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Manhattan Associates Inc (MANH) stock

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NASDAQ: MANH Nasdaq Application Software

B Fundamentals grade

Manhattan Associates Inc is a US-listed company in the application software industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Cash-flow model

Base case. Range ~$79–$140 across our lower- and higher-growth cases (3.8%–13.8% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 59% below it.

Price used: $257.00, November 3, 2026

Manhattan Associates Inc valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 3 selling0 purchases and 6 sales by directors and officers, last 12 monthsInsider trades
  • Funds235 adding, 287 cuttingOf 61 active managers that changed their stake, 34 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Manhattan Associates files

10-Q filed October 30: Manhattan Associates

Model value +4.1%

Revenue for the twelve months to September 2026 was $1.16bn, up 8.4% on a year earlier, faster than the 6.5% growth a quarter earlier. Free-cash-flow margin rose to 32.8% from 31.2% a year earlier. The diluted share count is down 3.0% on a year earlier, which lifts each remaining share. Its fundamentals grade moves from B to C+. Our model value rises from $99.17 to $103 a share, against a share price of $248. The rating stays Sell. At that price, our model says the market is pricing in about 25.3% a year of cash-flow growth for five years, faster than the 11.8% a year revenue growth it has delivered.

Source: 10-Q filed October 30, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (1)

Where Manhattan Associates stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $1.13bn, up 6.5% on a year earlier, faster than 4.8% a quarter earlier. That puts it 14 of 14 for growth among the prepackaged software companies we cover. Free-cash-flow margin rose to 35.4% from 29.1% a year earlier. The diluted share count is down 2.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 0 of our 1 financial-health checks. Our cash-flow model value is $99.13 a share, against a share price of $229. At that price, our model says the market is pricing in about 24.2% a year of cash-flow growth for five years, faster than the 11.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Manhattan Associates Inc's trailing-twelve-month revenue grew 8.4% year on year, with a free-cash-flow margin of 32.8%. Where it stands out: free-cash-flow margin of 32.8% ranks 21 of 180 application software companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$79–$140 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 13.9% while net income fell 1.4%: a 15pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Strong cash generation. 32.8% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 3.0% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.2bn.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $253.22 is 59% above our value per share of $100.
  • High earnings multiple. The shares trade at 71 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 47% and a beta of 0.2 against the S&P 500.
  • Below peers: days sales outstanding. Days sales outstanding of 85 days ranks 124 of 162 application software companies we cover (median 57 days).

Latest results: FY2026 Q3

Filed October 30, 2026
Earnings per share
$1.55 against an average estimate of $1.46: beat by 5.9%
Revenue
$306m, up 11.0% on a year earlier
Guidance given
total revenue $1,160m to $1,166m (full year 2026); total revenue % Growth Range growth 7% to 8% (full year 2026)
Next report
October 27, 2026; average EPS estimate $1.40

Manhattan Associates' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.5%
  • 1 week+9.8%
  • 1 month+25.9%
  • This year+46.1%
  • 1 year+41.6%
  • 5 years+39.3%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$1.2B
Operating margin
24.1%
Net margin
18.4%
EPS (TTM, diluted)
$3.57

Growth

Revenue growth
+8.4%
Change in growth rate
+1.9 pts
Share count change
−3.0%

Cash

Free cash flow (TTM)
$380M
FCF margin
32.8%
Stock pay % of revenue
10.4%

Earnings

Last results
July 28, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Our research
  3. Insider trade
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Manhattan Associates Inc valuation models and calculator

What the price is pricing in

The share price implies about 25.8% a year of cash-flow growth for five years.That is faster than the 11.8% a year revenue growth Manhattan Associates has delivered.

