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US software company making supply chain and warehouse management software used by retailers and logistics companies.
US software company making supply chain and warehouse management software used by retailers and logistics companies.
Used to sell perpetual licences plus annual maintenance, but new business is sold as Manhattan Active cloud subscriptions, so revenue is spread over contract years. Implementation consulting is a large second line because the software must be fitted to each customer's warehouses. Most revenue comes from the Americas.
Moat: narrow (switching costs, installed base). WMS software runs core warehouse operations; replacing it requires costly, risky re-implementation.
Headquarters: Atlanta, Georgia, US · Founded: 1990 · Employees: 4,370
Size Manhattan Associates (MANH) is a United States Information Technology company (Packaged Software) with a market value of $14.7B, the 610th largest of 3,117 United States companies the cockpit tracks. Shares closed at $252.78 on 6 Nov 2026.
Performance Over six months the shares gained 76.7%, against +32.6% for the median peer and -1.1% for the United States market (cap-weighted) — highest of 20 in its peer set.
Growth Revenue grew 8.4% over the last twelve months (peer median +17.6%); the operating margin is 24.9% (peer median 16.0%).
Valuation It trades at 42.0× forward earnings against a peer median of 21.8× (4th most expensive of 19).
Price implies For today's price to make sense, revenue must grow about 29% a year for seven years (Req g). Recent delivered growth is +13%, so the hurdle is +16 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Backlog Backlog (remaining performance obligations) was $2.60B at 30 Sep 2026, up 24% on a year earlier — 2.2 years of trailing revenue. Backlog detail →
Short interest Short interest is 5.7% of the free float (15 Oct 2026).
Next results Next results expected around 2 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.16B | $1.08B | $1.04B | $929M | $767M |
| Revenue growth | — | +4% | +12% | +21% | — |
| Gross profit | $640M | $603M | $565M | $492M | $402M |
| EBITDA | $294M | $289M | $268M | $216M | $159M |
| Net income | $213M | $220M | $218M | $177M | $129M |
| Free cash flow | $380M | $374M | $286M | $241M | $173M |
| Capital expenditure | $10.8M | $15.5M | $8.68M | $4.73M | $6.59M |
| Total debt | $51.7M | $61.1M | $51.3M | $24.1M | $20.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Manhattan Associates MANH | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% |
| Oracle ORCL | $351B | -41% | +22% | 34% | 13.6× | n/a |
| Sap SAP.DE | $276B | +49% | +8% | 29% | 29.8× | 14.9% |
| Descartes Systems DSG.TO | $8.10B | +32% | +12% | 33% | 37.9× | 4.4% |
| Wisetech Global WTC.AX | $10.3B | +15% | +71% | 31% | 32.6× | 30.1% |
| Kinaxis KXS.TO | $4.01B | +35% | +16% | 18% | 30.9× | 12.9% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MANH | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +22.2% | +3.5% | 3rd highest of 21 |
| 6-month return | +76.7% | +32.6% | highest of 20 |
| Distance from 52-week high | -4.1% | -13.7% | 2nd highest of 21 |
| Revenue growth (TTM) | +8.4% | +17.6% | 3rd lowest of 21 |
| Operating margin | 24.9% | 16.0% | 5th highest of 21 |
| Forward P/E | 42.0× | 21.8× | 4th most expensive of 19 |
| Growth the price implies (Req g, 7 yrs) | 29.4% | 14.1% | 4th most demanding of 19 |
| Growth delivered (Del g) | +13.0% | +20.8% | 5th lowest of 19 |
| Hurdle (Req g minus delivered) | +16.3 pp | -5.7 pp | 2nd most demanding of 19 |
| EV / EBITDA | 49.4× | 15.7× | most expensive of 13 |
| Net debt / EBITDA | -0.5× | -1.3× | 7th most indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Manhattan Associates MANH | United States | $14.7B | +77% | +8% | 25% | 42.0× | 29.4% | +13.0% |
| DocuSign DOCU | United States | $14.5B | +62% | +9% | 12% | 15.9× | 12.9% | +17.2% |
| Sage SGE.L | United Kingdom | $14.1B | +33% | +9% | 23% | 23.1× | 3.1% | +5.7% |
| Zhejiang Century Huatong 002602.SZ | China | $14.0B | -20% | +28% | 21% | 11.1× | -0.2% | +20.4% |
| Tempus AI TEM | United States | $13.9B | +53% | +37% | -18% | n/a | n/a | n/a |
| Evolution EVO.ST | Sweden | $15.8B | +33% | -3% | 57% | 14.4× | -0.3% | +31.2% |
| Beijing Kingsoft Office Software 688111.SS | China | $16.1B | -8% | +20% | 22% | 35.6× | 32.7% | +21.3% |
| Trimble TRMB | United States | $12.6B | -11% | +7% | 18% | 13.6× | 15.3% | +2.6% |
| Dynatrace DT | United States | $12.5B | +7% | +18% | 14% | 22.6× | 18.8% | +23.5% |
| JFrog FROG | United States | $12.5B | +43% | +26% | -13% | 89.6× | 37.7% | +28.7% |
| Circle Internet CRCL | United States | $17.3B | -40% | +26% | 13% | 68.1× | 23.2% | +52.7% |
| F5, Inc. FFIV | United States | $17.7B | -12% | +11% | 24% | 17.1× | 9.7% | +5.6% |
| Gen Digital GEN | United States | $17.7B | +32% | +17% | 43% | 9.6× | 1.8% | +14.4% |
| Chime Financial CHYM | United States | $11.9B | +70% | +18% | -1% | 35.2× | 18.2% | +24.8% |
| SS&C Technologies SSNC | United States | $18.2B | +13% | +9% | 24% | 10.2× | 6.9% | +6.1% |
| Procore Technologies PCOR | United States | $11.4B | +41% | +16% | -1% | 33.8× | 19.9% | +27.0% |
| Capcom 9697.T | Japan | $11.0B | +25% | +21% | 41% | 27.0× | -2.2% | +15.4% |
| SailPoint SAIL | United States | $11.0B | +57% | +20% | -19% | 53.5× | 42.0% | +24.7% |
| Cerebras Systems CBRS | United States | $20.1B | n/a | +91% | -81% | n/a | n/a | n/a |
| Toast TOST | United States | $20.1B | +38% | +22% | 7% | 20.9× | 28.6% | +49.5% |
| Paycom Software PAYC | United States | $10.5B | +73% | +9% | 30% | 15.9× | 3.3% | +19.5% |
Manhattan Associates reported $2.60B of remaining performance obligations at 30 Sep 2026, up 24% from a year earlier and up 4% from the previous quarter. That is 2.2 years of trailing revenue already under contract. Book-to-bill last quarter: 1.33.