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Manhattan Associates Inc Financials

MANH
Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Manhattan Associates Inc (MANH) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Profitability Growth Leverage Liquidity Cash Flow Returns 68 / 100
Financial Profile 68/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability
80

Manhattan Associates Inc has an operating margin of 25.9%, meaning the company retains $26 of operating profit per $100 of revenue. This strong profitability earns a score of 80/100, reflecting efficient cost management and pricing power. This is up from 25.1% the prior year.

Growth
40

Manhattan Associates Inc's revenue grew a modest 3.7% year-over-year to $1.1B. This slow but positive growth earns a score of 40/100.

Leverage
68

Manhattan Associates Inc carries a low D/E ratio of 1.67, meaning only $1.67 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 68/100, indicating a strong balance sheet with room for future borrowing.

Liquidity
21

Manhattan Associates Inc's current ratio of 1.28 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 21/100, which could limit financial flexibility.

Cash Flow
100

Manhattan Associates Inc converts 34.6% of revenue into free cash flow ($374.0M). This strong cash generation earns a score of 100/100.

Returns
100

Manhattan Associates Inc earns a strong 69.9% return on equity (ROE), meaning it generates $70 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 73.0% the prior year.

Altman Z-Score Safe
12.26

Manhattan Associates Inc scores 12.26, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($8.0B) relative to total liabilities ($524.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Piotroski F-Score Neutral
6/9

Manhattan Associates Inc passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, 2 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed
1.77x

For every $1 of reported earnings, Manhattan Associates Inc generates $1.77 in operating cash flow ($389.5M OCF vs $219.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe
63.8x

Manhattan Associates Inc earns $63.8 in operating income for every $1 of interest expense ($279.8M vs $4.4M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

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Earnings & Revenue

Revenue
$1.1B
YoY+3.7%
5Y CAGR+13.0%
10Y CAGR+23.5%

Manhattan Associates Inc generated $1.1B in revenue in fiscal year 2025. This represents an increase of 3.7% from the prior year.

EBITDA
$286.1M
YoY+6.8%
5Y CAGR+18.4%
10Y CAGR+5.4%

Manhattan Associates Inc's EBITDA was $286.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 6.8% from the prior year.

Net Income
$219.9M
YoY+0.7%
5Y CAGR+20.3%
10Y CAGR+7.8%

Manhattan Associates Inc reported $219.9M in net income in fiscal year 2025. This represents an increase of 0.7% from the prior year.

EPS (Diluted)
$3.60
YoY+2.6%
5Y CAGR+21.5%
10Y CAGR+9.9%

Manhattan Associates Inc earned $3.60 per diluted share (EPS) in fiscal year 2025. This represents an increase of 2.6% from the prior year.

Cash & Balance Sheet

Free Cash Flow
$374.0M
YoY+30.6%
5Y CAGR+22.0%
10Y CAGR+13.2%

Manhattan Associates Inc generated $374.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 30.6% from the prior year.

Cash & Debt
$328.7M
YoY+23.5%
5Y CAGR+9.9%
10Y CAGR+10.8%

Manhattan Associates Inc held $328.7M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share
N/A
Shares Outstanding
60M
YoY-2.1%
5Y CAGR-1.3%
10Y CAGR-2.0%

Manhattan Associates Inc had 60M shares outstanding in fiscal year 2025. This represents a decrease of 2.1% from the prior year.

Margins & Returns

Gross Margin
56.3%
YoY+1.5pp
5Y CAGR+2.4pp
10Y CAGR+135.6pp

Manhattan Associates Inc's gross margin was 56.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.5 percentage points from the prior year.

Operating Margin
25.9%
YoY+0.8pp
5Y CAGR+6.4pp
10Y CAGR-97.1pp

Manhattan Associates Inc's operating margin was 25.9% in fiscal year 2025, reflecting core business profitability. This is up 0.8 percentage points from the prior year.

Net Margin
20.3%
YoY-0.6pp
5Y CAGR+5.5pp
10Y CAGR-58.5pp

Manhattan Associates Inc's net profit margin was 20.3% in fiscal year 2025, showing the share of revenue converted to profit. This is down 0.6 percentage points from the prior year.

Return on Equity
69.9%
YoY-3.1pp
5Y CAGR+30.0pp
10Y CAGR+16.9pp

Manhattan Associates Inc's ROE was 69.9% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 3.1 percentage points from the prior year.

Capital Allocation

R&D Spending
$145.1M
YoY+5.4%
5Y CAGR+11.5%
10Y CAGR+10.4%

Manhattan Associates Inc invested $145.1M in research and development in fiscal year 2025. This represents an increase of 5.4% from the prior year.

Share Buybacks
$315.2M
YoY+10.1%
5Y CAGR+48.6%
10Y CAGR+10.9%

Manhattan Associates Inc spent $315.2M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 10.1% from the prior year.

