A Business at a Glance
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MANHATTAN ASSOCIATES INC
MANH
$9.3B
Mkt Cap
$151.67
+2.88%
MANHATTAN ASSOCIATES INC (MANH) has a current P/E ratio of 42.1, compared to its historical median P/E of 59.6. The stock is currently considered Fair based on its historical valuation range.
MANHATTAN ASSOCIATES INC (MANH) has a 5-year average return on invested capital (ROIC) of 62.5%. This indicates strong capital allocation and a potential competitive advantage.
MANHATTAN ASSOCIATES INC (MANH) has a market capitalization of $9.0B. It is classified as a mid-cap stock.
MANHATTAN ASSOCIATES INC (MANH) does not currently pay a regular dividend. However, the company returns capital to shareholders through share buybacks, with a buyback yield of 3.99%.
Based on historical P/E analysis, MANHATTAN ASSOCIATES INC (MANH) appears fair. The current P/E of 42.1 is 29% below its historical median of 59.6. The estimated fair value CAGR (P/E method) is 17.4%.
MANHATTAN ASSOCIATES INC (MANH) operates in the Services-Prepackaged Software industry, within the Technology sector.
Manhattan Associates develops and delivers cloud-based software solutions for supply chain execution, omnichannel commerce, and supply chain planning, serving retailers, wholesalers, manufacturers, logistics providers, and other enterprises globally. The company operates a subscription-based SaaS model through its Manhattan Active® platform, which features a versionless, highly extensible architecture delivering quarterly innovation updates with zero-downtime deployments and AI-driven insights. Manhattan's supply chain execution solutions encompass warehouse management, distribution management, transportation management, and yard management in unified offerings; its omnichannel commerce platform integrates order management, store inventory and fulfillment, point-of-sale, and customer engagement capabilities; and its supply chain planning solutions enable demand forecasting, replenishment, and allocation across distribution networks. The company differentiates through industry-leading feature functionality, deep domain expertise, in-house data science and operations research capabilities, and solution unification that reduces customer complexity and integration risk, with customers including many of the world's premier and most profitable brands across diverse verticals including retail, grocery, food distribution, life sciences, industrial, technology, airlines, and third-party logistics.
【Strong cloud momentum continuing】 Management expects cloud revenue growth to accelerate to 21% in 2026 as the company scales its subscription business and benefits from strong renewal cycles and new logo additions. The company is investing significantly in sales and marketing to drive new customer acquisition and cross-sell opportunities, while also expanding services capacity to support growing deployment demand. Manhattan's Active Agent offering, which includes pre-built agents and a customizable Agent Foundry platform, is expected to contribute meaningfully to growth in 2027 after conservative monetization in 2026, with early pilot deployments already exceeding expectations. Operating leverage is anticipated to improve as the cloud business scales, with adjusted operating margin expected to expand 50–75 basis points in 2026 while maintaining investment in go-to-market initiatives and services teams.
| Metric | Target | Period |
|---|---|---|
| Total Revenue | $1.147 billion–$1.157 billion | FY2026 |
| Cloud Revenue | $495 million | FY2026 |
| Services Revenue | $518 million | FY2026 |
| Adjusted Operating Margin | 35% | FY2026 |
| Adjusted EPS | $5.29–$5.37 | FY2026 |
| RPO | $2.62 billion–$2.68 billion | FY2026 |
Total Revenue (FY2026): “For total revenue, we expect $1.147 billion-$1.157 billion, with the $1.152 billion midpoint comparing favorably to our prior outlook and representing 11% growth, excluding license and maintenance attrition, and 7% all-in.”
Cloud Revenue (FY2026): “We are increasing our cloud revenue midpoint to $495 million, representing 21% growth”
Services Revenue (FY2026): “We expect services revenue to increase 3% to $518 million”
Adjusted Operating Margin (FY2026): “For adjusted operating margin, we are increasing the midpoint to 35%, up from our prior midpoint of 34.75%”
Adjusted EPS (FY2026): “Our full-year adjusted EPS range is increasing to $5.29-$5.37.”
