MANHATTAN ASSOCIATES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data MANHATTAN ASSOCIATES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	605	595	559	618	586	664	767	929	1,042	1,081
Cost of revenue	250	246	241	285	270	298	358	431	471	472
Gross profit	355	349	318	333	316	366	409	498	571	609
Research and development	54.7	57.7	71.9	87.6	84.3	97.6	112	127	138	145
Selling and marketing	48.2	47.5	51.3	56.9	47.8	57.9	64.5	74.5	76	81.2
General and administrative	48.3	46.1	52.6	64.6	61.4	68.1	73.1	81.2	89.8	93.8
Operating income	194	186	134	116	114	134	153	210	262	280
Other non-operating income	0.64	-1.99	1.28	-0.56	-0.38	-0.33	4.83	-1.51	-0.81	1.71
Pre-tax income	196	185	136	116	114	134	158	214	267	286
Income tax	71.9	68.4	31.5	30.3	26.5	23.6	29.2	37.1	48.5	65.9
Net income	124	116	105	85.8	87.2	110	129	177	218	220
EBITDA	203	195	143	124	123	142	159	216	268	286
EPS, basic	1.73	1.68	1.58	1.33	1.37	1.74	2.05	2.86	3.56	3.64
EPS, diluted	1.72	1.68	1.58	1.32	1.36	1.72	2.03	2.82	3.51	3.60
Shares, basic (weighted)	71.7	69.2	66.2	64.4	63.5	63.4	62.8	61.8	61.3	60.5
Shares, diluted (weighted)	72.1	69.4	66.4	65.1	64.3	64.3	63.4	62.6	62.2	61.1

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	95.6	126	99.1	111	205	264	225	271	266	329
Short-term investments			1.44
Receivables	100	92.2	100	101	109	124	167	181	205	215
Other current assets	0.94	1.17	2.77	4.94	3.54	0.64	3.61	5.2	4.14	6.15
Total current assets	207	228	215	232	334	408	415	479	503	583
Property, plant and equipment	17.4	15.5	14.3	22.7	17.9	13.9	12.8	11.8	14	23.1
Lease right-of-use assets				35.9	31.5	27.3	17.8	21.6	47.9	50.4
Goodwill	62.2	62.2	62.2	62.2	62.3	62.2	62.2	62.2	62.2	62.2
Long-term investments			0	0	0	0	0
Other non-current assets	7.6	7.3	9.77	12.6	14	20.2	24.8	32.4	35.7	44.3
Total assets	297	315	307	372	465	540	570	673	758	839
Accounts payable	12.1	14	18.2	20.6	17.8	19.6	25.7	24.5	26.6	22.2
Accrued liabilities	20.7	15.8	29.5	46	42	53.1	54.5	73.2	72.2	69.3
Deferred revenue	63.5	75.1	81.9	94.4	114	153	209	238	278	337
Total current liabilities	118	124	145	182	197	249	316	366	400	456
Lease liabilities				32.4	27.8	23.2	14.1	17.7	47.8	56.2
Other non-current liabilities	7.15	13.6	14.7	16	21.7	16.9	13.7	11.5	10.3	12.5
Total liabilities	128	140	160	230	247	289	343	395	458	525
Retained earnings	185	186	163	159	237	270	254	305	329	345
Other comprehensive income	-15.9	-11.8	-16.9	-17.8	-18.3	-19.8	-27.5	-27	-30.9	-30.9
Shareholders' equity	169	175	147	142	219	251	227	278	299	315
Total equity	169	175	147	142	219	251	227	278	299	315
Total liabilities and equity	297	315	307	372	465	540	570	673	758	839
Shares outstanding	70.2	67.8	64.9	63.5	63.5	63.2	62.2	61.6	60.9	59.8