Capital Expenditures
$15.5M
YoY+78.2%
5Y CAGR+41.4%
10Y CAGR+3.0%

Manhattan Associates Inc invested $15.5M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 78.2% from the prior year.

MANH Income Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Revenue $270.4M-2.0% $275.8M+1.2% $272.4M+3.7% $262.8M+2.7% $255.8M-4.1% $266.7M+0.5% $265.3M+4.2% $254.6M
Cost of Revenue $121.7M+1.6% $119.8M+3.1% $116.2M+1.4% $114.6M+1.4% $113.0M-4.8% $118.7M-1.2% $120.0M+0.6% $119.3M
Gross Profit $148.6M-4.7% $156.0M-0.1% $156.2M+5.4% $148.2M+3.8% $142.8M-3.5% $148.0M+1.9% $145.3M+7.4% $135.3M
R&D Expenses $38.5M+6.0% $36.4M+4.3% $34.9M-1.2% $35.3M+7.0% $33.0M-3.9% $34.3M-2.8% $35.3M+0.9% $35.0M
SG&A Expenses $19.5M-19.1% $24.1M-7.3% $26.0M+7.3% $24.2M-10.9% $27.2M+33.9% $20.3M-3.8% $21.1M-0.4% $21.2M
Operating Income $67.0M-11.6% $75.8M+2.8% $73.8M+16.8% $63.2M+4.1% $60.7M-19.2% $75.1M+10.1% $68.2M+18.3% $57.6M
Interest Expense $1.4M+41.9% $1.0M+18.2% $852K-22.6% $1.1M-25.4% $1.5M-9.8% $1.6M+8.8% $1.5M+6.3% $1.4M
Income Tax $16.5M-16.7% $19.8M+11.7% $17.7M+48.6% $11.9M-18.7% $14.7M+16.2% $12.6M-22.7% $16.3M+238.6% $4.8M
Net Income $52.0M-11.4% $58.6M+3.3% $56.8M+8.0% $52.6M+9.5% $48.0M-24.7% $63.8M+20.9% $52.8M-1.9% $53.8M
EPS (Diluted) N/A $0.96+3.2% $0.93+9.4% $0.85 N/A $1.03+21.2% $0.85-1.2% $0.86

MANH Balance Sheet

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Total Assets $839.4M+9.2% $768.8M+3.2% $744.7M+5.1% $708.2M-6.5% $757.6M+8.5% $698.1M+4.9% $665.3M-1.4% $674.8M
Current Assets $583.3M+10.9% $525.8M+8.8% $483.3M+6.2% $455.3M-9.5% $503.3M+11.3% $452.3M+6.1% $426.1M-4.3% $445.2M
Cash & Equivalents $328.7M+24.7% $263.6M+14.3% $230.6M+12.0% $205.9M-22.7% $266.2M+23.9% $215.0M+6.0% $202.7M-2.3% $207.5M
Inventory N/A N/A N/A N/A N/A N/A N/A N/A
Accounts Receivable $214.7M-2.2% $219.6M+4.6% $209.8M-0.4% $210.7M+2.5% $205.5M+2.9% $199.8M+4.5% $191.2M-7.0% $205.7M
Goodwill $62.2M0.0% $62.2M0.0% $62.2M0.0% $62.2M0.0% $62.2M0.0% $62.2M0.0% $62.2M0.0% $62.2M
Total Liabilities $524.6M+14.1% $459.6M-1.4% $465.9M+0.6% $463.1M+1.0% $458.4M+9.1% $420.2M-1.1% $424.7M-2.4% $435.2M
Current Liabilities $455.9M+13.9% $400.4M-1.7% $407.2M+0.5% $405.0M+1.2% $400.3M+10.5% $362.2M-0.1% $362.7M-2.5% $372.0M
Long-Term Debt N/A N/A N/A N/A N/A N/A N/A N/A
Total Equity $314.8M+1.8% $309.2M+10.9% $278.8M+13.7% $245.1M-18.1% $299.1M+7.6% $278.0M+15.5% $240.6M+0.4% $239.6M
Retained Earnings $345.1M+1.9% $338.7M+11.2% $304.5M+11.1% $274.1M-16.8% $329.4M+8.6% $303.4M+13.3% $267.8M+0.4% $266.8M

