Manhattan Associates Inc. (MANH) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.32	$1.39	+5.3%	—	$297.8M	—
Q1 26	$1.11	$1.24	+11.7%	—	$282.2M	—
Q4 25	$1.13	$1.21	+7.1%	—	$270.4M	—
Q2 25	$1.13	$1.31	+15.9%	—	$272.4M	—
Q1 25	$1.03	$1.19	+15.5%	—	$262.8M	—
Q4 24	$1.06	$1.17	+10.4%	—	$255.8M	—
Q3 24	$1.06	$1.35	+27.4%	—	$266.7M	—
Q2 24	$0.96	$1.18	+22.9%	—	$265.3M	—
Q1 24	$0.87	$1.03	+18.4%	—	$254.6M	—
Q4 23	$0.8	$1.03	+28.7%	—	$238.3M	—
Q3 23	$0.76	$1.05	+38.2%	—	$238.4M	—
Q2 23	$0.72	$0.88	+22.2%	—	$231M	—
Q1 23	$0.64	$0.8	+25.0%	—	$221M	—
Q4 22	$0.5	$0.81	+62.0%	—	$198.1M	—
Q3 22	$0.57	$0.66	+15.8%	—	$198.1M	—
Q2 22	$0.54	$0.69	+27.8%	—	$191.9M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$3.64	—	—	$1.1B	—
FY24	—	$3.56	—	—	$1B	—
FY23	—	$2.86	—	—	$928.7M	—
FY22	—	$2.05	—	—	$767.1M

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$604.6M	$594.6M	$559.2M	$617.9M	$586.4M	$663.6M	$767.1M	$928.7M	$1B	$1.1B
YoY change	+8.66%	-1.65%	-5.96%	+10.5%	-5.11%	+13.2%	+15.6%	+21.1%	+12.2%	+3.75%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	604.6M	594.6M	559.2M	617.9M	586.4M	663.6M	767.1M	928.7M	1B	1.1B
Cost of revenue	249.9M	245.7M	240.9M	285M	269.9M	297.8M	358.2M	430.6M	471M	472.3M
Gross profit	354.7M	348.9M	318.3M	333M	316.5M	365.8M	408.8M	498.1M	571.4M	609.1M
Gross margin	58.7%	58.7%	56.9%	53.9%	54%	55.1%	53.3%	53.6%	54.8%	56.3%
Research & development	54.7M	57.7M	71.9M	87.6M	84.3M	97.6M	111.9M	126.8M	137.7M	145.1M
Selling, general & administrative	96.5M	93.5M	103.9M	121.5M	109.2M	125.9M	137.6M	155.7M	165.8M	174.9M
Operating expenses	151.3M	151.2M	175.8M	209.1M	193.5M	223.6M	249.5M	282.5M	303.5M	320M
Operating income	194.3M	188.6M	133.9M	115.9M	114.1M	134.3M	152.7M	209.9M	261.6M	282.7M
Operating margin	32.1%	31.7%	23.9%	18.8%	19.5%	20.2%	19.9%	22.6%	25.1%	26.1%
Non-operating income, net	639K	-4.9M	1.3M	-562K	-383K	-329K	4.8M	-1.5M	-811K	-1.2M
Pretax income	196.1M	184.8M	136.2M	116.1M	113.8M	134.1M	158.1M	213.7M	266.8M	285.9M
Income tax	71.9M	68.4M	31.5M	30.3M	26.5M	23.6M	29.2M	37.1M	48.5M	65.9M
Net income	124.2M	116.5M	104.7M	85.8M	87.2M	110.5M	129M	176.6M	218.4M	219.9M
Net margin	20.5%	19.6%	18.7%	13.9%	14.9%	16.6%	16.8%	19%	20.9%	20.3%
EBITDA	203.4M	200.5M	142.5M	123.9M	123M	142.2M	159.4M	215.6M	267.9M	292M
EPS	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56	3.64
Diluted EPS	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51	3.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	238.4M	238.3M	254.6M	265.3M	266.7M	255.8M	262.8M	272.4M	275.8M	270.4M	282.2M	297.8M
Cost of revenue	111.4M	106.7M	119.3M	120M	118.7M	113M	114.6M	116.2M	119.8M	121.7M	126.6M	129.5M
Gross profit	127M	131.5M	135.3M	145.3M	148M	142.8M	148.2M	156.2M	156M	148.6M	155.6M	168.3M
Gross margin	53.3%	55.2%	53.1%	54.8%	55.5%	55.8%	56.4%	57.3%	56.6%	55%	55.1%	56.5%
