Manhattan Associates (MANH)
Market Price (12/4/2025): $178.61 | Market Cap: $10.8 BilSector: Information Technology | Industry: Application Software
Manhattan Associates (MANH)
Market Price (12/4/2025): $178.61Market Cap: $10.8 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights
Why It Matters
Which of these 2 stories sounds closer for this stock?
1. Generates cash flow
The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.
2. Riding a trend
Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% | Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -26% | Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31% | ||
| Low stock price volatilityVol 12M is 45% | ||
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Automation & Robotics, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more. |
| Attractive operating marginsOp Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is 26% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 33%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 31% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, Automation & Robotics, and E-commerce & DTC Adoption. Themes include Last-Mile Delivery, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -71%, 3Y Excs Rtn is -26% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.4% |
Valuation, Metrics & Events
MANH Stock
Why The Stock Moved
Qualitative Assessment
AI Generated Analysis | Feedback
Here are five key points explaining the approximate -17.1% movement in Manhattan Associates (MANH) stock for the period from August 31, 2025, to December 4, 2025:
1. Q3 2025 Earnings Report and Market Reaction. Manhattan Associates announced its third-quarter 2025 financial results on October 21, 2025. Despite the company surpassing analyst estimates for both revenue and adjusted earnings per share, the stock experienced an immediate drop, falling 11.2% immediately after the results.
2. Deceleration in Remaining Performance Obligations (RPO) Bookings Growth. A significant factor contributing to investor concern and the stock's decline was the slowdown in RPO bookings growth. This metric, which indicates future contracted revenue, decelerated to 23% year-over-year in Q3 2025, down from 26% in the prior quarter. This deceleration suggested to investors a potential softening in future demand, overshadowing the strong quarterly performance.
Stock Movement Drivers
Return vs. Risk
Price Returns Compared
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MANH Return | 32% | 48% | -22% | 77% | 26% | -35% | 122% |
| Peers Return | 15% | 35% | -17% | 31% | 66% | 914% | 2755% |
| S&P 500 Return | 16% | 27% | -19% | 24% | 23% | 16% | 112% |
Monthly Win Rates [3] | |||||||
| MANH Win Rate | 67% | 58% | 33% | 67% | 67% | 40% | |
| Peers Win Rate | 38% | 40% | 22% | 56% | 53% | 50% | |
| S&P 500 Win Rate | 58% | 75% | 42% | 67% | 75% | 70% | |
Max Drawdowns [4] | |||||||
| MANH Max Drawdown | -53% | -2% | -30% | -5% | -7% | -47% | |
| Peers Max Drawdown | -14% | -3% | -24% | -17% | -6% | -29% | |
| S&P 500 Max Drawdown | -31% | -1% | -25% | -1% | -2% | -15% | |
[1] Cumulative total returns since the beginning of 2020
[2] Peers: MSFT, ORCL, STX, BMR, BTTC. See MANH Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 12/3/2025 (YTD)
How Low Can It Go
| Event | MANH | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -41.4% | -25.4% |
| % Gain to Breakeven | 70.6% | 34.1% |
| Time to Breakeven | 205 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -57.9% | -33.9% |
| % Gain to Breakeven | 137.7% | 51.3% |
| Time to Breakeven | 70 days | 148 days |
| 2018 Correction | ||
| % Loss | -33.9% | -19.8% |
| % Gain to Breakeven | 51.4% | 24.7% |
| Time to Breakeven | 120 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -54.9% | -56.8% |
| % Gain to Breakeven | 121.9% | 131.3% |
| Time to Breakeven | 507 days | 1480 days |
Compare to MSFT, ORCL, STX, BMR, BTTC
In The Past
Manhattan Associates's stock fell -41.4% during the 2022 Inflation Shock from a high on 11/2/2021. A -41.4% loss requires a 70.6% gain to breakeven.
