Manhattan Associates, Inc. (MANH)
Fair ValueFundamental
71
मूल्य
$205.44
मार्केट कैप
$12.22B
भाग 1 · कंपनी का मूल्य कितना है
अवलोकन
Manhattan Associates writes software that runs the physical movement of goods: warehouse management, transportation planning and the systems retailers use to promise and fulfil online orders from the right location. It sells to large retailers, wholesalers and logistics operators who run complex supply chains, and it is steering existing on-premise customers toward a cloud version of the same software rather than chasing a wholly new market.
यह पैसा कैसे कमाती है
Most revenue now comes from cloud subscriptions billed over the life of the contract, replacing an older model of a large upfront license fee plus a separate annual maintenance charge. A substantial services line — consulting to configure and integrate the software into a customer's warehouses and systems — sits alongside the software revenue and tends to move with the pace of new implementations rather than with subscription renewals.
सेगमेंट के अनुसार राजस्व
Consulting, implementation and integration work billed for configuring the software into a customer's operations.
Recurring fees for access to the cloud-hosted version of the supply chain software, the company's fastest-growing line.
Annual support fees paid by customers still running the on-premise, licensed version of the software.
Warehouse and mobile hardware resold alongside software implementations.
Upfront fees for the on-premise software, now a small and declining share as customers move to the cloud.
प्रतिस्पर्धी बढ़त (Moat)
स्विचिंग कॉस्ट · संकीर्णA warehouse management system is wired into a retailer's daily operations — inventory data, staff workflows, integrations with other systems — so replacing it risks disrupting order fulfilment, which discourages switching. The advantage is narrow because larger rivals such as SAP, Oracle and Blue Yonder compete for the same large enterprise contracts.
मांग को क्या चलाता है
मध्यम रूप से चक्रीयNew implementations follow the capital spending plans of retailers and logistics companies, which slow when those industries cut technology budgets in a downturn. The recurring cloud subscription base cushions this somewhat, since existing customers keep paying even when new projects are postponed.
प्रमुख जोखिम
- Competition from larger software vendors — SAP, Oracle and Blue Yonder offer competing supply chain modules bundled into broader enterprise software suites, and can undercut Manhattan on price within an existing customer relationship.
- Cloud transition timing — Moving customers from license-plus-maintenance to subscription changes how and when revenue is recognized, and a slower-than-expected pace of migration would weigh on reported growth.
- Dependence on retail and logistics capital spending — New license and implementation revenue tracks the willingness of retailers and logistics firms to fund large technology projects, which contracts in an economic slowdown.
- Reliance on implementation partners — Much of the deployment work is delivered through system integrators and consulting partners, and weaker performance or capacity from that ecosystem can slow customer go-lives and revenue recognition.
खरीदने के पक्ष में तर्क
Buyers argue that the shift to cloud subscriptions, growing over 20% a year, is building a larger recurring revenue base than the old license model ever provided, and that deep integration into customers' warehouse operations makes the software hard to displace once installed.
बेचने के पक्ष में तर्क
Sellers fear that much larger, broader software vendors can bundle competing supply chain modules into existing enterprise contracts at a discount, and that the transition away from license revenue creates a multi-year drag on reported growth even if underlying demand holds up.
Written by the editors, published on 18 अगस्त 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 सितंबर 2026 with claude-haiku-4-5 — shared with all users
SAP's Extended Warehouse Management and transportation modules compete for the same warehouse and logistics budgets, with the advantage of already running the customer's ERP.
Oracle offers cloud warehouse, transportation, order management and retail point-of-sale applications to the same enterprise buyers Manhattan targets.
Named by Manhattan in its 10-K as a direct rival, Blue Yonder sells warehouse management, transportation and supply chain planning software to the same large retailers, manufacturers and logistics providers.
Körber's supply chain software unit sells warehouse management and warehouse-automation software to distribution centres in the same mid-market and enterprise accounts.
Infor's WMS and supply chain suite bids for the same distribution and retail fulfilment projects, especially where the customer already uses Infor ERP.
Aptos competes with Manhattan's store solutions, selling point-of-sale and omnichannel order management to specialty and department-store retailers.
