Manhattan Associates, Inc.

Manhattan Associates, Inc. (MANH) Market Cap

Manhattan Associates, Inc. has a market capitalization of —.

No quote data available.

CEO: Eric A. Clark

Sector: Technology

Industry: Software - Application

IPO Date: 1998-04-23

Website: https://www.manh.com

Manhattan Associates, Inc. (MANH) - Company Information

Market Cap: -|Sector: Technology

Company Profile

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 trading partner management, yard management, optimization, warehouse management, and transportation execution services; and Manhattan Active, a set of enterprise and store omni-channel solutions. The company also provides inventory optimization, planning, and allocation solutions; maintenance services comprising customer support services and software enhancements; professional services, such as solutions planning and implementation, and related consulting services; and training and change management services. In addition, it resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. The company offers products through direct sales personnel, as well as through partnership agreements with various organizations. It serves grocery, food and beverage, manufacturing, medical and pharmaceutical, retail, third-party logistics, and wholesale industries. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Manhattan Associates, Inc. was founded in 1990 and is headquartered in Atlanta, Georgia.

Analyst Sentiment

75%
Strong Buy

From 12 Active Polls

1Y Forecast: $197.80

▲ +0.0% Potential Upside

Consensus Target Metrics

Low Bound

$145

Median

$200

High Bound

$240

Average

$198

Price & Moving Averages

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🎯 Wall Street Analyst Intelligence Report

1-Year structural target targets, chart projections, and sentiment maps.

Average 1Y Target
$197.80
▲ +33.97% Upside
Low Target
$145.00
-2% Risk
Median Target
$200.00
35% Mid
High Target
$240.00
63% Max

Consensus Trend Projection

Trailing closures vs. 12-month metrics map.

Analyst Vote Distribution

Aggregate institutional coverage sentiment weights.

Sentiment volume allocation data unavailable.

valuation & financial ratiosdetailed financials

Historical valuation matrix unavailable.

📘 Full Research Report

ℹ️

AI-Generated Research: This report is for informational purposes only.

📘 MANHATTAN ASSOCIATES INC (MANH) — Investment Overview

🧩 Business Model Overview

Manhattan Associates sells supply-chain execution software that sits between a company’s commerce channels and its warehouse, transportation, and order-fulfillment operations. The platform typically integrates with upstream systems (ERP, commerce, and inventory sources) and downstream operational systems (material handling, carriers, and warehouse execution workflows) to control how orders are picked, packed, stored, shipped, and replenished.

Implementation work is substantial: Manhattan deploys software configurations, business-rule design, and systems integration, after which the software becomes embedded in day-to-day operating processes. This creates durable customer stickiness because process logic, master data, and operational workflows evolve around the installed system.

💰 Revenue Streams & Monetisation Model

Revenue generally combines (1) software licenses and configuration/implementation services and (2) recurring maintenance and subscription fees. Over the life of an installation, recurring streams (maintenance/subscription) typically become the dominant value driver because they are tied to continued usage, support, and periodic platform enhancements.

Margin structure reflects a common enterprise-software pattern: professional services and deployments can be margin-accretive but are more cyclical and labor-intensive, while recurring software revenue usually carries higher and more stable contribution margins. Upside often comes from expanding the deployed footprint (additional modules, higher transaction volumes, more locations, and broader operational use cases) rather than purely from net-new customer wins.

🧠 Competitive Advantages & Market Positioning

Primary moat: High Switching Costs (Process & Data Gravity).

  • Workflow embedding: Manhattan’s execution software shapes daily operating decisions (allocation, pick/pack sequencing, labor and slotting rules, shipment planning, and exception management). Replacing it requires not only software migration but also re-engineering operational logic and retraining teams.
  • Integration depth: The platform depends on deep integration with enterprise systems and warehouse/transport environments, increasing the effective cost of switching.
  • Data gravity: Master data, order history, operational performance parameters, and continuous improvement loops accumulate over time within the platform, making displacement progressively harder.

Secondary moat: Execution-specific depth vs. “suite-only” alternatives. Manhattan focuses heavily on supply-chain execution (warehouse and order fulfillment workflows), which supports more specialized functionality and implementation practices than broad ERP-centric buyers may achieve with “one-size-fits-all” modules.