RPO (FY2026): “We continue to target RPO of $2.62 billion-$2.68 billion, which represents a range of 18%-20% growth.”
Generated solely from the company's own reports listed below — not from third-party data. Hallucination risk is low. · Sources: 10-K, Q4 FY2025 Earnings Call, Q3 FY2025 Earnings Call, Q2 FY2025 Earnings Call, Q1 FY2025 Earnings Call
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 1.1B | 1.1B | 1.0B | 929M | 767M | 664M |
| Net Income | 217M | 220M | 218M | 177M | 129M | 110M |
| EPS | $3.61 | $3.60 | $3.51 | $2.82 | $2.03 | $1.72 |
| Free Cash Flow | 380M | 374M | 286M | 241M | 173M | 181M |
| ROIC | 28.3% | 70.1% | 74.2% | 68.7% | 52.2% | 47.1% |
| Gross Margin | - | 56.3% | 54.8% | 53.6% | 53.3% | 55.1% |
| Debt/Equity | 0.00 | 1.67 | 1.53 | 1.42 | 1.51 | 1.15 |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | 282M | 280M | 262M | 210M | 153M | 134M |
| Operating Margin | 25.6% | 25.9% | 25.1% | 22.6% | 19.9% | 20.2% |
| ROE | 105.6% | 71.7% | 75.6% | 69.9% | 54.0% | 47.1% |
| Shares Outstanding | 59M | 61M | 62M | 63M | 64M | 64M |
MANHATTAN ASSOCIATES INC passes 8 of 9 quality checks, indicating strong fundamentals.
MANHATTAN ASSOCIATES INC trades at 42.1x trailing earnings, compared to its 15-year median P/E of 59.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 24.8x vs a median of 41.5x. The company's 5-year average ROIC is 62.5% with a gross margin of 54.6%. Total shareholder yield (buybacks) is 4.0%. At current prices, the estimated annualized return to fair value is +16.9%.
MANHATTAN ASSOCIATES INC (MANH) reported annual revenue of $1.1 billion in its most recent fiscal year, based on SEC EDGAR filings.
MANHATTAN ASSOCIATES INC (MANH) has a net profit margin of 20.3%. This is a strong margin indicating high profitability.
MANHATTAN ASSOCIATES INC (MANH) generated $374 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
MANHATTAN ASSOCIATES INC (MANH) has a debt-to-equity ratio of 1.67. This indicates higher leverage, which may increase financial risk.
MANHATTAN ASSOCIATES INC (MANH) reported earnings per share (EPS) of $3.60 in its most recent fiscal year.
MANHATTAN ASSOCIATES INC (MANH) has a return on equity (ROE) of 71.7%. This indicates the company generates strong returns for shareholders.
MANHATTAN ASSOCIATES INC (MANH) has a 5-year average gross margin of 54.6%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 17 years of financial data for MANHATTAN ASSOCIATES INC (MANH), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
MANHATTAN ASSOCIATES INC (MANH) has a book value per share of $5.15, based on its most recent annual SEC filing.
Based on recent SEC filings and earnings disclosures, Management expects cloud revenue growth to accelerate to 21% in 2026 as the company scales its subscription business and benefits from strong renewal cycles and new logo additions. The company is investing significantly in sales and marketing to drive new customer acquisition and cross-sell opportunities, while also expanding services capacity to support growing deployment demand. Manhattan's Active Agent offering, which includes pre-built agents and a customizable Agent Foundry platform, is expected to contribute meaningfully to growth in 2027 after conservative monetization in 2026, with early pilot deployments already exceeding expectations. Operating leverage is anticipated to improve as the cloud business scales, with adjusted operating margin expected to expand 50–75 basis points in 2026 while maintaining investment in go-to-market initiatives and services teams.
Based on recent SEC filings and earnings calls, MANHATTAN ASSOCIATES INC (MANH) has provided the following forward guidance: Total Revenue: $1.147 billion–$1.157 billion (FY2026); Cloud Revenue: $495 million (FY2026); Services Revenue: $518 million (FY2026); Adjusted Operating Margin: 35% (FY2026); Adjusted EPS: $5.29–$5.37 (FY2026), plus 1 additional metric.