बैलेंस शीट और तरलता
राजस्व
$1.13B
पिछले 12 महीने (30/6/2026 तक)
शुद्ध आय
$210M
पिछले 12 महीने (30/6/2026 तक)
Free Cash Flow
$374M
कुल इक्विटी
$315M
कुल देनदारियाँ
$525M
Current Ratio
0.98
Interest Coverage
66.19
Debt/EBITDA
0.19
Earnings Per Share
राजस्व और शुद्ध आय
Free Cash Flow
आय विवरण
ऐतिहासिक विवरण
समय के साथ मार्जिन
समय के साथ ऋण
ऋण कितना भारी है
वृद्धि तालिका
वृद्धि — राजस्व
Fair Value अनुमान
Fair Value
$215.20
वर्तमान मूल्य
$205.44
Margin of Safety
+4.5%
Fair Value सीमा
$162.86 - $267.54
इस्तेमाल किए गए valuation methods के बीच का फैलाव, कोई सांख्यिकीय रूप से calibrated confidence interval नहीं।
अनुमान विधियाँ
मूल्यांकन मेट्रिक्स
P/E Ratio
56.93
ROE
69.9%
P/B Ratio
73.55
P/FCF
29.02
Gross Margin
55.8%
ROIC
96.8%
लाभप्रदता Radar
मूल्य सृजन (प्रतिस्पर्धी बढ़त)
ROIC आउटलायरROIC
96.8%
WACC
9.4%
ROIC − WACC
+87.4 pp
ROIC पूंजी की लागत से अधिक है — कंपनी शेयरधारकों के लिए मूल्य सृजित कर रही है।
Fundamental विश्लेषण मानदंड
पास (22)
- EPS shows upward trend
- EPS CAGR 10.49%
- Price CAGR 14.78%
- ROIC 96.8%
- Gross Margin 55.8%
- P/FCF 29.02
- Debt/Equity ratio
- Operating Margin 24.3%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 85.2%
- Revenue Growth 5Y 13.0%
- Analyst Consensus 84% Buy
- Earnings Surprise avg 7.9%
- Earnings Quality (OCF/NI) 1.97
- Share Dilution -1.8%
- Piotroski F-Score 6/9
फेल (5)
- P/B Ratio 73.55
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 2.70
- Net Margin Trend 18.7% vs 20.9%
अनुपलब्ध (1)
- Dividend Payout NaN%
Piotroski F-Score
मिश्रित संकेत: कुछ क्षेत्रों पर ध्यान देना आवश्यक
Earnings गुणवत्ता
उच्च गुणवत्ता: earnings नकदी द्वारा समर्थित
शेयर Dilution
शेयर वापस खरीद रही है। शेयरधारक अनुकूल
संस्थागत होल्डिंग
प्रशासन
कार्यकारी टीम
| नाम | पद | आयु |
|---|---|---|
| Mr. Eric A. Clark | President, CEO & Director | 54 |
| Mr. Bruce S. Richards J.D. | Senior VP, Chief Legal Officer & Secretary | 70 |
| Mr. Robert G. Howell | Executive VP & Chief Sales Officer | 52 |
| Mr. Dennis B. Story CPA | Advisor to the Chief Executive Officer | 61 |
| Mr. J. Stewart Gantt | Executive Vice President of Professional Services - Americas | 50 |
| Ms. Linda C. Pinne | CFO, Chief Accounting Officer and Treasurer | 51 |
| Mr. Greg Betz | Chief Operating Officer | - |
| Mr. Sanjeev Siotia | Executive VP & CTO | - |
| Mr. Michael Bauer | Senior Director of Investor Relations | - |
| Ms. Katie J. Foote | Senior VP & Chief Marketing Officer | - |
Audit जोखिम
1
बोर्ड जोखिम
4
मुआवजा जोखिम
6
शेयरधारक अधिकार जोखिम
5
भाग 2 · कीमत और खरीदने का समय
यह हिस्सा यह नहीं बताता कि कंपनी अच्छी है या नहीं: यह तय करने में मदद करता है कि उसे कब खरीदें, जब फंडामेंटल आपको आश्वस्त कर चुके हों। इसमें: तकनीकी विश्लेषण, संभावना, ऐतिहासिक गिरावट, गामा एक्सपोज़र।
दस्तावेज़
- दस्तावेज़ देखें
वार्षिक रिपोर्ट (10-K)
कंपनी के कारोबार, वित्तीय नतीजों और जोखिमों का वार्षिक सिंहावलोकन।
दाखिल तिथि: 2026-02-04
- दस्तावेज़ देखें
तिमाही रिपोर्ट (10-Q)
पिछले तीन महीनों के वित्तीय प्रदर्शन का अपडेट।
दाखिल तिथि: 2026-07-31
- दस्तावेज़ देखें
विशेष रिपोर्ट (8-K)
किसी बड़ी घटना, जैसे नेतृत्व में बदलाव या बड़ी घोषणा, की सूचना।
दाखिल तिथि: 2026-07-28
via SEC EDGAR
आय का इतिहास
via SEC EDGAR
Latest News
Recent headlines for MANH, sourced from Markets Gazette.
- 4/21/2026NEUTRALTranscript: Manhattan Associates Q1 2026 Earnings Conference Call
Manhattan Associates Inc. held its Q1 2026 Earnings Conference Call on April 21, 2026. The transcript provides detailed insights into the company's financial performance, strategic initiatives, and future outlook. While specific financial figures and forward-looking statements are discussed, the transcript itself is an informational document. Investors should analyze the content for specific metrics, management commentary on market conditions, and guidance to form an opinion on the stock's potential.
- 2/23/2026NEGATIVEBrown Capital Dumps $42 Million of Manhattan Associates Amid Stock's 42% Pullback
Brown Capital has liquidated a significant position in Manhattan Associates, selling shares worth $42 million. This move comes at a critical time for the supply chain software company, as its stock has already experienced a substantial 42% pullback. The decision by a major institutional investor to dump its holdings is a very strong bearish signal for the market. Investors often interpret such a large sale as a lack of confidence in the company's future prospects, despite its established role in the retail, manufacturing, and healthcare sectors. The selling pressure from such a large transaction could further accelerate the stock's downward trend, prompting other holders to reconsider their positions.
via Markets Gazette