Manhattan Associates, Inc. (MANH) Key Metrics
MANH valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $12.95B
- Enterprise value
- $12.24B
- P/E (TTM)
- 63.8 10-yr median 60.1
- Forward P/E
- 40.3
- PEG ratio
- 2.57
- Price / sales
- 11.5 10-yr median 9.9
- Price / book
- 77.9 10-yr median 33.8
- EV / EBITDA
- 42.3 10-yr median 43.4
- Dividend yield
- —
- Beta
- 0.95
MANH key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsMANH valuation Price multiples at each fiscal year-end price.
MANH returns How much profit the business earns on the capital it uses.
MANH per-share figures Results divided by the shares outstanding at year-end.
MANH financial health Debt, liquidity and how easily interest is covered.
MANH efficiency & capital use Working capital cycle and where the cash goes.
MANH valuation history
MANH returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
MANH debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
MANH cash returned to shareholders
MANH price vs earnings per share
MANH key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $10.58B | $16.80B | $13.48B | $7.70B | $10.00B | $6.77B | $5.19B | $2.81B | $3.44B | $3.82B |
| Enterprise value | $10.36B | $16.59B | $13.23B | $7.49B | $9.76B | $6.59B | $5.11B | $2.71B | $3.31B | $3.73B |
| P/E ratio | 48.1 | 77.0 | 76.3 | 59.7 | 90.5 | 77.6 | 60.5 | 26.9 | 29.5 | 30.8 |
| Price / sales | 9.8 | 16.1 | 14.5 | 10.0 | 15.1 | 11.5 | 8.4 | 5.0 | 5.8 | 6.3 |
| Price / book | 33.6 | 56.2 | 48.4 | 33.9 | 39.9 | 30.9 | 36.5 | 19.1 | 19.7 | 22.6 |
| Price / free cash flow | 28.3 | 58.7 | 55.8 | 44.5 | 55.2 | 49.0 | 39.4 | 21.6 | 21.8 | 28.8 |
| Price / operating cash flow | 27.2 | 57.0 | 54.8 | 42.9 | 54.0 | 48.0 | 35.3 | 20.5 | 21.0 | 27.4 |
| EV / sales | 9.6 | 15.9 | 14.2 | 9.8 | 14.7 | 11.2 | 8.3 | 4.9 | 5.6 | 6.2 |
| EV / EBITDA | 35.5 | 60.7 | 60.3 | 45.4 | 68.7 | 53.6 | 41.3 | 19.0 | 16.8 | 18.3 |
| EV / free cash flow | 27.7 | 57.9 | 54.8 | 43.3 | 53.9 | 47.7 | 38.8 | 20.9 | 21.0 | 28.1 |
| Earnings yield | 2.1% | 1.3% | 1.3% | 1.7% | 1.1% | 1.3% | 1.7% | 3.7% | 3.4% | 3.3% |
| Free cash flow yield | 3.5% | 1.7% | 1.8% | 2.2% | 1.8% | 2.0% | 2.5% | 4.6% | 4.6% | 3.5% |
| Dividend yield | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Shareholder yield (dividends + buybacks) | 3.0% | 1.7% | 1.5% | 2.7% | 1.2% | 0.6% | 2.3% | 5.3% | 3.8% | 4.4% |
| Share price at fiscal year-end | $173.31 | $270.24 | $215.32 | $121.40 | $155.49 | $105.18 | $79.75 | $42.37 | $49.54 | $53.03 |
| Per share | ||||||||||
| Revenue per share | $17.71 | $16.76 | $14.83 | $12.10 | $10.32 | $9.11 | $9.49 | $8.42 | $8.56 | $8.39 |
| Earnings per share | $3.60 | $3.51 | $2.82 | $2.03 | $1.72 | $1.36 | $1.32 | $1.58 | $1.68 | $1.72 |
| Operating cash flow per share | $6.38 | $4.74 | $3.93 | $2.83 | $2.88 | $2.19 | $2.26 | $2.07 | $2.36 | $1.93 |
| Free cash flow per share | $6.13 | $4.60 | $3.86 | $2.73 | $2.82 | $2.15 | $2.02 | $1.96 | $2.27 | $1.84 |
| Cash per share | $5.38 | $4.28 | $4.32 | $3.56 | $4.10 | $3.18 | $1.70 | $1.51 | $1.81 | $1.33 |
| Book value per share | $5.16 | $4.81 | $4.44 | $3.58 | $3.90 | $3.40 | $2.19 | $2.21 | $2.52 | $2.35 |
| Tangible book value per share | $4.14 | $3.81 | $3.45 | $2.60 | $2.93 | $2.43 | $1.23 | $1.28 | $0.73 | $0.62 |
| Dividends per share | — | — | — | — | — | — | — | — | $0.00 | $0.00 |
| Capex per share | $0.25 | $0.14 | $0.08 | $0.10 | $0.06 | $0.04 | $0.23 | $0.11 | $0.09 | $0.09 |
| Debt per share | $1.84 | $0.77 | $0.28 | $0.22 | $0.36 | $0.43 | $0.50 | — | $0.00 | $0.00 |
