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Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.
The developer of the system is Joseph D. Piotroski is relatively unknown accounting professor who shuns publicity and rarely gives interviews.
He graduated from the University of Illinois with a B.S. in accounting in 1989, received an M.B.A. from Indiana University in 1994. Five years later, in 1999, after earning a Ph.D. in accounting from the University of Michigan, he became an associate professor of accounting at the University of Chicago.
He wanted to see if he can develop a system (using a simple nine-point scoring system) that can increase the returns of a strategy of investing in low price to book (referred to in the paper as high book to market) value companies.
What he found was something that exceeded his most optimistic expectations.
Buying only those companies that scored highest (8 or 9) on his nine-point scale, or F-Score as he called it, over the 20 year period from 1976 to 1996 led to an average out-performance over the market of 13.4%.
Even more impressive were the results of a strategy of investing in the highest F-Score companies (8 or 9) and shorting companies with the lowest F-Score (0 or 1).
Over the same period from 1976 to 1996 (20 years) this strategy led to an average yearly return of 23%, substantially outperforming the average S&P 500 index return of 15.83% over the same period.
Manhattan Associates Piotroski F-Score Related Terms
Manhattan Associates Piotroski F-Score Historical Data
* Premium members only.
The historical data trend for Manhattan Associates's Piotroski F-Score can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
MEX:MANH vs BSY, DOCU, FROG: Piotroski F-Score Comparison
For the Software - Application subindustry, Manhattan Associates's Piotroski F-Score, along with its competitors' market caps and Piotroski F-Score data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Manhattan Associates Piotroski F-Score vs Software Industry
For the Software industry and Technology sector, Manhattan Associates's Piotroski F-Score distribution charts can be found below:
* The bar in red indicates where Manhattan Associates's Piotroski F-Score falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
This Year (Jun26) TTM:
Last Year (Jun25) TTM:
Net Income was 1075.575 + 935.45 + 888.922 + 878.592 = MXN3,779 Mil. Cash Flow from Operations was 1708.028 + 2647.738 + 1515.558 + 1582.275 = MXN7,454 Mil. Revenue was 5059.239 + 4868.543 + 5089.098 + 5196.208 = MXN20,213 Mil. Gross Profit was 2861.383 + 2676.439 + 2805.419 + 2937.208 = MXN11,280 Mil.
Average Total Assets from the begining of this year (Jun25)
to the end of this year (Jun26) was
(14021.804 + 14103.443 + 15113.769 + 13353.9 + 12190.674) / 5 = MXN13756.718 Mil. Total Assets at the begining of this year (Jun25) was MXN14,022 Mil. Long-Term Debt & Capital Lease Obligation was MXN940 Mil. Total Current Assets was MXN8,150 Mil. Total Current Liabilities was MXN8,289 Mil.
Net Income was 1255.867 + 1001.407 + 1075.733 + 1069.122 = MXN4,402 Mil.
Revenue was 5251.029 + 5334.909 + 5376.149 + 5129.469 = MXN21,092 Mil. Gross Profit was 2914.578 + 2978.382 + 3032.314 + 2941.234 = MXN11,867 Mil.
Average Total Assets from the begining of last year (Jun24)
to the end of last year (Jun25) was
(12188.584 + 13746.586 + 15799.256 + 14488.927 + 14021.804) / 5 = MXN14049.0314 Mil. Total Assets at the begining of last year (Jun24) was MXN12,189 Mil. Long-Term Debt & Capital Lease Obligation was MXN915 Mil. Total Current Assets was MXN9,101 Mil. Total Current Liabilities was MXN7,667 Mil.
*Note: If the latest quarterly/semi-annual/annual total assets data is 0, then we will use previous quarterly/semi-annual/annual data for all the items in the balance sheet.
Profitability
Question 1. Return on Assets (ROA)
Net income before extraordinary items for the year divided by Total Assets at the beginning of the year.
Score 1 if positive, 0 if negative.
Manhattan Associates's current Net Income (TTM) was 3,779.
==> Positive ==> Score 1.
Question 2. Cash Flow Return on Assets (CFROA)
Net cash flow from operating activities (operating cash flow) divided by Total Assets at the beginning of the year.
Manhattan Associates's return on assets of this year was 0.26947595. Manhattan Associates's return on assets of last year was 0.3611682.
==> Last year is higher ==> Score 0.
Question 4. Quality of Earnings (Accrual)
Compare Cash flow return on assets (2) to return on assets (1)
Manhattan Associates's gearing of this year was 0.06834384. Manhattan Associates's gearing of last year was 0.06511602.
==> Last year is lower than this year ==> Score 0.
Question 6. Change in Working Capital (Liquidity)
Compare this year's current ratio (current assets divided by current liabilities) to last year's current ratio.
Score 1 if this year's current ratio is higher, 0 if it's lower
Manhattan Associates's current ratio of this year was 0.98317248. Manhattan Associates's current ratio of last year was 1.18710115.
==> Last year's current ratio is higher ==> Score 0.
Question 7. Change in Shares in Issue
Compare the number of shares in issue this year, to the number in issue last year.
