Manhattan Associates (MANH)
Market Price (7/8/2026): $158.23 | Market Cap: $9.4 BilSector: Information Technology | Industry: Application Software
Manhattan Associates (MANH)
Market Price (7/8/2026): $158.23Market Cap: $9.4 BilSector: Information TechnologyIndustry: Application Software
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
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 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34% Low stock price volatilityVol 12M is 40% 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 -73%, 3Y Excs Rtn is -90% | Key risksMANH key risks include [1] an ongoing securities fraud investigation and shareholder lawsuit related to alleged misrepresentation of its Services segment, 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 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 34% |
| Low stock price volatilityVol 12M is 40% |
| 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 -73%, 3Y Excs Rtn is -90% |
| Key risksMANH key risks include [1] an ongoing securities fraud investigation and shareholder lawsuit related to alleged misrepresentation of its Services segment, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Updated on 7/6/2026
Manhattan Associates (MANH) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Exceeded Q1 2026 Earnings Expectations and Raised Full-Year Guidance.
Manhattan Associates reported strong financial results for its fiscal Q1 2026 (ended March 31, 2026) on April 21, 2026, with adjusted diluted earnings per share (EPS) of $1.24, surpassing the consensus estimate of $1.10 by $0.14. Revenue for the quarter reached $282.21 million, exceeding analyst expectations of $273.70 million. Cloud subscription revenue specifically saw a 24% year-over-year increase, reaching $117.1 million. Following these robust results, the company increased its full-year 2026 adjusted EPS guidance to a range of $5.29 to $5.37, up from the prior forecast of $5.04 to $5.20. This positive earnings beat and upward revision in guidance significantly boosted investor confidence.
2. Significant Increase in Share Repurchase Authorization.
In March 2026, Manhattan Associates' board of directors approved a substantial increase in its common share repurchase authority from $100 million to $500 million. This expanded buyback program represents up to 5.8% of outstanding shares and signals strong management confidence in the company's valuation and future financial performance, providing support for the stock price.
Show more
Manhattan Associates (MANH) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Exceeded Q1 2026 Earnings Expectations and Raised Full-Year Guidance.
Manhattan Associates reported strong financial results for its fiscal Q1 2026 (ended March 31, 2026) on April 21, 2026, with adjusted diluted earnings per share (EPS) of $1.24, surpassing the consensus estimate of $1.10 by $0.14. Revenue for the quarter reached $282.21 million, exceeding analyst expectations of $273.70 million. Cloud subscription revenue specifically saw a 24% year-over-year increase, reaching $117.1 million. Following these robust results, the company increased its full-year 2026 adjusted EPS guidance to a range of $5.29 to $5.37, up from the prior forecast of $5.04 to $5.20. This positive earnings beat and upward revision in guidance significantly boosted investor confidence.
2. Significant Increase in Share Repurchase Authorization.
In March 2026, Manhattan Associates' board of directors approved a substantial increase in its common share repurchase authority from $100 million to $500 million. This expanded buyback program represents up to 5.8% of outstanding shares and signals strong management confidence in the company's valuation and future financial performance, providing support for the stock price.
Show more
Updated on 7/6/2026
Manhattan Associates (MANH) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Exceeded Q1 2026 Earnings Expectations and Raised Full-Year Guidance.
Manhattan Associates reported strong financial results for its fiscal Q1 2026 (ended March 31, 2026) on April 21, 2026, with adjusted diluted earnings per share (EPS) of $1.24, surpassing the consensus estimate of $1.10 by $0.14. Revenue for the quarter reached $282.21 million, exceeding analyst expectations of $273.70 million. Cloud subscription revenue specifically saw a 24% year-over-year increase, reaching $117.1 million. Following these robust results, the company increased its full-year 2026 adjusted EPS guidance to a range of $5.29 to $5.37, up from the prior forecast of $5.04 to $5.20. This positive earnings beat and upward revision in guidance significantly boosted investor confidence.
2. Significant Increase in Share Repurchase Authorization.
In March 2026, Manhattan Associates' board of directors approved a substantial increase in its common share repurchase authority from $100 million to $500 million. This expanded buyback program represents up to 5.8% of outstanding shares and signals strong management confidence in the company's valuation and future financial performance, providing support for the stock price.
3. Introduction of New AI-Powered Solutions and Continued Industry Recognition.
In May 2026, Manhattan Associates unveiled several new offerings, including Sightline™, an AI-powered capability within its ActivePlanning™ suite that provides decision intelligence for supply chain planning. The company also debuted Manhattan Marketplace™ and Solution Design Studio™ during the same period. These innovations, particularly the focus on native AI capabilities, reinforce Manhattan Associates' position as a technology leader. The company was also recognized as a Leader in Gartner's 2026 Magic Quadrant for Transportation Management Systems (TMS) and Warehouse Management Systems (WMS), highlighting the strength and market relevance of its cloud-native and AI-embedded solutions.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Throughout the period, several analyst firms maintained or upgraded their ratings and price targets for Manhattan Associates. In June 2026, Wall Street Zen upgraded the stock to "Buy" from "Hold". Multiple analysts, including DA Davidson and Stifel Nicolaus, reiterated "Buy" ratings and set price targets of $200.00. Truist Securities maintained a "Buy" rating with an optimistic $240 price target. The consensus analyst rating for MANH remained a "Moderate Buy" with an average 12-month price target ranging from approximately $199.45 to $212.40. This generally positive outlook from the analyst community contributed to investor confidence.
