	53.93%	52.43%	53.01%	54.21%	55.74%
Net Margin	20.55%	19.59%	18.72%	13.88%	14.88%	16.65%	16.81%	19.01%	20.95%	20.34%
Debt / Equity	-	-	-	0.23x	0.13x	0.09x	0.06x	0.06x	0.16x	0.36x
FCF Conversion	1.12x	1.41x	1.31x	1.71x	1.61x	1.68x	1.39x	1.39x	1.35x	1.77x
Revenue Growth	8.66%	-1.65%	-5.96%	10.51%	-5.11%	13.18%	15.59%	21.07%	12.23%	3.75%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MANH vs Peers

vs SHOP

vs GRAB

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare MANH vs Peers

vs SHOP

vs GRAB

Compare Top 5

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios