Manhattan Associates, Inc. (MANH)
Fair ValueFundamental
70
Price
$238.19
Market Cap
$12.95B
Part 1 · What the company is worth
Overview
Manhattan Associates writes software that runs the physical movement of goods: warehouse management, transportation planning and the systems retailers use to promise and fulfil online orders from the right location. It sells to large retailers, wholesalers and logistics operators who run complex supply chains, and it is steering existing on-premise customers toward a cloud version of the same software rather than chasing a wholly new market.
How it makes money
Most revenue now comes from cloud subscriptions billed over the life of the contract, replacing an older model of a large upfront license fee plus a separate annual maintenance charge. A substantial services line — consulting to configure and integrate the software into a customer's warehouses and systems — sits alongside the software revenue and tends to move with the pace of new implementations rather than with subscription renewals.
Revenue by segment
Consulting, implementation and integration work billed for configuring the software into a customer's operations.
Recurring fees for access to the cloud-hosted version of the supply chain software, the company's fastest-growing line.
Annual support fees paid by customers still running the on-premise, licensed version of the software.
Warehouse and mobile hardware resold alongside software implementations.
Upfront fees for the on-premise software, now a small and declining share as customers move to the cloud.
Competitive moat
Switching costs · NarrowA warehouse management system is wired into a retailer's daily operations — inventory data, staff workflows, integrations with other systems — so replacing it risks disrupting order fulfilment, which discourages switching. The advantage is narrow because larger rivals such as SAP, Oracle and Blue Yonder compete for the same large enterprise contracts.
What drives demand
Moderately cyclicalNew implementations follow the capital spending plans of retailers and logistics companies, which slow when those industries cut technology budgets in a downturn. The recurring cloud subscription base cushions this somewhat, since existing customers keep paying even when new projects are postponed.
Key risks
- Competition from larger software vendors — SAP, Oracle and Blue Yonder offer competing supply chain modules bundled into broader enterprise software suites, and can undercut Manhattan on price within an existing customer relationship.
- Cloud transition timing — Moving customers from license-plus-maintenance to subscription changes how and when revenue is recognized, and a slower-than-expected pace of migration would weigh on reported growth.
- Dependence on retail and logistics capital spending — New license and implementation revenue tracks the willingness of retailers and logistics firms to fund large technology projects, which contracts in an economic slowdown.
- Reliance on implementation partners — Much of the deployment work is delivered through system integrators and consulting partners, and weaker performance or capacity from that ecosystem can slow customer go-lives and revenue recognition.
The case for
Buyers argue that the shift to cloud subscriptions, growing over 20% a year, is building a larger recurring revenue base than the old license model ever provided, and that deep integration into customers' warehouse operations makes the software hard to displace once installed.
The case against
Sellers fear that much larger, broader software vendors can bundle competing supply chain modules into existing enterprise contracts at a discount, and that the transition away from license revenue creates a multi-year drag on reported growth even if underlying demand holds up.
Written by the editors, published on August 18, 2026
Direct competitors
Who this company fights with for the same customers
Generated with artificial intelligence on September 19, 2026, shared with all users
SAP's Extended Warehouse Management and transportation modules compete for the same warehouse and logistics budgets, with the advantage of already running the customer's ERP.
Oracle offers cloud warehouse, transportation, order management and retail point-of-sale applications to the same enterprise buyers Manhattan targets.
Named by Manhattan in its 10-K as a direct rival, Blue Yonder sells warehouse management, transportation and supply chain planning software to the same large retailers, manufacturers and logistics providers.
Körber's supply chain software unit sells warehouse management and warehouse-automation software to distribution centres in the same mid-market and enterprise accounts.
Infor's WMS and supply chain suite bids for the same distribution and retail fulfilment projects, especially where the customer already uses Infor ERP.
Aptos competes with Manhattan's store solutions, selling point-of-sale and omnichannel order management to specialty and department-store retailers.