5. Strategic Workforce Reduction for Operational Efficiencies.
On June 1, 2026, Manhattan Associates announced a plan to reduce its global workforce by approximately 6%, impacting about 260 jobs. This restructuring was aimed at leveraging increased operational efficiencies and focusing investments on key strategic priorities. Despite an expected charge of $7 million to $9 million in severance and termination benefits in fiscal Q2 2026, the company reaffirmed its full-year 2026 financial guidance. This move was interpreted by investors as a proactive measure to optimize costs and improve profitability without impacting the company's positive outlook.
Show less
Manhattan Associates (MANH) stock has gained about 20% since 3/31/2026 because of the following key factors:
1. Exceeded Q1 2026 Earnings Expectations and Raised Full-Year Guidance.
Manhattan Associates reported strong financial results for its fiscal Q1 2026 (ended March 31, 2026) on April 21, 2026, with adjusted diluted earnings per share (EPS) of $1.24, surpassing the consensus estimate of $1.10 by $0.14. Revenue for the quarter reached $282.21 million, exceeding analyst expectations of $273.70 million. Cloud subscription revenue specifically saw a 24% year-over-year increase, reaching $117.1 million. Following these robust results, the company increased its full-year 2026 adjusted EPS guidance to a range of $5.29 to $5.37, up from the prior forecast of $5.04 to $5.20. This positive earnings beat and upward revision in guidance significantly boosted investor confidence.
2. Significant Increase in Share Repurchase Authorization.
In March 2026, Manhattan Associates' board of directors approved a substantial increase in its common share repurchase authority from $100 million to $500 million. This expanded buyback program represents up to 5.8% of outstanding shares and signals strong management confidence in the company's valuation and future financial performance, providing support for the stock price.
3. Introduction of New AI-Powered Solutions and Continued Industry Recognition.
In May 2026, Manhattan Associates unveiled several new offerings, including Sightline™, an AI-powered capability within its ActivePlanning™ suite that provides decision intelligence for supply chain planning. The company also debuted Manhattan Marketplace™ and Solution Design Studio™ during the same period. These innovations, particularly the focus on native AI capabilities, reinforce Manhattan Associates' position as a technology leader. The company was also recognized as a Leader in Gartner's 2026 Magic Quadrant for Transportation Management Systems (TMS) and Warehouse Management Systems (WMS), highlighting the strength and market relevance of its cloud-native and AI-embedded solutions.
4. Positive Analyst Sentiment and Upgraded Price Targets.
Throughout the period, several analyst firms maintained or upgraded their ratings and price targets for Manhattan Associates. In June 2026, Wall Street Zen upgraded the stock to "Buy" from "Hold". Multiple analysts, including DA Davidson and Stifel Nicolaus, reiterated "Buy" ratings and set price targets of $200.00. Truist Securities maintained a "Buy" rating with an optimistic $240 price target. The consensus analyst rating for MANH remained a "Moderate Buy" with an average 12-month price target ranging from approximately $199.45 to $212.40. This generally positive outlook from the analyst community contributed to investor confidence.
5. Strategic Workforce Reduction for Operational Efficiencies.
On June 1, 2026, Manhattan Associates announced a plan to reduce its global workforce by approximately 6%, impacting about 260 jobs. This restructuring was aimed at leveraging increased operational efficiencies and focusing investments on key strategic priorities. Despite an expected charge of $7 million to $9 million in severance and termination benefits in fiscal Q2 2026, the company reaffirmed its full-year 2026 financial guidance. This move was interpreted by investors as a proactive measure to optimize costs and improve profitability without impacting the company's positive outlook.
