
Manhattan Associates, Inc.

MANH (Manhattan Associates, Inc.) trades at 7.0x EV/Revenue — reasonably priced for a supply chain company with strong gross margins (56%) and moderate growth (+7% YoY). The business is profitable at 27% EBIT margins. Forward PE of 26x.
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Manhattan Associates provides cloud-based supply chain and omnichannel commerce software solutions for retailers, manufacturers, and logistics providers. They solve critical inventory management, warehouse optimization, and order fulfillment challenges that help companies deliver products faster and more efficiently. The company generates revenue through cloud subscriptions (growing 21% annually), software licenses, and implementation services.
Revenue is expected to grow 6.5% in 2026 to $1.146B, with cloud revenue driving the expansion at 21% growth while legacy license/maintenance naturally declines. The company is positioned to capture share in the $15B+ supply chain software market as customers prioritize digital transformation and AI-powered optimization. New AI agents represent a significant incremental revenue opportunity beyond current conservative guidance.
Manhattan Associates demonstrates best-in-class SaaS economics with 55.7% gross margins and expanding operating margins (35.8% in 2025, up 100+ bps YoY). The company generates strong free cash flow ($389M in 2025, +32% YoY) with 34.6% FCF margins, enabling aggressive capital returns including $275M in share repurchases. Operating leverage from cloud transition and AI upsells should drive continued margin expansion.
Manhattan Associates holds a leading position in supply chain execution software, competing against SAP, Oracle, and Blue Yonder with superior win rates above 70%. Their differentiation comes from deep vertical expertise in retail/logistics and seamless omnichannel capabilities that integrate inventory, warehouse, and order management. The new AI agent platform strengthens their moat by delivering immediate productivity gains without requiring complex data infrastructure.
Q4 delivered record cloud bookings driving RPO to $2.2B (+25% YoY) and marked the return of services revenue growth ahead of plan. The commercial launch of AI agents after successful pilot programs represents a major catalyst, with management highlighting this as their first opportunity to upsell the entire cloud customer base simultaneously. Strong new logo acquisition (75% of Q4 cloud bookings) demonstrates continued market share gains.
Analysts are cautiously optimistic about the AI monetization opportunity and cloud conversion acceleration, though services execution remains a key focus area. The company's conservative guidance approach and strong competitive positioning in a defensive software vertical appeal to growth-at-reasonable-price investors. Consensus expects steady 6-8% revenue growth with expanding margins as the cloud mix increases.
Manhattan Associates is a profitable, cash-generative leader in mission-critical supply chain software with a newly launched AI platform that could meaningfully accelerate growth beyond conservative guidance assumptions.
| '25E | '26E | '27E | '28E | |
|---|---|---|---|---|
| Revenue | $1.1B | $1.1B | $1.2B | $1.4B |
| Growth | — | +7% | +9% | +9% |
| EBITDA | — | $390M | $431M | $460M |
| Growth | — | +11% | +7% | |
| FCF | $374M | $304M | $344M | $372M |
| Margin | 35% | 27% |
Rainforest Distribution Transforms its Supply Chain Planning with Manhattan Associates
Manhattan Associates Increases Share Repurchase Program to US$500 Million
Manhattan Associates, Inc. (MANH) Presents at Morgan Stanley Technology, Media & Telecom Conference 2026 Transcript
Manhattan Associates, Inc. (MANH) Presents at 47th Annual Raymond James Institutional Investor Conference Transcript
Manhattan Associates Announces Planned Transition for Chief Financial Officer
| 28% |
| 27% |
| EPS (PF) | $4.98 | $5.22 | $5.89 | $6.51 |
| Growth | — | +5% | +13% | +11% |
| PF Op Inc | — | $498M | $550M | $590M |