Manhattan Associates Inc Financials
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).
Asset-light software economics let incremental revenue turn into cash fast, funding large buybacks while keeping liquidity intact.
FY2025 free cash flow reached$374M against$220M of net income because this model needs little reinvestment, so accounting profit converts into spendable cash unusually well. Over recent years, operating margin climbed from22.6% to25.9% while capital spending stayed modest, showing the business is extracting more earnings from each added sales dollar rather than merely getting bigger.
Gross margin expansion from
Equity stays lean because financing outflows are dominated by repurchases, not because operations are short of cash: the company still held
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Manhattan Associates Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
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 91/100, reflecting efficient cost management and pricing power. This is up from 25.1% the prior year.
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 60/100.
Manhattan Associates Inc has a moderate D/E ratio of 1.67. This balance of debt and equity financing earns a leverage score of 34/100.
Manhattan Associates Inc's current ratio of 1.28 indicates adequate short-term liquidity, earning a score of 32/100. The company can meet its near-term obligations, though with limited headroom.
Manhattan Associates Inc converts 34.6% of revenue into free cash flow ($374.0M). This strong cash generation earns a score of 95/100.
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 95/100. This is down from 73.0% the prior year.
Manhattan Associates Inc scores 13.41, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($9.0B) relative to total liabilities ($524.6M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Manhattan Associates Inc passes 6 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
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.
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
Earnings & Revenue
Manhattan Associates Inc generated $1.1B in revenue in fiscal year 2025. This represents an increase of 3.7% from the prior year.
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.
Manhattan Associates Inc reported $219.9M in net income in fiscal year 2025. This represents an increase of 0.7% from the prior year.
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
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.
Manhattan Associates Inc held $328.7M in cash against $0 in long-term debt as of fiscal year 2025.
Manhattan Associates Inc had 60M shares outstanding in fiscal year 2025. This represents a decrease of 2.1% from the prior year.
Margins & Returns
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.
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.
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.
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
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.
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.
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 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $282.2M+4.4% | $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 |
| Cost of Revenue | $126.6M+4.0% | $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 |
| Gross Profit | $155.6M+4.7% | $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 |
| R&D Expenses | $37.3M-3.1% | $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 |
| SG&A Expenses | $23.7M+21.6% | $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 |
| Operating Income | $64.9M-3.1% | $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 |
| Interest Expense | $951K-33.4% | $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 |
| Income Tax | $20.0M+21.1% | $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 |
| Net Income | $49.3M-5.1% | $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 |
| EPS (Diluted) | $0.82 | N/A | $0.96+3.2% | $0.93+9.4% | $0.85 | N/A | $1.03+21.2% | $0.85 |
MANH Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $740.5M-11.8% | $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 |
| Current Assets | $515.8M-11.6% | $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 |
| Cash & Equivalents | $226.1M-31.2% | $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 |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $227.1M+5.8% | $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 |
| 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 | $535.4M+2.0% | $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 |
| Current Liabilities | $467.4M+2.5% | $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 |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $205.2M-34.8% | $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 |
| Retained Earnings | $240.6M-30.3% | $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 |
MANH Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $84.0M-42.8% | $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 |
| Capital Expenditures | $4.1M-11.9% | $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 |
| Free Cash Flow | $79.9M-43.9% | $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 |
| Investing Cash Flow | -$4.1M+11.9% | -$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 |
| Financing Cash Flow | -$179.4M-133.0% | -$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 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $179.4M+133.0% | $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 |
MANH Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 55.1%+0.2pp | 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% |
| Operating Margin | 23.0%-1.8pp | 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% |
| Net Margin | 17.5%-1.7pp | 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% |
| Return on Equity | 24.0%+7.5pp | 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% |
| Return on Assets | 6.7%+0.5pp | 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% |
| Current Ratio | 1.10-0.2 | 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 |
| Debt-to-Equity | 2.61+0.9 | 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 |
| FCF Margin | 28.3%-24.3pp | 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% |
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Frequently Asked Questions
What is Manhattan Associates Inc's annual revenue?
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.
How fast is Manhattan Associates Inc's revenue growing?
Manhattan Associates Inc (MANH) revenue grew by 3.7% year-over-year, from $1.0B to $1.1B in fiscal year 2025.
Is Manhattan Associates Inc profitable?
Yes, Manhattan Associates Inc (MANH) reported a net income of $219.9M in fiscal year 2025, with a net profit margin of 20.3%.
What is Manhattan Associates Inc's EBITDA?
Manhattan Associates Inc (MANH) had EBITDA of $286.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Manhattan Associates Inc's gross margin?
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.
What is Manhattan Associates Inc's operating margin?
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.
What is Manhattan Associates Inc's net profit margin?
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.
What is Manhattan Associates Inc's return on equity (ROE)?
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.
What is Manhattan Associates Inc's free cash flow?
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.
What is Manhattan Associates Inc's operating cash flow?
Manhattan Associates Inc (MANH) generated $389.5M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Manhattan Associates Inc's total assets?
Manhattan Associates Inc (MANH) had $839.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Manhattan Associates Inc's capital expenditures?
Manhattan Associates Inc (MANH) invested $15.5M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Manhattan Associates Inc spend on research and development?
Manhattan Associates Inc (MANH) invested $145.1M in research and development during fiscal year 2025.
What is Manhattan Associates Inc's current ratio?
Manhattan Associates Inc (MANH) had a current ratio of 1.28 as of fiscal year 2025, which is considered adequate.
What is Manhattan Associates Inc's debt-to-equity ratio?
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.
What is Manhattan Associates Inc's return on assets (ROA)?
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.
What is Manhattan Associates Inc's Altman Z-Score?
Manhattan Associates Inc (MANH) has an Altman Z-Score of 13.41, 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.
What is Manhattan Associates Inc's Piotroski F-Score?
Manhattan Associates Inc (MANH) has a Piotroski F-Score of 6 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Manhattan Associates Inc's earnings high quality?
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.
Can Manhattan Associates Inc cover its interest payments?
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.
How financially healthy is Manhattan Associates Inc?
Manhattan Associates Inc (MANH) scores 68 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.