Show less
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Stock Movement Drivers
Fundamental Drivers
The 18.8% change in MANH stock from 3/31/2026 to 7/7/2026 was primarily driven by a 19.9% change in the company's P/E Multiple.| (LTM values as of) | 3312026 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 133.12 | 158.17 | 18.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,081 | 1,101 | 1.8% |
| Net Income Margin (%) | 20.3% | 19.7% | -3.2% |
| P/E Multiple | 36.3 | 43.6 | 19.9% |
| Shares Outstanding (Mil) | 60 | 60 | 0.6% |
| Cumulative Contribution | 18.8% |
Market Drivers
3/31/2026 to 7/7/2026| Return | Correlation | |
|---|---|---|
| MANH | 18.8% | |
| Market (SPY) | 15.0% | 4.6% |
| Sector (XLK) | 34.8% | 4.9% |
Fundamental Drivers
The -8.7% change in MANH stock from 12/31/2025 to 7/7/2026 was primarily driven by a -10.1% change in the company's P/E Multiple.| (LTM values as of) | 12312025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 173.31 | 158.17 | -8.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,067 | 1,101 | 3.2% |
| Net Income Margin (%) | 20.2% | 19.7% | -2.8% |
| P/E Multiple | 48.4 | 43.6 | -10.1% |
| Shares Outstanding (Mil) | 60 | 60 | 1.2% |
| Cumulative Contribution | -8.7% |
Market Drivers
12/31/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| MANH | -8.7% | |
| Market (SPY) | 9.9% | 19.4% |
| Sector (XLK) | 24.6% | 16.9% |
Fundamental Drivers
The -19.9% change in MANH stock from 6/30/2025 to 7/7/2026 was primarily driven by a -21.3% change in the company's P/E Multiple.| (LTM values as of) | 6302025 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 197.47 | 158.17 | -19.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,051 | 1,101 | 4.8% |
| Net Income Margin (%) | 20.7% | 19.7% | -4.8% |
| P/E Multiple | 55.4 | 43.6 | -21.3% |
| Shares Outstanding (Mil) | 61 | 60 | 2.0% |
| Cumulative Contribution | -19.9% |
Market Drivers
6/30/2025 to 7/7/2026| Return | Correlation | |
|---|---|---|
| MANH | -19.9% | |
| Market (SPY) | 22.0% | 24.5% |
| Sector (XLK) | 42.1% | 19.8% |
Fundamental Drivers
The -20.9% change in MANH stock from 6/30/2023 to 7/7/2026 was primarily driven by a -51.9% change in the company's P/E Multiple.| (LTM values as of) | 6302023 | 7072026 | Change |
|---|---|---|---|
| Stock Price ($) | 199.88 | 158.17 | -20.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 809 | 1,101 | 36.0% |
| Net Income Margin (%) | 17.0% | 19.7% | 16.1% |
| P/E Multiple | 90.7 | 43.6 | -51.9% |
| Shares Outstanding (Mil) | 62 | 60 | 4.2% |
| Cumulative Contribution | -20.9% |
Market Drivers
6/30/2023 to 7/7/2026| Return | Correlation | |
|---|---|---|
| MANH | -20.9% | |
| Market (SPY) | 74.6% | 46.0% |
| Sector (XLK) | 110.0% | 41.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| MANH Return | 48% | -22% | 77% | 26% | -36% | -11% | 46% |
| Peers Return | 28% | -15% | 31% | 26% | -10% | -27% | 18% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 101% |
Monthly Win Rates [3] | |||||||
| MANH Win Rate | 58% | 33% | 67% | 67% | 33% | 43% | |
| Peers Win Rate | 63% | 47% | 58% | 57% | 45% | 49% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 57% | |
Max Drawdowns [4] | |||||||
| MANH Max Drawdown | -21% | -30% | -12% | -23% | -51% | -32% | |
| Peers Max Drawdown | -20% | -32% | -21% | -17% | -40% | -39% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ORCL, DSGX, SPSC, PTC, TRMB. 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] 2026 data is for the year up to 7/7/2026 (YTD)
How Low Can It Go
| Event | MANH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.5% | -18.8% |
| % Gain to Breakeven | 27.3% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.2% | -7.8% |
| % Gain to Breakeven | 12.6% | 8.5% |
| Time to Breakeven | 5 days | 18 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.8% | -24.5% |
| % Gain to Breakeven | 40.4% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.1% | -33.7% |
| % Gain to Breakeven | 117.9% | 50.9% |
| Time to Breakeven | 69 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.1% | -19.2% |
| % Gain to Breakeven | 31.8% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.3% | -3.7% |
| % Gain to Breakeven | 30.4% | 3.9% |
| Time to Breakeven | 488 days | 6 days |
In The Past
Manhattan Associates's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.3% gain to breakeven.
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| Event | MANH | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -21.5% | -18.8% |
| % Gain to Breakeven | 27.3% | 23.1% |
| Time to Breakeven | 24 days | 79 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -28.8% | -24.5% |
| % Gain to Breakeven | 40.4% | 32.4% |
| Time to Breakeven | 60 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.1% | -33.7% |
| % Gain to Breakeven | 117.9% | 50.9% |
| Time to Breakeven | 69 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -24.1% | -19.2% |
| % Gain to Breakeven | 31.8% | 23.8% |
| Time to Breakeven | 50 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -23.3% | -3.7% |
| % Gain to Breakeven | 30.4% | 3.9% |
| Time to Breakeven | 488 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -31.8% | -12.2% |
| % Gain to Breakeven | 46.7% | 13.9% |
| Time to Breakeven | 72 days | 62 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -48.3% | -53.4% |
| % Gain to Breakeven | 93.3% | 114.4% |
| Time to Breakeven | 459 days | 1085 days |
In The Past
Manhattan Associates's stock fell -21.5% during the 2025 US Tariff Shock. Such a loss loss requires a 27.3% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Manhattan Associates (MANH)
Manhattan Associates (MANH) is a global software company specializing in solutions that optimize supply chain, inventory, and omni-channel operations for businesses. The company develops, sells, deploys, and maintains a comprehensive suite of software designed to enhance efficiency and manage complex logistics from the warehouse floor to the customer's doorstep. Beyond software, it also provides professional services, including planning, implementation, and consulting, along with ongoing maintenance and training.