Research & development	33.1M	31.3M	35M	35.3M	34.3M	33M	35.3M	34.9M	36.4M	38.5M	37.3M	34.8M
Selling, general & administrative	39M	39.8M	41.1M	40.3M	36.9M	47.5M	45.3M	46M	42.1M	41.6M	51.5M	57.4M
Operating expenses	72.1M	71.2M	76.1M	75.6M	71.2M	80.5M	80.6M	80.8M	78.5M	80.1M	88.8M	92.2M
Operating income	53.4M	58.9M	57.6M	68.2M	75.1M	60.7M	66.1M	73.8M	75.8M	67M	64.9M	74.5M
Operating margin	22.4%	24.7%	22.6%	25.7%	28.2%	23.7%	25.2%	27.1%	27.5%	24.8%	23%	25%
Non-operating income, net	1.7M	-4.4M	996K	914K	1.3M	-4M	-1.6M	707K	2.6M	-3M	4.3M	-8M
Pretax income	55.2M	59.7M	58.6M	69.1M	76.4M	62.7M	64.5M	74.5M	78.4M	68.5M	69.3M	67.2M
Income tax	5.8M	11M	4.8M	16.3M	12.6M	14.7M	11.9M	17.7M	19.8M	16.5M	20M	16.9M
Net income	49.4M	48.7M	53.8M	52.8M	63.8M	48M	52.6M	56.8M	58.6M	52M	49.3M	50.4M
Net margin	20.7%	20.5%	21.1%	19.9%	23.9%	18.8%	20%	20.8%	21.3%	19.2%	17.5%	16.9%
EBITDA	54.9M	60.4M	59.1M	69.7M	76.8M	62.3M	70.6M	75.4M	77.5M	68.5M	66.8M	84.2M
EPS	0.8	0.79	0.87	0.86	1.04	0.79	0.86	0.94	0.97	0.87	0.83	0.86
Diluted EPS	0.79	0.78	0.86	0.85	1.03	0.77	0.85	0.93	0.96	0.86	0.82	0.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	3.8B	3.4B	2.8B	5.1B	6.7B	9.9B	7.6B	13.3B	16.6B	10.5B	11.8B
Enterprise value	3.7B	3.3B	2.7B	5.1B	6.5B	9.6B	7.4B	13.1B	16.3B	10.2B	11.9B
Shares outstanding	71.7M	69.2M	66.2M	64.4M	63.5M	63.4M	62.8M	61.8M	61.3M	60.5M	60.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	30.6	29.4	26.8	59.9	76.6	89.3	59.1	75.4	75.9	47.7	59.2
P/S	6.29	5.76	5.02	8.31	11.4	14.9	9.93	14.3	15.9	9.69	10.7
P/B	22.4	19.6	19.1	36.1	30.5	39.4	33.6	47.8	55.4	33.3	76.3
EV/EBITDA	18.2	16.5	19	40.8	52.9	67.7	46.5	60.6	61	35	41.1
EV/Sales	6.13	5.55	4.84	8.18	11.1	14.5	9.66	14.1	15.7	9.44	10.5
Earnings yield	3.27%	3.4%	3.73%	1.67%	1.31%	1.12%	1.69%	1.33%	1.32%	2.1%	1.69%
FCF yield	3.49%	4.61%	4.64%	2.56%	2.07%	1.84%	2.27%	1.81%	1.73%	3.57%	2.73%
PEG	—	—	—	—	—	—	—	—	—	—	-6.96

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	58.7%	58.7%	56.9%	53.9%	54%	55.1%	53.3%	53.6%	54.8%	56.3%	56.5%
Operating margin	32.1%	31.7%	23.9%	18.8%	19.5%	20.2%	19.9%	22.6%	25.1%	26.1%	25%
Net margin	20.5%	19.6%	18.7%	13.9%	14.9%	16.6%	16.8%	19%	20.9%	20.3%	18.7%
ROE	73.4%	66.6%	71.1%	60.3%	39.9%	44.1%	56.9%	63.5%	73%	69.9%	96.4%
ROA	41.8%	37%	34.1%	23%	18.7%	20.5%	22.6%	26.2%	28.8%	26.2%	24.4%
ROIC	166.9%	240.4%	220.9%	133.8%	208.1%	1.1K%	808.6%	687.4%	265.3%	515.5%	828.4%
Return on tangible assets	71.9%	61.1%	57.3%	34.6%	25.6%	26.6%	28.9%	32.2%	34.5%	30.8%	36.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.76	1.84	1.48	1.28	1.7	1.64	1.32	1.31	1.26	1.28	0.98
Quick ratio	1.76	1.84	1.48	1.28	1.7	1.64	1.32	1.31	1.26	1.28	0.98
Debt / equity	—	—	0	0.23	0.13	0.09	0.06	0.06	0.16	0.18	0.34
Debt / assets	—	—	0	0.09	0.06	0.04	0.02	0.03	0.06	0.07	0.08
Net debt / EBITDA	—	—	-0.71	-0.63	-1.44	-1.69	-1.33	-1.17	-0.82	-0.93	-0.45