| Shares outstanding | 61.1M | 62.2M | 62.6M | 63.4M | 64.3M | 64.3M | 65.1M | 66.4M | 69.4M | 72.1M |
| Change in shares outstanding | −1.8% | −0.7% | −1.3% | −1.4% | −0.0% | −1.2% | −2.0% | −4.3% | −3.7% | −2.7% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 71.7% | 75.6% | 69.9% | 54.0% | 47.1% | 48.3% | 59.3% | 65.0% | 67.7% | 68.1% |
| Return on invested capital (ROIC) | 242.9% | 404.3% | 853.7% | 976.9% | 424.7% | 164.9% | 154.9% | 214.3% | 189.9% | 175.2% |
| Return on assets (ROA) | 27.5% | 30.5% | 28.4% | 23.2% | 22.0% | 20.8% | 25.2% | 33.7% | 38.1% | 39.1% |
| Return on tangible assets | 28.3% | 31.4% | 28.9% | 25.4% | 23.1% | 21.6% | 27.7% | 42.7% | 61.1% | 71.9% |
| Free cash flow margin | 34.6% | 27.5% | 26.0% | 22.6% | 27.3% | 23.6% | 21.3% | 23.3% | 26.6% | 21.9% |
| Income quality (OCF / net income) | 1.77 | 1.35 | 1.39 | 1.39 | 1.68 | 1.61 | 1.71 | 1.31 | 1.41 | 1.12 |
| Financial health | ||||||||||
| Total debt | $112.4M | $47.8M | $17.7M | $14.1M | $23.2M | $27.8M | $32.4M | — | $0 | $0 |
| Cash & short-term investments | $328.7M | $266.2M | $270.7M | $225.5M | $263.7M | $204.7M | $110.7M | $100.6M | $125.5M | $95.6M |
| Net debt | −$216.4M | −$218.4M | −$253.0M | −$211.4M | −$240.5M | −$176.9M | −$78.3M | −$100.6M | −$125.5M | −$95.6M |
| Debt / equity | 0.36 | 0.16 | 0.06 | 0.06 | 0.09 | 0.13 | 0.23 | — | 0.00 | 0.00 |
| Debt / assets | 0.13 | 0.06 | 0.03 | 0.02 | 0.04 | 0.06 | 0.09 | — | 0.00 | 0.00 |
| Net debt / EBITDA | −0.74 | −0.80 | −1.15 | −1.28 | −1.69 | −1.44 | −0.63 | −0.71 | −0.64 | −0.47 |
| Current ratio | 1.28 | 1.26 | 1.31 | 1.32 | 1.64 | 1.70 | 1.28 | 1.48 | 1.84 | 1.76 |
| Quick ratio | 1.28 | 1.26 | 1.25 | 1.32 | 1.64 | 1.70 | 1.28 | 1.48 | 1.84 | 1.76 |
| Interest coverage | — | — | — | 256.2 | 265.5 | 167.2 | 137.8 | — | — | — |
| Working capital | $127.4M | $103.0M | $113.3M | $99.8M | $159.4M | $137.1M | $50.4M | $70.1M | $103.8M | $89.4M |
| Invested capital | $98.4M | $80.7M | $25.2M | $15.4M | $10.1M | $42.0M | $64.0M | $46.6M | $49.4M | $73.8M |
| Tangible asset value | $252.5M | $236.9M | $216.0M | $164.6M | $188.4M | $156.6M | $80.0M | $84.9M | $50.5M | $44.9M |
| Net current asset value | $58.7M | $44.8M | $84.1M | $72.0M | $119.4M | $87.5M | $2.0M | $55.4M | $88.0M | $79.2M |
| Graham number | $20.44 | $19.50 | $16.79 | $12.79 | $12.27 | $10.19 | $8.05 | $8.86 | $9.75 | $9.55 |
| Graham net-net per share | −$0.57 | −$0.55 | $0.37 | $0.12 | $1.09 | $0.62 | −$0.67 | $0.24 | $0.79 | $0.60 |
| Capital allocation | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share buybacks (net) | $315.2M | $286.4M | $196.0M | $204.5M | $120.4M | $43.6M | $121.5M | $149.3M | $131.7M | $167.9M |
| Dividend payout ratio | — | — | — | — | — | — | — | — | 0.0% | 0.0% |
| Dividends + buybacks / free cash flow | 84.3% | 100.0% | 81.2% | 118.2% | 66.5% | 31.5% | 92.2% | 114.8% | 83.4% | 126.7% |
| Capex / revenue | 1.4% | 0.8% | 0.5% | 0.9% | 0.6% | 0.5% | 2.5% | 1.3% | 1.0% | 1.1% |
| Capex / operating cash flow | 4.0% | 2.9% | 1.9% | 3.7% | 2.2% | 1.9% | 10.3% | 5.3% | 3.8% | 4.9% |
| Capex / depreciation | 2.45 | 1.38 | 0.82 | 0.99 | 0.51 | 0.31 | 1.90 | 0.85 | 0.68 | 0.75 |
| Stock-based compensation / revenue | 10.3% | 8.9% | 7.7% | 7.7% | 6.5% | 5.7% | 5.2% | 3.6% | 2.7% | 2.6% |
| R&D / revenue | 13.4% | 13.2% | 13.7% | 14.6% | 14.7% | 14.4% | 14.2% | 12.9% | 9.7% | 9.1% |
| SG&A / revenue | 16.2% | 15.9% | 16.8% | 17.9% | 19.0% | 18.6% | 19.7% | 18.6% | 15.7% | 16.0% |
| Efficiency | ||||||||||
| Days sales outstanding | 71.8 | 68.8 | 68.8 | 70.0 | 65.0 | 65.4 | 59.4 | 62.8 | 59.1 | 59.7 |
