MANHATTAN ASSOCIATES INC MANH
Manhattan Associates was founded in 1990 in Manhattan Beach, California and incorporated in Georgia in 1998. References in this filing to the "Company," "Manhattan," "Manhattan Associates," "we," "our," and "us" refer to Manhattan Associates, Inc., our predecessors, and our wholly-owned and consolidated subsidiaries. Our principal executive offices are located at 2300 Windy Ridge Parkway, Tenth Floor, Atlanta, Georgia 30339, and our telephone number is 770-955-7070.
We develop, sell, deploy, service and maintain software solutions designed to manage supply chains, inventory and omnichannel operations for retailers, wholesalers, manufacturers, logistics providers and other organizations. Our customers include many of the world's premier and most profitable brands. We run our Manhattan Active® applications in the cloud and deliver them as subscription-based software as a service ("SaaS"). Its architecture is highly differentiated among enterprise application providers, particularly within the Omni Channel and Supply Chain categories. We believe our application architecture delivers a versionless yet highly extensible experience for our customers. We offer our customers access to new innovation on a quarterly basis, ensuring all customers are running on a single fully up-to-date codebase. With AI-driven insights and zero downtime updates, Manhattan delivers innovation seamlessly into customer environments without the need for planned maintenance windows.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.08B | $1.04B | $928.7M | $767.1M | $663.6M | $586.4M | $617.9M | $559.2M | $594.6M | $604.6M |
| Cost of revenue | $472.3M | $471.0M | $430.6M | $358.2M | $297.8M | $269.9M | $285.0M | $240.9M | $245.7M | $249.9M |
| Gross profit | $609.1M | $571.4M | $498.1M | $408.8M | $365.8M | $316.5M | $333.0M | $318.3M | $348.9M | $354.7M |
| R&D | $145.1M | $137.7M | $126.8M | $111.9M | $97.6M | $84.3M | $87.6M | $71.9M | $57.7M | $54.7M |
| SG&A | $93.8M | $89.8M | $81.2M | $73.1M | $68.1M | $61.4M | $64.6M | $52.6M | $46.1M | $48.3M |
| Total operating expenses | $801.6M | $780.8M | $718.8M | $614.4M | $529.3M | $472.3M | $502.0M | $425.3M | $409.0M | $410.2M |
| Operating income | $279.8M | $261.6M | $209.9M | $152.7M | $134.3M | $114.1M | $115.9M | $133.9M | $185.6M | $194.3M |
| Interest expense | $4.4M | $6.0M | $5.3M | $596.0K | $68.0K | $98.0K | $715.0K | $1.1M | $1.2M | $1.2M |
| Pre-tax income | $285.9M | $266.8M | $213.7M | $158.1M | $134.1M | $113.8M | $116.1M | $136.2M | $184.8M | $196.1M |
| Income tax | $65.9M | $48.5M | $37.1M | $29.2M | $23.6M | $26.5M | $30.3M | $31.5M | $68.4M | $71.9M |
| Net income | $219.9M | $218.4M | $176.6M | $129.0M | $110.5M | $87.2M | $85.8M | $104.7M | $116.5M | $124.2M |
| EPS, basic | 3.64 | 3.56 | 2.86 | 2.05 | 1.74 | 1.37 | 1.33 | 1.58 | 1.68 | 1.73 |
| EPS, diluted | 3.60 | 3.51 | 2.82 | 2.03 | 1.72 | 1.36 | 1.32 | 1.58 | 1.68 | 1.72 |
| Shares, diluted (wtd. avg.) | $61.1M | $62.2M | $62.6M | $63.4M | $64.3M | $64.3M | $65.1M | $66.4M | $69.4M | $72.1M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $328.7M | $266.2M | $270.7M | $225.5M | $263.7M | $204.7M | $110.7M | $99.1M | $125.5M | $95.6M |
| Short-term investments | — | — | — | — | — | — | — | $1.4M | — | — |
| Receivables | $214.7M | $205.5M | $181.2M | $166.8M | $124.4M | $109.2M | $100.9M | $100.1M | $92.2M | $100.3M |
| Total current assets | $583.3M | $503.3M | $479.2M | $415.4M | $408.4M | $334.0M | $232.0M | $215.4M | $228.1M | $207.0M |
| Property, plant and equipment | $23.1M | $14.0M | $11.8M | $12.8M | $13.9M | $17.9M | $22.7M | $14.3M | $15.5M | $17.4M |
| Goodwill | $62.2M | $62.2M | $62.2M | $62.2M | $62.2M | $62.3M | $62.2M | $62.2M | $62.2M | $62.2M |
| Total assets | $839.4M | $757.6M | $673.4M | $570.2M | $539.7M | $465.4M | $372.3M | $307.1M | $315.0M | $297.1M |
| Accounts payable | $22.2M | $26.6M | $24.5M | $25.7M | $19.6M | $17.8M | $20.6M | $18.2M | $14.0M | $12.1M |
| Total current liabilities | $455.9M | $400.3M | $365.9M | $315.6M | $249.0M | $197.0M | $181.6M | $145.3M | $124.3M | $117.6M |
| Retained earnings | $345.1M | $329.4M | $304.7M | $253.7M | $269.8M | $236.5M | $159.5M | $163.4M | $186.1M | $184.6M |
| Total equity | $314.8M | $299.1M | $278.3M | $226.8M | $250.6M | $218.9M | $142.3M | $147.1M | $175.0M | $169.4M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $389.5M | $295.0M | $246.2M | $179.6M | $185.2M | $140.9M | $146.9M | $137.3M | $164.1M | $139.3M |
| Depreciation and amortisation | — | — | — | — | — | — | — | $7.5M | $7.7M | $7.5M |
| Stock-based compensation | $111.3M | $93.2M | $71.6M | $59.4M | $43.3M | $33.4M | $31.8M | $19.9M | $16.2M | $15.9M |
| Capital expenditure | $15.5M | $8.7M | $4.7M | $6.6M | $4.0M | $2.7M | $15.2M | $7.3M | $6.2M | $6.8M |
| Investing cash flow | -$15.5M | -$8.7M | -$4.7M | -$6.6M | -$4.0M | -$2.7M | -$13.8M | -$9.8M | -$5.8M | $3.4M |
| Financing cash flow | -$315.2M | -$286.4M | -$196.0M | -$204.5M | -$120.4M | -$43.6M | -$121.5M | -$149.3M | -$131.7M | -$162.7M |
| Buybacks | $315.2M | $286.4M | $196.0M | $204.5M | $120.4M | $43.6M | $121.5M | $149.3M | $131.7M | $167.9M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-037138.
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