Forensic Analysis · Software & SaaS · as of Nov 9, 2026

Manhattan Associates Inc (MANH)

A forensic read on Manhattan Associates Inc built from its complete SEC filings — financial-health screens, earnings quality, red flags and a price-aware rating. Reproducible math, not opinion.

A · High-quality, not compounding

Forensic grade

Safe

Financial health

5.2

Distress distance

Clean

Earnings quality

Forensic signals

71.7%

ROE

3.7%

Revenue growth

This free snapshot doesn't read filing or proxy text, so the auditor-quality and governance checks that can lower a grade were not evaluated (auditor quality, say on pay, board independence, going concern). Those checks only ever lower a grade, so the full analysis can land below the grade above but never above it — treat it as the most favourable reading, not the settled one.

Manhattan Associates Inc earns an A (High-quality, not compounding) forensic quality grade, and its balance-sheet distress test reads 5.2, placing it in the Safe zone. 1 forensic signal was flagged in its latest SEC filings, led by accruals ratio (% of NOA).

What the filings flag

n/m (sign flip)

FY2024→FY2025

Accruals ratio (% of NOA). Net operating assets flipped from positive to negative FY2024→FY2025 (FY2024 $+32.9M to FY2025 $-14.0M) — the standard accruals ratio divides by the average of the two, which collapses toward zero right as the sign changes, so the resulting percentage is a denominator artifact, not a real accrual measurement. Treat this as a structural balance-sheet shift to understand on its own terms rather than a clean or dirty accruals read.Accruals ratio: the year-over-year change in net operating assets, relative to their own average.NOA (net operating assets): the money tied up in running the business, operating assets minus operating liabilities.

Key fundamentals

Latest Revenue$1.08B

Revenue Growth YoY+3.7%

Revenue CAGR (2yr)+7.9%

Net Margin20.3%

Free Cash Flow$374.0M

Return on Equity71.7%

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Data from SEC EDGAR public filings · metrics as of Nov 9, 2026. Forensic signals flag probability, not certainty.

See a wrong number? Report an error with the filing it should match.