| Days of inventory on hand | — | — | 17.3 | — | 0.0 | 0.0 | — | 0.0 | — | — |
| Days payables outstanding | 18.6 | 19.5 | 21.0 | 22.7 | 22.3 | 25.1 | 24.1 | 23.6 | 18.7 | 16.4 |
| Cash conversion cycle (days) | 53.2 | 49.3 | 65.1 | 47.4 | 42.6 | 40.3 | 35.2 | 39.2 | 40.4 | 50.5 |
| Receivables turnover | 5.08 | 5.30 | 5.31 | 5.21 | 5.62 | 5.58 | 6.15 | 5.81 | 6.18 | 6.12 |
| Payables turnover | 19.62 | 18.67 | 17.38 | 16.10 | 16.34 | 14.54 | 15.12 | 15.49 | 19.54 | 22.26 |
| Inventory turnover | — | — | 21.07 | — | 305,741,000.00 | 278,833,000.00 | — | 498,988,000.00 | — | — |
| Asset turnover | 1.35 | 1.46 | 1.49 | 1.38 | 1.32 | 1.40 | 1.82 | 1.80 | 1.94 | 1.90 |
| Average receivables | $212.7M | $196.6M | $175.0M | $147.2M | $118.1M | $105.1M | $100.5M | $96.2M | $96.3M | $98.8M |
| Average payables | $24.4M | $25.6M | $25.1M | $22.7M | $18.7M | $19.2M | $19.4M | $16.1M | $13.0M | $11.6M |
| Average inventory | — | — | $20.7M | — | $1 | $1 | — | $0 | $0 | $5.1M |
| Intangibles / total assets | 7.4% | 8.2% | 9.2% | 10.9% | 11.5% | 13.4% | 16.7% | 20.3% | 39.5% | 41.9% |
Computed from MANH's annual financial statements (latest annual report filed February 4, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
MANH valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Manhattan Associates traded at 48.1 times earnings, against a 10-year median of 60.1. Based on the latest twelve months, the trailing P/E is 63.8 and the forward P/E is 40.3. Manhattan Associates earned a return on equity of 71.7% and a return on invested capital of 242.9% in fiscal 2025. It ended the year with $112.4 million of debt and $328.7 million in cash and short-term investments, a net cash position of $216.4 million. It returned $315.2 million to shareholders: $0 in dividends and $315.2 million in share buybacks, 84% of free cash flow. The share count fell 15.3% from 72.1M to 61.1M over 9 years.
See the MANH income statement, the MANH chart for price history, or the MANH stock overview for the latest quote and news.
MANH key metrics FAQ
What is Manhattan Associates's P/E ratio?
Manhattan Associates's trailing P/E ratio is 63.8 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 40.3. At the end of fiscal 2025 it was 48.1, compared with a 10-year median of 60.1.
What is Manhattan Associates's EV/EBITDA?
Manhattan Associates's enterprise value was 35.5 times EBITDA at the end of fiscal 2025 (enterprise value $10.4 billion, EBITDA $292.2 million); the current EV/EBITDA is 42.3.
What is Manhattan Associates's return on equity?
Manhattan Associates's return on equity (ROE) was 71.7% in fiscal 2025: net income of $219.9 million on average shareholders' equity of $306.9 million.
What is Manhattan Associates's ROIC?
Manhattan Associates's return on invested capital was 242.9% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Manhattan Associates have?
Manhattan Associates had total debt of $112.4 million at the end of fiscal 2025, a debt-to-equity ratio of 0.36 and more cash than debt.
Does Manhattan Associates buy back its shares?
Yes. Manhattan Associates spent $315.2 million on net share repurchases in fiscal 2025 Shares outstanding changed −1.8% over the year, to 61.1M..
What is Manhattan Associates's free cash flow yield?
Manhattan Associates generated $374.0 million of free cash flow in fiscal 2025, a free cash flow yield of 3.5% on its market value at year-end ($10.6 billion).
What is Manhattan Associates's current ratio?
Manhattan Associates's current ratio was 1.28 at the end of fiscal 2025: current assets were 1.28 times current liabilities.