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MANHManhattan Associates, Inc.
$207.09$12.3B
Overview & Tools
OverviewChart Terminal ↗Visualize
Valuation & Forecasts
Valuation ModelsEstimatesDCF Model
Price & Analyst Data
Analyst TargetsPrice History
Financial Statements
Income StatementBalance SheetCash FlowRatios & Margins
Performance
P/E HistoryRevenue HistoryEarnings HistoryDividend HistoryTotal Return
Discovery & Screens
Live BreakoutsStock ScreenerOwnership
MANH logo

Manhattan Associates, Inc.

MANH
NASDAQ · Application Software
$207.09
At close - Sep 22, 4:00 PM EDT - USD
Market Cap$12.25B
P/E57.5x
52W High$227.03
Volume636.33K
OverviewTerminalAnalysisFinancialsValuationEarningsBreakoutsOwnership
VCP Research Verdict2026Q2

Cloud Reacceleration Tempered by Margin Compression

Manhattan Associates is executing a successful cloud transition, with revenue growth accelerating to 9.3% in 2026Q2 and deferred revenue up 32% year-over-year, signaling strong future demand. However, the company faces near-term margin pressure from a higher s...

GrowthAccelerating
ProfitabilityModerate
ValuationExpensive
TechnicalsHealthy
Explore valuation models
MARKET ACTION

MANH price & volume

Price trend, volume and key moving averages

Launch Terminal
Loading chart...
Decision Checklist4 Core Signals

What matters now

The signals most likely to change the investment case.

01

Earnings momentum

12/12 Beats

EPS beat 12 of last 12 quarters

02

Valuation risk

+59% Peers

P/E is 59% above peer median

03

Market leadership

RS 90 · Leader

High momentum (Outperforming 90% of market)

04

Healthy Uptrend

Uptrend

Price > 50DMA > 200DMA

Next CatalystEstimated earnings · Oct 28
01

Build the investment case

Start with the evidence for owning the stock and the risks that can break the thesis.

EXECUTIVE THESIS

The Investment Case

Full Analysis
Fundamental Trajectory

Revenue growth accelerated to 9.3% in 2026Q2, but gross margin contracted to 53.2% (down from 56.8% a year earlier) and operating margin fell to 22.2%, reflecting services mix and higher SG&A.

Analyst Consensus+1.7% target
Buy(15 analysts)
12 Buy3 Hold0 Sell

The Bull Case

Upside Catalysts

AI monetization catalyst

The bull-case valuation for Manhattan Associates hinges on its ability to monetize the AI Agent Foundry and capitalize on the AI agents market boom.

Strong growth potential

Analysts have proposed a wide range of intrinsic values, from $131.26 to over $250 per share, reflecting divergent views on execution risk and growth potential.

Institutional and algorithmic interest

AI-driven analyses and institutional trading interest have highlighted the company's shares and technical momentum signals, creating a complex backdrop for investors.

The Bear Case

Key Downside Risks

Market performance

Price History →

Trailing total returns as of 9/23/2026, which may include dividends or other distributions. Benchmark is S&P 500 (^GSPC).

YTD Return
MANH+23.80%
S&P 500 (^GSPC)+13.20%
1-Year Return
MANH-4.04%
S&P 500 (^GSPC)+15.98%
3-Year Return
MANH+6.50%
S&P 500 (^GSPC)+77.05%
5-Year Return
MANH+29.08%
S&P 500 (^GSPC)+72.60%
02

Test the fundamentals

Check whether operating performance supports the current valuation.

VALUATION & INTRINSIC VALUE

Valuation Scenarios

Valuation Analysis
Trailing P/E5Y Low
57.5x
Forward P/EExpansion
37.7x
EV/EBITDA20th %ile
41.6x
FCF YieldCash Flow
3.1%

Valuation vs 5-Year History

Multiple Range
Metric
Current
5Y Median
Historical Range
Percentile
P/E
57.5x
76.4x
20th· Low
EV/EBITDA
41.6x
61.3x
20th· Low
Price/FCF
32.8x
55.2x
20th· Low
Current Multiple
5Y Median (50th %ile)

Intrinsic Value Scenarios

DCF Projection
Bear$61.32-70.4%
Base (Fair)$114.95-45.6%
Bull$142.51-31.2%
$61.32 Bear$114.95 Base$142.51 Bull
Current Market Price: $207.09
Trades at a 80.2% premium to Base DCF ($114.95)
Open DCF & Valuation Models →Chart Terminal ↗

Growth & profitability

Annual revenue & EPS trend
Revenue
$1.08B+3.7% YoY
Net income
$220M+0.7% YoY
Free cash flow
$374M+30.6% YoY
Operating margin
26.1%+1.0 pts YoY
ROIC (TTM)236.8%
Avg ROIC 5Y-
ROE (TTM)71.7%
Piotroski Score6 / 9
Financial Statements →
03

Monitor what changed

Recent results and news deserve attention only when they alter the forward view.

