# Manhattan Associates, Inc. (MANH)

> Source: Nexqual · https://nexqual.com/MANH · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Manhattan Associates, Inc. (MANH), nexqual.com/MANH" · informational, not investment advice.

**Price:** USD 242.17 (+2.69% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 235.83 · day 237.13–242.49 · 52w 119.06–242.49 · market cap $14.1B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $1.13B, net income $210M (18.7% margin), free cash flow $399M (SEC filings).
- Valuation: P/E 67.2x (avg 67.1x at the last 3 fiscal year-ends).
- 2 of 80 tracked superinvestors hold MANH (13F, Q2 2026): 0 new, 1 added, 1 reduced, 0 unchanged.
- Insider open-market sales, last ~7 months: 5 Form 4 filings, $3.1M; 5 not under a Rule 10b5-1 plan ($3.1M); 2 by opportunistic insiders (2 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.91 on a 1–5 scale) (11 analysts), mean target USD 235.9 (range 190–260).
- Total return with dividends: 1Y +24.4% vs S&P 500 +14.9%; 5Y +43.6% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 1.46, revenue estimate $297M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $664M | $767M | $929M | $1.04B | $1.08B | $1.13B |
| Gross profit | $366M | $409M | $498M | $571M | $609M | — |
| Operating income | $134M | $153M | $210M | $262M | $280M | $274M |
| Net income | $110M | $129M | $177M | $218M | $220M | $210M |
| EPS (diluted) | $1.72 | $2.03 | $2.82 | $3.51 | $3.60 | — |
| Free cash flow | $181M | $173M | $241M | $286M | $374M | $399M |
| Gross margin | 55.1% | 53.3% | 53.6% | 54.8% | 56.3% | — |
| Operating margin | 20.2% | 19.9% | 22.6% | 25.1% | 25.9% | 24.3% |
| Net margin | 16.6% | 16.8% | 19.0% | 20.9% | 20.3% | 18.7% |
| Revenue growth | +13.2% | +15.6% | +21.1% | +12.2% | +3.7% | — |
| Cash + short-term investments | — | $225M | $271M | $266M | $329M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 67.2x · P/S 12.5x · P/FCF 35.4x · P/B 89.6x · FCF yield 2.83% · Earnings yield 1.49% · Buyback yield (TTM) 3.08%
P/E at fiscal year-ends: Dec 2025 48.1x, Dec 2024 77.0x, Dec 2023 76.3x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold MANH. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Terry Smith | Fundsmith | 0.18% | $24.1M | Added +43.1% |
| Jensen Investment Management |  | 0.01% | $565K | Reduced -8.1% |

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 5 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-08-11 | Clark Eric Andrew | President & CEO | 3,000 | $593K | 3.2% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-08-06 | Hollembaek Linda T. | Director | 1,579 | $300K | 11.4% | No | Too little history (no open-market trades in 2024) |
| 2026-07-30 | Gantt James Stewart | EVP, Professional Services | 5,139 | $1.0M | 8.5% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-10 | Clark Eric Andrew | President & CEO | 1,000 | $147K | 1.1% | No | Too little history (no open-market trades in 2023 or 2024) |
| 2026-04-24 | Gantt James Stewart | EVP, Professional Services | 7,300 | $1.0M | 10.7% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.91 on a 1–5 scale), 11 analysts; mean target USD 235.9 (low 190, high 260).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-20 | Citigroup | Target raised | Buy | $203 → $260 |
| 2026-10-14 | Stifel | Target raised | Buy | $225 → $250 |
| 2026-10-12 | Morgan Stanley | Upgrade | Equal-Weight → Overweight | $180 → $250 |
| 2026-09-28 | DA Davidson | Downgrade | Buy → Neutral | $210 |
| 2026-09-08 | Barclays | Target raised | Overweight | $201 → $239 |
| 2026-08-26 | Baird | Target raised | Outperform | $218 → $260 |
| 2026-07-29 | Stifel | Target raised | Buy | $200 → $225 |
| 2026-07-29 | DA Davidson | Target raised | Buy | $200 → $210 |
| 2026-07-29 | Baird | Target raised | Outperform | $186 → $218 |
| 2026-07-29 | Loop Capital | Upgrade | Hold → Buy | $150 → $215 |
| 2026-07-21 | Citigroup | Target raised | Buy | $177 → $193 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +24.4% | +43.6% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +24.5% | +7.5% |
| Volatility (annualized) | 46.5% | 39.6% |
| Max drawdown | -38.0% (Oct 2025→Apr 2026) | -60.0% (Dec 2024→Apr 2026) |

## Peers (Software - Application)
HUBS (HubSpot, Inc.) USD 267.19 +6.92% · FIG (Figma, Inc.) USD 24.1 +4.87% · GWRE (Guidewire Software, Inc.) USD 189.64 +4.26% · DOCU (DocuSign, Inc.) USD 84.41 +3.60% · TYL (Tyler Technologies, Inc.) USD 392.45 +4.44% · PAYC (Paycom Software, Inc.) USD 272.61 +4.44%

## More
Full page: https://nexqual.com/MANH · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in MANH's own 10-K filed 2026-02-04 (https://www.sec.gov/Archives/edgar/data/1056696/000119312526037138/manh-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | Microsoft (MSFT) | "Through this platform, Manhattan Active SCALE customers receive new capability on an annual basis and enjoy full configurability and elements of technical extensibility even when delivered on Azure." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Service Other | $133.0M | 44.7% | +3.2% |
| Cloud Subscriptions | $126.7M | 42.6% | +26.2% |
| Maintenance | $30.5M | 10.2% | -12.9% |
| Hardware | $5.6M | 1.9% | -14.4% |
| License & Maintenance | $1.9M | 0.6% | +25.9% |
| Total revenue | $297.8M | 100% | — |

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Americas | $227.0M | 76.2% | +9.9% |
| Non Us | $102.0M | 34.3% | +11.5% |
| EMEA | $55.4M | 18.6% | +5.9% |
| Asia Pacific | $15.4M | 5.2% | +14.0% |
| Total revenue | $297.8M | 100% | — |
The lines above cover 134.3% of total revenue.

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.46 | $1.44 | +1.6% | $297.0M | 10 |
| Next quarter (ends 2026-12-31) | $1.40 | $1.37 | +1.9% | $288.3M | 10 |
| Current fiscal year (ends 2026-12-31) | $5.50 | $5.36 | +2.5% | $1.17B | 11 |
| Next fiscal year (ends 2027-12-31) | $6.12 | $5.97 | +2.6% | $1.26B | 11 |