The core of Manhattan Associates' offerings includes two primary software platforms. Manhattan SCALE provides robust logistics execution capabilities, covering everything from warehouse and transportation management to yard management and optimization. Its Manhattan Active suite focuses on enterprise and store omni-channel solutions, helping companies manage inventory and customer experiences across various sales channels. Additionally, the company offers specialized solutions for inventory optimization, planning, and allocation, and resells essential related hardware like barcode scanners, RFID readers, and networking equipment.
Manhattan Associates serves a wide array of industries that rely heavily on efficient supply chain and inventory management. Its primary customers include businesses in grocery, food and beverage, manufacturing, medical and pharmaceutical, retail, third-party logistics (3PL), and wholesale sectors. With operations spanning the Americas, Europe, the Middle East, Africa, and the Asia Pacific, Manhattan Associates helps companies worldwide streamline their operations and deliver seamless customer experiences.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Manhattan Associates (MANH):
- Like SAP or Oracle, but exclusively focused on software for specialized supply chain management and omni-channel operations.
- Shopify for large-scale enterprise logistics and retail fulfillment.
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- Manhattan SCALE: A portfolio of logistics execution software solutions covering warehouse management, transportation, and trading partner management.
- Manhattan Active: A set of enterprise and store omni-channel software solutions designed for unified commerce operations.
- Inventory Optimization, Planning, and Allocation Solutions: Software products focused on optimizing inventory levels, planning stock, and efficiently allocating goods.
- Maintenance Services: Provides customer support and ongoing software enhancements for its deployed solutions.
- Professional Services: Offers solutions planning, implementation, and related consulting services to assist clients with software deployment.
- Training and Change Management Services: Provides education and support to help customers adopt and effectively use their software solutions.
- Hardware and Peripherals Resale: Resells computer hardware, radio frequency terminal networks, RFID readers, barcode printers, and scanners.
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Manhattan Associates (MANH) primarily sells its software solutions and services to other companies, operating in a business-to-business (B2B) model. The provided background information does not list the names of specific major customer companies. Therefore, it is not possible to provide a list of their major customers by name or their symbols.
However, the company serves a wide range of industries, which represent categories of its business customers. These include:
- Grocery
- Food and beverage
- Manufacturing
- Medical and pharmaceutical
- Retail
- Third-party logistics (3PL)
- Wholesale
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Eric A. Clark President and Chief Executive Officer
Eric A. Clark was appointed President and Chief Executive Officer of Manhattan Associates in February 2025. Before joining Manhattan Associates, he served as CEO of NTT Data North America. His extensive career includes various global, senior leadership positions at companies such as ServiceNow, Dell, Hewlett Packard Enterprise, Arthur Andersen Business Consulting, Ernst & Young, and Bank of America.
Dennis Story Executive Vice President and Chief Financial Officer
Dennis Story serves as the Executive Vice President and Chief Financial Officer for Manhattan Associates.
Stewart Gantt Executive Vice President, Professional Services, Americas
Stewart Gantt holds the position of Executive Vice President, Professional Services, Americas at Manhattan Associates.
Bob Howell Executive Vice President and Chief Sales Officer
Bob Howell is the Executive Vice President and Chief Sales Officer at Manhattan Associates.
Sanjeev Siotia Executive Vice President & Chief Technology Officer
Sanjeev Siotia is the Executive Vice President & Chief Technology Officer for Manhattan Associates.
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The key risks to Manhattan Associates' (MANH) business primarily revolve around its ongoing cloud transition, the highly competitive market, and its concentration in supply chain and omnichannel solutions.
- Customer Renewal and Cloud Transition Challenges: Manhattan Associates is navigating a significant customer renewal period, coupled with the complex migration of its substantial customer base from on-premise to cloud-based software solutions. This transition introduces volatility in revenues and earnings due to potential deal slippage, customer budgetary caution, and extended implementation timelines for some deployments. The company has also experienced a decline in professional services revenue, which can be attributed to these macroeconomic uncertainties and the shift to cloud offerings.
- Intense Competition and Market Demand: The supply chain and omnichannel solutions market in which Manhattan Associates operates is highly competitive, with numerous companies vying for market share, including larger-scale providers. This competitive landscape can exert pressure on pricing models and hinder the company's growth prospects, particularly in its key retail and logistics sectors. Analysts have noted "weak billings" and "slim projected revenue growth," suggesting challenges in customer acquisition and retention amidst this competitive pressure and potentially soft demand.
- Dependence on a Single Line of Business: Manhattan Associates' core business is focused on providing software solutions for supply chain and omnichannel operations. This concentration on a single line of business means the company's financial performance is significantly susceptible to market downturns or disruptions within this specific sector.
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The clear emerging threat to Manhattan Associates is the direct entry and aggressive expansion of major cloud service providers (hyperscalers) into the supply chain management application space.