MANH Cash Flow Statement

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Operating Cash Flow $147.1M+57.9% $93.1M+25.7% $74.0M-1.6% $75.3M-28.1% $104.7M+68.1% $62.3M-15.0% $73.3M+33.8% $54.7M
Capital Expenditures $4.7M-21.4% $5.9M+48.9% $4.0M+346.7% $891K-71.5% $3.1M+210.0% $1.0M-54.5% $2.2M-4.5% $2.3M
Free Cash Flow $142.4M+63.3% $87.2M+24.4% $70.1M-5.8% $74.4M-26.8% $101.6M+65.7% $61.3M-13.7% $71.0M+35.5% $52.4M
Investing Cash Flow -$4.7M+21.4% -$5.9M-48.9% -$4.0M-346.7% -$891K+71.5% -$3.1M-210.0% -$1.0M+54.5% -$2.2M+4.5% -$2.3M
Financing Cash Flow -$77.0M-49.3% -$51.5M-2.7% -$50.2M+63.2% -$136.4M-201.8% -$45.2M+12.4% -$51.6M+31.8% -$75.7M+33.5% -$113.8M
Dividends Paid N/A N/A N/A N/A N/A N/A N/A N/A
Share Buybacks $77.0M+49.3% $51.5M+2.7% $50.2M-63.2% $136.4M+201.8% $45.2M-12.4% $51.6M-31.8% $75.7M-33.5% $113.8M

MANH Financial Ratios

Metric Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Gross Margin 55.0%-1.6pp 56.6%-0.8pp 57.3%+0.9pp 56.4%+0.6pp 55.8%+0.3pp 55.5%+0.7pp 54.8%+1.6pp 53.1%
Operating Margin 24.8%-2.7pp 27.5%+0.4pp 27.1%+3.0pp 24.0%+0.3pp 23.7%-4.4pp 28.2%+2.5pp 25.7%+3.1pp 22.6%
Net Margin 19.2%-2.1pp 21.3%+0.4pp 20.8%+0.8pp 20.0%+1.2pp 18.8%-5.1pp 23.9%+4.0pp 19.9%-1.3pp 21.1%
Return on Equity 16.5%-2.4pp 19.0%-1.4pp 20.4%-1.1pp 21.4%+5.4pp 16.1%-6.9pp 22.9%+1.0pp 21.9%-0.5pp 22.4%
Return on Assets 6.2%-1.4pp 7.6%+0.0pp 7.6%+0.2pp 7.4%+1.1pp 6.3%-2.8pp 9.1%+1.2pp 7.9%-0.0pp 8.0%
Current Ratio 1.28-0.0 1.31+0.1 1.19+0.1 1.12-0.1 1.260.0 1.25+0.1 1.17-0.0 1.20
Debt-to-Equity 1.67+0.2 1.49-0.2 1.67-0.2 1.89+0.4 1.53+0.0 1.51-0.3 1.76-0.1 1.82
FCF Margin 52.7%+21.0pp 31.6%+5.9pp 25.7%-2.6pp 28.3%-11.4pp 39.7%+16.7pp 23.0%-3.8pp 26.8%+6.2pp 20.6%

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Frequently Asked Questions

Manhattan Associates Inc (MANH) reported $1.1B in total revenue for fiscal year 2025. This represents a 3.7% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

Manhattan Associates Inc (MANH) revenue grew by 3.7% year-over-year, from $1.0B to $1.1B in fiscal year 2025.

Yes, Manhattan Associates Inc (MANH) reported a net income of $219.9M in fiscal year 2025, with a net profit margin of 20.3%.

Manhattan Associates Inc (MANH) reported diluted earnings per share of $3.60 for fiscal year 2025. This represents a 2.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Manhattan Associates Inc (MANH) had EBITDA of $286.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

Manhattan Associates Inc (MANH) had a gross margin of 56.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.

Manhattan Associates Inc (MANH) had an operating margin of 25.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

Manhattan Associates Inc (MANH) had a net profit margin of 20.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Manhattan Associates Inc (MANH) has a return on equity of 69.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

Manhattan Associates Inc (MANH) generated $374.0M in free cash flow during fiscal year 2025. This represents a 30.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

Manhattan Associates Inc (MANH) generated $389.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

Manhattan Associates Inc (MANH) had $839.4M in total assets as of fiscal year 2025, including both current and long-term assets.

Manhattan Associates Inc (MANH) invested $15.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Manhattan Associates Inc (MANH) invested $145.1M in research and development during fiscal year 2025.

Yes, Manhattan Associates Inc (MANH) spent $315.2M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

Manhattan Associates Inc (MANH) had 60M shares outstanding as of fiscal year 2025.

Manhattan Associates Inc (MANH) had a current ratio of 1.28 as of fiscal year 2025, which is considered adequate.

Manhattan Associates Inc (MANH) had a debt-to-equity ratio of 1.67 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

Manhattan Associates Inc (MANH) had a return on assets of 26.2% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

Manhattan Associates Inc (MANH) has an Altman Z-Score of 12.26, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

Manhattan Associates Inc (MANH) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Manhattan Associates Inc (MANH) has an earnings quality ratio of 1.77x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Manhattan Associates Inc (MANH) has an interest coverage ratio of 63.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

Manhattan Associates Inc (MANH) scores 68 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.

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