Manhattan Associates (MANH)
NASDAQ:MANH
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Manhattan Associates
(NASDAQ:MANH)
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Rating:75Outperform
Price Target:
$152.00
▲(4.78% Upside)
Action:UpgradedDate:04/22/26
The score is driven primarily by strong financial performance (profitability and free-cash-flow strength) and a supportive earnings update with raised 2026 guidance and robust RPO/cloud momentum. These positives are tempered by weak-to-mixed technical trends and a premium valuation (high P/E with no dividend yield provided), with the CFO transition a modest, generally positive factor.
Positive Factors
Strong cash generation
Manhattan’s consistently strong operating and free cash flow (FCF) provides durable funding for product investment, cloud migration support, and buybacks without adding leverage. High cash conversion versus net income underpins capital flexibility and resilience through business cycles.
Negative Factors
Maintenance/license attrition from cloud shift
As customers move from on-premise licenses and maintenance to cloud subscriptions, legacy maintenance revenue will materially fall, compressing a stable legacy income stream. Sustainable growth depends on cloud upsell and churn control to offset this structural revenue shift over multiple years.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Manhattan’s consistently strong operating and free cash flow (FCF) provides durable funding for product investment, cloud migration support, and buybacks without adding leverage. High cash conversion versus net income underpins capital flexibility and resilience through business cycles.
Read all positive factors
Manhattan Associates (MANH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.15B
Dividend YieldN/A
Average Volume (3M)623.14K
Price to Earnings (P/E)40.3
Beta (1Y)1.27
Revenue Growth4.78%
EPS Growth1.30%
CountryUS
Employees4,690
SectorTechnology
Sector Strength88
IndustrySoftware - Application
Share Statistics
EPS (TTM)3.61
Shares Outstanding59,164,600
10 Day Avg. Volume760,094
30 Day Avg. Volume623,136
Financial Highlights & Ratios
PEG Ratio21.20
Price to Book (P/B)33.30
Price to Sales (P/S)9.69
P/FCF Ratio28.02
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue7.25
Enterprise Value/Gross Profit13.05
Enterprise Value/Ebitda27.25
Forecast
1Y Price Target
$198.14Price Target Upside36.58% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering8
EPS Forecast (FY)5.22
Revenue Forecast (FY)$1.15B
Manhattan Associates Business Overview & Revenue Model
Company Description
Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers Manhattan SCALE, a portfolio of logistics execution solutions that provide t...
How the Company Makes Money
Manhattan Associates makes money primarily by selling and supporting its supply chain software. Key revenue streams include: (1) Software subscriptions: recurring fees for access to Manhattan’s cloud-based software offerings (often sold on subscri...
Manhattan Associates Key Performance Indicators (KPIs)
Any
Revenue By Geography
Breaks down sales by region to show which markets drive growth and where the company is most dependent on local demand. Reveals geographic concentration risk, international expansion progress, and where product adoption or market share gains are occurring, helping assess future growth potential and exposure to regional economic cycles or currency swings.
Breaks down sales by region to show which markets drive growth and where the company is most dependent on local demand. Reveals geographic concentration risk, international expansion progress, and where product adoption or market share gains are occurring, helping assess future growth potential and exposure to regional economic cycles or currency swings.
Data provided by:
The Fly
The FlyManhattan Associates Earnings Call Summary
Earnings Call Date:Apr 21, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
Earnings Call Sentiment Positive
The call presented multiple strong operational and financial positives: accelerating cloud revenue (24% growth), a 24% increase in RPO to $2.35B, improved adjusted margins, raised full-year guidance, strong new-logo momentum including the largest-ever OMS booking, and promising early AI/agent customer outcomes. Offsets include GAAP EPS pressure from higher taxes, expected attrition of maintenance/license revenue as customers migrate to cloud (maintenance down ~17%), some nonrecurring cloud overage upside in Q1, and continued macro/FX uncertainty. Overall, management emphasized conservative modeling for the remainder of 2026 while highlighting durable wins and investments that underpin longer-term growth.Positive Updates
Total Revenue Beat and Growth
Total revenue of $282 million, up 7% year-over-year; excluding license and maintenance (cloud transition compression), revenue was up 13%.
Negative Updates
GAAP EPS Decline and Tax Impact
GAAP EPS was $0.82, down 4% year-over-year, adversely impacted by higher-than-expected tax expense driven by decreased stock-based compensation benefits.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Beat and Growth
Total revenue of $282 million, up 7% year-over-year; excluding license and maintenance (cloud transition compression), revenue was up 13%.
