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Manhattan Associates MANH
$ 205.45 0.64%
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Quarterly report 2026-Q2
added 07-31-2026

Manhattan Associates Financial Ratios 2025-2008 | MANH

Brief overview of Manhattan Associates's valuation and returns

The review covers five available annual periods spanning 2021 to 2025.

The current valuation set is P/E 38.17x (median 70.25x), EV/EBITDA 67.28x (median 44.75x), P/S 7.76x (median 11.87x). The current ratio basket stands about 38.4% below the five-year comparison base. Earnings and risk trends should explain the discount.

The 1/P/E calculation produces a 2.6% earnings yield. It does not capture future growth or capital structure.

The latest available business-quality ratios are ROE 69.9%, ROA 26.2%, ROCE 88.9%. Returns on capital and assets point to efficient economics and a strong internal source of growth.

The PEG ratio is 1.91x; investors pay a high price per unit of expected growth.

The cash cycle lengthened by 10.7 days to 52 days. Operations require more funding.

Valuation takeaway

Manhattan Associates combines solid capital returns with a discount to its own history. The main question is whether earnings and growth are sustainable.

Annual Financial Ratios Manhattan Associates

2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008

P/E

 38.2 56.3 70.3 70.6 89.3 76.6 65.9 30.7 31.4 29.6 40.9 40.8 38.5 26.2 19.6 5.5 6.2 -

P/S

 7.8 11.8 13.4 11.9 14.9 11.4 9.2 5.7 6.2 6.1 7.6 6.8 6.2 3.6 2.7 - - -

EPS

 3.6 3.6 2.9 2.0 1.7 1.4 1.3 1.6 1.7 1.7 1.4 1.1 0.9 0.7 0.6 1.3 0.7 -

EV (Enterprise Value)

 8.07 B 12 B 12.1 B 8.88 B 9.6 B 6.48 B 5.77 B 3.27 B 3.67 B 3.7 B 4.26 B 3.37 B 2.58 B 1.36 B 887 M 34.7 M -17.8 M -85.7 M

EBITDA per Share

 4.73 4.37 3.49 2.54 2.24 1.94 1.92 2.15 2.86 2.84 2.3 1.78 1.4 1.09 0.839 2.38 1.45 -

EV/EBITDA

 28.2 44.9 56.3 55.7 67.3 56.8 44.7 21.8 17.9 17.6 24.3 24.2 23.0 14.7 11.5 0.7 -0.5 -

PEG

 1.91 3.05 6.22 -63.21 -24.39 -36.14 -4.15 -5.04 -11.78 1.3 1.39 1.71 1.15 1.31 0.29 - - -

P/B

 10.0 16.2 18.4 16.0 18.3 14.4 39.7 21.8 20.9 21.7 21.7 18.4 14.3 8.4 5.4 0.6 - -

P/CF

 21.6 41.7 50.4 50.7 53.3 47.4 42.9 24.7 23.2 27.7 39.0 39.5 30.6 20.1 17.4 3.1 1.8 -

ROE %

 69.88 73.00 63.45 56.86 44.08 39.85 60.28 71.15 66.58 73.35 52.93 45.05 37.06 32.11 27.71 15.27 9.03 -

ROA %

 26.20 28.82 26.22 22.62 20.47 18.74 23.04 34.08 36.98 41.81 30.62 25.77 22.60 19.81 17.30 10.01 - -

ROCE %

 88.89 87.45 75.42 67.33 53.60 52.11 60.79 82.70 98.86 108.25 76.61 65.07 52.31 46.92 35.78 22.81 11.53 -

Current Ratio

 - - - - - - 1.3 1.5 1.8 1.8 1.9 1.9 2.1 2.0 2.0 - - -

DSO

 70.9 67.7 68.4 69.3 64.2 65.4 60.4 65.8 56.6 60.5 63.9 64.4 62.6 60.2 67.8 - - -

DPO

 18.9 19.8 21.3 23.1 22.9 25.9 26.3 27.5 20.8 17.6 17.4 21.4 23.3 23.1 21.2 11.0 - -