Competitive benchmarking (industry peers):

  • SAP (SAP EWM / broader SCM execution within an ERP ecosystem): SAP competes as a suite incumbent, often benefiting from ERP lock-in. Manhattan’s differentiation is execution specialization and deployment focus on order fulfillment operations.
  • Oracle (Oracle SCM/warehouse execution capabilities within larger application stacks): Oracle is advantaged by large-account relationships. Manhattan competes by offering strong execution workflow coverage and a specialized platform tailored to logistics operations.
  • Blue Yonder (planning and optimization with execution adjacent capabilities): Blue Yonder’s strength often emphasizes optimization/planning. Manhattan’s positioning centers on execution systems that translate planning and demand signals into warehouse and transportation execution.

🚀 Multi-Year Growth Drivers

  • Omnichannel fulfillment complexity: More delivery options, returns processing, and inventory positioning across networks increase demand for execution software that can orchestrate multi-node logistics.
  • Distribution center modernization: Growth in automation, labor optimization, and higher throughput requirements supports software that coordinates operational decision-making at the “last mile” of execution.
  • Cloud adoption of enterprise execution: Migration from on-prem deployments toward subscription and managed cloud environments expands the addressable market for providers with strong integration tooling and domain expertise.
  • Supply-chain resilience and visibility workflows: Firms seeking reduced service variability and faster exception resolution support execution platforms that incorporate operational analytics and event-driven decisioning.
  • Module and footprint expansion: Existing customers can extend value by adding additional fulfillment capabilities, expanding to more facilities, and increasing transaction throughput—supporting an annuity-like growth profile.

⚠ Risk Factors to Monitor

  • Software implementation risk: Execution systems are operationally complex; delays, integration failures, or performance issues can impair customer renewals and slow new deployments.
  • Competitive displacement within enterprise stacks: Suite incumbents (ERP ecosystems) and strong niche WMS/TMS providers can win deals by bundling procurement leverage or superior breadth for specific verticals.
  • Customer spending cyclicality: Logistics modernization budgets can be constrained during weaker capital-expenditure periods, affecting net-new bookings and project timelines.
  • Cybersecurity and operational continuity: As execution systems become more connected (including carrier and systems integrations), security posture and uptime reliability remain critical.
  • Technology transition pressure: Cloud-native expectations and evolving data/architecture standards can increase development and support costs, especially for customers with legacy infrastructure.

📊 Valuation & Market View

The market typically values high-quality enterprise software on a combination of growth, durability of recurring revenue, and operating leverage rather than on a single multiple. Key valuation drivers include the mix and trajectory of recurring subscription/maintenance revenue, customer retention implied by renewal behavior, deployment scalability, and the sustainability of operating margins as growth broadens from implementation-driven cycles to recurring platform usage.

Across the sector, premium valuations tend to align with evidence of: (1) durable customer retention, (2) efficient conversion of new wins into recurring revenue, and (3) credible long-term expansion within the installed base.

🔍 Investment Takeaway

Manhattan Associates offers a durable enterprise software model anchored by high switching costs created through workflow embedding, deep system integration, and data gravity in logistics execution. The company’s execution-focused product depth and ability to expand within the installed base support a multiyear growth narrative tied to omnichannel fulfillment complexity and distribution network modernization. The primary investment diligence centers on implementation execution, competitive displacement risk from suite incumbents and specialized vendors, and the durability of recurring revenue expansion.


⚠ AI-generated — informational only. Validate using filings before investing.

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📊 AI Financial Analysis

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Earnings Data: Q Ending 2026-03-31

"MANH (most recent quarter ended 2026-03-31) reported revenue of $282.2M and net income of $49.3M (EPS $0.83). QoQ, revenue rose +4.35% while net income declined -5.12% (EPS -4.6%). YoY, revenue grew +7.38%, but net income fell -6.24% (EPS -3.5%). Net margin compressed from ~19.2% QoQ to ~17.5% as earnings growth lagged sales. Over the last four quarters, profitability has been volatile: revenue generally trended upward, but net income peaked in mid/late-2025 and weakened into the latest quarter. Despite margin pressure, shares outstanding have steadily declined (about 60.9M in 2025-03-31 to ~59.7M in 2026-03-31), consistent with continued capital return via buybacks. Balance sheet resilience appears mixed: total assets declined QoQ (from $839.4M to $740.5M) and equity fell sharply (from $314.8M to $205.2M), while net debt remains negative (net cash), but with a less favorable cash position QoQ (net cash reduced in magnitude). Shareholder returns are currently negative with a -17.6% 1Y price change and no dividend; total shareholder return likely hinges on buybacks. Analyst targets ($196.75–$201) imply meaningful upside from $132.71, supporting the valuation sentiment despite weaker recent earnings."