Read all positive updates
Company Guidance
Manhattan raised its 2026 outlook, targeting RPO of $2.62–$2.68 billion (18–20% growth) and total revenue of $1.147–$1.157 billion (midpoint $1.152B; ~11% growth ex‑license/maintenance attrition, ~7% all‑in) with a ~1 point FX tailwind; cloud revenue midpoint was increased to $495M (21% growth) with quarterly cloud targets of $121.5M (Q2), $126M (Q3) and $130.5M (Q4); services revenue is expected to rise 3% to $518M (Q2 $131.5M, Q3 $137M, Q4 $124M); maintenance is expected to decline ~17% to ~$108M (Q2 $27M, Q3 $25.5M, Q4 $25M), license ~ $1M/quarter and hardware $6–6.5M/quarter; adjusted operating margin midpoint was raised to 35% (Q2 ~34.7%, Q3 ~36.9%, Q4 ~36.1%, including a 100 bps headwind from license/maintenance attrition), adjusted EPS guidance of $5.29–$5.37 (Q2 $1.30, Q3 $1.43, Q4 $1.36), GAAP EPS midpoint of ~$3.59 (Q2 GAAP $0.86), tax rate ~22% and diluted share count of ~60M (assumes no buybacks).Manhattan Associates Financial Statement Overview
Summary
Income Statement
88
Very Positive
Balance Sheet
84
Very Positive
Cash Flow
91
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.10B | 1.08B | 1.04B | 928.73M | 767.08M | 663.64M |
| Gross Profit | 611.63M | 602.74M | 565.07M | 492.36M | 402.18M | 357.90M |
| EBITDA | 292.93M | 292.21M | 267.90M | 215.63M | 159.36M | 142.25M |
| Net Income | 216.66M | 219.95M | 218.36M | 176.57M | 128.96M | 110.47M |
Balance Sheet | ||||||
| Total Assets | 740.54M | 839.39M | 757.55M | 673.35M | 570.18M | 539.71M |
| Cash, Cash Equivalents and Short-Term Investments | 226.13M | 328.75M | 266.23M | 270.74M | 225.46M | 263.71M |
| Total Debt | 55.69M | 112.36M | 47.79M | 17.69M | 14.06M | 23.16M |
| Total Liabilities | 535.36M | 524.62M | 458.43M | 395.07M | 343.38M | 289.06M |
| Stockholders Equity | 205.18M | 314.76M | 299.13M | 278.28M | 226.80M | 250.64M |
Cash Flow | ||||||
| Free Cash Flow | 379.59M | 374.01M | 286.33M | 241.49M | 173.04M | 181.17M |
| Operating Cash Flow | 398.25M | 389.47M | 295.00M | 246.22M | 179.63M | 185.18M |
| Investing Cash Flow | -18.67M | -15.46M | -8.68M | -4.73M | -6.59M | -4.02M |
| Financing Cash Flow | -358.10M | -315.16M | -286.37M | -196.05M | -204.46M | -120.42M |
Manhattan Associates Technical Analysis
Positive
145.07
Price Trends
137.71
Negative
154.33
Negative
178.67
Negative
Market Momentum
-3.17
Negative
48.79
Neutral
55.46
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For MANH, the sentiment is Positive. The current price of 145.07 is above the 20-day moving average (MA) of 131.32, above the 50-day MA of 137.71, and below the 200-day MA of 178.67, indicating a neutral trend. The MACD of -3.17 indicates Negative momentum. The RSI at 48.79 is Neutral, neither overbought nor oversold. The STOCH value of 55.46 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for MANH.
Manhattan Associates Risk Analysis
Manhattan Associates disclosed 41 risk factors in its most recent earnings report. Manhattan Associates reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Manhattan Associates Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $8.15B | 40.30 | 78.22% | ― | 4.78% | 1.30% | |
72 Outperform | $11.10B | 49.66 | 12.92% | ― | 23.72% | ― | |
68 Neutral | $9.73B | 51.21 | 23.93% | 0.72% | 10.99% | 18.42% | |
67 Neutral | $3.78B | 24.86 | 9.88% | ― | 26.75% | 256.36% | |
63 Neutral | $5.08B | 224.68 | -9.44% | ― | 17.29% | 38.72% | |
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% |
* Technology Sector Average
MANH
Manhattan Associates
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Manhattan Associates Corporate Events
Business Operations and StrategyExecutive/Board ChangesFinancial Disclosures
Manhattan Associates Announces CFO Retirement and Successor Appointment
Positive
Feb 26, 2026
On February 26, 2026, Manhattan Associates Inc. announced that longtime Executive Vice President and Chief Financial Officer Dennis B. Story will retire from his CFO and Treasurer roles at the close of business on March 31, 2026. The board elected...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.