Manhattan Associates, Inc. (MANH) Stock

Manhattan Associates, Inc. (MANH) is a Technology stock trading at $211.25 (as of 2026-08-20), with a market capitalization of $12.32B and a trailing P/E of 58.6. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Manhattan Associates develops and sells software and related services for supply chain, inventory, and omni-channel operations, including logistics execution offerings under Manhattan SCALE and omni-channel solutions under Manhattan Active. It also provides inventory optimization and planning, maintenance and implementation services, and resells certain hardware and peripherals used with logistics systems, serving retail and other industries including third-party logistics.

Understand Manhattan Associates, Inc.: how it makes money

Manhattan Associates develops, sells, deploys, and maintains supply-chain and omni-channel logistics software, including Manhattan SCALE and Manhattan Active, and makes money through cloud subscription revenue, global services, maintenance, and some hardware revenue.

Profit is driven by selling cloud subscription and services solutions whose future revenue is reflected in contract backlogs, tracked by Remaining Performance Obligations and the Four-Year Ramped Annualized Value of Recurring Revenue.

Revenue by segment (latest quarter)
Services	$0.1B
CloudSub	$0.1B
Maint	$0.0B
Hardware	$0.0B

Business quality (Strong): The company combines high profitability (gross margin 55.1%, operating margin 23.0) with visibility into future performance obligations (Remaining Performance Obligations of USD_B 2.35), supported by cloud subscription and global services revenue.

Valuation: Trades at 37× trailing earnings · $8B market cap.

Bull case

Recurring and contract-driven visibility: Remaining Performance Obligations is USD_B 2.35, and Four-Year Ramped Annualized Value of Recurring Revenue is USD_B 0.6.
Attractive profitability on current business: For the period ended 2026-03-31, gross margin is 55.1% and operating margin is 23.0%.
Revenue mix includes cloud and services: Cloud subscription revenue is 0.12B and global services revenue is 0.13B, with additional maintenance revenue of 0.03B.

Bear case

Near-term results can depend on conversion and recognition timing: Key operating tracking includes Remaining Performance Obligations and a view of revenue recognition over the next 24 months (Remaining Performance Obligations Revenue Recognition Over Next 24 Months is 38.0%).
Competitive pressure is a monitoring item: Competitive Win Rates are 70.0%, indicating outcomes matter in a competitive environment.
Services execution matters: Global Services Go-Lives Completed is tracked as an operating metric, implying delivery and go-live execution are important to performance.

Valuation — source: SEC EDGAR (first-party)
Price	$211.25
Market Cap	$12.32B
P/E Ratio	58.6
EV / EBITDA	43.2
Price / Book	78.20
Price / Sales	10.94
FCF Yield	3.2%
DCF Value (model)	$134.30
DCF Upside vs Price	-36.4%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$1.08B
Net Margin	20.3%
Revenue Growth (YoY)	9.3%
EPS Growth (YoY)	-8.5%
FCF Growth (YoY)	28.0%

Financial Health — source: SEC EDGAR
Altman Z-Score	17.61 (safe)

Valuation vs Sector & Industry
Stock P/E	58.6
Sector P/E (Technology)	33.9
Industry P/E (Business Services)	30.0
vs Sector	72.7%
vs Industry	95.6%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	VANGUARD GROUP INC ($1.21B)
Institutional Holders Tracked	10
Congressional Trades (recent)	3

Company
Sector	Technology
Industry	Business Services
CEO	Eric A. Clark
Employees	4,690
Country	US
IPO Date	1998-04-23

Related Companies (Business model: SaaS / Subscription Software (Enterprise); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.