Preserve Wealth
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Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select past ideas related to MANH. For more, see Trefis Trade Ideas.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.9% | 0.9% | -0.9% |
| 11262025 | PD | PagerDuty | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.8% | 0.8% | 0.0% |
| 11212025 | CRM | Salesforce | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.3% | 3.3% | -0.1% |
| 11212025 | HUBS | HubSpot | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 5.1% | 5.1% | 0.0% |
| 11212025 | FIVN | Five9 | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 4.0% | 4.0% | 0.0% |
| 07312025 | MANH | Manhattan Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -19.4% | -19.4% | -23.2% |
| 01312025 | MANH | Manhattan Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.9% | -15.2% | -31.0% |
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 11302025 | ENPH | Enphase Energy | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 0.9% | 0.9% | -0.9% |
| 11262025 | PD | PagerDuty | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 0.8% | 0.8% | 0.0% |
| 11212025 | CRM | Salesforce | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 3.3% | 3.3% | -0.1% |
| 11212025 | HUBS | HubSpot | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 5.1% | 5.1% | 0.0% |
| 11212025 | FIVN | Five9 | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 4.0% | 4.0% | 0.0% |
| 07312025 | MANH | Manhattan Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | -19.4% | -19.4% | -23.2% |
| 01312025 | MANH | Manhattan Associates | Monopoly | MY | Getting CheaperMonopoly-Like with P/S DeclineLarge cap with monopoly-like margins or cash flow generation and getting cheaper based on P/S multiple | 2.9% | -15.2% | -31.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons for Manhattan Associates
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 193.16 |
| Mkt Cap | 321.3 |
| Rev LTM | 9,097 |
| Op Inc LTM | 1,915 |
| FCF LTM | 576 |
| FCF 3Y Avg | 2,826 |
| CFO LTM | 11,308 |
| CFO 3Y Avg | 10,225 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 12.6% |
| Rev Chg 3Y Avg | 11.7% |
| Rev Chg Q | 15.3% |
| QoQ Delta Rev Chg LTM | 3.6% |
| Op Mgn LTM | 25.9% |
| Op Mgn 3Y Avg | 27.4% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 34.5% |
| CFO/Rev 3Y Avg | 31.8% |
| FCF/Rev LTM | 17.8% |
| FCF/Rev 3Y Avg | 18.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 321.3 |
| P/S | 11.0 |
| P/EBIT | 31.9 |
| P/E | 43.2 |
| P/CFO | 32.2 |
| Total Yield | 3.1% |
| Dividend Yield | 0.7% |
| FCF Yield 3Y Avg | 2.2% |
| D/E | 0.1 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -5.3% |
| 3M Rtn | -10.4% |
| 6M Rtn | -1.5% |
| 12M Rtn | 13.2% |
| 3Y Rtn | 158.7% |
| 1M Excs Rtn | -5.2% |
| 3M Excs Rtn | -15.9% |
| 6M Excs Rtn | -16.3% |
| 12M Excs Rtn | 0.0% |
| 3Y Excs Rtn | 92.1% |
Comparison Analyses
Returns Analyses
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 9302025 | 10242025 | 10-Q 9/30/2025 |
| 6302025 | 7252025 | 10-Q 6/30/2025 |
| 3312025 | 4252025 | 10-Q 3/31/2025 |
| 12312024 | 2072025 | 10-K 12/31/2024 |
| 9302024 | 10252024 | 10-Q 9/30/2024 |
| 6302024 | 7262024 | 10-Q 6/30/2024 |
| 3312024 | 4262024 | 10-Q 3/31/2024 |
| 12312023 | 2062024 | 10-K 12/31/2023 |
| 9302023 | 10262023 | 10-Q 9/30/2023 |
| 6302023 | 7282023 | 10-Q 6/30/2023 |
| 3312023 | 4282023 | 10-Q 3/31/2023 |
| 12312022 | 2062023 | 10-K 12/31/2022 |
| 9302022 | 10282022 | 10-Q 9/30/2022 |
| 6302022 | 7282022 | 10-Q 6/30/2022 |
| 3312022 | 4282022 | 10-Q 3/31/2022 |
| 12312021 | 2072022 | 10-K 12/31/2021 |
External Quote Links
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| YCharts | Perplexity Finance |
| FinViz |