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	124	116	105	85.8	87.2	110	129	177	218	220
Depreciation and amortization	9.09	9.06	8.61	7.99	8.95	7.91	6.66	5.75	6.3	6.32
Stock-based compensation	15.9	16.2	19.9	31.8	33.4	43.3	59.4	71.6	93.2	111
Deferred income tax	1.8	1.57	-4.27	-1.4	1.04	-1.94	-29.7	-28.8	-28.7	18.3
Change in receivables	-4.36	10.1	-9.34	-1.07	-6.59	-16.7	-44.1	-13.1	-26.7	-3.58
Cash from operations	139	164	137	147	141	185	180	246	295	389
Capital expenditures	-6.84	-6.2	-7.31	-15.2	-2.73	-4.02	-6.59	-4.73	-8.68	-15.5
Purchases of investments		-12.9	-14.6
Cash from investing	3.36	-5.77	-9.84	-13.8	-2.73	-4.02	-6.59	-4.73	-8.68	-15.5
Stock issued	0.02
Share buybacks	-168	-132	-149	-121	-43.6	-120	-204	-196	-286	-315
Cash from financing	-163	-132	-149	-121	-43.6	-120	-204	-196	-286	-315
Exchange rate effect	-2.8	3.32	-4.59
Net change in cash	-22.8	29.9	-26.4	11.6	94	59	-38.2	45.3	-4.51	62.5
Free cash flow	133	158	130	132	138	181	173	241	286	374
Income taxes paid	58.7	64.9	40.2	30.5	23.8	29.2	58	67.4	83.4	47.3

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $206.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	55.8%	Gross profit / revenue.
Operating margin	24.3%	Operating income / revenue.
EBITDA margin	24.9%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	25.2%	Pre-tax income / revenue.
Net margin	18.7%	Net income / revenue.
FCF margin	35.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	36.8%	Cash from operations / revenue.
Effective tax rate	25.8%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	133.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	30.1%	Net income / average total assets.
R&D / revenue	13.1%	Research and development expense / revenue.
Stock-based pay / revenue	10.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.4%	Capital expenditures / revenue.
D&A / revenue	0.6%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	6.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	14.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	7.0%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	22.4%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	19.7%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	6.8%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	21.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.4%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	0.7%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	19.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	20.3%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	2.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.0%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.5%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	32.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	29.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	22.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	30.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	29.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	22.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	5.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	11.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	10.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	13.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.98x	Current assets / current liabilities.
Quick ratio	0.85x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.39x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	77.5%	Total liabilities / total assets.
Working capital	-$8.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	8.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$95.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.61x	Revenue / average total assets.
Fixed asset turnover	45.8x	Revenue / average property, plant and equipment.
Receivables turnover	5.15x	Revenue / average receivables.
Days sales outstanding	71 days	365 x average receivables / revenue.
Days payables	23 days	365 x average accounts payable / cost of revenue.
FCF conversion	189.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	3.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$3.56	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.09	Revenue / diluted weighted shares.
FCF per share	$6.77	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.03	Cash from operations / diluted weighted shares.
Book value per share	$2.70	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$1.63	Tangible book value / shares outstanding.
Cash per share	$3.19	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	109.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$12.01B	Share price x shares outstanding.
Enterprise value	$11.83B	Market cap + total debt - cash - short-term investments.
P/E	57.1x	Market cap / net income. Only when net income is positive.
P/S	10.7x	Market cap / revenue.
P/B	76.3x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	126x	Market cap / tangible book value, when positive.
P/FCF	30.1x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	29.0x	Market cap / cash from operations, when positive.
EV/Sales	10.5x	Enterprise value / revenue.
EV/EBIT	43.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	42.1x	Enterprise value / EBITDA, when both are positive.
EV/FCF	29.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.3%	Free cash flow / market cap.
Earnings yield	1.8%	Net income / market cap (the inverse of P/E).
Shareholder yield	3.6%	(Dividends paid + share buybacks) / market cap.
PEG	2.72x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was MANHATTAN ASSOCIATES INC's revenue in fiscal 2025?

MANHATTAN ASSOCIATES INC reported revenue of $1.08B for fiscal 2025, 3.7% higher than the year before.

Was MANHATTAN ASSOCIATES INC profitable in fiscal 2025?

Yes. Net income was $219.9M, a net margin of 20.3%.

How much free cash flow did MANHATTAN ASSOCIATES INC generate in fiscal 2025?

Cash from operations of $389.5M minus capital expenditures of $15.5M left free cash flow of $374.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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