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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.
Margins and capital returns are both well above average: 25.87% operating margin, ROIC at 58.89%. Consistent with durable pricing power, though that alone doesn't make it a buy.
Revenue grew 3.7%, steady but not accelerating.
ROIC dropped from 65.30% to 58.89%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$1.10B
▲ +3.7% YoY
Net Income (TTM)
$217M
▲ +0.7% YoY
Op. Margin
25.58%
▲ +0.8pp YoY
ROIC
62.85%
▼ -6.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$380M
▲ +30.6% YoY
Op. Cash Flow (TTM)
$398M
▲ +32.0% YoY
Net Debt
-$170M
Net Cash Position
Cash & Equiv.
$226M
5Y CAGR: +13.0%
5Y CAGR: +22.0%
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