Free cash flow generation remains highly efficient, with margins reaching 52.7% in 2025Q4 and an OCF/NI ratio peaking at 2.83.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 398.25M | 389.47M | 295M | 246.22M | 179.63M | 185.18M | 140.88M | 146.91M | 137.35M | 164.07M | 139.35M | 120.15M | 94.16M | 89.39M | 75.27M | 55.82M | 49.97M | 58.32M | 63.84M | 38.27M | 44.12M | 33.38M | 44.48M | 36.26M | 45.97M | 39.35M | 36.36M | 11.5M | 2.9M | 7M |
| Operating CF Margin % | - | 36.02% | 28.3% | 26.51% | 23.42% | 27.9% | 24.03% | 23.77% | 24.56% | 27.59% | 23.05% | 21.6% | 19.13% | 21.56% | 20.01% | 16.95% | 16.82% | 23.64% | 18.93% | 11.34% | 15.27% | 13.55% | 20.7% | 18.42% | 26.16% | 26.02% | 27.32% | 14.15% | 4.67% | 21.54% |
| Operating CF Growth % | 102.65% | 32.02% | 19.81% | 37.07% | -3% | 31.44% | -4.1% | 6.96% | -16.28% | 17.74% | 15.97% | 27.6% | 5.34% | 18.75% | 34.84% | 11.71% | -14.32% | -8.64% | 66.8% | -13.25% | 32.16% | -24.95% | 22.67% | -21.11% | 16.8% | 8.25% | 216.14% | 296.55% | -58.57% | - |
| Net Income | 216.66M | 219.95M | 218.36M | 176.57M | 128.96M | 110.47M | 87.24M | 85.76M | 104.69M | 116.48M | 124.23M | 103.47M | 82M | 67.3M | 51.85M | 44.91M | 28.06M | 16.56M | 22.8M | 30.75M | 19.33M | 18.64M | 22.11M | 21.84M | 25.2M | 16.19M | 16.27M | 1.1M | 7.3M | 8.3M |
| Depreciation & Amortization | 6.61M | 6.32M | 6.3M | 5.75M | 6.66M | 7.91M | 8.95M | 7.99M | 8.61M | 9.06M | 9.09M | 7.76M | 6.38M | 5.83M | 5.64M | 7.28M | 9.16M | 11.42M | 12.7M | 13.62M | 13.25M | 12.07M | 10.78M | 11.26M | 8.57M | 11.37M | 6.1M | 5.1M | 1.7M | 500K |
| Stock-Based Compensation | 102.65M | 111.26M | 93.21M | 71.57M | 59.36M | 43.26M | 33.35M | 31.84M | 19.86M | 16.23M | 15.93M | 14.53M | 9.67M | 7.33M | 8.34M | 10.37M | 10.42M | 8.62M | 8.86M | 6.2M | 6.76M | 184K | 1.1M | 58K | 82K | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 48.06M | 18.34M | -28.69M | -28.84M | -29.71M | -1.91M | 1.04M | -1.41M | -4.26M | 1.57M | 1.8M | 1.53M | -1.71M | 3.17M | 5.39M | 9.89M | -463K | 2.08M | -1.39M | -2.76M | -574K | 1.37M | -1.63M | -273K | -627K | -459K | -2.13M | -1.8M | -400K | 0 |
| Other Non-Cash Items | 2.98M | -274K | -513K | 1.34M | -1.6M | -486K | 918K | -1.14M | 357K | 348K | -368K | 42K | -559K | 579K | 2.75M | -5.16M | 1.94M | 65K | 4.77M | -293K | 2M | 3.34M | 10.14M | 11.32M | 15.46M | 9.25M | 16.14M | -100K | 1.6M | 400K |
| Working Capital Changes | 21.29M | 33.87M | 6.33M | 19.83M | 15.96M | 25.94M | 9.39M | 23.86M | 8.09M | 20.37M | -11.34M | -7.19M | -1.62M | 5.2M | 1.3M | -11.47M | 855K | 19.58M | 16.1M | -9.24M | 3.35M | -2.22M | 1.99M | -7.95M | -2.72M | 3.01M | -20K | 6.8M | -7.3M | -2.2M |
| Change in Receivables | -13.48M | -3.58M | -26.7M | -13.08M | -44.06M | -16.65M | -6.59M | -1.06M | -9.34M | 10.14M | -4.36M | -12.22M | -16.76M | -9.17M | -5.45M | -8.99M | -9.45M | 26.66M | 7.08M | -10.62M | -1.62M | -8.69M | -4.02M | -3.69M | 1.39M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 915K | -7.74M | -4.36M | 2.54M | 6.43M | -3.7M | -4.86M | 0 | 9.11M | 2.39M | 4.7M | 0 | 0 | 1.53M | 4.64M | -59.15M | -134.17M | -160.39M | -127.73M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 14.53M | -229K | 1.25M | 18.12M | 11.79M | 12.26M | -3.1M | 20.81M | 18.6M | -5.35M | -9.26M | -1.59M | 13.52M | 3.16M | -162K | -3.54M | 8.27M | 0 | 6M | -5.34M | 3.81M | 377K | 1.41M | -2.24M | -1.05M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -18.67M | -15.46M | -8.68M | -4.73M | -6.59M | -4.02M | -2.73M | -13.75M | -9.84M | -5.77M | 3.36M | -13.54M | -12.67M | -7.8M | -7.01M | -4.61M | -8.88M | -2.29M | 13.91M | 75.12M | -47.9M | 3.85M | -20.9M | 31.26M | -64.23M | -10.27M | -14.26M | -20.9M | -14.5M | -1.8M |
