Manhattan Associates, Inc. (MANH) Financial Ratios
29 years of historical data (1997–2025) · Technology · Software - Application
EV/EBITDA
↓
26.36
↓-52% vs avg
5yr avg: 54.94
30Y Low7.7·High68.6
P/FCF
↓
20.95
↓-57% vs avg
5yr avg: 48.50
30Y Low6.9·High58.7
P/B Ratio
↓
25.66
↓-40% vs avg
5yr avg: 42.42
30Y Low2.1·High56.2
ROE
↑
71.7%
↓+13% vs avg
5yr avg: 63.7%
30Y Low2%·High98%
Debt/EBITDA
↑
0.39
↑+116% vs avg
5yr avg: 0.18
30Y Low0.0·High0.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
MANH Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Manhattan Associates, Inc. trades at 36.7x earnings, 48% below its 5-year average of 70.3x, sitting at the 46th percentile of its historical range. Compared to the Technology sector median P/E of 29.0x, the stock trades at a premium of 27%. On a free-cash-flow basis, the stock trades at 21.0x P/FCF, 57% below the 5-year average of 48.5x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $7.8B | $10.6B | $16.8B | $13.5B | $7.7B | $10.0B | $6.8B | $5.2B | $2.8B | $3.4B | $3.8B |
| Enterprise Value | $7.6B | $10.4B | $16.6B | $13.2B | $7.5B | $9.8B | $6.6B | $5.1B | $2.7B | $3.3B | $3.7B |
| P/E Ratio → | 36.74 | 48.14 | 76.99 | 76.35 | 59.80 | 90.40 | 77.34 | 60.42 | 26.82 | 29.49 | 30.83 |
| P/S Ratio | 7.25 | 9.78 | 16.12 | 14.52 | 10.04 | 15.07 | 11.54 | 8.40 | 5.03 | 5.78 | 6.32 |
| P/B Ratio | 25.66 | 33.62 | 56.18 | 48.44 | 33.94 | 39.90 | 30.91 | 36.49 | 19.13 | 19.66 | 22.56 |
| P/FCF | 20.95 | 28.29 | 58.69 | 55.82 | 44.48 | 55.21 | 48.98 | 39.42 | 21.65 | 21.79 | 28.84 |
| P/OCF | 20.12 | 27.17 | 56.96 | 54.75 | 42.85 | 54.01 | 48.03 | 35.34 | 20.49 | 20.96 | 27.42 |
P/E links to full P/E history page with 30-year chart
MANH EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Manhattan Associates, Inc.'s enterprise value stands at 26.4x EBITDA, 52% below its 5-year average of 54.9x. The Technology sector median is 16.7x, placing the stock at a 58% premium on an enterprise-value basis.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.58 | 15.91 | 14.24 | 9.76 | 14.71 | 11.24 | 8.28 | 4.86 | 5.57 | 6.16 |
| EV / EBITDA | 26.36 | 35.86 | 61.91 | 61.34 | 46.98 | 68.62 | 53.57 | 41.27 | 19.06 | 17.02 | 18.32 |
| EV / EBIT | 26.95 | 36.25 | 63.40 | 63.02 | 49.03 | 72.66 | 57.77 | 44.11 | 20.28 | 17.57 | 19.00 |
| EV / FCF | — | 27.71 | 57.93 | 54.78 | 43.26 | 53.88 | 47.70 | 38.82 | 20.88 | 20.99 | 28.12 |
MANH Profitability
Margins and return-on-capital ratios measuring operating efficiency
Manhattan Associates, Inc. earns an operating margin of 26.1%. Operating margins have expanded from 22.6% to 26.1% over the past 3 years, signaling improving operational efficiency. Return on equity of 71.7% is exceptionally high. ROIC of 236.8% represents excellent returns on invested capital.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.7% | 55.7% | 54.2% | 53.0% | 52.4% | 53.9% | 52.4% | 52.6% | 55.4% | 57.1% | 57.2% |
| Operating Margin | 26.1% | 26.1% | 25.1% | 22.6% | 19.9% | 20.2% | 19.5% | 18.8% | 23.9% | 31.2% | 32.1% |
| Net Profit Margin | 20.3% | 20.3% | 20.9% | 19.0% | 16.8% | 16.6% | 14.9% | 13.9% | 18.7% | 19.6% | 20.5% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 71.7% | 71.7% | 75.6% | 69.9% | 54.0% | 47.1% | 48.3% | 59.3% | 65.0% | 67.7% | 68.1% |
| ROA | 27.5% | 27.5% | 30.5% | 28.4% | 23.2% | 22.0% | 20.8% | 25.2% | 33.7% | 38.1% | 39.1% |
| ROIC | 236.8% | 236.8% | 370.5% | 774.8% | 898.3% | 386.5% | 161.3% | 155.2% | 206.1% | 226.1% | 193.2% |
| ROCE | 76.3% | 76.3% | 78.7% | 74.7% | 56.0% | 48.1% | 49.7% | 65.8% | 75.9% | 100.3% | 99.6% |
MANH Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Manhattan Associates, Inc. carries a Debt/EBITDA ratio of 0.4x, which is very conservative (87% below the sector average of 2.9x). The company holds a net cash position — cash of $329M exceeds total debt of $112M, providing substantial financial flexibility for buybacks, acquisitions, or weathering downturns.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.36 | 0.36 | 0.16 | 0.06 | 0.06 | 0.09 | 0.13 | 0.23 | — | — | — |
| Debt / EBITDA | 0.39 | 0.39 | 0.18 | 0.08 | 0.09 | 0.16 | 0.23 | 0.26 | — | — | — |