Specifically, companies like Amazon (with "AWS Supply Chain") and Microsoft (with "Dynamics 365 Supply Chain Management") are increasingly offering comprehensive, cloud-native solutions that directly compete with Manhattan Associates' core offerings in warehouse management, inventory optimization, and planning. These hyperscalers leverage their immense financial resources, existing global customer bases, deep technology stacks, and integrated cloud platforms to provide end-to-end supply chain solutions. Their entry represents a significant challenge due to their ability to bundle services, offer highly scalable and resilient infrastructure, and potentially disrupt established market dynamics with new pricing models and rapid innovation cycles that could pressure specialized vendors like Manhattan Associates.
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Manhattan Associates (symbol: MANH) operates in several significant addressable markets globally for its main products and services:
- Supply Chain Management (SCM) Software: The global supply chain management software market size is estimated at USD 36.39 billion in 2026 and is projected to reach USD 56.01 billion by 2031, growing at a CAGR of 9.01% from 2026 to 2031. North America accounted for 38.25% of the revenue share in this market in 2025.
- Warehouse Management Systems (WMS): The global warehouse management system market size is estimated at USD 4.77 billion in 2026 and is projected to reach USD 10.89 billion by 2031, exhibiting a CAGR of 17.98% from 2026 to 2031. North America dominated this market with a 35.55% share in 2025.
- Transportation Management Systems (TMS): The global transportation management system market size is USD 9.71 billion in 2026 and is projected to reach USD 14.89 billion by 2031, advancing at an 8.93% CAGR. North America commanded a 42.67% share of this market in 2025.
- Omni-channel Retail Software: The global omnichannel retail software market size is projected to grow from USD 12.89 billion in 2025 to USD 15.82 billion in 2026 at a compound annual growth rate (CAGR) of 22.7%, and is expected to reach USD 31.85 billion by 2030. North America is a major region in this market.
- Inventory Optimization Solutions: The global inventory optimization market is estimated to be valued at USD 5.87 billion in 2025 and is expected to reach USD 12.42 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.3% from 2025 to 2032. North America is estimated to lead this market with a 38.9% share in 2025.
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Manhattan Associates (MANH) is expected to drive future revenue growth over the next two to three years through several key initiatives and market trends:
- Cloud Subscription Revenue Expansion: The company's ongoing transition to a cloud-native platform is a primary growth engine. Manhattan Associates anticipates a 21% increase in cloud revenue to $492 million in 2026 and projects over 20% cloud subscription revenue growth for the next several years. This growth is fueled by strong cloud bookings, including a record Q4 2025, and a consistent shift from traditional license and maintenance revenue to recurring cloud subscriptions.
- New Customer Acquisition and Expanded Market Reach: Manhattan Associates is focused on expanding its market footprint and acquiring new customers. The company noted an "expanded go-to-market footprint" entering 2026 and highlighted that over 75% of its new cloud bookings in Q4 2025 came from net new logos, demonstrating successful customer acquisition efforts.
- Growth from AI-Powered Solutions: The recent commercial launch of AI agents and the "Agent Foundry" within Manhattan's Active platform are expected to drive revenue growth. These new AI capabilities are designed to enhance customer results and are a key innovation focus, creating opportunities for increased adoption and usage among new and existing customers.
- Increased Services Revenue driven by Cloud Implementations: As cloud adoption and new customer wins accelerate, the demand for Manhattan Associates' professional services for solutions planning, implementation, and consulting is also projected to grow. The company expects services revenue to increase by 3% to $517 million in 2026 and is actively expanding its services teams to support the acceleration of customer conversions and product implementations.
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Share Repurchases
- On March 5, 2026, Manhattan Associates' board of directors increased the company's common share repurchase authority from $100 million to $500 million, effective immediately. This program has no fixed expiration date and does not obligate the company to acquire any particular amount of common stock.
- In 2025, Manhattan Associates repurchased $274.5 million of its outstanding common stock.
- The company's annual share repurchases totaled $286.366 million in 2024.
Share Issuance
- Manhattan Associates' shares outstanding declined by 1.82% in 2025 to 0.061 billion from 2024.
- Shares outstanding decreased by 0.68% in 2024 to 0.062 billion from 2023.
- The number of shares outstanding decreased by 1.26% in 2023 to 0.063 billion from 2022.
Capital Expenditures
- Capital expenditures for 2025 were $15.457 million.
- In 2024, capital expenditures amounted to $8.675 million.
