MANH · Manhattan Associates Inc - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $1.08B | $1.04B | $928.73M | $767.08M | $663.64M | $586.37M |
| Cost of Revenue | $472.34M | $470.98M | $430.61M | $358.24M | $297.83M | $269.89M |
| Gross Profit | $609.05M | $571.37M | $498.11M | $408.85M | $365.82M | $316.49M |
| R&D | $145.06M | $137.69M | $126.81M | $111.88M | $97.63M | $84.28M |
| SG&A | $93.76M | $89.81M | $81.17M | $73.07M | $68.09M | $61.44M |
| Total Operating Expenses | $801.59M | $780.76M | $718.84M | $614.38M | $529.31M | $472.31M |
| D&A | $6.32M | $6.30M | $5.75M | $6.66M | $7.91M | $8.95M |
| Operating Income | $279.80M | $261.60M | $209.88M | $152.70M | $134.33M | $114.06M |
| Interest Expense | - | - | - | - | - | - |
| Income Tax | $65.95M | $48.45M | $37.10M | $29.16M | $23.60M | $26.54M |
| Net Income | $219.95M | $218.36M | $176.57M | $128.96M | $110.47M | $87.24M |
| EPS - Basic | $3.64 | $3.56 | $2.86 | $2.05 | $1.74 | $1.37 |
| EPS - Diluted | $3.60 | $3.51 | $2.82 | $2.03 | $1.72 | $1.36 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $328.75M | $266.23M | $270.74M | $225.46M | $263.71M | $204.71M |
| Accounts Receivable | $214.68M | $205.47M | $181.17M | $166.77M | $124.42M | $109.20M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $22.18M | $26.61M | $24.51M | $25.70M | $19.63M | $17.80M |
| Current Assets | $583.34M | $503.26M | $479.19M | $415.38M | $408.42M | $334.04M |
| Total Assets | $839.39M | $757.55M | $673.35M | $570.18M | $539.71M | $465.41M |
| Current Liabilities | $455.91M | $400.30M | $365.92M | $315.60M | $249.04M | $196.99M |
| Long-term Debt | - | - | - | - | - | - |
| Total Liabilities | - | - | - | - | - | - |
| Stockholders' Equity | $314.76M | $299.13M | $278.28M | $226.80M | $250.64M | $218.90M |
| Retained Earnings | $345.10M | $329.44M | $304.70M | $253.71M | $269.84M | $236.52M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $389.47M | $295.00M | $246.22M | $179.63M | $185.18M | $140.88M |
| Investing Cash Flow | ($15.46M) | ($8.68M) | ($4.73M) | ($6.59M) | ($4.02M) | ($2.73M) |
| Financing Cash Flow | ($315.16M) | ($286.37M) | ($196.05M) | ($204.46M) | ($120.42M) | ($43.56M) |
| CapEx | $15.46M | $8.68M | $4.73M | $6.59M | $4.02M | $2.73M |
| Free Cash Flow | $374.01M | $286.33M | $241.49M | $173.04M | $181.17M | $138.16M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 56.3% | 54.8% | 53.6% | 53.3% | 55.1% | 54.0% |
| Operating margin | 25.9% | 25.1% | 22.6% | 19.9% | 20.2% | 19.5% |
| EBITDA margin | 26.5% | 25.7% | 23.2% | 20.8% | 21.4% | 21.0% |
| Net margin | 20.3% | 20.9% | 19.0% | 16.8% | 16.6% | 14.9% |
| Free cash flow margin | 34.6% | 27.5% | 26.0% | 22.6% | 27.3% | 23.6% |
| FCF / Net income | 1.70 | 1.31 | 1.37 | 1.34 | 1.64 | 1.58 |
| R&D / Revenue | 13.4% | 13.2% | 13.7% | 14.6% | 14.7% | 14.4% |