Operating Cycle

 70.9 67.7 68.4 69.3 64.2 65.4 60.4 65.8 56.6 60.5 63.9 64.4 62.6 60.2 67.8 - - -

Cash Conversion Cycle

 52.0 47.9 47.1 46.2 41.3 39.5 34.1 38.3 35.8 42.9 46.5 43.0 39.4 37.2 46.5 -11.0 - -

All numbers in USD currency

Quarterly Financial Ratios Manhattan Associates

2026-Q2 2026-Q1 2025-Q4 2025-Q3 2025-Q2 2025-Q1 2024-Q4 2024-Q3 2024-Q2 2024-Q1 2023-Q4 2023-Q3 2023-Q2 2023-Q1 2022-Q4 2022-Q3 2022-Q2 2022-Q1 2021-Q4 2021-Q3 2021-Q2 2021-Q1 2020-Q4 2020-Q3 2020-Q2 2020-Q1 2019-Q4 2019-Q3 2019-Q2 2019-Q1 2018-Q4 2018-Q3 2018-Q2 2018-Q1 2017-Q4 2017-Q3 2017-Q2 2017-Q1 2016-Q4 2016-Q3 2016-Q2 2016-Q1 2015-Q4 2015-Q3 2015-Q2 2015-Q1 2014-Q4 2014-Q3 2014-Q2 2014-Q1 2013-Q4 2013-Q3 2013-Q2 2013-Q1 2012-Q4 2012-Q3 2012-Q2 2012-Q1 2011-Q4 2011-Q3 2011-Q2 2011-Q1

EPS

 0.86 0.83 - 0.97 0.94 0.86 - 1.04 0.86 0.87 - 0.8 0.64 0.62 - 0.47 0.49 0.48 - 0.58 0.48 0.36 0.32 0.39 0.3 0.35 0.26 0.42 0.32 0.32 0.4 0.43 0.42 0.34 0.36 0.47 0.45 0.4 0.42 0.47 0.46 0.38 0.36 0.38 0.35 0.31 0.27 0.3 0.27 0.25 0.22 0.26 0.23 0.17 0.16 0.18 0.18 0.14 0.53 0.74 0.6 0.34

EBITDA per Share

 1.15 1.12 - 1.28 1.24 1.06 - 1.26 1.13 0.96 - 0.89 0.84 0.78 - 0.61 0.62 0.57 - 0.7 0.65 0.43 0.48 0.59 0.46 0.42 0.43 0.57 0.46 0.47 0.56 0.58 0.57 0.44 0.67 0.77 0.75 0.63 0.67 0.78 0.76 0.62 0.57 0.62 0.59 0.52 0.41 0.5 0.45 0.42 0.34 0.42 0.36 0.27 0.27 0.29 0.29 0.24 0.88 1.05 0.99 0.45

ROE %

 95.32 84.81 60.78 83.73 86.70 88.78 67.33 90.85 91.13 90.63 68.18 83.15 74.40 65.26 43.83 59.19 58.62 54.91 40.82 50.21 46.25 40.63 39.85 42.25 49.90 55.83 60.28 66.11 66.40 70.49 71.15 67.55 114.79 162.56 213.74 217.40 224.17 230.95 237.72 233.55 174.46 114.41 52.93 50.62 48.63 46.64 45.05 43.14 41.71 39.99 37.06 35.50 33.21 32.40 32.11 30.88 31.51 30.35 27.71 9.18 7.61 4.42

ROA %

 29.11 29.33 22.68 31.81 32.12 32.46 25.04 33.67 32.05 31.42 23.45 29.22 26.57 26.18 18.87 25.31 19.55 24.48 18.51 22.92 21.16 18.84 18.74 18.83 20.75 22.24 23.04 26.97 28.96 32.34 34.08 33.43 61.14 89.11 118.72 121.00 125.84 130.67 135.50 133.37 99.95 65.97 31.14 29.60 28.23 26.88 25.77 25.03 24.62 23.99 22.60 21.70 20.37 19.93 19.81 19.10 19.55 18.89 17.30 5.73 4.75 2.76