- For 2023, capital expenditures were $4.73 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 98.57 |
| Mkt Cap | 11.0 |
| Rev LTM | 2,049 |
| Op Inc LTM | 469 |
| FCF LTM | 330 |
| FCF 3Y Avg | 271 |
| CFO LTM | 452 |
| CFO 3Y Avg | 423 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.3% |
| Rev Chg 3Y Avg | 12.6% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 23.2% |
| Op Inc Chg 3Y Avg | 18.2% |
| Op Mgn LTM | 28.3% |
| Op Mgn 3Y Avg | 27.2% |
| QoQ Delta Op Mgn LTM | 0.6% |
| CFO/Rev LTM | 33.7% |
| CFO/Rev 3Y Avg | 31.2% |
| FCF/Rev LTM | 26.4% |
| FCF/Rev 3Y Avg | 25.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 11.0 |
| P/S | 5.5 |
| P/Op Inc | 19.3 |
| P/EBIT | 19.7 |
| P/E | 26.3 |
| P/CFO | 18.6 |
| Total Yield | 3.8% |
| Dividend Yield | 0.0% |
| FCF Yield 3Y Avg | 3.2% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -2.7% |
| 3M Rtn | 1.5% |
| 6M Rtn | -27.5% |
| 12M Rtn | -30.6% |
| 3Y Rtn | -8.1% |
| 1M Excs Rtn | -4.4% |
| 3M Excs Rtn | -13.9% |
| 6M Excs Rtn | -36.3% |
| 12M Excs Rtn | -49.5% |
| 3Y Excs Rtn | -80.9% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 1,081 | 1,042 | 929 | ||
| Cloud subscriptions | 176 | 122 | |||
| Hardware | 29 | 24 | |||
| Maintenance | 142 | 146 | |||
| Services | 394 | 335 | |||
| Software license | 25 | 37 | |||
| Total | 1,081 | 1,042 | 929 | 767 | 664 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Americas | 134 | 102 | 83 | 66 | 54 |
| Europe, Middle East and Africa | 22 | 15 | 10 | 10 | 5 |
| Asia Pacific | 5 | 10 | 8 | 5 | 3 |
| Total | 161 | 127 | 101 | 80 | 61 |
| $ Mil | 2015 | 2014 | 2013 | 2012 | 2011 |
|---|---|---|---|---|---|
| Americas | 300 | 284 | 268 | 236 | 236 |
| Europe, Middle East and Africa | 29 | 24 | 21 | 17 | 15 |
| Asia Pacific | 9 | 10 | 9 | 8 | 8 |
| Total | 338 | 318 | 298 | 262 | 260 |
Price Behavior
Price Behavior
| Market Price | $158.17 | |
| Market Cap ($ Bil) | 9.4 | |
| First Trading Date | 04/23/1998 | |
| Distance from 52W High | -30.6% | |
| 50 Days | 200 Days | |
| DMA Price | $141.38 | $159.84 |
| DMA Trend | down | up |
| Distance from DMA | 11.9% | -1.0% |
| 3M | 1YR | |
| Volatility | 49.6% | 40.3% |
| Downside Capture | -62.93 | 109.46 |
| Upside Capture | 23.36 | 55.77 |
| Correlation (SPY) | 5.9% | 24.8% |
MANH Betas & Captures as of 6/30/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.34 | 0.17 | 0.31 | 0.70 | 0.80 | 1.17 |
| Up Beta | -0.50 | -0.63 | 0.24 | 0.33 | 0.61 | 1.35 |
| Down Beta | 0.66 | 0.93 | 0.79 | 0.66 | 0.80 | 0.90 |
| Up Capture | 4% | 13% | 23% | 46% | 43% | 103% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 9 | 21 | 36 | 69 | 133 | 394 |
| Down Capture | 82% | 11% | 12% | 120% | 116% | 108% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 12 | 20 | 27 | 56 | 117 | 354 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MANH | |
|---|---|---|---|---|
| MANH | -21.4% | 40.3% | -0.50 | - |
| Sector ETF (XLK) | 40.2% | 24.2% | 1.34 | 19.9% |
| Equity (SPY) | 20.7% | 12.5% | 1.22 | 24.8% |
| Gold (GLD) | 23.0% | 27.8% | 0.73 | -9.7% |
| Commodities (DBC) | 22.9% | 18.6% | 0.97 | -3.7% |
| Real Estate (VNQ) | 13.6% | 13.8% | 0.68 | 17.6% |
| Bitcoin (BTCUSD) | -41.8% | 42.8% | -1.14 | 19.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MANH | |
|---|---|---|---|---|
| MANH | 1.5% | 38.5% | 0.14 | - |
| Sector ETF (XLK) | 20.4% | 25.5% | 0.71 | 54.2% |
| Equity (SPY) | 13.3% | 17.1% | 0.60 | 55.9% |
| Gold (GLD) | 17.8% | 18.3% | 0.79 | -0.2% |
| Commodities (DBC) | 7.6% | 19.5% | 0.29 | 6.1% |
