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. Based on the current metrics, the company appears to be fairly valued. Key ratios include a P/E ratio of 53, an EV to EBITDA of 41.60, and a Price to Book Value of 47.76. In comparison, Dynatrace, Inc. has a more attractive P/E ratio of 30.53, while Paycom Software, Inc. also shows a fair valuation with a P/E of 33.53.
Despite the recent adjustment in valuation, Manhattan Associates has underperformed relative to the S&P 500, with a year-to-date return of -27.16% compared to the index's 13.30%. This performance, coupled with a high P/E ratio relative to peers, suggests that while the stock is currently fairly valued, it may still face challenges in achieving growth that justifies its valuation.