Balance Sheet & Liquidity
Revenue
$1.13B
Trailing 12 months (through 6/30/2026)
Net Income
$210M
Trailing 12 months (through 6/30/2026)
Free Cash Flow
$374M
Total Equity
$315M
Total Liabilities
$525M
Current Ratio
0.98
Interest Coverage
66.19
Debt/EBITDA
0.19
Earnings Per Share
Revenue & Net Income
Free Cash Flow
Income Breakdown
Historical statement
Margins over time
Debt over time
How heavy the debt is
Growth grid
Growth — Revenue
Fair Value Estimation
Fair Value
$220.80
Current Price
$238.19
Margin of Safety
-7.9%
Fair Value Range
$166.25 - $275.36
Spread across the valuation methods used, not a statistically calibrated confidence interval.
Estimation Methods
Valuation Metrics
P/E Ratio
68.25
ROE
69.9%
P/B Ratio
88.17
P/FCF
34.79
Gross Margin
55.8%
ROIC
96.8%
Profitability Radar
Value Creation (Economic Moat)
ROIC outlierROIC
96.8%
WACC
9.3%
ROIC − WACC
+87.5 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
Fundamental Analysis Criteria
Passed (20)
- EPS shows upward trend
- EPS CAGR 10.49%
- Price CAGR 14.78%
- ROIC 96.8%
- Gross margin 55.8%
- Debt/equity ratio
- Operating margin 24.3%
- Positive free cash flow
- CapEx intensity
- Current ratio
- Interest coverage
- Debt/EBITDA
- Return on tangible assets
- Low reliance on intangibles
- ROE 85.2%
- Revenue growth 5Y 13.0%
- Earnings surprise, average 7.9%
- Earnings quality (operating cash flow / net income) 1.97
- Share dilution -1.8%
- Piotroski F-Score 6/9
Failed (6)
- P/FCF 34.79
- P/B ratio 88.17
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG ratio 2.86
- Net margin trend 18.7% vs 20.9%
Unavailable (1)
- Dividend payout –
Piotroski F-Score
Mixed signals: some areas need attention
Earnings Quality
High quality: earnings backed by cash
Share Dilution
Buying back shares. Shareholder friendly
Institutional Holdings
Governance
Executive Team
| Name | Title | Age |
|---|---|---|
| Mr. Eric A. Clark | President, CEO & Director | 54 |
| Mr. Bruce S. Richards J.D. | Senior VP, Chief Legal Officer & Secretary | 70 |
| Mr. Robert G. Howell | Executive VP & Chief Sales Officer | 52 |
| Mr. Dennis B. Story CPA | Advisor to the Chief Executive Officer | 61 |
| Mr. J. Stewart Gantt | Executive Vice President of Professional Services - Americas | 50 |
| Ms. Linda C. Pinne | CFO, Chief Accounting Officer and Treasurer | 51 |
| Mr. Greg Betz | Chief Operating Officer | - |
| Mr. Sanjeev Siotia | Executive VP & CTO | - |
| Mr. Michael Bauer | Senior Director of Investor Relations | - |
| Ms. Katie J. Foote | Senior VP & Chief Marketing Officer | - |
Audit Risk
1
Board Risk
4
Compensation Risk
6
Shareholder Rights Risk
5
Documents
- View document
Annual Report (10-K)
A yearly overview of the business, its financial results, and the risks it faces.
Filed on 2026-02-04
- View document
Quarterly Report (10-Q)
A snapshot of financial performance for the most recent three-month period.
Filed on 2026-07-31
- View document
Current Report (8-K)
An announcement of a major event, such as a leadership change or big news.
Filed on 2026-07-28
via SEC EDGAR
Income History
via SEC EDGAR
Part 2 · The price and its context
This part shows how the price has behaved, not whether the company is worth owning. Inside: technical analysis, potential, historical drawdowns, gamma exposure.
Market Reaction Profile
How much MANH moves, measured on its daily prices.
More volatile than 76% of the tracked stocks (90-day volatility).