| Real Estate (VNQ) | 3.1% | 18.9% | 0.06 | 40.0% |
| Bitcoin (BTCUSD) | 13.2% | 53.5% | 0.43 | 25.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with MANH | |
|---|---|---|---|---|
| MANH | 9.7% | 39.6% | 0.36 | - |
| Sector ETF (XLK) | 25.1% | 24.8% | 0.92 | 54.8% |
| Equity (SPY) | 15.7% | 17.9% | 0.75 | 57.4% |
| Gold (GLD) | 11.6% | 16.1% | 0.59 | 3.0% |
| Commodities (DBC) | 6.2% | 18.0% | 0.27 | 15.0% |
| Real Estate (VNQ) | 5.6% | 20.7% | 0.23 | 46.0% |
| Bitcoin (BTCUSD) | 57.9% | 66.2% | 0.98 | 18.5% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/2/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | 5.9% | 4.0% | 1.6% |
| 1/27/2026 | -5.1% | -20.1% | -17.7% |
| 10/21/2025 | -5.0% | -9.1% | -16.2% |
| 7/22/2025 | 7.4% | 11.2% | 4.6% |
| 4/22/2025 | 6.0% | 8.6% | 15.9% |
| 1/28/2025 | -24.5% | -33.4% | -40.6% |
| 10/22/2024 | -7.2% | -5.2% | -7.1% |
| 7/23/2024 | 10.5% | 12.8% | 15.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 12 |
| # Negative | 10 | 10 | 12 |
| Median Positive | 7.5% | 9.4% | 12.6% |
| Median Negative | -5.4% | -9.9% | -7.2% |
| Max Positive | 17.9% | 19.5% | 24.9% |
| Max Negative | -24.5% | -33.4% | -40.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 4/21/2026 | 5.9% | 4.0% | 1.6% |
| 1/27/2026 | -5.1% | -20.1% | -17.7% |
| 10/21/2025 | -5.0% | -9.1% | -16.2% |
| 7/22/2025 | 7.4% | 11.2% | 4.6% |
| 4/22/2025 | 6.0% | 8.6% | 15.9% |
| 1/28/2025 | -24.5% | -33.4% | -40.6% |
| 10/22/2024 | -7.2% | -5.2% | -7.1% |
| 7/23/2024 | 10.5% | 12.8% | 15.7% |
| 4/23/2024 | -10.5% | -10.7% | -2.9% |
| 1/30/2024 | 8.4% | 10.6% | 13.2% |
| 10/24/2023 | 1.8% | 2.8% | 17.1% |
| 7/25/2023 | -2.5% | -0.9% | 0.5% |
| 4/25/2023 | 8.5% | 9.8% | 14.4% |
| 2/2/2023 | 8.0% | 3.5% | 5.2% |
| 10/25/2022 | -11.4% | -12.0% | -7.4% |
| 7/26/2022 | 17.9% | 19.5% | 24.9% |
| 4/26/2022 | 0.0% | -0.8% | -10.3% |
| 2/1/2022 | -4.9% | -5.3% | -0.4% |
| 10/26/2021 | 5.7% | 8.9% | -5.2% |
| 7/27/2021 | 7.6% | 12.8% | 12.0% |
| 4/27/2021 | 12.2% | 5.2% | 5.4% |
| 2/2/2021 | 2.4% | 19.4% | -1.9% |
| 10/22/2020 | -5.8% | -15.6% | -7.3% |
| 7/23/2020 | -0.2% | 1.2% | -1.6% |
| SUMMARY STATS | |||
| # Positive | 14 | 14 | 12 |
| # Negative | 10 | 10 | 12 |
| Median Positive | 7.5% | 9.4% | 12.6% |
| Median Negative | -5.4% | -9.9% | -7.2% |
| Max Positive | 17.9% | 19.5% | 24.9% |
| Max Negative | -24.5% | -33.4% | -40.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/06/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 04/24/2026 | 10-Q |
| 12/31/2025 | 02/04/2026 | 10-K |
| 09/30/2025 | 10/24/2025 | 10-Q |
| 06/30/2025 | 07/25/2025 | 10-Q |
| 03/31/2025 | 04/25/2025 | 10-Q |
| 12/31/2024 | 02/07/2025 | 10-K |
| 09/30/2024 | 10/25/2024 | 10-Q |
| 06/30/2024 | 07/26/2024 | 10-Q |
| 03/31/2024 | 04/26/2024 | 10-Q |
| 12/31/2023 | 02/06/2024 | 10-K |
| 09/30/2023 | 10/26/2023 | 10-Q |
| 06/30/2023 | 07/28/2023 | 10-Q |
| 03/31/2023 | 04/28/2023 | 10-Q |
| 12/31/2022 | 02/06/2023 | 10-K |
| 09/30/2022 | 10/28/2022 | 10-Q |
| 06/30/2022 | 07/28/2022 | 10-Q |
| 03/31/2022 | 04/28/2022 | 10-Q |
| 12/31/2021 | 02/07/2022 | 10-K |
| 09/30/2021 | 10/28/2021 | 10-Q |
| 06/30/2021 | 07/29/2021 | 10-Q |
| 03/31/2021 | 04/29/2021 | 10-Q |
| 12/31/2020 | 02/05/2021 | 10-K |
| 09/30/2020 | 11/02/2020 | 10-Q |
| 06/30/2020 | 07/27/2020 | 10-Q |
| 03/31/2020 | 05/01/2020 | 10-Q |
| 12/31/2019 | 02/10/2020 | 10-K |
| 09/30/2019 | 10/25/2019 | 10-Q |
| 06/30/2019 | 07/25/2019 | 10-Q |
Recent Forward Guidance