Revenue Growth

Positive

Latest revenue increased +4.35% QoQ (282.2M vs 270.4M) and +7.38% YoY (vs 262.8M), showing steady top-line growth.

Profitability

Caution

Net income fell -5.12% QoQ and -6.24% YoY; net margin contracted (~19.2% to ~17.5%), indicating margin pressure and weaker EPS trajectory.

Cash Flow Quality

Fair

No dividends and buybacks appear ongoing (declining share count), but earnings deceleration suggests cash generation may not be keeping pace with sales growth. (Cash flow data not provided.)

Leverage & Balance Sheet

Caution

Net cash remains (netDebt negative), but QoQ equity dropped materially ($314.8M to $205.2M) and total assets declined, reducing balance sheet confidence.

Shareholder Returns

Neutral

No dividend yield; 1Y price change is -17.62%, so capital appreciation is negative. Buybacks help but have not offset the downturn in price momentum.

Analyst Sentiment & Valuation

Positive

Consensus price target (~$196.75) and median (~$201) are well above $132.71, implying favorable upside. Valuation multiples improved vs prior quarters (P/E ~40 vs low-50s previously).

Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.

RevenueEarningsP/E RatioSharesDebtMargin %

Fundamentals Overview

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Manhattan Associates delivered a strong Q1 2026: revenue $282M (+7% YoY; +13% ex license/maintenance) and cloud revenue $117M (+24%). The upside was supported by catch-up/overage fees and lower-than-modeled renewal churn, partially offsetting higher go-to-market investments. RPO reached $2.35B (+24% YoY, +5% sequential), with net-new cloud bookings at 55% and a win rate consistently above 70%, indicating improved deal velocity rather than reliance on only large transactions. Operationally, management is accelerating AI agent adoption through a paid 90-day pilot-to-subscription conversion path and embedding agents into existing workflows, backed by forward deployed engineers scaled via incremental hiring. Capital remains flexible with $150M repurchased in Q1, $350M remaining, $226M cash, and zero debt. Guidance was raised across revenue, operating margin (midpoint 35%, including 100 bps headwind), and EPS, but management remains conservative for Q2–Q4 amid macro and FX volatility.

AI IconGrowth Catalysts

  • Cloud revenue up 24% to $117M, with better-than-modeled renewal churn and catch-up/overage fees supporting results
  • Services revenue up 4% to $126M, including increased fixed services project activity and cross-sells/upsells within the installed base
  • RPO up 24% YoY to $2.35B, driven by deal volume improvements across deal types and 55% net-new mix in cloud bookings
  • Active Agent program scaling momentum: dozens of customers in AI maturity stages exploring and realizing benefits; Q1 paid pilots using 90-day pilot model

Business Development

  • Largest Q1 deal influenced by Google Cloud Marketplace
  • New logo Active Warehouse + Active Transportation global retailer
  • New logo Active Omni from one of the world’s largest retailers
  • New logo Active Warehouse + Active Omni from a large auto parts distributor
  • New logo Active Warehouse + Active Transportation from an HVAC-focused distributor
  • Converted from on-prem to Active Warehouse: global wellness retailer
  • Expanded from Active Transportation to Active Warehouse: multinational food distributor
  • Largest-ever OMS bookings deal with a world’s largest retailer (order management) replacing prior in-house e-commerce back-end build

AI IconFinancial Highlights

  • Total revenue $282M, up 7% YoY; up 13% excluding license & maintenance compression
  • Cloud revenue $117M, up 24% YoY; FX contributed a little over 1% tailwind to cloud in Q1
  • Services revenue $126M, up 4% YoY; better-than-expected from execution plus higher volume of services projects
  • Adjusted operating profit $91M, operating margin 32.4%; beat driven by strong cloud growth offsetting higher go-to-market investments
  • Adjusted EPS $1.24 (up 4% YoY) vs better-than-expected; GAAP EPS $0.82 (down 4%) hurt by higher tax expense from lower stock-based comp benefits
  • RPO $2.35B, up 24% YoY and 5% sequentially; contract duration ~5.5–6 years with 38% of RPO recognized over next 24 months
  • FX: 2-point tailwind to YoY total revenue growth; approx $5M headwind to sequential RPO growth and approx $25M tailwind to YoY RPO growth