Effective tax rate	36.6%	37%	23.2%	26.1%	23.3%	17.6%	18.4%	17.4%	18.2%	23.1%	25.8%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	8.43	8.6	8.45	9.6	9.23	10.5	12.2	15	17	17.9	18.9
EPS (basic)	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56	3.64	3.64
EPS (diluted)	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51	3.6	3.48
Book value per share	2.36	2.53	2.22	2.21	3.45	3.95	3.61	4.5	4.88	5.21	2.7
FCF per share	1.85	2.28	1.96	2.05	2.17	2.86	2.76	3.91	4.67	6.18	6.77
Cash per share	1.33	1.81	1.52	1.72	3.22	4.16	3.59	4.38	4.34	5.44	3.19
Capex per share	0.1	0.09	0.11	0.24	0.04	0.06	0.1	0.08	0.14	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	1.13%	1.04%	1.31%	2.46%	0.47%	0.61%	0.86%	0.51%	0.83%	—	—
Capex / operating cash flow	5.12%	3.83%	5.17%	10.3%	1.98%	2.12%	3.65%	1.92%	2.87%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$238.4M	$238.3M	$254.6M	$265.3M	$266.7M	$255.8M	$262.8M	$272.4M	$275.8M	$270.4M	$282.2M	$297.8M
YoY change	+20.4%	+20.3%	+15.2%	+14.8%	+11.8%	+7.36%	+3.24%	+2.68%	+3.42%	+5.7%	+7.39%	+9.31%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	95.6M	125.5M	100.6M	110.7M	204.7M	263.7M	225.5M	270.7M	266.2M	328.7M
Receivables	100.3M	92.2M	100.1M	100.9M	109.2M	124.4M	166.8M	181.2M	205.5M	214.7M
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	207M	228.1M	215.4M	232M	334M	408.4M	415.4M	479.2M	503.3M	583.3M
Property, plant & equipment	17.4M	15.5M	14.3M	58.6M	49.4M	41.2M	30.6M	33.4M	61.9M	73.6M
Goodwill & intangibles	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M
Total assets	297.1M	315M	307.1M	372.3M	465.4M	539.7M	570.2M	673.4M	757.6M	839.4M
Accounts payable	12.1M	14M	18.2M	20.6M	17.8M	19.6M	25.7M	24.5M	26.6M	22.2M
Short-term debt	—	—	—	—	—	—	—	—	—	—
Total current liabilities	117.6M	124.3M	145.3M	181.6M	197M	249M	315.6M	365.9M	400.3M	455.9M
Long-term debt	—	—	0	32.4M	27.8M	23.2M	14.1M	17.7M	47.8M	56.2M
Total liabilities	127.8M	140M	160M	230M	246.5M	289.1M	343.4M	395.1M	458.4M	524.6M
Shareholders' equity	169.4M	175M	147.1M	142.3M	218.9M	250.6M	226.8M	278.3M	299.1M	314.8M
Total debt	—	—	0	32.4M	27.8M	23.2M	14.1M	17.7M	47.8M	56.2M
Net debt	—	—	-99.1M	-78.3M	-176.9M	-240.5M	-211.4M	-253M	-218.4M	-272.6M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	182.3M	270.7M	207.5M	202.7M	215M	266.2M	205.9M	230.6M	263.6M	328.7M	226.1M	186.1M
Receivables	183.4M	181.2M	205.7M	191.2M	199.8M	205.5M	210.7M	209.8M	219.6M	214.7M	227.1M	218.9M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	392.9M	479.2M	445.2M	426.1M	452.3M	503.3M	455.3M	483.3M	525.8M	583.3M	515.8M	467.1M
Property, plant & equipment	31.2M	33.4M	64.7M	64.6M	62.9M	61.9M	61.9M	63.3M	65.8M	73.6M	72.7M	70.8M
Goodwill & intangibles	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M	124.5M
Total assets	573M	673.4M	674.8M	665.3M	698.1M	757.6M	708.2M	744.7M	768.8M	839.4M	740.5M	698.6M