OPERATING RESULTS

Recent Earnings

Earnings History
EPS Beat Rate12/12 (100%)
Revenue Beat Rate12/12 (100%)
QuarterEPS (Act vs Est)Revenue (Act vs Est)
Q3 2026Latest
Jul 28, 2026
$1.39+5.3%
vs $1.32
$298M+3.0%
vs $289M
Q2 2026
Apr 21, 2026
$1.24+12.7%
vs $1.10
$282M+3.1%
vs $274M
Q1 2026
Jan 27, 2026
$1.21+9.0%
vs $1.11
$270M+2.1%
vs $265M
Q4 2025
Oct 21, 2025
$1.36+14.3%
vs $1.19
$276M+1.5%
vs $272M
Historical baseline: 12 quarters analyzedGAAP / Adjusted
MARKET COVERAGE

Latest News

5 Stories
Business Wire·1d ago
Manhattan Associates Announces EditionsTM for its Industry-Leading Solutions, Making Them Accessible at Every Stage of Growth

READING, England--(BUSINESS WIRE)--Manhattan Associates (NASDAQ: MANH), the global leader in supply chain commerce with unmatched AI capabilities, today announced the commercial launch of Editions for Manhattan Active® solutions. Editions provide a new way for companies of all sizes and across industries to partner with Manhattan. They are designed to help growing organizations make a durable, long-term technology decision from the start. As complexity increases, customers can unlock additional.

GuruFocus·Sep 14, 2026
Is It Too Late to Buy Manhattan Associates Inc (MANH) After 4.9% Rally? GF Value Says Undervalued

On September 14, 2026, Manhattan Associates Inc (MANH) shares rose 4.9% to a current price of $211.60, reflecting a notable recovery after being down 1.0% over

Zacks Investment Research·Sep 14, 2026
Why Manhattan Associates (MANH) is a Top Momentum Stock for the Long-Term

Whether you're a value, growth, or momentum investor, finding strong stocks becomes easier with the Zacks Style Scores, a top feature of the Zacks Premium research service.

Defense World·Sep 13, 2026
Manhattan Associates, Inc. $MANH Holdings Lowered by HB Wealth Management LLC

HB Wealth Management LLC reduced its stake in Manhattan Associates, Inc. (NASDAQ: MANH) by 55.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 4,876 shares of the software maker's stock after selling 6,120 shares during the period. HB

Filtered for Manhattan Associates, Inc.More Headlines
04

Compare before deciding

Benchmark MANH against direct peers instead of judging its metrics in isolation.

Peers Comparison

Key metrics vs top competitors for Manhattan Associates, Inc. (MANH)

Full Screener →
CompanyPriceMarket CapP/E RatioRev Growth (1Y)Net MarginROEDiv Yield
MANH logoMANHManhattan Associates, Inc.Current
$207.09$12.25B57.533.75%20.34%71.66%—
WMS logoWMSAdvanced Drainage Systems, Inc.
$130.73$10.02B24.035.03%14%30.01%—
NCNO logoNCNOnCino, Inc.
$19.67$2.15B393.4010.01%5.4%3.32%—
VEEV logoVEEVVeeva Systems Inc.
$260.91$42.38B47.9616.34%29.34%14%—
GWRE logoGWREGuidewire Software, Inc.
$150.46$12.53B185.7522.64%9.44%10.03%—
PCTY logoPCTYPaylocity Holding Corporation
$145.71$7.8B29.6211.04%15.23%23.44%—

Compare MANH vs Peers

Manhattan Associates, Inc. (MANH) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs WMS

Most directly comparable listed peer for MANH.

Scale Benchmark

vs AMZN

Larger-name benchmark to compare MANH against a more recognizable public peer.

Peer Set

Compare Top 5

vs WMS, NCNO, VEEV, GWRE

05

Keep researching

Verify the primary filings, follow material updates, and answer the remaining questions.

MANH SEC Filings & Documents

Manhattan Associates, Inc. (MANH) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

Jul 28, 2026·SEC

Material company update

Jun 1, 2026·SEC

Material company update

May 20, 2026·SEC

10-K Annual Reports

4
FY 2026

Feb 4, 2026·SEC

FY 2025

Feb 7, 2025·SEC

FY 2024

Feb 6, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

Jul 31, 2026·SEC

FY 2026

Apr 24, 2026·SEC

FY 2025

Oct 24, 2025·SEC

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MANH Frequently Asked Questions

Manhattan Associates, Inc. (MANH) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials
What is Manhattan Associates, Inc.'s revenue?

Manhattan Associates, Inc. (MANH) reported $1.13B in revenue for fiscal year 2025. This represents a 3365% increase from $32.5M in 1997.

How fast is Manhattan Associates, Inc. growing?

Manhattan Associates, Inc. (MANH) grew revenue by 3.7% over the past year. Growth has been modest.

Is MANH profitable?

Yes, Manhattan Associates, Inc. (MANH) is profitable, generating $210.2M in net income for fiscal year 2025 (20.3% net margin).

Dividend & Returns
What is MANH's return on equity?

Manhattan Associates, Inc. (MANH) has a return on equity (ROE) of 71.7%. This is excellent, indicating efficient use of shareholder capital.

What is Manhattan Associates, Inc.'s free cash flow?

Manhattan Associates, Inc. (MANH) generated $399.2M in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

What if you invested $1,000 in MANH back in 1997?

Total return calculator · dividends reinvested · 29+ years of data

See returns →