Manhattan Associates Inc
MANHBuild a strategy around MANH
Manhattan Associates Inc AI Insights
Informational only. Not investment advice.Snapshot
- ROIC of 63% TTM vs industry median -0.5% - capital efficiency is exceptional with minimal invested capital (309M) generating 216M net income[Return on Invested Capital]
- FCF of 333M TTM on 1.07B revenue (31% FCF margin) with capex only 14M - asset-light model converts nearly all profit to cash[Free Cash Flow]
- P/E of 49.5x vs industry median 29.6x and P/S of 10.1x vs median 3.9x - premium valuation demands continued execution[P/E Ratio]
Watch Triggers
- Operating Margin: Falls below 22% — Current 26% margin is core to valuation; compression signals pricing pressure or cost inflation
- Free Cash Flow: FCF/Net Income drops below 1.2x — Current 1.5x conversion ratio validates earnings quality; deterioration flags working capital issues
- Total Revenue: Growth decelerates below 8% — Premium multiple requires double-digit growth; deceleration triggers multiple compression
Bull Case
ROE of 74% TTM with minimal leverage (0.15 D/E) indicates genuine operating excellence, not financial engineering. Asset turnover 1.45x shows efficient capital deployment.
R&D at 13% of revenue (140M TTM) sustains product moat in supply chain software while maintaining 26% operating margins - rare combination.
Bear Case
EPS declined 6.8% YoY despite stable operations - multiple compression risk if growth decelerates further at current 49.5x P/E.
P/B of 43.5x implies market expects sustained hypergrowth - any margin or revenue miss could trigger sharp derating.
Bull vs Bear Balance
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Forward Thesis
FCF margin sustains 30%+ as cloud transition matures, funding aggressive buybacks
- Capex under 2% of revenue with no major infrastructure needs
- Operating margin 26% TTM with scale leverage on fixed costs
- 51.5M TTM buybacks at 0.15x debt/equity leaves capacity
Valuation Context
Caveats
Public Strategies Rankings
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MANH Fundamentals
| Metric | Value | YoY Growth | Industry Percentile |
|---|---|---|---|
$8.16B | — | ||
$7.89B | — | ||
37 | — | ||
$1.08B | +3.7% | — | |
$3.60 | +3.6% | — | |
26.2% | +1.0% | — | |
20.3% | -0.6% | — | |
$374.01M | +30.6% | — | |
71.7% | -4.0% | — | |
Beta 5Y (Monthly) | unknown | — |
MANH Dividend History
MANH Stock Splits
MANH SEC Filings
| Filing Date | Report Date | Report Type | Filing Link |
|---|---|---|---|
02/04/26 | 12/31/25 | Unknown | |
10/24/25 | 09/30/25 | 10-Q | |
07/25/25 | 06/30/25 | 10-Q | |
04/25/25 | 03/31/25 | 10-Q | |
02/07/25 | 12/31/24 | 10-K | |
10/25/24 | 09/30/24 | 10-Q | |
07/26/24 | 06/30/24 | 10-Q | |
04/26/24 | 03/31/24 | 10-Q | |
02/06/24 | 12/31/23 | 10-K | |
10/26/23 | 09/30/23 | 10-Q | |
07/28/23 | 06/30/23 | 10-Q | |
04/28/23 | 03/31/23 | 10-Q | |
02/06/23 | 12/31/22 | 10-K | |
10/28/22 | 09/30/22 | 10-Q | |
07/28/22 | 06/30/22 | 10-Q | |
04/28/22 | 03/31/22 | 10-Q | |
02/07/22 | 12/31/21 | 10-K | |
10/28/21 | 09/30/21 | 10-Q | |
07/29/21 | 06/30/21 | 10-Q | |
04/29/21 | 03/31/21 | 10-Q | |
02/05/21 | 12/31/20 | 10-K | |
11/02/20 | 09/30/20 | 10-Q | |
07/27/20 | 06/30/20 | 10-Q | |
05/01/20 | 03/31/20 | 10-Q | |
02/10/20 | 12/31/19 | 10-K | |
10/25/19 | 09/30/19 | 10-Q | |
07/25/19 | 06/30/19 | 10-Q | |
04/25/19 | 03/31/19 | 10-Q | |
02/08/19 | 12/31/18 | 10-K | |
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07/26/18 | 06/30/18 | 10-Q | |
04/27/18 | 03/31/18 | 10-Q | |
02/09/18 | 12/31/17 | 10-K | |
10/30/17 | 09/30/17 | 10-Q | |
07/24/17 | 06/30/17 | 10-Q | |
04/24/17 | 03/31/17 | 10-Q | |
02/03/17 | 12/31/16 | 10-K | |
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04/29/11 | 03/31/11 | 10-Q | |
02/23/11 | 12/31/10 | 10-K | |
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02/19/10 | 12/31/09 | 10-K | |
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05/01/09 | 03/30/09 | 10-Q | |
02/24/09 | 12/31/08 | 10-K | |
11/06/08 | 09/30/08 | 10-Q | |
08/06/08 | 06/30/08 | 10-Q | |
05/09/08 | 03/30/08 | Unknown | -- |
02/25/08 | 12/31/07 | 10-K | |
11/08/07 | 09/30/07 | 10-Q | |
08/09/07 | 06/30/07 | 10-Q | |
05/10/07 | 03/30/07 | Unknown | -- |
03/14/07 | 12/31/06 | 10-K | |
11/09/06 | 09/30/06 | 10-Q | |
08/04/06 | 06/30/06 | 10-Q | |
05/04/06 | 03/31/06 | 8-K | |
03/15/06 | 12/31/05 | 10-K | |
11/09/05 | 09/30/05 | 10-Q | |
08/09/05 | 06/30/05 | 4 | |
05/10/05 | 03/30/05 | Unknown | -- |
03/16/05 | 12/31/04 | 10-K | |
11/09/04 | 09/30/04 | 10-Q | |
08/09/04 | 06/30/04 | 10-Q | |
05/10/04 | 03/30/04 | Unknown | -- |
03/15/04 | 12/31/03 | 5 | |
11/14/03 | 09/30/03 | 10-Q | |
08/14/03 | 06/30/03 | 10-Q | |
05/15/03 | 03/30/03 | Unknown | -- |
03/31/03 | 12/31/02 | 8-K | |
11/14/02 | 09/30/02 | 10-Q | |
08/14/02 | 06/30/02 | 10-Q | |
05/15/02 | 03/30/02 | Unknown | -- |
04/01/02 | 12/31/01 | 10-K405 | |
11/14/01 | 09/30/01 | 10-Q | |
08/14/01 | 06/30/01 | 10-Q | |
05/15/01 | 03/30/01 | Unknown | -- |
04/02/01 | 12/31/00 | 10-K | |
11/14/00 | 09/30/00 | 10-Q | |
08/14/00 | 06/30/00 | 10-Q | |
05/15/00 | 03/30/00 | Unknown | -- |