  • Priced in25.8%
  • Last 12 months8.4%
  • 3 years a year9.2%
  • 5 years a year11.8%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($257.00, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$100
Price used
$257.00close November 3, 2026
Implied change
▼ 59%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Manhattan Associates Inc's free cash flow after stock-based pay with after-tax interest added back ($239M, FY2026 Q3 TTM), growing 7.8% and 8.5% in the next two years (forecasts, guidance and its record), then back to 8.8% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$79–~$140 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Manhattan Associates Inc's free cash flow after stock-based pay ( $239M, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Manhattan Associates Inc as an operating company, with every model that fits that kind of business. Cost of equity 9.8%: the 10-year Treasury yield (4.9%) plus a beta of 1.08 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$79–$140 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$85 ~$71–$140 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$45 ~$39–$53 Left out: out of range vs price (0.18x)
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$98 ~$85–$100 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Manhattan Associates Inc with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −3%
  • Last year's free-cash-flow margin change, if it persists ▲ +5%
  • Discount rate 1 point higher ▼ −15%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $63$84$112$149$198$260
8.5% $49$64$85$111$146$190
10% $41$52$68$88$115$148

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$66.17$53.03$49.54$42.37$79.75$105.18$155.49$121.40$215.32$270.24$173.31$253.22
Market value$4.9bn$3.8bn$3.4bn$2.8bn$5.2bn$6.8bn$10.0bn$7.7bn$13.5bn$16.8bn$10.6bn$15.1bn
+ Net debt (− = net cash)−$118m−$96m−$126m−$99m−$111m−$205m−$264m−$225m−$271m−$266m−$329m−$199m
Enterprise value$4.8bn$3.7bn$3.3bn$2.7bn$5.1bn$6.6bn$9.7bn$7.5bn$13.2bn$16.5bn$10.3bn$14.9bn
Multiples
Price / sales 8.8x6.3x5.8x5.0x8.4x11.5x15.1x10.0x14.5x16.1x9.8x13.1x
Price / earnings 47.3x30.8x29.5x26.9x60.5x77.6x90.5x59.7x76.3x77.0x48.1x70.9x
Price / free cash flow 45.1x28.8x21.8x21.6x39.4x49.0x55.2x44.5x55.8x58.7x28.3x39.8x
EV / EBITDA 28.3x18.3x17.0x19.1x41.0x53.3x68.5x46.9x61.3x61.7x35.8x52.1x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

74 /100

Strong moat

How hard Manhattan Associates's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 57.4% of total assets over 10 years.

  • Pricing power 19 / 20

    Gross margin has been a median 55.2%, moving by 1.8 percentage points (standard deviation) across 10 years.

  • Durability 17 / 20

    Operating margin has been a median 23.1%; its worst year was 18.3%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 25.3% of revenue.

  • Discipline 13 / 20

    The diluted share count fell 7.4% over five years; stock-based pay has been a median 7.0% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (89 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $5.57 +10% $1.2bn +9%
Next $6.18 +11% $1.3bn +8%

Next year's EPS estimate has moved +1.1% in 90 days, across 11 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.7% on 90 days ago. In the last 30 days, 0 analysts raised Manhattan Associates Inc's forecast and 2 cut it.

Consensus EPS forecast Manhattan Associates Inc, last 90 days
$5.40 $5.60 $5.80 $6.00 $6.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $5.48 Current fiscal year, 60 days ago: $5.50 Current fiscal year, 30 days ago: $5.50 Current fiscal year, 7 days ago: $5.50 Current fiscal year, Now: $5.57 $5.57 Next fiscal year, 90 days ago: $6.12 Next fiscal year, 60 days ago: $6.14 Next fiscal year, 30 days ago: $6.14 Next fiscal year, 7 days ago: $6.12 Next fiscal year, Now: $6.18 $6.18

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $5.48$6.12
60 days ago $5.50$6.14
30 days ago $5.50$6.14
7 days ago $5.50$6.12
Now $5.57$6.18

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.46 $1.55 +5.9%
Jun 2026 $1.32 $1.39 +5.3%
Mar 2026 $1.11 $1.24 +11.3%
Dec 2025 $1.13 $1.21 +6.7%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Total revenue full year 2026 $1,160m to $1,166m
    “Total revenue $1,160 $1,166 7% 8%” source
  • Total revenue % Growth Range full year 2026 7% growth to 8% growth
    “Total revenue $1,160 $1,166 7% 8%” source
  • GAAP EPS full year 2026 $3.59 to $3.65 GAAP
    “GAAP EPS $3.59 $3.65 0% 1%” source
  • Adjusted EPS full year 2026 $5.44 to $5.50 Non-GAAP
    “Adjusted EPS (1) $5.44 $5.50 8% 9%” source
  • GAAP operating margin full year 2026 24.2% to 24.4% GAAP
    “GAAP operating margin 24.2% 24.4%” source
  • Adjusted operating margin full year 2026 35% to 35.2% Non-GAAP
    “Adjusted operating margin (1) 35.0% 35.2%” source
Show 2 more items
  • GAAP EPS % Growth Range full year 2026 0% growth to 1% growth GAAP
    “GAAP EPS $3.59 $3.65 0% 1%” source
  • Adjusted EPS % Growth Range full year 2026 8% growth to 9% growth Non-GAAP
    “Adjusted EPS (1) $5.44 $5.50 8% 9%” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Manhattan Associates Inc's revenue by +7.8% next year and +8.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.8%, weight 53%) , management guidance (+6.5%, weight 20%) and the company's own record (+8.8%, weight 27%) . How the weights are set.

Analyst recommendations

11 analysts, Oct 2026
Buy982%
Hold218%
Sell00%

Monthly trend

  1. Oct 202636211
  2. Sep 202626311
  3. Aug 202627211
  4. Jul 202627312

Counts of recommendations published by analysts covering Manhattan Associates Inc, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
7.1%
of tradable shares
Days to cover
5.16
at average volume
Short interest, 1 month
+15%
to September 30, 2026
Held by institutions
—
of shares
Held by insiders
1.4%
of shares
Employees
4,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +39.1%

$182.07 on October 31, 2025 to $253.22

ThenNowEffect
Revenue (last 12 months) $1.1bn $1.1bn +6.5%
Net margin 20.9% 18.7% −10.7%
P/E multiple 50.8x 72.5x +42.7%
Share count 62m 60m +2.5%

Biggest factor: p/e multiple.

Last 3 years +21.2%

$208.86 on November 3, 2023 to $253.22

ThenNowEffect
Revenue (last 12 months) $848m $1.1bn +32.8%
Net margin 17.2% 18.7% +8.5%
P/E multiple 90.0x 72.5x −19.5%
Share count 63m 60m +4.5%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MANH+48%−22%+77%+26%−36%+46%
Industry peers (median)−8%−50%+19%+2%−20%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MANH58%33%67%67%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MANH−21%−30%−12%−23%−51%−32%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 61% from December 12, 2024 to April 10, 2026. Getting back needed a 156% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$120.88 – $253.22
From 52-week high
0.0%
vs 50-day average
+16.5%
vs 200-day average
+51.9%
Volatility (1 year)
47%
Beta vs S&P 500
0.21

