At a glance
Manhattan Associates Inc is worth $13.92B, about 67 times its fiscal 2025 earnings. Revenue grew 3.7% to $1.08B in fiscal 2025, with 20.3% kept as profit; over 5 years it has grown 13.0% a year. It pays no dividend; it spent $1.12B buying back its shares over FY2021–FY2025. The stock returned +28.9% over the past year with dividends reinvested and +5.8% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 54.1% in the 2020 crash (S&P 500: 33.7%) and 28.8% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 2 months after the low.
The business in plain English
Manhattan Associates makes software that helps companies run their supply chains: the warehouses, trucks, stores and online orders that get goods to customers. Founded in 1990 in Manhattan Beach, California, and based in Atlanta, it serves retailers, wholesalers, manufacturers and logistics providers. Its main product family, Manhattan Active, runs in the cloud and is offered by subscription, known as software as a service (SaaS). Customers get new features every quarter without planned downtime.
Its products cover three areas. Supply chain execution includes warehouse management, which directs the flow of goods through distribution centers, and transportation management, which helps shippers move freight at the lowest cost. Omnichannel commerce serves merchants that reach shoppers through stores, websites and call centers. It lets them take an order anywhere and fill it from any warehouse or store, and it includes point-of-sale (checkout) software. Supply chain planning forecasts demand and works out how much inventory to hold and where.
In the year ended December 31, 2025, revenue was $1.08 billion. Services, which include the professional work of implementing the software, made up 46.5%. Cloud subscriptions brought in 37.7%. Maintenance (ongoing support for software customers bought outright) brought in 12%, and hardware and licenses made up the rest. The Americas supplied 74.9% of revenue, Europe, the Middle East and Africa 20%, and Asia Pacific 5.1%.
Price history
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MANH +28.9% over the year to Oct 28, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Service Other | $503.0M | 46.5% |
| Cloud Subscriptions | $408.1M | 37.7% |
| Maintenance | $130.0M | 12% |
| Hardware | $25.4M | 2.4% |
| License And Maintenance | $14.8M | 1.4% |
By geography
| Americas | $810.4M | 74.9% |
| EMEA | $215.8M | 20% |
| Asia Pacific | $55.2M | 5.1% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $306.2M, up 11% from a year earlier, and net income was $61.3M (+4.6%).
- For fiscal 2025, revenue was $1.08B (+3.7% year over year; +13.0% a year from FY2020 to FY2025) with a 20.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.0% good |
|---|---|
| Operating margin | 25.9% good |
| Free cash flow margin | 34.6% good |
| Return on equity (FY2025) | 69.9% good |
| Return on assets (FY2025) | 26.2% good |
| Cash and investments | $199.4M (no borrowings found in the filings) good |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $586.4M | $87.2M | $138.2M |
| FY2021 | $663.6M | $110.5M | $181.2M |
| FY2022 | $767.1M | $129.0M | $173.0M |
| FY2023 | $928.7M | $176.6M | $241.5M |
| FY2024 | $1.04B | $218.4M | $286.3M |
| FY2025 | $1.08B | $219.9M | $374.0M |
Valuation snapshot
| Market value | $13.92B |
|---|---|
| P/E ratio | 66.6 |
| Dividend yield | None |
Rank among 1514 US companies
Market value at each year end
Manhattan Associates’s market value went from $3.78B at the end of 2016 to $13.92B on Oct 28, 2026, about 3.7 times as much; since the end of 2025 it is up 33%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Oct 28, 2026 | $13.92B | +33.3% |
| 2025 | $10.44B | -36.7% |
| 2024 | $16.50B | +24.5% |
| 2023 | $13.26B | +75.0% |
| 2022 | $7.57B | -23.0% |
| 2021 | $9.84B | +47.3% |
| 2020 | $6.68B | +31.1% |
| 2019 | $5.10B | +84.0% |
| 2018 | $2.77B | -18.9% |
| 2017 | $3.41B | -9.5% |
| 2016 | $3.78B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MANH price data to Oct 28, 2026 | +38.3% | +28.9% | +8.3% | +5.8% | +16.8% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +38.3% |
| 2025 | -35.9% |
| 2024 | +25.5% |
| 2023 | +77.4% |
| 2022 | -21.9% |
| 2021 | +47.8% |
| 2020 | +31.9% |
| 2019 | +88.2% |
| 2018 | -14.5% |
| 2017 | -6.6% |
| 2016 | -19.9% |
| 2015 | +62.5% |
| 2014 | +38.6% |
| 2013 | +94.7% |
| 2012 | +49.1% |
| 2011 | +32.5% |
| 2010 | +27.0% |
| 2009 | +52.1% |
| 2008 | -40.0% |
| 2007 | -12.4% |
| 2006 | +46.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 52.4% over that stretch · deepest drop along the way 54.2%, back to its old high 16.6 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 47.8% over that stretch · deepest drop along the way 54.1%, back to its old high 2.3 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.4% over that stretch · deepest drop along the way 28.8%, back to its old high 2 months after the low |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 5 sales ($3.1M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 24, 2026 | James Stewart Gantt EVP, Professional Services | sell | $1.0M |
| Jul 30, 2026 | James Stewart Gantt EVP, Professional Services | sell | $1.0M |
| Aug 11, 2026 | Eric Andrew Clark President & CEO, Director | sell | $593K |
| Aug 6, 2026 | Linda T. Hollembaek Director | sell | $300K |
| Jun 10, 2026 | Eric Andrew Clark President & CEO, Director | sell | $147K |
Who owns it
Large shareholders (13G filings)
| BlackRock, Inc. | 10.2% | Jun 30, 2025 |
| Vanguard Portfolio Management | 6.49% | Mar 31, 2026 |
| FMR LLC | 6.1% | Jun 30, 2026 |
| T. Rowe Price Investment Management, Inc. | 5.9% | Mar 31, 2026 |
| AQR Capital Management, LLC | 5.28% | Mar 31, 2026 |
| Vanguard Capital Management | 5.24% | Mar 31, 2026 |
| AllianceBernstein L.P. | 3.9% | Jun 30, 2026 |
ETFs with the most weight in MANH
| MID American Century Mid Cap Growth Impact | 3.57% |
| RISN Inspire Tactical Balanced ETF | 2.8% |
| XMHQ Invesco S&P MidCap Quality ETF | 2.5% |
| MGRO VanEck Morningstar Wide Moat Growth ETF | 2.15% |
| GRPM Invesco S&P MidCap 400 GARP ETF | 0.77% |
| XSW SPDR S&P Software & Services ETF | 0.71% |
| FSGS First Trust SMID Growth Strength ETF | 0.7% |
| QQQJ Invesco NASDAQ Next Gen 100 ETF | 0.7% |
What could go wrong
- Growth hinges on cloud subscription sales. Revenue depends on new and existing customers purchasing cloud subscriptions. Those subscriptions drive the services work that made up 46.5% of revenue in fiscal 2025. Cancellations could cut both.
- Outages at outside data centers. Its cloud software runs in data centers managed by third parties, including Google Cloud and Microsoft Azure. Outages could anger customers. Higher hosting prices or a forced switch could squeeze profits.
- Long, complex software installations. Putting the software in place often takes a long time because it must connect with each customer's existing systems. Delays or a shortage of trained staff can frustrate customers and hurt future sales.
- Costly claims if its systems fail. Its warehouse, transportation and store software is often critical to customers' daily operations. A bug, security breach or hosting failure could lead to costly claims and damage the company's reputation.
- Reliant on one line of business. The company says its results depend substantially on one line of business: supply chain and commerce software. Disruption in the industries it serves, such as retail and wholesale, could materially hurt revenue.
- A history of sharp share-price swings. The company warns that its stock price has been highly volatile. The shares fell about 36% in 2025. Their largest peak-to-trough drop in the three years to October 28, 2026 was 61%.
Recent events
- Acquisition or sale of assets completed; Change to shareholder rights; Executive or board change; Bylaws or fiscal year changed; Investor presentation or announcement
- Quarterly results released
- Restructuring or exit costs; Investor presentation or announcement
- Executive or board change
- Shareholder vote results
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Quarterly results released
For income and retirement investors
Manhattan Associates paid no dividends from fiscal 2021 through 2025, so the shares offer no regular cash income. An investor who needs income would have to cash out part of the holding. Instead, the company returns cash through buybacks, meaning it repurchases its own shares. It spent $1.12 billion on buybacks over those five years. That included $315 million in fiscal 2025, when free cash flow (cash left after running and investing in the business) was $374 million. The share count fell 7.9% between October 2021 and July 2026, so each remaining share represents a larger slice of the company.
The stock has fallen hard in past downturns. It dropped 54.2% in the 2008 financial crisis and took 16.6 months to recover. It fell 54.1% in the 2020 COVID crash and recovered in 2.3 months. In the 2022 bear market it lost 28.8% and recovered in about two months. A single stock carries more risk than a diversified fund that spreads money across many companies.
Questions investors ask
Does Manhattan Associates pay a dividend?
No. Manhattan Associates paid no dividends from fiscal 2021 through fiscal 2025, so the stock has no dividend yield. Instead, it returns cash by repurchasing its own shares. It spent $1.12 billion on buybacks over those five years, including $315 million in fiscal 2025 alone. Buybacks can increase each remaining share's claim on profits, but they put no cash in a shareholder's account. Investors who rely on portfolio income would need to cash out shares to draw money from this holding.
How does Manhattan Associates make money?
It charges businesses for supply chain and retail software and for the services to set it up. In fiscal 2025, revenue was $1.08 billion. Services brought in 46.5%, cloud subscriptions 37.7% and maintenance 12%, with hardware and licenses making up the rest. Its software runs warehouses, plans freight shipments, manages online orders and handles store checkouts for retailers, wholesalers, manufacturers and logistics providers. The Americas supplied 74.9% of revenue. The company says cloud subscription sales drive its services revenue.
Does Manhattan Associates have any debt?
It appears to have none. Its financial statements as of June 30, 2026 report no borrowings, and the company held about $186 million in cash and investments. Shareholders' equity, the accounting value of the owners' stake, was $157.5 million at that date. Buybacks reduce equity, and the company spent $1.12 billion on them from fiscal 2021 through 2025. A small equity base makes return on equity (profit measured against that stake) look high. It was 69.9% in fiscal 2025.
Is Manhattan Associates stock expensive?
It trades at a high price relative to its earnings. As of October 28, 2026, its price-to-earnings (P/E) ratio was 66.6. That means the share price was 66.6 times fiscal 2025 earnings of $3.60 per share. The company's market value was about $14.0 billion. Growth has been uneven: revenue rose 13% a year on average from fiscal 2020 to 2025, but only 3.7% in fiscal 2025. In the quarter ended June 30, 2026, revenue grew 9.3% from a year earlier, while net income fell 11.3%.
How has Manhattan Associates stock performed over the long term?
It did well over 10 years, but with deep swings. As of October 28, 2026, the share price rose an average of 16.8% a year over 10 years, a total gain of 371%. Over five years the average was 5.8% a year, and over three years it was 8.3%. The stock fell about 36% in 2025, then gained 38.3% in 2026 through October 28. Its largest peak-to-trough drop over the prior three years was 61%. Because it pays no dividend, these price returns are its whole return.