ROCE %

 124.69 108.42 76.77 103.78 107.60 105.18 79.40 104.84 107.43 105.09 81.04 99.60 92.01 78.05 52.05 69.82 69.79 64.37 48.72 61.60 59.81 53.48 52.11 56.85 65.46 72.66 81.48 87.15 87.08 91.95 90.99 92.60 97.27 101.18 106.11 107.99 110.42 113.12 114.73 108.17 98.87 89.17 82.58 78.34 75.50 72.19 69.84 67.45 64.89 61.46 55.78 54.03 50.50 49.30 49.58 47.74 46.28 44.31 37.86 11.97 11.24 4.66

DSO

 68.3 71.4 - 71.0 70.4 72.3 - 66.9 68.3 69.3 - 69.2 67.0 67.6 - 33.0 31.4 65.4 - 61.8 60.5 62.7 67.8 66.5 73.5 62.3 60.2 56.8 59.7 61.8 63.3 64.2 64.4 67.2 58.4 55.0 54.6 61.2 62.0 60.1 59.1 60.2 62.8 62.4 63.9 62.9 60.8 63.1 64.7 63.5 60.3 60.2 63.3 62.9 59.4 59.1 60.6 59.0 61.5 60.0 58.1 -

DPO

 18.7 16.1 - 17.2 18.9 20.2 - 18.8 19.8 19.5 - 21.0 21.6 22.5 - 13.0 12.7 24.2 - 27.9 26.1 22.3 - 24.9 25.8 23.4 - 25.2 26.2 26.3 - 27.1 28.1 25.4 - 20.3 20.5 19.3 - 17.8 17.6 16.4 - 17.6 17.4 18.6 - 21.1 21.7 23.1 - 23.4 23.9 23.1 - 22.7 23.7 22.0 - 20.5 20.6 -

Operating Cycle

 - 71.4 - 71.0 70.4 72.3 - 66.9 68.3 69.3 - 69.2 67.0 67.6 - 33.0 31.4 65.4 - 61.8 60.5 62.7 67.8 66.5 73.5 62.3 60.2 56.8 59.7 61.8 63.3 64.2 64.4 67.2 58.4 55.0 54.6 61.2 62.0 60.1 59.1 60.2 62.8 62.4 63.9 62.9 60.8 63.1 64.7 63.5 60.3 60.2 63.3 62.9 59.4 59.1 60.6 59.0 61.5 60.0 58.1 -

Cash Conversion Cycle

 - 55.4 - 53.8 51.5 52.0 - 48.1 48.5 49.9 - 48.2 45.4 45.1 - 20.1 18.7 41.2 - 34.0 34.4 40.4 67.8 41.6 47.7 38.9 60.2 31.5 33.5 35.5 63.3 37.1 36.3 41.8 58.4 34.8 34.1 41.9 62.0 42.3 41.5 43.8 62.8 44.8 46.5 44.4 60.8 41.9 43.0 40.4 60.3 36.8 39.4 39.8 59.4 36.4 36.8 37.0 61.5 39.4 37.4 -

All numbers in USD currency

Multiples are an important financial analysis tool for the company Manhattan Associates, allowing investors and analysts to quickly assess the company’s value and investment attractiveness based on the ratio of market indicators to the company’s financial performance. Essentially, multiples express how the market values the company relative to its earnings, revenue, equity, or other key metrics.

Advantages of Using Financial Ratios
  • Simplified Data Analysis
    Financial ratios transform large volumes of accounting data into compact and easily interpretable indicators, significantly simplifying the assessment of the company’s condition.
  • Comparability Between Companies
    Multiples standardize financial metrics, enabling objective comparison of companies of different sizes, industries, and market capitalizations.
  • Identification of Trends and Issues
    Regular analysis of ratios helps track the dynamics of financial health, identify strengths and weaknesses of the business, as well as potential risks.
  • Decision Support
    Financial multiples serve as an important tool for investors, creditors, and company management in making investment, credit, and managerial decisions.
  • Accelerated Assessment of Investment Attractiveness
    Ratios allow quick determination of key performance, liquidity, and financial stability indicators, facilitating prompt evaluation of companies’ attractiveness for investments.

Using multiples enables comparison between companies, even if they differ in size or industry, as they standardize financial data into ratios convenient for analysis. This is especially useful for evaluating companies where direct analysis of financial statements may be complex or require in-depth knowledge.

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