Score 0 if there is larger number of shares in issue this year, 1 otherwise.
Manhattan Associates's number of shares in issue this year was 58.997. Manhattan Associates's number of shares in issue last year was 61.074.
==> There is smaller number of shares in issue this year, or the same. ==> Score 1.
Efficiency
Question 8. Change in Gross Margin
Compare this year's gross margin (Gross Profit divided by sales) to last year's.
Score 1 if this year's gross margin is higher, 0 if it's lower.
Manhattan Associates's gross margin of this year was 0.55807648. Manhattan Associates's gross margin of last year was 0.5626189.
==> Last year's gross margin is higher ==> Score 0.
Question 9. Change in asset turnover
Compare this year's asset turnover (total sales for the year divided by total assets at the beginning of the year) to last year's asset turnover ratio.
Score 1 if this year's asset turnover ratio is higher, 0 if it's lower
Manhattan Associates's asset turnover of this year was 1.44154689. Manhattan Associates's asset turnover of last year was 1.7304353.
==> Last year's asset turnover is higher ==> Score 0.
Evaluation
Piotroski F-Score
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4
Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3
Manhattan Associates has an F-score of 4 indicating the company's financial situation is typical for a stable company.
Manhattan Associates (MEX:MANH) has a Piotroski F-Score of 4 as of Aug. 28, 2026. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Manhattan Associates and its competitors. This is 43% below median its historical median of 7.00. Over the past decade, Manhattan Associates' Piotroski F-Score has ranged from 4.00 to 9.00. According to the industry distribution chart, Manhattan Associates ranks #1640 out of 2744 companies in the Software industry, placing it in the top 59.8%.
Is Manhattan Associates' Piotroski F-Score too high?
Manhattan Associates' current Piotroski F-Score of 4 is 43% below median its 10-year median of 7.00. Over the past 10 years, this metric has ranged from a low of 4.00 to a high of 9.00. The Software industry median Piotroski F-Score is 5.00. Manhattan Associates' value of 4 is 20% below this industry median. Based on the distribution chart, Manhattan Associates ranks #1640 out of 2744 companies in the Software industry, which is below the industry midpoint. Overall, Manhattan Associates has a GF Score™ of 91/100, reflecting its overall financial health beyond just this single metric.
How does Manhattan Associates' Piotroski F-Score compare to BSY and DOCU?
According to the Software industry distribution chart, Manhattan Associates ranks #1640 out of 2744 companies for Piotroski F-Score. This places Manhattan Associates in the lower half of its industry. The industry median Piotroski F-Score is 5.00. Manhattan Associates' value of 4 is 20% below this benchmark. Historically, Manhattan Associates' own Piotroski F-Score has ranged from 4.00 to 9.00 over the past decade. While the company's 10-year median is 7.00 vs. the industry median of 5.00, Manhattan Associates has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Piotroski F-Score for a Software company?
The median Piotroski F-Score among Software companies is 5.00, based on 2,744 companies in the industry. Companies in the top quartile (top 25%) have a Piotroski F-Score significantly above this median, while those in the bottom quartile fall well below. However, Piotroski F-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Manhattan Associates's current Piotroski F-Score of 4 is 20% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Piotroski F-Score mean?
A high Piotroski F-Score can signal that a stock is expensive relative to its fundamentals. The Piotroski F-score grades a company's business operating strength from 0-9. View historical data on Manhattan Associates and its competitors. For the Software industry, the median Piotroski F-Score is 5.00 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Manhattan Associates's current Piotroski F-Score is 4, which is 43% below median its own 10-year median of 7.00. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Manhattan Associates stock overvalued right now?
Manhattan Associates (MEX:MANH) has a current Piotroski F-Score of 4. The stock's GF Value™ is MXN2,369.66, compared to a current price of MXN2,193.05 — trading 7.5% below its estimated fair value. The current Piotroski F-Score is 4, which is 43% below median its 10-year median of 7.00 and 20% below the Software industry median of 5.00. Manhattan Associates' overall GF Score™ is 91/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Piotroski F-Score calculated?
Piotroski F-Score is calculated from a company's financial statements. For Manhattan Associates (MEX:MANH), the current Piotroski F-Score is 4 as of Aug. 28, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Manhattan Associates (MEX:MANH) Overvalued in 2026?
Based on GuruFocus' analysis, Manhattan Associates stock appears to be undervalued.
The current stock price of MXN2,193.05 is trading 7.5% below its estimated GF Value™ of MXN2,369.66.
Key valuation signals for MEX:MANH:
Piotroski F-Score: 4 (43% below median its 10-year median of 7.00)
GF Value™: MXN2,369.66 vs. price of MXN2,193.05 (7.5% below fair value)
Industry Position: 20% below the Software median (#1640 of 2744)
No single metric tells the full story. See the MEX:MANH stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Manhattan Associates provides software that helps users manage their supply chains, inventory, and omnichannel operations. Customers are generally retailers, wholesalers, manufacturers, and logistics providers. The company was founded in 1990 and serves more than 1,200 customers worldwide.
91GF Score
Get the complete analysis for MEX:MANH
Piotroski F-Score is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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