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±10.5%
After a week
7 up, 5 down
typical move ±12.8%
After a month
7 up, 5 down
typical move ±16.2%
Results releasedNext dayS&P 500 next day5 days21 days
July 28, 2026 +28.1% −1.3% +18.9% +35.5%
April 21, 2026 +6.8% +0.4% +4.8% +2.4%
January 27, 2026 −9.1% +0.4% −23.5% −21.2%
October 21, 2025 −2.7% −0.5% −7.0% −14.3%
July 22, 2025 +9.0% +0.9% +12.9% +6.2%
April 22, 2025 +7.1% +4.2% +9.8% +17.1%
January 28, 2025 −22.7% +0.4% −31.8% −39.2%
October 22, 2024 −8.2% −1.0% −6.2% −8.1%
July 23, 2024 +11.0% −2.4% +13.3% +16.1%
April 23, 2024 −9.6% +1.1% −9.7% −1.9%
January 30, 2024 +7.4% −1.7% +9.6% +12.1%
October 24, 2023 +4.7% −0.7% +5.7% +20.4%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Manhattan Associates Inc’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 3, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Manhattan Associates Inc in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Manhattan Associates Inc
$900M $1B $1.1B $1.2B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $928.7M Revenue (TTM), FY24 Q1: $962.3M Revenue (TTM), FY24 Q2: $996.6M Revenue (TTM), FY24 Q3: $1B Revenue (TTM), FY24 Q4: $1B Revenue (TTM), FY25 Q1: $1.1B Revenue (TTM), FY25 Q2: $1.1B Revenue (TTM), FY25 Q3: $1.1B Revenue (TTM), FY25 Q4: $1.1B Revenue (TTM), FY26 Q1: $1.1B Revenue (TTM), FY26 Q2: $1.1B Revenue (TTM), FY26 Q3: $1.2B $1.2B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $928.7M
FY24 Q1 $962.3M
FY24 Q2 $996.6M
FY24 Q3 $1B
FY24 Q4 $1B
FY25 Q1 $1.1B
FY25 Q2 $1.1B
FY25 Q3 $1.1B
FY25 Q4 $1.1B
FY26 Q1 $1.1B
FY26 Q2 $1.1B
FY26 Q3 $1.2B
Revenue growth, TTM YoY Manhattan Associates Inc
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 21.1% Revenue growth, TTM YoY, FY24 Q1: 18.9% Revenue growth, TTM YoY, FY24 Q2: 17.5% Revenue growth, TTM YoY, FY24 Q3: 15.3% Revenue growth, TTM YoY, FY24 Q4: 12.2% Revenue growth, TTM YoY, FY25 Q1: 9.2% Revenue growth, TTM YoY, FY25 Q2: 6.1% Revenue growth, TTM YoY, FY25 Q3: 4.1% Revenue growth, TTM YoY, FY25 Q4: 3.7% Revenue growth, TTM YoY, FY26 Q1: 4.8% Revenue growth, TTM YoY, FY26 Q2: 6.5% Revenue growth, TTM YoY, FY26 Q3: 8.4% 8.4%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 21.1%
FY24 Q1 18.9%
FY24 Q2 17.5%
FY24 Q3 15.3%
FY24 Q4 12.2%
FY25 Q1 9.2%
FY25 Q2 6.1%
FY25 Q3 4.1%
FY25 Q4 3.7%
FY26 Q1 4.8%
FY26 Q2 6.5%
FY26 Q3 8.4%
Operating margin (TTM) Manhattan Associates Inc
22% 23% 24% 25% 26% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 22.6% Operating margin (TTM), FY24 Q1: 22.9% Operating margin (TTM), FY24 Q2: 23.9% Operating margin (TTM), FY24 Q3: 25.3% Operating margin (TTM), FY24 Q4: 25.1% Operating margin (TTM), FY25 Q1: 25.4% Operating margin (TTM), FY25 Q2: 25.8% Operating margin (TTM), FY25 Q3: 25.6% Operating margin (TTM), FY25 Q4: 25.9% Operating margin (TTM), FY26 Q1: 25.6% Operating margin (TTM), FY26 Q2: 24.3% Operating margin (TTM), FY26 Q3: 24.1% 24.1%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 22.6%
FY24 Q1 22.9%
FY24 Q2 23.9%
FY24 Q3 25.3%
FY24 Q4 25.1%
FY25 Q1 25.4%
FY25 Q2 25.8%
FY25 Q3 25.6%
FY25 Q4 25.9%
FY26 Q1 25.6%
FY26 Q2 24.3%
FY26 Q3 24.1%
FCF margin (TTM) Manhattan Associates Inc
20% 25% 30% 35% 40% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 26.0% FCF margin (TTM), FY24 Q1: 24.5% FCF margin (TTM), FY24 Q2: 26.8% FCF margin (TTM), FY24 Q3: 26.5% FCF margin (TTM), FY24 Q4: 27.5% FCF margin (TTM), FY25 Q1: 29.3% FCF margin (TTM), FY25 Q2: 29.1% FCF margin (TTM), FY25 Q3: 31.2% FCF margin (TTM), FY25 Q4: 34.6% FCF margin (TTM), FY26 Q1: 34.5% FCF margin (TTM), FY26 Q2: 35.4% FCF margin (TTM), FY26 Q3: 32.8% 32.8%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 26.0%
FY24 Q1 24.5%
FY24 Q2 26.8%
FY24 Q3 26.5%
FY24 Q4 27.5%
FY25 Q1 29.3%
FY25 Q2 29.1%
FY25 Q3 31.2%
FY25 Q4 34.6%
FY26 Q1 34.5%
FY26 Q2 35.4%
FY26 Q3 32.8%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Manhattan Associates took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.