| Capital Expenditures | -18.67M | -15.46M | -8.68M | -4.73M | -6.59M | -4.02M | -2.73M | -15.19M | -7.31M | -6.2M | -6.84M | -11.49M | -9.41M | -4.74M | -7.87M | -5.07M | -5.87M | -2.38M | -7.71M | -9.4M | -9.64M | -8.49M | -7.57M | -6.72M | -5.99M | -6.1M | -5.09M | -4.8M | -6M | -1.8M |
| CapEx % of Revenue | 1.7% | 1.43% | 0.83% | 0.51% | 0.86% | 0.61% | 0.47% | 2.46% | 1.31% | 1.04% | 1.13% | 2.07% | 1.91% | 1.14% | 2.09% | 1.54% | 1.98% | 0.96% | 2.29% | 2.79% | 3.34% | 3.44% | 3.52% | 3.41% | 3.41% | 4.03% | 3.82% | 5.9% | 9.66% | 5.54% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.77M | 0 | 0 | 0 | -11.23M | 0 | 0 | 0 | -126K | -48.79M | -1.7M | -21.16M | 0 | 0 | -12.78M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | -1.44M | 14.58M | -12.05M | 12.87M | 15.38M | -13.33M | -14.16M | -11.69M | 7.58M | 0 | 5.61M | 0 | 323.96M | 0 | -126K | -444K | 0 | 53.49M | -21.16M | -717K | -12.78M | -900K | -8.5M | 0 |
| Cash from Financing | -358.1M | -315.16M | -286.37M | -196.05M | -204.46M | -120.42M | -43.56M | -121.49M | -149.32M | -131.71M | -162.7M | -102.27M | -89.07M | -51.81M | -63.54M | -77.95M | -40.86M | -21.71M | -31.83M | -88.3M | 2.5M | -54.44M | -17.86M | 9.04M | -915K | 3.88M | 9.14M | 1.3M | 36.1M | -5.1M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -147K | -104K | -133K | -234K | -5.44M | -1.95M | -2.17M | -200K | -1.1M | 0 |
| Equity Issued (Net) | -358.1M | -315.16M | -286.37M | -196.05M | -204.46M | -120.42M | -43.56M | -121.49M | -149.32M | -131.71M | -167.93M | -112.14M | -99.2M | -64.2M | -103.16M | -133.14M | -77.7M | -21.77M | -31.93M | -89.02M | 127K | -54.34M | -17.72M | 9.27M | 4.53M | 5.83M | 11.31M | 1.5M | 48.9M | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -11.7M | -5.1M |
| Share Repurchases | -358.1M | -315.16M | -286.37M | -196.05M | -204.46M | -120.42M | -43.56M | -121.49M | -149.32M | -131.71M | -167.93M | -112.14M | -99.2M | -64.2M | -103.16M | -133.14M | -77.7M | -23.43M | -35.11M | -99.93M | -16.03M | -61.01M | -21.76M | 0 | -4.11M | -885K | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.23M | 9.86M | 10.13M | 12.39M | 39.61M | 55.2M | 36.84M | 64K | 100K | 721K | 2.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Change in Cash | 20.26M | 62.52M | -4.51M | 45.28M | -38.24M | 59M | 94.03M | 11.55M | -26.4M | 29.91M | -22.8M | 2.71M | -8.67M | 27.64M | 4.56M | -28.56M | 527K | 34.48M | 41.06M | 26.23M | -970K | -18.01M | 6.02M | 76.3M | -19.36M | 33M | 31.34M | -8.1M | 24.5M | -5.1M |
| Free Cash Flow | 379.59M | 374.01M | 286.33M | 241.49M | 173.04M | 181.17M | 138.16M | 131.72M | 130.04M | 157.87M | 132.5M | 108.66M | 84.75M | 84.65M | 67.4M | 50.75M | 44.1M | 55.95M | 56.13M | 28.87M | 34.48M | 24.9M | 36.91M | 29.54M | 39.98M | 33.25M | 31.27M | 6.7M | -3.1M | 5.2M |
| FCF Margin % | 34.48% | 34.59% | 27.47% | 26% | 22.56% | 27.3% | 23.56% | 21.31% | 23.26% | 26.55% | 21.92% | 19.53% | 17.22% | 20.42% | 17.91% | 15.41% | 14.84% | 22.68% | 16.65% | 8.56% | 11.94% | 10.1% | 17.17% | 15.01% | 22.75% | 21.98% | 23.49% | 8.24% | -4.99% | 16% |
| FCF Growth % | 23.13% | 30.62% | 18.57% | 39.55% | -4.48% | 31.13% | 4.89% | 1.29% | -17.63% | 19.14% | 21.94% | 28.22% | 0.12% | 25.59% | 32.8% | 15.08% | -21.17% | -0.33% | 94.41% | -16.26% | 38.49% | -32.54% | 24.93% | -26.1% | 20.21% | 6.35% | 366.67% | 316.13% | -159.62% | - |
| FCF per Share | 6.32 | 6.13 | 4.60 | 3.86 | 2.73 | 2.82 | 2.15 | 2.02 | 1.96 | 2.27 | 1.84 | 1.47 | 1.12 | 1.09 | 0.83 | 0.59 | 0.49 | 0.62 | 0.58 | 0.26 | 0.31 | 0.21 | 0.30 | 0.23 | 0.33 | 0.27 | 0.26 | 0.06 | -0.03 | 0.06 |
