Manhattan Associates, Inc. (MANH) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-65.8%

$88.71

vs $259.14 price

Levered DCF

$139.83

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

19.1

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	47.61×	75.91×	75.29×	59.22×	89.36×	76.77×	59.96×	26.82×
P/B	33.3×	55.38×	47.83×	33.6×	39.36×	30.53×	36.1×	19.06×
P/S	9.69×	15.89×	14.33×	9.93×	14.87×	11.4×	8.31×	5.02×
EV / EBITDA	35.13×	59.86×	59.51×	44.96×	67.78×	52.89×	40.81×	18.99×
Gross margin	55.7%	54.2%	53.0%	52.4%	53.9%	52.4%	52.6%	55.4%
Operating margin	26.1%	25.1%	22.6%	19.9%	20.2%	19.5%	18.8%	23.9%
Net margin	20.3%	20.9%	19.0%	16.8%	16.6%	14.9%	13.9%	18.7%
Current ratio	1.28×	1.26×	1.31×	1.32×	1.64×	1.7×	1.28×	1.48×
Debt / equity	0.36×	0.16×	0.06×	0.06×	0.09×	0.13×	0.23×	0×
Interest coverage	0×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	69.9%	73.0%	63.5%	56.9%	44.1%	39.9%	60.3%	71.1%
Return on invested capital	56.7%	59.9%	56.4%	48.9%	38.1%	32.6%	44.9%	63.6%
Return on assets	26.2%	28.8%	26.2%	22.6%	20.5%	18.7%	23.0%	34.1%
Free cash flow yield	3.6%	1.7%	1.8%	2.3%	1.8%	2.1%	2.6%	4.6%
Earnings yield	2.1%	1.3%	1.3%	1.7%	1.1%	1.3%	1.7%	3.7%
Enterprise value	$10.3B	$16.3B	$13.1B	$7.4B	$9.6B	$6.5B	$5.1B	$2.7B
Net debt / EBITDA	-0.74×	-0.8×	-1.15×	-1.28×	-1.69×	-1.44×	-0.63×	-0.7×
Cash conversion cycle (days)	56	53	51	54	46	45	34	39