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Manhattan Associates Piotroski F-Score

: 7 (As of Today)
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Good Sign:

Piotroski F-Score is 7, indicating very healthy situation.

The zones of discrimination were as such:

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Manhattan Associates has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

The historical rank and industry rank for Manhattan Associates's Piotroski F-Score or its related term are showing as below:

MANH' s Piotroski F-Score Range Over the Past 10 Years
Min: 4   Med: 7   Max: 9
Current: 7

During the past 13 years, the highest Piotroski F-Score of Manhattan Associates was 9. The lowest was 4. And the median was 7.


Manhattan Associates Piotroski F-Score Historical Data

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.

* Premium members only.

Manhattan Associates Annual Data
Trend Dec12 Dec13 Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21
Piotroski F-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 9.00 5.00 5.00 7.00 7.00

Manhattan Associates Quarterly Data
Jun17 Sep17 Dec17 Mar18 Jun18 Sep18 Dec18 Mar19 Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22
Piotroski F-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 7.00 8.00 8.00 7.00 7.00

Competitive 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 Distribution

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.


How is the Piotroski F-Score calculated?

* 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 (Mar22) TTM:Last Year (Mar21) TTM:
Net Income was 30.593 + 36.654 + 20.582 + 30.592 = $118.4 Mil.
Cash Flow from Operations was 45.51 + 59.685 + 40.103 + 31.792 = $177.1 Mil.
Revenue was 166.114 + 169.185 + 171.494 + 178.956 = $685.7 Mil.
Gross Profit was 95.486 + 97.682 + 89.863 + 95.529 = $378.6 Mil.
Average Total Assets from the begining of this year (Mar21)
to the end of this year (Mar22) was
(458.528 + 474.997 + 514.283 + 539.708 + 511.754) / 5 = $499.854 Mil.
Total Assets at the begining of this year (Mar21) was $458.5 Mil.
Long-Term Debt & Capital Lease Obligation was $21.2 Mil.
Total Current Assets was $377.3 Mil.
Total Current Liabilities was $257.0 Mil.
Net Income was 19.204 + 24.966 + 20.54 + 22.643 = $87.4 Mil.

Revenue was 135.63 + 149.757 + 147.082 + 156.85 = $589.3 Mil.
Gross Profit was 72.605 + 84.558 + 80.25 + 82.785 = $320.2 Mil.
Average Total Assets from the begining of last year (Mar20)
to the end of last year (Mar21) was
(348.044 + 380.389 + 416.981 + 465.412 + 458.528) / 5 = $413.8708 Mil.
Total Assets at the begining of last year (Mar20) was $348.0 Mil.
Long-Term Debt & Capital Lease Obligation was $26.1 Mil.
Total Current Assets was $330.1 Mil.
Total Current Liabilities was $206.7 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 118.4. ==> 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.

Score 1 if positive, 0 if negative.

Manhattan Associates's current Cash Flow from Operations (TTM) was 177.1. ==> Positive ==> Score 1.

Question 3. Change in Return on Assets

Compare this year's return on assets (1) to last year's return on assets.

Score 1 if it's higher, 0 if it's lower.

ROA (This Year)=Net Income/Total Assets (Mar21)
=118.421/458.528
=0.2582634

ROA (Last Year)=Net Income/Total Assets (Mar20)
=87.353/348.044
=0.25098263

Manhattan Associates's return on assets of this year was 0.2582634. Manhattan Associates's return on assets of last year was 0.25098263. ==> This year is higher. ==> Score 1.

Question 4. Quality of Earnings (Accrual)

Compare Cash flow return on assets (2) to return on assets (1)

Score 1 if CFROA > ROA, 0 if CFROA <= ROA.

Manhattan Associates's current Net Income (TTM) was 118.4. Manhattan Associates's current Cash Flow from Operations (TTM) was 177.1. ==> 177.1 > 118.4 ==> CFROA > ROA ==> Score 1.

Funding

Question 5. Change in Gearing or Leverage

Compare this year's gearing (long-term debt divided by average total assets) to last year's gearing.

Score 0 if this year's gearing is higher, 1 otherwise.

Gearing (This Year: Mar22)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar21 to Mar22
=21.247/499.854
=0.04250641

Gearing (Last Year: Mar21)=Long-Term Debt & Capital Lease Obligation/Average Total Assets from Mar20 to Mar21
=26.132/413.8708
=0.06314048

Manhattan Associates's gearing of this year was 0.04250641. Manhattan Associates's gearing of last year was 0.06314048. ==> This year is lower or equal to last year. ==> Score 1.