Accounts payable	25.3M	24.5M	26.4M	25.6M	23.2M	26.6M	24.2M	23.9M	21.4M	22.2M	22.4M	30.7M
Short-term debt	—	—	—	—	—	—	—	—	—	—	—	—
Total current liabilities	332.8M	365.9M	372M	362.7M	362.2M	400.3M	405M	407.2M	400.4M	455.9M	467.4M	475.1M
Long-term debt	16.2M	17.7M	51.8M	50.8M	50M	47.8M	47M	48.6M	47.7M	56.2M	55.7M	53.9M
Total liabilities	362.9M	395.1M	435.2M	424.7M	420.2M	458.4M	463.1M	465.9M	459.6M	524.6M	535.4M	541.1M
Shareholders' equity	210.1M	278.3M	239.6M	240.6M	278M	299.1M	245.1M	278.8M	309.2M	314.8M	205.2M	157.5M
Total debt	16.2M	17.7M	51.8M	50.8M	50M	47.8M	47M	48.6M	47.7M	56.2M	55.7M	53.9M
Net debt	-166.1M	-253M	-155.7M	-151.9M	-164.9M	-218.4M	-158.9M	-182M	-215.8M	-272.6M	-170.4M	-132.2M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	124.2M	116.5M	104.7M	85.8M	87.2M	110.5M	129M	176.6M	218.4M	219.9M
Depreciation & amortization	9.1M	9.1M	8.6M	8M	8.9M	7.9M	6.7M	5.8M	6.3M	6.3M
Stock-based compensation	15.9M	16.2M	19.9M	31.8M	33.4M	43.3M	59.4M	71.6M	93.2M	111.3M
Change in working capital	-17.5M	18.5M	12.5M	22.7M	7.5M	29.6M	15.2M	21.3M	12.6M	33.6M
Operating cash flow	133.6M	161.8M	141.4M	146.9M	138.1M	189.3M	180.5M	246.3M	301.8M	389.5M
Capital expenditure	-6.8M	-6.2M	-7.3M	-15.2M	-2.7M	-4M	-6.6M	-4.7M	-8.7M	—
Investing cash flow	3.4M	-5.8M	-9.8M	-13.8M	-2.7M	-4M	-6.6M	-4.7M	-8.7M	—
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	-167.9M	-131.7M	-149.3M	-121.5M	-43.6M	-120.4M	-204.5M	-196M	-286.4M	-315.2M
Financing cash flow	-162.7M	-131.7M	-149.3M	-121.5M	-43.6M	-120.4M	-204.5M	-196M	-286.4M	-315.2M
Net change in cash	-25.8M	24.4M	-17.8M	11.6M	91.8M	64.9M	-30.6M	45.5M	6.7M	74.3M
Free cash flow	132.5M	157.9M	130M	131.7M	138.2M	181.2M	173M	241.5M	286.3M	374M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	49.4M	48.7M	53.8M	52.8M	63.8M	48M	52.6M	56.8M	58.6M	52M	49.3M	50.4M
Depreciation & amortization	1.4M	1.5M	1.5M	1.5M	1.7M	1.6M	1.5M	1.6M	1.7M	1.5M	1.8M	1.6M
Stock-based compensation	19M	18M	22.1M	24.7M	23.9M	22.6M	28.8M	24.3M	27.6M	30.6M	26.5M	29.4M
Change in working capital	985K	27.3M	-23.7M	7.5M	-18.4M	40.2M	-17M	4.6M	-1.5M	47.6M	5.9M	14.7M
Operating cash flow	63.6M	85.1M	49.8M	77.7M	62.9M	104.3M	68.1M	80.2M	93.1M	147.1M	84M	90.7M
Capital expenditure	-1.1M	-2M	-2.3M	-2.2M	-1M	-3.1M	-891K	-4M	—	—	—	—
Investing cash flow	-1.1M	-2M	-2.3M	-2.2M	-1M	-3.1M	-891K	-4M	—	—	—	—
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-26.6M	-331K	-113.8M	-75.7M	-51.6M	-45.2M	-136.4M	-50.2M	-51.5M	-77M	-179.4M	-127.1M
Financing cash flow	-26.6M	-331K	-113.8M	-75.7M	-51.6M	-45.2M	-136.4M	-50.2M	-51.5M	-77M	-179.4M	-127.1M
Net change in cash	35.9M	82.8M	-66.4M	-196K	10.3M	55.9M	-69.2M	26M	41.6M	70.1M	-95.3M	-36.4M
Free cash flow	57.5M	86.4M	52.4M	71M	61.3M	101.6M	74.4M	70.1M	87.2M	142.4M	79.9M	89.7M

Manhattan Associates Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement