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1. Company Snapshot

1.a. 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 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.

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1.b. Last Insights on MANH

Breaking News: Manhattan Associates, Inc. presented at the Morgan Stanley Technology, Media & Telecom Conference 2026. The company's management discussed their strategy and outlook. As of the latest available data, there are no recent earnings releases mentioned. Analysts recommend a buy, with some maintaining a hold rating. The company continues to focus on its software solutions for the retail and supply chain industries. Management highlighted their investments in innovation and customer success. Several firms have reiterated their positive stance on the stock.

1.c. Company Highlights

2. Manhattan Associates' Q4 2025 Earnings: A Strong Finish to a Record Year

Manhattan Associates reported a robust Q4 2025, with revenue increasing 6% to $270 million, driven by 20% growth in cloud revenue and a return to growth in services. Adjusted earnings per diluted share rose to $1.21, surpassing estimates of $1.11. The company's full-year revenue reached $1.08 billion, up 4%, with adjusted operating profit totaling $387 million and a 35.8% operating margin. The strong financial performance was underscored by a record RPO of $2.2 billion, with competitive win rates over 70% and new cloud bookings from net new logos exceeding 75%.

Publication Date: Feb -14

📋 Highlights
  • Record Cloud Bookings & RPO Growth:: Achieved $2.2 billion in RPO, with cloud bookings showing 23% growth to over $600 million ramped ARR, driven by 75% new logo additions.
  • Revenue Growth & Margin Expansion:: Q4 revenue rose 6% to $270 million (6% cloud growth), while full-year revenue hit $1.08 billion. Operating margin reached 35.8% for the year, with Q4 at 33.8%.
  • Strong Cash Flow & Financial Health:: Q4 operating cash flow surged 40% to $147 million, free cash flow margin reached 52.7%, and ended the year with $329 million in cash and zero debt.
  • 2026 Guidance Targets:: Aims for $2.62–2.68 billion RPO (18–20% growth), $1.133–1.153 billion total revenue (10% growth), and 34.5–35% adjusted operating margins.
  • Cloud & Services Momentum:: Q4 cloud revenue grew 20% to $109 million (21% full-year), with services revenue projected to increase 3% in 2026 despite maintenance and license declines of 19%.

Cloud Revenue and Services Growth

The company's cloud revenue grew 20% to $109 million in Q4, with full-year cloud revenue increasing 21% to $408 million. Services revenue also returned to growth, driven by the company's focus on fast implementation times and faster time to value. As Eric Clark noted, "We've seen the fruits of our effort, with a pipeline building and deals closed in Q1," highlighting the progress made in driving cloud migrations for WMS.

Valuation and Outlook

With a P/E Ratio of 38.34 and an EV/EBITDA of 28.07, the market seems to be pricing in a certain level of growth for Manhattan Associates. The company's guidance for 2026 suggests double-digit top-line growth, with total revenue expected to be $1.133 billion to $1.153 billion. Adjusted EPS guidance ranges from $5.04 to $5.2, indicating a potential increase in profitability. Analysts estimate next year's revenue growth at 8.9%, which is slightly lower than the company's guidance.

Margin Expansion and Cash Flow

The company's adjusted operating margin is expected to expand to 34.5% to 35% in 2026, driven by increased investment in sales and marketing and expanding services teams. Manhattan Associates' cash flow generation remains strong, with a free cash flow margin of 34.6% in 2025. The company's net debt to EBITDA ratio is -0.74, indicating a healthy balance sheet with zero debt and $329 million in cash.

3. NewsRoom

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Manhattan Associates, Inc. $MANH Shares Sold by Fisher Asset Management LLC

Mar -06

Source: defenseworld.net

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Manhattan Associates Increases Share Repurchase Program to US$500 Million

Mar -05

Source: businesswire.com

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Manhattan Associates, Inc. (MANH) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript

Mar -03

Source: seekingalpha.com

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Manhattan Associates, Inc. (MANH) Presents at 47th Annual Raymond James Institutional Investor Conference Transcript

Mar -02

Source: seekingalpha.com

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American Century Companies Inc. Acquires 152,348 Shares of Manhattan Associates, Inc. $MANH

Mar -02

Source: defenseworld.net

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Manhattan Associates Announces Planned Transition for Chief Financial Officer

Feb -26

Source: businesswire.com

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Brown Capital Dumps $42 Million of Manhattan Associates Amid Stock's 42% Pullback

Feb -23

Source:

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Skandinaviska Enskilda Banken AB publ Sells 120,527 Shares of Manhattan Associates, Inc. $MANH

Feb -18

Source: defenseworld.net

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.03%)

6. Segments

Services

Expected Growth: 12%

Manhattan Associates' 12% growth driven by increasing adoption of omnichannel commerce, rising demand for supply chain optimization, and growing need for inventory management solutions. Additionally, the company's investments in artificial intelligence, machine learning, and cloud-based technologies have enhanced its offerings, attracting new customers and expanding existing relationships.

Cloud Subscriptions

Expected Growth: 15%

Manhattan Associates' Cloud Subscriptions growth is driven by increasing adoption of omnichannel commerce, rising demand for supply chain visibility, and growing need for warehouse management efficiency. Additionally, the company's investments in artificial intelligence, machine learning, and IoT capabilities are enhancing its cloud-based offerings, further fueling growth.

Maintenance

Expected Growth: 8%

Manhattan Associates' Maintenance segment growth is driven by increasing adoption of cloud-based supply chain management solutions, rising demand for omnichannel fulfillment, and growing need for predictive analytics to optimize logistics operations. Additionally, the company's focus on innovation, strategic partnerships, and expanding global presence contribute to its 8% growth.

Hardware

Expected Growth: 6%

Manhattan Associates' Hardware segment growth is driven by increasing adoption of omnichannel commerce, rising demand for warehouse management systems, and growing need for supply chain visibility. Additionally, the company's focus on cloud-based solutions, artificial intelligence, and IoT integration is fueling growth.

Software License

Expected Growth: 11%

Manhattan Associates' software license growth is driven by increasing adoption of omnichannel commerce, rising demand for supply chain visibility, and growing need for warehouse management efficiency. Additionally, the company's focus on cloud-based solutions, strategic partnerships, and geographic expansion contribute to its 11% growth.

7. Detailed Products

Warehouse Management

A comprehensive solution that manages and optimizes warehouse operations, including inventory management, order fulfillment, and labor management.

Transportation Management

A solution that optimizes transportation operations, including route optimization, carrier management, and freight audit and payment.

Order Management

A solution that manages the entire order lifecycle, including order capture, inventory allocation, and fulfillment.

Inventory Optimization

A solution that uses advanced analytics to optimize inventory levels, reducing stockouts and overstocking.

Supply Chain Visibility

A solution that provides real-time visibility into supply chain operations, enabling proactive decision-making and improved collaboration.

Omni-Channel Fulfillment

A solution that enables retailers to fulfill orders from any channel, including online, in-store, and mobile.

8. Manhattan Associates, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Manhattan Associates, Inc. is medium due to the presence of alternative supply chain management solutions.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of major retailers and manufacturers, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers and the company's strong negotiating position.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry, including significant capital requirements and the need for specialized expertise.

Intensity Of Rivalry

The intensity of rivalry is medium due to the presence of several established competitors, but the company's strong market position and differentiated products mitigate the competitive pressure.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 6.93%
Debt Cost 3.95%
Equity Weight 93.07%
Equity Cost 11.22%
WACC 10.71%
Leverage 7.45%

11. Quality Control: Manhattan Associates, Inc. passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Aspen Technology

A-Score: 4.6/10

Value: 3.3

Growth: 5.1

Quality: 5.9

Yield: 0.0

Momentum: 7.0

Volatility: 6.0

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Tyler Technologies

A-Score: 4.4/10

Value: 0.7

Growth: 7.2

Quality: 7.6

Yield: 0.0

Momentum: 2.5

Volatility: 8.3

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Progress Software

A-Score: 4.2/10

Value: 4.4

Growth: 6.4

Quality: 5.9

Yield: 1.0

Momentum: 0.5

Volatility: 6.7

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Manhattan Associates

A-Score: 4.1/10

Value: 0.8

Growth: 7.9

Quality: 8.7

Yield: 0.0

Momentum: 1.0

Volatility: 6.0

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Elastic

A-Score: 3.8/10

Value: 3.2

Growth: 8.0

Quality: 4.9

Yield: 0.0

Momentum: 3.0

Volatility: 4.0

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Agilysys

A-Score: 3.8/10

Value: 0.0

Growth: 7.9

Quality: 7.5

Yield: 0.0

Momentum: 4.0

Volatility: 3.7

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

152.45$

Current Price

152.45$

Potential

-0.00%

Expected Cash-Flows