  1. Revenue $1.1B
  2. Other income $6.1M · 0.6%
  3. Cost of revenue $472M · 43.7%
  4. Gross profit $609M · 56.3%
  5. Research and development $145M · 13.4%
  6. Selling, general and admin $175M · 16.2%
  7. Other operating costs $9.3M · 0.9%
  8. Operating income $280M · 25.9%
  9. Income tax $65.9M · 6.1%
  10. Net income $220M · 20.3%

Shares of revenue. Source: Manhattan Associates's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 247 297 329 376 415 492 556 605 595 559 618 586 664 767 929 1,042 1,081 1,157
Gross profit 139 168 190 215 233 280 321 355 349 318 333 316 366 409 498 571 609 647
EBITDA 33 51 69 86 107 134 169 203 195 143 124 123 142 159 216 268 286 286
Operating income 21 42 61 80 101 127 161 194 186 134 116 114 134 153 210 262 280 279
Net income 17 28 45 52 67 82 103 124 116 105 86 87 110 129 177 218 220 213
Diluted EPS $0.18 $0.31 $0.52 $0.64 $0.86 $1.08 $1.40 $1.72 $1.68 $1.58 $1.32 $1.36 $1.72 $2.03 $2.82 $3.51 $3.60 $3.57
Growth (year on year)
Revenue — +20.5% +10.8% +14.3% +10.2% +18.7% +13.1% +8.7% −1.6% −6.0% +10.5% −5.1% +13.2% +15.6% +21.1% +12.2% +3.7% +8.4%
EBITDA — +56.9% +34.4% +24.9% +25.0% +24.6% +26.7% +20.2% −4.3% −26.8% −13.0% −0.7% +15.6% +12.0% +35.3% +24.2% +6.8% +2.1%
Operating income — +98.3% +46.4% +30.5% +26.5% +25.5% +27.0% +20.4% −4.5% −27.9% −13.4% −1.6% +17.8% +13.7% +37.4% +24.6% +7.0% +2.1%
Net income — +69.4% +60.0% +15.5% +29.8% +21.8% +26.2% +20.1% −6.2% −10.1% −18.1% +1.7% +26.6% +16.7% +36.9% +23.7% +0.7% −1.4%
Diluted EPS — +71.2% +66.4% +23.1% +34.4% +25.6% +29.6% +22.9% −2.3% −6.0% −16.5% +3.0% +26.5% +18.0% +38.9% +24.5% +2.6% +1.6%
Margins
Gross margin 56.4% 56.7% 57.8% 57.0% 56.3% 56.8% 57.7% 58.7% 58.7% 56.9% 53.9% 54.0% 55.1% 53.3% 53.6% 54.8% 56.3% 55.9%
EBITDA margin 13.2% 17.2% 20.8% 22.8% 25.8% 27.1% 30.4% 33.6% 32.7% 25.5% 20.1% 21.0% 21.4% 20.8% 23.2% 25.7% 26.5% 24.7%
Operating margin 8.6% 14.1% 18.6% 21.3% 24.4% 25.8% 29.0% 32.1% 31.2% 23.9% 18.8% 19.5% 20.2% 19.9% 22.6% 25.1% 25.9% 24.1%
Net margin 6.7% 9.4% 13.6% 13.8% 16.2% 16.7% 18.6% 20.5% 19.6% 18.7% 13.9% 14.9% 16.6% 16.8% 19.0% 20.9% 20.3% 18.4%
Free-cash-flow margin 22.7% 14.8% 15.4% 17.9% 20.4% 17.2% 19.5% 21.9% 26.6% 23.3% 21.3% 23.6% 27.3% 22.6% 26.0% 27.5% 34.6% 32.8%
Cash flow
Cash from operations 58 50 56 75 89 94 120 139 164 137 147 141 185 180 246 295 389 390
Capital spending 2 6 5 8 5 9 11 7 6 7 15 3 4 7 5 9 15 11
Free cash flow 56 44 51 67 85 85 109 133 158 130 132 138 181 173 241 286 374 380
Stock-based pay 9 10 10 8 7 10 15 16 16 20 32 33 43 59 72 93 111 121
Free cash flow after stock pay 47 34 40 59 77 75 94 117 142 110 100 105 138 114 170 193 263 259
Balance sheet
Cash 120 121 92 97 124 116 118 96 126 99 111 205 264 225 271 266 329 199
Total debt 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Net debt (negative = net cash) −120 −121 −92 −97 −124 −116 −118 −96 −126 −99 −111 −205 −264 −225 −271 −266 −329 −199
Diluted shares 90m 90m 86m 81m 78m 76m 74m 72m 69m 66m 65m 64m 64m 63m 63m 62m 61m 60m
Returned to shareholders
Buybacks 23 78 133 103 64 99 112 168 132 149 121 44 120 204 196 286 315 434
Total returned 23 78 133 103 64 99 112 168 132 149 121 44 120 204 196 286 315 434

