Manhattan Associates, Inc. (MANH)
適正価値ファンダメンタル
71
株価
$205.44
時価総額
$12.22B
パート1 · 企業の価値
概要
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.
収益の仕組み
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.
セグメント別売上高
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.
競争優位性（moat）
スイッチングコスト · 狭いA 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.
需要を左右する要因
中程度の景気循環性New 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.
主なリスク
- 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.
強気材料
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.
弱気材料
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 2026年8月18日
Direct competitors
Who this company fights with for the same customers
Generated on 2026年9月19日 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.
貸借対照表と流動性
売上高
$1.13B
直近12か月（2026/6/30まで）
純利益
$210M
直近12か月（2026/6/30まで）
フリーキャッシュフロー
$374M
自己資本合計
$315M
負債合計
$525M
流動比率
0.98
利払い倍率
66.19
負債/EBITDA
0.19
一株当たり利益（EPS）
売上高と純利益
フリーキャッシュフロー
収益内訳
財務推移表
利益率の推移
負債の推移
負債の重さ
成長率グリッド
成長率 — 売上高
適正価値の推定
適正価値
$215.20
現在株価
$205.44
安全マージン
+4.5%
適正価値レンジ
$162.86 - $267.54
使用した評価手法間のばらつきであり、統計的に較正された信頼区間ではありません。
推定方法
バリュエーション指標
P/E レシオ
56.93
ROE
69.9%
P/B レシオ
73.55
P/FCF
29.02
粗利益率
55.8%
ROIC
96.8%
収益性レーダー
価値創造（経済的モート）
ROICの外れ値ROIC
96.8%
WACC
9.4%
ROIC − WACC
+87.4 pp
ROICが資本コストを上回っています。企業は株主のために価値を創出しています。
ファンダメンタル分析基準
合格（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
不合格（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%
データなし（1）
- Dividend Payout NaN%
Piotroski F-スコア
まちまちのシグナル：一部の領域に注意が必要
利益の質
高品質：利益はキャッシュに裏付けられている
株式希薄化
株式を買い戻している。株主に友好的
機関投資家の保有
ガバナンス
経営陣
| 氏名 | 役職 | 年齢 |
|---|---|---|
| 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 | - |
監査リスク
1
取締役会リスク
4
報酬リスク
6
株主権利リスク
5
パート2 · 株価と買い時
この部分は企業に価値があるかを判断するものではありません。ファンダメンタルズに納得したうえで、いつ買うかを選ぶためのものです。内容：テクニカル分析、ポテンシャル、過去のドローダウン、ガンマエクスポージャー。
業績推移
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