| FCF Conversion (FCF/Net Income) | 1.75x | 1.77x | 1.35x | 1.39x | 1.39x | 1.68x | 1.61x | 1.71x | 1.31x | 1.41x | 1.12x | 1.16x | 1.15x | 1.33x | 1.45x | 1.24x | 1.78x | 3.52x | 2.80x | 1.24x | 2.28x | 1.79x | 2.01x | 1.66x | 1.82x | 2.43x | 2.23x | 10.45x | 0.40x | 0.84x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 83.4M | 67.38M | 58.02M | 29.16M | 23.77M | 30.49M | 40.22M | 64.91M | 58.68M | 50.9M | 38.67M | 21.19M | 6.28M | 11.11M | 14.34M | 6.22M | 11.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Implementation Talent Bottleneck
As reported in quarterly financial statements, Manhattan Associates consistently generates operating cash flow significantly higher than net income, with an OCF/NI ratio peaking at 2.83 in 2025Q4, which highlights the company's ability to convert accounting profits into tangible liquidity through its subscription-based business model.
The persistent gap between net income and operating cash flow suggests that the company's earnings quality is supported by strong deferred revenue inflows. Investors should interpret this as a sign that the underlying business is more cash-generative than the GAAP net income figure implies, likely due to the timing of subscription billings.
Based on recent SEC filings, Manhattan Associates maintains a robust free cash flow trajectory, with margins reaching as high as 52.7% in 2025Q4, demonstrating that the company's transition to a cloud-native platform has not compromised its ability to generate significant excess cash after capital expenditures.
While FCF margins fluctuate on a quarterly basis, the overall trend remains healthy, suggesting that the company's capital-light software model is effectively insulating it from the cyclicality of hardware-heavy competitors. This consistent cash generation provides the firm with significant flexibility to fund internal R&D without external financing.
According to the provided cash flow data, Manhattan Associates exhibits remarkably low capital intensity, with CapEx/Revenue ratios consistently remaining below 2.1% over the last ten quarters, which indicates that the company's infrastructure requirements are largely satisfied by existing cloud-native investments rather than heavy physical asset replacement.
The low level of maintenance capital expenditure suggests that the company is not burdened by the need to constantly refresh legacy hardware or physical facilities. This capital efficiency is a key driver of the company's strong free cash flow profile and allows for higher returns on invested capital.
Based on reported figures, Manhattan Associates has prioritized share repurchases as its primary method of capital deployment, with quarterly buybacks reaching as high as $179.4 million in 2026Q1, signaling management's confidence in the long-term value of the company's equity despite the ongoing transition to cloud subscriptions.
The consistent use of excess cash to reduce share count suggests a disciplined approach to capital allocation that favors shareholder returns over potentially dilutive acquisitions. Investors should monitor whether this pace of buybacks remains sustainable if the current deceleration in top-line growth persists over the coming fiscal years.
Quick answers to the most common questions about buying MANH stock.
Manhattan Associates, Inc. (MANH) generated $389.5M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Manhattan Associates, Inc. (MANH) generated $374.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Manhattan Associates, Inc. (MANH) spent $15.5M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Manhattan Associates, Inc. (MANH) spent $315.2M on share repurchases. This shows the company's commitment to returning capital to its equity investors.