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

1 of 1 checks passed · September 30, 2026
What it owns · $751m
Short-term assets $513mLonger-term assets $238m
What it owes, and who funded it · $681m
Short-term liabilities $480mShareholders' equity $201m
  • Short-term assets cover short-term liabilities $513m of assets due within a year against $480m of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Manhattan Associates Inc's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$434M
Returned to shareholders
114%
of free cash flow
Buybacks, last 3 fiscal years
$798M
Diluted share count
−3.0%
year over year
Total shareholder yield
3.0%
dividends 0.0% + buybacks 3.0% of market value
R&D spending
12.6%
of revenue
Days sales outstanding
85 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated MANH BLKB DUOL FIVN APPF MNDY Median
Revenue, last 12 months $1.2bn $1.2bn $1.1bn $1.2bn $1.1bn $1.2bn $482m
Revenue growth, last 12 months 8.4% 2.2% 29.4% 8.9% 20.0% 26.7% 12.0%
Revenue growth, 3-year average 9.2% 2.2% 37.3% 12.4% 23.8% — 11.1%
Revenue growth, latest quarter 11.0% 4.1% 18.3% 10.3% 18.6% — 11.9%
Gross margin 55.9% 59.9% 72.7% 54.9% 59.9% 89.2% 69.2%
Operating margin 24.1% 20.1% 13.7% 3.9% 18.8% −0.1% 1.1%
Operating margin, 3-year average 25.0% 3.5% 9.6% −2.1% 17.3% — −0.8%
Net margin 18.4% 12.9% 35.9% 4.9% 15.6% 9.6% 2.1%
Cash from operations / revenue 33.8% 29.5% 37.6% 20.7% 26.1% 27.1% 18.2%
Free-cash-flow margin 32.8% 28.6% 35.6% 17.4% 25.9% 25.4% 15.0%
Free-cash-flow margin, 3-year average 30.2% 23.8% 36.0% 13.3% 24.2% — 16.2%
Stock pay / revenue 10.4% 7.8% 12.6% 11.0% 6.8% 14.4% 9.3%
Change in share count −3.0% −4.1% 2.1% 1.4% −2.1% 1.3% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 8.4% 12.0% 114 of 184
Change in growth rate Growth +1.9pp +0.2pp 56 of 184
Gross margin Profitability 55.9% 69.8% 112 of 160
Operating margin Profitability 24.1% 1.1% 22 of 181
Net margin Profitability 18.4% 2.1% 32 of 185
Free-cash-flow margin Cash generation 32.8% 15.2% 21 of 180
Stock pay as % of revenue Cash generation 10.4% 9.3% 99 of 177
Change in share count Balance sheet -3.0% 1.7% 33 of 163
Days sales outstanding Balance sheet 85 days 57 days 124 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Other services $503M 46.5% ▼ 4.3%
Cloud Subscriptions $408M 37.7% ▲ 21.0%
Maintenance $130M 12.0% ▼ 6.0%
Hardware $25.4M 2.4% ▼ 3.1%
License and Maintenance $14.8M 1.4% ▼ 1.8%
Geography
Region Revenue YoY
Americas $810M ▲ 1.0%
Outside the US $374M ▲ 7.9%
EMEA $216M ▲ 13.3%
Asia Pacific $55.2M ▲ 11.8%

These categories overlap or exclude eliminations, so shares aren't shown.