AI IconCapital Funding

  • Share repurchases: $150M invested in Q1; $350M remaining under March share repurchase authority
  • Cash: $226M at quarter end
  • Debt: $0 debt
  • Diluted share count guidance assumes no buyback activity (about 60M shares)

AI IconStrategy & Ops

  • Active Agent Foundry go-to-market: paid 90-day pilot; Q2 includes conversion discussions with Q1 pilot customers to subscription (conservatively ramping monetization)
  • Agent deployment value: Foundry custom agent delivered ~5% improvement in order cycle times and reduced labor requirements (largest distribution center) and an agent driving double-digit reductions in loading times/on-time departures for healthcare; WAVE Coordinator Agent reduced food distribution exceptions requiring triage by up to 75% and improved line shipped by over 30% plus order cycle times by over 25% (industrial distribution)
  • Forward deployed engineers (FDE): added ~120 services headcount in Q1 so far; ~70 additional pending start or open (services scaling to accelerate agent activation and time-to-value)
  • Unified platform execution: closed large unified warehouse + transportation deal at a major retailer, emphasizing lower integration complexity and faster time to value

AI IconMarket Outlook

  • 2026 RPO target: $2.62B to $2.68B (18%–20% growth range)
  • 2026 total revenue: $1.147B to $1.157B (midpoint $1.152B), includes ~11% growth all-in and a 1-point FX tailwind
  • Q2 revenue target: $285M to $289M; Q3 midpoint about $296M; Q4 midpoint about $287M (retail peak seasonality)
  • Adjusted operating margin: midpoint raised to 35% (from 34.75% prior), includes 100 bps headwind from license & maintenance revenue attrition to cloud; Q2 midpoint ~34.7%, Q3 36.9%, Q4 36.1%
  • 2026 adjusted EPS: $5.29 to $5.37; quarterly targets: Q2 $1.30, Q3 $1.43, Q4 $1.36 (seasonality adjustment)
  • 2026 GAAP EPS midpoint increased by $0.14 to $3.59; Q2 GAAP EPS $0.86
  • 2026 cloud revenue midpoint increased to $495M (+21% growth); Q2 $121.5M, Q3 $126M, Q4 $130.5M
  • 2026 services revenue +3% to $518M; Q2 $131.5M, Q3 $137M, Q4 $124M
  • Maintenance to cloud: maintenance decline 17% to about $108M; Q2 $27M, Q3 $25.5M, Q4 $25M; license ~$1M per quarter; hardware $6M–$6.5M per quarter
  • 2026 tax rate expected ~22%; diluted shares ~60M assuming no buyback activity

AI IconRisks & Headwinds

  • Volatile macro environment explicitly cited as a driver of uncertainty; management takes a conservative outlook for Q2–Q4 by holding renewals/churn metrics in line with last quarter
  • FX volatility: 2-point tailwind to total revenue YoY and offsetting sequential RPO headwind; continued currency movement risk
  • Non-recurring items: cloud growth benefited from onetime cloud overage fees, which are not expected to recur
  • AI/agent monetization remains early and intentionally conservative in 2026 given pilot-to-subscription conversion timing
  • GAAP EPS pressure from higher-than-expected tax expense due to lower stock-based comp benefits

Q&A: Analyst Interest

  • Agentic scaling path: Management described Q1 agent monetization as a paid 90-day pilot, with Q2 starting conversion discussions for Q1 customers while continuing to add pilot logos. They emphasized a conservative revenue impact in 2026 and expects more meaningful impact in 2027.
  • Cloud subscription revenue drivers: Management quantified FX and sustainability. Linda stated Q1 cloud had a little over 1% tailwind from FX and guidance expects about a 1% overall tailwind for the full year. They also cited execution, non-recurring overages, and lower-than-modeled renewal churn.
  • Forward deployed engineers and services uplift: Eric provided staffing scale—about 120 FDE-related headcount added so far in Q1 and ~70 more pending start/open—driven by demand. Management framed FDEs as the structural advantage enabling faster AI agent activation, reducing customer time-to-value, and shortening services projects.

Sentiment: POSITIVE

Note: This summary was synthesized by AI from the MANH Q1 2026 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.

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© 2026 Stock Market Info — Manhattan Associates, Inc. (MANH) Financial Profile