| SG&A / Revenue | 8.7% | 8.6% | 8.7% | 9.5% | 10.3% | 10.5% |
| Effective tax rate | 23.1% | 18.2% | 17.4% | 18.4% | 17.6% | 23.3% |
| Return on assets | 26.2% | 28.8% | 26.2% | 22.6% | 20.5% | 18.7% |
| Return on equity | 69.9% | 73.0% | 63.5% | 56.9% | 44.1% | 39.9% |
| Return on invested capital | - | - | - | - | - | - |
| Liquidity | ||||||
| Current ratio | 1.28 | 1.26 | 1.31 | 1.32 | 1.64 | 1.70 |
| Quick ratio | 1.28 | 1.26 | 1.31 | 1.32 | 1.64 | 1.70 |
| Cash ratio | 0.72 | 0.67 | 0.74 | 0.71 | 1.06 | 1.04 |
| Leverage | ||||||
| Debt / Equity | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - |
| Equity multiplier | 2.67 | 2.53 | 2.42 | 2.51 | 2.15 | 2.13 |
| Liabilities / Assets | - | - | - | - | - | - |
| Efficiency | ||||||
| Asset turnover | 1.29 | 1.38 | 1.38 | 1.35 | 1.23 | 1.26 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 72d | 72d | 71d | 79d | 68d | 68d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 17d | 21d | 21d | 26d | 24d | 24d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 48.1x | 77.0x | 76.4x | 59.8x | 90.4x | 77.3x |
| P / B | 33.6x | 56.2x | 48.4x | 33.9x | 39.9x | 30.9x |
| P / S | 9.8x | 16.1x | 14.5x | 10.0x | 15.1x | 11.5x |
| EV / EBITDA | 35.8x | 61.7x | 61.3x | 46.9x | 68.5x | 53.3x |
| Growth | ||||||
| Revenue growth (YoY) | 3.7% | 12.2% | 21.1% | 15.6% | 13.2% | -5.1% |
| Revenue CAGR (3y) | 12.1% | 16.2% | 16.6% | 7.5% | 3.2% | -0.5% |
| Revenue CAGR (5y) | 13.0% | 11.0% | 9.0% | 5.2% | 1.9% | 1.1% |
| Gross profit growth (YoY) | 6.6% | 14.7% | 21.8% | 11.8% | 15.6% | -5.0% |
| Operating income growth (YoY) | 7.0% | 24.6% | 37.4% | 13.7% | 17.8% | -1.6% |
| Net income growth (YoY) | 0.7% | 23.7% | 36.9% | 16.7% | 26.6% | 1.7% |
| EPS growth (YoY) | 2.6% | 24.5% | 38.9% | 18.0% | 26.5% | 3.0% |
| EPS CAGR (3y) | 21.0% | 26.8% | 27.5% | 15.4% | 2.9% | -6.8% |
| EPS CAGR (5y) | 21.5% | 21.6% | 12.3% | 3.9% | 0.0% | -0.6% |
| FCF growth (YoY) | 30.6% | 18.6% | 39.6% | -4.5% | 31.1% | 4.9% |
| FCF CAGR (5y) | 22.0% | 16.8% | 12.8% | 1.9% | 6.5% | 4.9% |
| Book value growth (YoY) | 5.2% | 7.5% | 22.7% | -9.5% | 14.5% | 53.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Product / service
$1.08B totalService Other$503.04M · 46.5%
Cloud Subscriptions$408.14M · 37.7%
Maintenance$129.97M · 12.0%
Hardware$25.42M · 2.4%
License And Maintenance$14.82M · 1.4%
Geographic
$1.45B totalAmericas$810.43M · 55.7%
Non Us$373.50M · 25.7%
EMEA$215.80M · 14.8%
Asia Pacific$55.17M · 3.8%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
6/9
Neutral
- ✓Net income positive
- ✓Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✓Current ratio improved
- ✓No share dilution
- ✓Gross margin improved
- ✗Asset turnover improved
Peer comparison
Same SIC group: Services-Prepackaged Software
Comparing MANHATTAN ASSOCIATES INC against the 5 most active filers in the same SIC group.