Is Manhattan Associates, Inc. overvalued or undervalued?

As of 17 October 2025, the valuation grade for Manhattan Associates, Inc. has moved from very expensive to fair. The company is currently fairly valued based on its financial metrics. Key ratios include a P/E ratio of 53, an EV to EBITDA of 41.60, and a PEG ratio of 3.46, which suggest a premium valuation relative to its peers. In comparison, Dynatrace, Inc. has a more attractive P/E of 30.53, while Paycom Software, Inc. shows a fair valuation with a P/E of 33.53.
Despite its fair valuation, Manhattan Associates has underperformed against the S&P 500, with a year-to-date return of -27.16% compared to the index's 13.30%. Over the longer term, however, it has shown resilience with a 5-year return of 93.07%, slightly outperforming the S&P 500's 91.29%.