Manhattan Associates, Inc. (MANH)
Valor JustoFundamental
71
Preço
$198.70
Capitalização de Mercado
$12.22B
Parte 1 · Quanto vale a empresa
Visão Geral
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.
Como gera receita
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.
Receita por segmento
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.
Vantagem competitiva
Custos de mudança · EstreitaA 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.
O que impulsiona a procura
Moderadamente cíclicoNew 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.
Principais riscos
- 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.
Os argumentos a favor
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.
Os argumentos contra
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 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 19 de setembro de 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.
Balanço & Liquidez
Receita
$1.13B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$210M
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$374M
Capital Próprio Total
$315M
Passivo Total
$525M
Rácio de Liquidez
0.98
Cobertura de Juros
66.19
Dívida/EBITDA
0.19
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$215.20
Preço Atual
$198.70
Margem de Segurança
+7.7%
Intervalo de Valor Justo
$162.86 - $267.54
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
56.93
ROE
69.9%
Rácio P/B
73.55
P/FCF
29.02
Margem Bruta
55.8%
ROIC
96.8%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC AtípicoROIC
96.8%
WACC
9.4%
ROIC − WACC
+87.4 pp
O ROIC supera o custo do capital — a empresa está a criar valor para os acionistas.
Critérios de Análise Fundamental
Aprovado (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
Reprovado (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%
Indisponível (1)
- Dividend Payout NaN%
Piotroski F-Score
Sinais mistos: algumas áreas requerem atenção
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| 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 | - |
Risco de Auditoria
1
Risco do Conselho
4
Risco de Remuneração
6
Risco dos Direitos dos Acionistas
5
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Documentos
- Ver documento
Relatório anual (10-K)
Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.
Arquivado em 2026-02-04
- Ver documento
Relatório trimestral (10-Q)
Uma atualização sobre o desempenho financeiro dos últimos três meses.
Arquivado em 2026-07-31
- Ver documento
Relatório de fato relevante (8-K)
Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.
Arquivado em 2026-07-28
via SEC EDGAR
Histórico de Resultados
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