- Volatility 30d
- 33.0%
- Volatility 90d
- 51.5%
- Beta vs S&P 500 (1y)
- 0.24Correlation 0.06
- Max drawdown (12m)
- -38.0%
- ATR (14d, % of price)
- 2.97%
Earnings reactions
How MANH moved around its past quarterly results.
Next earnings release
Oct 27, 2026 · In 3 days · After the close
EPS estimate: 1.46Revenue estimate: $297M
What usually happens
- Over the last 12 releases the stock moved a median of 7.3% the next day, up or down.
- Next-day moves: up 7, down 5 (out of 12).
- Of the 4 releases that beat estimates, the stock fell the next day after 2.
Release history
| Date | When | EPS est. | EPS actual | Surprise | Gap | 1 day | 5 days |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026 | After the close | 1.34 | 1.39 | +3.4% | +16.0% | +21.3% | +12.6% |
| Apr 21, 2026 | After the close | 1.14 | 1.24 | +9.1% | +10.5% | +5.9% | +4.0% |
| Jan 27, 2026 | After the close | 1.14 | 1.21 | +5.7% | +5.6% | -5.1% | -20.1% |
| Oct 21, 2025 | After the close | 1.20 | 1.36 | +13.4% | -2.9% | -5.0% | -9.1% |
| Jul 22, 2025 | After the close | n/a | n/a | n/a | +20.8% | +7.4% | +11.2% |
| Apr 22, 2025 | After the close | n/a | n/a | n/a | +10.0% | +6.0% | +8.6% |
| Jan 28, 2025 | After the close | n/a | n/a | n/a | -24.5% | -24.5% | -33.4% |
| Oct 22, 2024 | After the close | n/a | n/a | n/a | -4.2% | -7.2% | -5.2% |
| Jul 23, 2024 | After the close | n/a | n/a | n/a | +9.5% | +10.5% | +12.8% |
| Apr 23, 2024 | After the close | n/a | n/a | n/a | -9.6% | -10.5% | -10.7% |
| Jan 30, 2024 | After the close | n/a | n/a | n/a | +14.2% | +8.4% | +10.6% |
| Oct 24, 2023 | After the close | n/a | n/a | n/a | -3.4% | +1.8% | +2.8% |
Release dates from SEC 8-K filings.
Updated 10/24/2026
Historical statistics for educational purposes only. They are not forecasts and not investment advice.
Price reaction to the news
Latest news on MANH and what the price did next.
- 2/23/2026NegativeBrown Capital Dumps $42 Million of Manhattan Associates Amid Stock's 42% Pullback
- +1 day
- +1.8%
- +3 days
- +6.3%
Return of the stock minus return of SPY over the same days. A news item close to a price move did not necessarily cause it. Historical data for educational purposes only, not investment advice.
Latest News
Recent headlines for MANH.
- 4/21/2026NEUTRALTranscript: Manhattan Associates Q1 2026 Earnings Conference Call
Manhattan Associates Inc. held its Q1 2026 Earnings Conference Call on April 21, 2026. The transcript provides detailed insights into the company's financial performance, strategic initiatives, and future outlook. While specific financial figures and forward-looking statements are discussed, the transcript itself is an informational document. Investors should analyze the content for specific metrics, management commentary on market conditions, and guidance to form an opinion on the stock's potential.
- 2/23/2026NEGATIVEBrown Capital Dumps $42 Million of Manhattan Associates Amid Stock's 42% Pullback
Brown Capital has liquidated a significant position in Manhattan Associates, selling shares worth $42 million. This move comes at a critical time for the supply chain software company, as its stock has already experienced a substantial 42% pullback. The decision by a major institutional investor to dump its holdings is a very strong bearish signal for the market. Investors often interpret such a large sale as a lack of confidence in the company's future prospects, despite its established role in the retail, manufacturing, and healthcare sectors. The selling pressure from such a large transaction could further accelerate the stock's downward trend, prompting other holders to reconsider their positions.