| Net Debt / Equity | — | -0.69 | -0.73 | -0.91 | -0.93 | -0.96 | -0.81 | -0.55 | -0.67 | -0.72 | -0.56 |
| Net Debt / EBITDA | -0.75 | -0.75 | -0.82 | -1.17 | -1.33 | -1.69 | -1.44 | -0.63 | -0.70 | -0.64 | -0.47 |
| Debt / FCF | — | -0.58 | -0.76 | -1.05 | -1.22 | -1.33 | -1.28 | -0.59 | -0.76 | -0.80 | -0.72 |
| Interest Coverage | — | — | — | — | — | — | — | — | — | — | — |
Net cash position: cash ($329M) exceeds total debt ($112M)
MANH Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
A current ratio of 1.28x means Manhattan Associates, Inc. can comfortably meet its short-term obligations, though there is limited excess liquidity.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.28 | 1.28 | 1.26 | 1.31 | 1.32 | 1.64 | 1.70 | 1.28 | 1.48 | 1.84 | 1.76 |
| Quick Ratio | 1.28 | 1.28 | 1.26 | 1.31 | 1.32 | 1.64 | 1.70 | 1.28 | 1.48 | 1.84 | 1.76 |
| Cash Ratio | 0.72 | 0.72 | 0.67 | 0.74 | 0.71 | 1.06 | 1.04 | 0.61 | 0.69 | 1.01 | 0.81 |
| Asset Turnover | — | 1.29 | 1.38 | 1.38 | 1.35 | 1.23 | 1.26 | 1.66 | 1.82 | 1.89 | 2.03 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | 72.46 | 73.77 | 71.74 | 79.66 | 69.86 | 67.98 | 59.62 | 65.35 | 56.62 | 60.55 |
MANH Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Manhattan Associates, Inc. returns 4.0% to shareholders annually primarily through share buybacks. The earnings yield of 2.7% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.7% | 2.1% | 1.3% | 1.3% | 1.7% | 1.1% | 1.3% | 1.7% | 3.7% | 3.4% | 3.2% |
| FCF Yield | 4.8% | 3.5% | 1.7% | 1.8% | 2.2% | 1.8% | 2.0% | 2.5% | 4.6% | 4.6% | 3.5% |
| Buyback Yield | 4.0% | 3.0% | 1.7% | 1.5% | 2.7% | 1.2% | 0.6% | 2.3% | 5.3% | 3.8% | 4.4% |
| Total Shareholder Yield | 4.0% | 3.0% | 1.7% | 1.5% | 2.7% | 1.2% | 0.6% | 2.3% | 5.3% | 3.8% | 4.4% |
| Shares Outstanding | — | $61M | $62M | $63M | $63M | $64M | $64M | $65M | $66M | $69M | $72M |
Peer Comparison
Compare MANH with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 MANHYou | $8B | 36.7 | 26.4 | 21.0 | 55.7% | 26.1% | 71.7% | 236.8% | 0.4 |
 WMS | $11B | 27.0 | 14.2 | 19.8 | 36.3% | 22.5% | 23.7% | 16.8% | 2.0 |
 NCNO | $2B | 296.0 | 486.1 | 19.6 | 60.6% | 0.6% | 0.5% | 0.2% | 74.8 |
 VEEV | $25B | 28.2 | 19.7 | 18.0 | 75.5% | 28.7% | 13.9% | 12.9% | 0.1 |
 GWRE | $9B | 133.2 | 138.8 | 30.4 | 62.5% | 3.4% | 5.0% | 2.3% | 11.0 |
 PCTY | $5B | 25.1 | 13.0 | 15.8 | 68.8% | 19.1% | 20.0% | 26.2% | 0.5 |
 SAP | $181B | 22.6 | 14.2 | 19.9 | 73.8% | 26.7% | 15.5% | 16.0% | 0.7 |
 ORCL | $530B | 31.6 | 22.8 | — | 65.2% | 30.8% | 53.4% | 11.0% | 5.4 |
 EPAM | $4B | 11.4 | 4.4 | 6.5 | 26.5% | 9.6% | 10.3% | 15.5% | 0.2 |
 DSGX | $6B | 35.3 | 16.5 | 21.7 | 65.9% | 32.3% | 11.2% | 14.9% | 0.0 |
 UPS | $89B | 16.0 | 9.5 | 18.7 | 18.5% | 9.6% | 33.8% | 16.1% | 2.6 |
| Technology Median | — | 29.0 | 16.7 | 19.2 | 48.8% | 0.2% | 1.6% | 2.7% | 2.9 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 29 years · Updated daily
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MANH — Frequently Asked Questions
Quick answers to the most common questions about buying MANH stock.
What is Manhattan Associates, Inc.'s P/E ratio?
Manhattan Associates, Inc.'s current P/E ratio is 36.7x. The historical average is 50.9x. This places it at the 46th percentile of its historical range.
What is Manhattan Associates, Inc.'s EV/EBITDA?
Manhattan Associates, Inc.'s current EV/EBITDA is 26.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 28.5x.
What is Manhattan Associates, Inc.'s ROE?
Manhattan Associates, Inc.'s return on equity (ROE) is 71.7%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 37.3%.
Is MANH stock overvalued?
Based on historical data, Manhattan Associates, Inc. is trading at a P/E of 36.7x. This is at the 46th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What are Manhattan Associates, Inc.'s profit margins?
Manhattan Associates, Inc. has 55.7% gross margin and 26.1% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
How much debt does Manhattan Associates, Inc. have?
Manhattan Associates, Inc.'s Debt/EBITDA ratio is 0.4x, indicating low leverage. A ratio below 2x is generally considered financially healthy.