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

Current Ratio (This Year: Mar22)=Total Current Assets/Total Current Liabilities
=377.27/257.048
=1.46770253

Current Ratio (Last Year: Mar21)=Total Current Assets/Total Current Liabilities
=330.051/206.738
=1.59646993

Manhattan Associates's current ratio of this year was 1.46770253. Manhattan Associates's current ratio of last year was 1.59646993. ==> 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 63.871. Manhattan Associates's number of shares in issue last year was 64.466. ==> 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.

Gross Margin (This Year: TTM)=Gross Profit/Revenue
=378.56/685.749
=0.55203872

Gross Margin (Last Year: TTM)=Gross Profit/Revenue
=320.198/589.319
=0.54333561

Manhattan Associates's gross margin of this year was 0.55203872. Manhattan Associates's gross margin of last year was 0.54333561. ==> This year's gross margin is higher. ==> Score 1.

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

Asset Turnover (This Year)=Revenue/Total Assets at the Beginning of This Year (Mar21)
=685.749/458.528
=1.49554444

Asset Turnover (Last Year)=Revenue/Total Assets at the Beginning of Last Year (Mar20)
=589.319/348.044
=1.69323132

Manhattan Associates's asset turnover of this year was 1.49554444. Manhattan Associates's asset turnover of last year was 1.69323132. ==> Last year's asset turnover is higher ==> Score 0.

Evaluation

Piotroski F-Score= Que. 1+ Que. 2+ Que. 3+Que. 4+Que. 5+Que. 6+Que. 7+Que. 8+Que. 9
=1+1+1+1+1+0+1+1+0
=7

Good or high score = 7, 8, 9
Bad or low score = 0, 1, 2, 3

Manhattan Associates has an F-score of 7. It is a good or high score, which usually indicates a very healthy situation.

Manhattan Associates  (NAS:MANH) Piotroski F-Score Explanation

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.

In 2000, he wrote a research paper called "Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers" (pdf).

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

Thank you for viewing the detailed overview of Manhattan Associates's Piotroski F-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Manhattan Associates Business Description

Manhattan Associates logo
Industry
Technology » Software NAICS : 511210 SIC : 7372
Traded in Other Exchanges
Address
2300 Windy Ridge Parkway, Tenth Floor, Atlanta, GA, USA, 30339
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 around the world.
Executives
Eger Edmond director 135 CHEROKEE WAY PORTOLA VALLEY CA 94028
Richards Bruce officer: Sr. V.P. & Chief Legal Officer 190 NORTHLAND RIDGE TRAIL ATLANTA GA 30342
Howell Robert G officer: Sr VP, Americas Sales 2300 WINDY RIDGE PARKWAY 10TH FLOOR ATLANTA GA 30339
Huntz John J Jr director 1201 W PEACHTREE STREET NW STE 5000 ATLANTA GA 30309
Noonan Thomas E director C/O INTERNET SECURITY SYSTEM INC 6303 BARFIELD RD ATLANTA GA 30328
Hollembaek Linda T. director 2300 WINDY RIDGE PARKWAY TENTH FLOOR ATLANTA GA 30339
Raghavan Deepak director 2300 WINDY RIDGE PARKWAY SUITE 700 ATLANTA GA 30339
Moran Charles E director 2300 WINDY RIDGE PARKWAY 10TH FLOOR ATLANTA GA 30339
Story Dennis B officer: EVP, CFO & Treasurer PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: STORY DENNIS B a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Capel Eddie director, officer: President & CEO 2300 WINDY RIDGE PARKWAY, SUITE 1000 ATLANTA GA 30339
Pinne Linda C. officer: Sr VP, Global Corp Controller 2300 WINDY RIDGE PARKWAY TENTH FLOOR ATLANTA GA 30339
Heyman John H director 3925 BROOKSIDE PARKWAY ALPHARETTA GA 30022
Cassidy Brian J director MEENTSESTREAST 81 NL 6987 GLESBEEK NETHERLANDS P7 0000
Lautenbach Dan J director 106 COSTA BELLA COVE AUSTIN TX 78734
Sinisgalli Peter F director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SINISGALLI PETER F a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}

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