From Manhattan Associates Inc's 10-K filed February 4, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$8.9B
Institutions reporting
503
Shares held vs prior quarter
▼ 0.7%
Positions opened / closed
57 / 82

Top buyers and sellers, Q2 2026: 235 institutions bought and 287 sold ; the biggest buyer was Arrowstreet Capital, Limited Partnership (+416K shares) and the biggest seller Alliancebernstein L.P (−817K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $944M 6.8M 10.6% ▼ 0.9%
Vanguard Portfolio Management LLC $537M 3.9M 6.0% ▼ 0.3%
FMR LLC $503M 3.6M 5.6% ▲ 9.3%
T. Rowe Price Investment Management, Inc. $472M 3.4M 5.3% ▼ 4.3%
AQR Capital Management LLC $458M 3.3M 5.1% ▲ 5.3%
Vanguard Capital Management LLC $372M 2.7M 4.2% ▼ 0.3%
Morgan Stanley $371M 2.7M 4.2% ▼ 5.8%
Alliancebernstein L.P. $306M 2.3M 3.4% ▼ 26.2%
State Street Corp $265M 1.9M 3.0% ▲ 2.3%
Geode Capital Management, LLC $264M 1.9M 3.0% ▲ 3.6%
Swedbank AB $209M 1.5M 2.3% 0.0%
Invesco Ltd. $201M 1.4M 2.3% ▲ 16.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Manhattan Associates Inc's complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.3M 6 trades by 3 insiders · 0% under pre-set plans
Net ▼ $3.3M net selling
Insider Date Trade Shares Price Value
Clark Eric Andrew President & CEO August 11, 2026 Sell 3,000 $197.76 $593,280
Hollembaek Linda T. Director August 6, 2026 Sell 1,579 $189.88 $299,821
Gantt James Stewart EVP, Professional Services July 30, 2026 Sell 5,139 $195.53 $1M
Clark Eric Andrew President & CEO June 10, 2026 Sell 1,000 $146.77 $146,770
Gantt James Stewart EVP, Professional Services April 24, 2026 Sell 7,300 $139.25 $1M
Clark Eric Andrew President & CEO November 28, 2025 Sell 1,600 $176.40 $282,240

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 6 trades and filings

No trades in Manhattan Associates Inc disclosed in the last 12 months; 6 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 29, 2025, filed February 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 29, 2025, filed February 13, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 29, 2025, filed February 13, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 20, 2026 estimated from the company's past filing pattern, not announced

  • July 28, 2026
  • April 21, 2026
  • January 27, 2026
  • October 21, 2025
  • July 22, 2025
  • April 22, 2025

Recent SEC filings

Data status

When each part of this page on Manhattan Associates Inc was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Manhattan Associates Inc in brief

What does Manhattan Associates Inc do?
Manhattan Associates Inc is a US-listed company in the application software industry. Its financial year ends in December.
What is Manhattan Associates Inc's stock ticker?
Manhattan Associates Inc trades under the ticker MANH on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Manhattan Associates Inc's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Manhattan Associates Inc reported revenue of $1.2B, 8.4% higher than a year earlier, according to its SEC filings.
What is Manhattan Associates Inc's free cash flow?
Manhattan Associates Inc's free-cash-flow margin is 32.8% of revenue over the trailing twelve months, ranking 21 of the 180 application software companies we cover.
What is Manhattan Associates Inc's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Manhattan Associates Inc's free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$79–$140 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Manhattan Associates Inc's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and FMR LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Manhattan Associates Inc buying back stock, and does it pay a dividend?
Manhattan Associates Inc spent $434M on share repurchases over the trailing twelve months, and its diluted share count fell 3.0% over the year.
What is Manhattan Associates Inc's market cap?
On November 2, 2026, Manhattan Associates Inc's market capitalisation was about $15.1B, with a price-to-earnings ratio of 70.9 and net debt of -$199M. Market figures come from third-party market data and may be delayed.
Who are Manhattan Associates Inc's competitors?
In our Application Software peer group, the companies closest to Manhattan Associates Inc are Blackbaud Inc, Duolingo, Inc., Five9, Inc., Appfolio Inc and Monday.com Ltd. The side-by-side comparison below sets their revenue, margins and growth against Manhattan Associates Inc's.
Are insiders buying or selling Manhattan Associates Inc stock?
Over the last 12 months, Manhattan Associates Inc's directors and officers reported 0 open-market purchases and 6 sales on Form 4. The insider trading page charts every trade.