Updated 6/1/2026Latest: Q1 2026 Earnings Reported 4/21/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 1.15 Bil | 1.15 Bil | 1.16 Bil | 0.8% | Raised | Guidance: 1.14 Bil for 2026 | |
| 2026 Revenue Growth | 6.0% | 6.5% | 7.0% | 8.3% | 0.5% | Raised | Guidance: 6.0% for 2026 |
| 2026 GAAP Operating Margin | 24.6% | 24.75% | 24.9% | 1.4% | 0.4% | Raised | Guidance: 24.4% for 2026 |
| 2026 Adjusted Operating Margin | 34.9% | 35.0% | 35.1% | 0.7% | 0.2% | Raised | Guidance: 34.75% for 2026 |
| 2026 GAAP EPS | 3.55 | 3.59 | 3.63 | 4.1% | Raised | Guidance: 3.45 for 2026 | |
| 2026 Adjusted EPS | 5.29 | 5.33 | 5.37 | 4.1% | Raised | Guidance: 5.12 for 2026 | |
Prior: Q4 2025 Earnings Reported 1/27/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Total Revenue | 1.13 Bil | 1.14 Bil | 1.15 Bil | 6.3% | Higher New | Actual: 1.07 Bil for 2025 | |
| 2026 Revenue Growth | 5.0% | 6.0% | 7.0% | 100.0% | 3.0% | Higher New | Actual: 3.0% for 2025 |
| 2026 GAAP Operating Margin | 24.1% | 24.4% | 24.7% | -2.8% | -0.7% | Lower New | Actual: 25.1% for 2025 |
| 2026 Adjusted Operating Margin | 34.5% | 34.75% | 35.0% | -2.4% | -0.8% | Lower New | Actual: 35.6% for 2025 |
| 2026 GAAP EPS | 3.37 | 3.45 | 3.53 | 0.3% | Higher New | Actual: 3.44 for 2025 | |
| 2026 Adjusted EPS | 5.04 | 5.12 | 5.2 | 3.2% | Higher New | Actual: 4.96 for 2025 | |
Q3 2025 Earnings Reported 10/21/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2025 Total revenue | 1.07 Bil | 1.07 Bil | 1.08 Bil | 0.2% | Raised | Guidance: 1.07 Bil for 2025 | |
| 2025 Revenue Growth | 3.0% | 0 | 0 | Affirmed | Guidance: 3.0% for 2025 | ||
| 2025 Adjusted operating margin | 35.5% | 35.6% | 35.7% | 1.6% | 0.6% | Raised | Guidance: 35.05% for 2025 |
| 2025 Adjusted EPS | 4.95 | 4.96 | 4.97 | 3.3% | Raised | Guidance: 4.8 for 2025 | |
| 2025 GAAP operating margin | 25.0% | 25.1% | 25.2% | ||||
| 2025 GAAP EPS | 3.43 | 3.44 | 3.45 | ||||
Insider Activity
Updated 6/16/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clark, Eric Andrew | President & CEO | Direct | Sell | 6102026 | 146.77 | 1,000 | 146,770 | 13,596,489 | Form |
| 2 | Gantt, James Stewart | EVP, Professional Services | Direct | Sell | 4242026 | 139.25 | 7,300 | 1,016,525 | 8,468,489 | Form |
| 3 | Clark, Eric Andrew | President & CEO | Direct | Sell | 12012025 | 176.40 | 1,600 | 282,235 | 8,905,579 | Form |
| 4 | Gantt, James Stewart | EVP, Professional Services | Direct | Sell | 9022025 | 218.70 | 2,300 | 503,006 | 10,752,946 | Form |
| 5 | Capel, Eddie | Executive Chairman | Direct | Sell | 7312025 | 222.18 | 37,342 | 8,296,577 | 36,212,375 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Clark, Eric Andrew | President & CEO | Direct | Sell | 6102026 | 146.77 | 1,000 | 146,770 | 13,596,489 | Form |
| 2 | Gantt, James Stewart | EVP, Professional Services | Direct | Sell | 4242026 | 139.25 | 7,300 | 1,016,525 | 8,468,489 | Form |
| 3 | Clark, Eric Andrew | President & CEO | Direct | Sell | 12012025 | 176.40 | 1,600 | 282,235 | 8,905,579 | Form |
| 4 | Gantt, James Stewart | EVP, Professional Services | Direct | Sell | 9022025 | 218.70 | 2,300 | 503,006 | 10,752,946 | Form |
| 5 | Capel, Eddie | Executive Chairman | Direct | Sell | 7312025 | 222.18 | 37,342 | 8,296,577 | 36,212,375 | Form |
| 6 | Hollembaek, Linda T | Direct | Sell | 7312025 | 221.53 | 2,024 | 448,380 | 2,637,776 | Form | |
| 7 | Gantt, James Stewart | EVP, Professional Services | Direct | Sell | 7292025 | 220.33 | 2,300 | 506,759 | 10,721,258 | Form |
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