Manhattan Associates Inc (MANH) fair value: what the stock is really worth
We calculate from audited financials what Manhattan Associates Inc is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 19, 2026.
How to read this chart
60‑month range $108.50 – $309.78 · fair‑value band $139.22 – $334.86 · the $211.46 price screens above the $183.20 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 19, 2026.
Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations.
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Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers warehouse management solution for managing goods and information across the distribution centers; Manhattan Active Warehouse Management, a cloud native and version less application for the associate; and transportation management solution for helping shippers navigate their way through the demands and meet customer service expectations at the lowest possible freight costs; Manhattan SCALE, a portfolio of logistics execution solution; and Manhattan Active Omni, which offers order management, store inventory and fulfillment, call center, POS, and customer engagement tools for enterprises and stores. The company also provides demand forecasting and replenishment, allocation, and unified business planning; technology platform including Manhattan Active Platform solutions, a cloud-native product designed to provide version-less product access; maintenance services, which offers on-premises software licensees with software upgrades for additional or improved functionality and technological advances; and professional services, such as solutions planning and implementation, and related consulting services. In addition, it provides training and change management services; and resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. The company offers products through direct sales personnel and partnership agreements with various organizations. It serves retail, consumer goods, food and grocery, logistics service providers, industrial and wholesale, high technology and electronics, life sciences, and government industries. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Manhattan Associates, Inc. was founded in 1990 and is headquartered in Atlanta, Georgia.
Stock analysis
Manhattan Associates Inc (MANH) currently trades at $211.46, while our model-based Fair Value estimate is $183.20, implying the stock looks roughly 15.4% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of $112.68 per share, and 0 of the 24 models we run sit above the $211.46 price.
Bear case: the Earnings-Based group reads lowest at $38.10, and 24 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: $139.22 (bear) to $334.86 (bull), the price of $211.46 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 83/100 (high quality), in the Technology sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Manhattan Associates Inc reported revenue of $1.1B in FY2025 versus $664M in FY2021, a compound +13.0%/yr. Reported net income was $220M in FY2025, compounding +18.8%/yr from FY2021.
Key figures
Market cap $12.9B · P/E ratio 59.1 · P/S ratio 12.0 · EPS (TTM) $3.58 · Net margin 20.3% · Return on equity 96.2% · Return on assets (EBIT) 30.2% · Operating margin 23.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 78% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Technology peers we cover trades at −16% fair-value upside, at −13%, MANH screens cheaper than that median.
Fair Value models
Bear $139.22Fair Value $183.20Bull $334.86
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($2.60 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.98/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.0%
Revenue growth 28 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+13.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+21.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+21.6%
Dividend (yield on the price)0.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.22% vs 10%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.20% → 26%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+17.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+7.3%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (84 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Manhattan Associates Inc with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Software - Application · 701 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score83 · Top 25%
Fair Value upside−57% · Bottom 25%
Profitability
Return on equity (TTM)96% · Top 25%
Return on assets24% · Top 25%
Net margin (TTM)20% · Top 25%
Operating margin (TTM)23% · Top 25%
Growth and dividend
Revenue growth7% · Above median
Valuation Multiplesvs Software - Application median · lower = cheaper
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Is Manhattan Associates Inc (MANH) overvalued or undervalued?
As of Sep 19, 2026, our model estimates a fair value of $183.20 versus a price of $211.46, about −13% upside (overvalued).
What is the fair value of MANH?
Our model-based fair value for Manhattan Associates Inc is $183.20 (as of Sep 19, 2026), built from audited fundamentals. The current price: $211.46.
What is the quality score of MANH?
Manhattan Associates Inc has a Quality Score of 83/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Manhattan Associates Inc (MANH)?
Our model-based price target is the fair value of $183.20 (as of Sep 19, 2026) from 24 valuation models. Cautious scenario $139.22, optimistic scenario $334.86. It is a calculation from audited fundamentals, not an analyst target.
What is the Manhattan Associates Inc stock forecast for 2026?
Our models put fair value at $183.20, about −13% upside versus a price of $211.46 (overvalued). Cautious scenario $139.22, optimistic scenario $334.86. The calculation is refreshed regularly with new filings.
What is the revenue of Manhattan Associates Inc (MANH)?
Manhattan Associates Inc reported trailing-twelve-month revenue of about $1.1B (latest available figure, as of Sep 19, 2026).
What growth is priced into Manhattan Associates Inc (MANH)?
For today's price to be fair in a discounted-cash-flow model, Manhattan Associates Inc would have to grow free cash flow by +17.6 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +13.0 % per year. As of Sep 19, 2026.
What discount rate (WACC) does the fair value of MANH use?
Our models discount Manhattan Associates Inc at 9.1 %: a base by market capitalisation (large), damped by beta 0.95, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Manhattan Associates Inc that is +17.6 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Manhattan Associates Inc (MANH) delivered so far?
Over the past 5 years revenue at Manhattan Associates Inc grew +13.0 % a year. The price currently implies +17.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Manhattan Associates Inc (MANH) growing?
The median revenue growth in the sector is +8.0 % a year. That is the yardstick for the growth priced into Manhattan Associates Inc (+17.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Manhattan Associates Inc (MANH)?
The free-cash-flow yield on the price is 2.90 %: that much free cash flow Manhattan Associates Inc produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Manhattan Associates Inc (MANH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manhattan Associates Inc it is $183.20 per share (as of Sep 19, 2026), against a price of $211.46. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Manhattan Associates Inc stock overvalued or undervalued in 2026?
As of Sep 19, 2026, MANH trades above its calculated fair value: price $211.46, fair value $183.20, a gap of about −13% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MANH?
No. The price is what the market pays today ($211.46); the fair value is what the company's own numbers justify ($183.20). For Manhattan Associates Inc the two are $28.26 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manhattan Associates Inc worth?
The market values Manhattan Associates Inc at about $12.9B (market capitalisation, as of Sep 19, 2026). Per share that is $211.46; our models calculate a fair value of $183.20 per share.
What do the bullish and bearish scenarios say about MANH?
Our models span a range for Manhattan Associates Inc: cautious scenario $139.22, base $183.20, optimistic $334.86 per share (as of Sep 19, 2026, price $211.46). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MANH?
Manhattan Associates Inc trades at a price-to-earnings ratio of 59.1 (as of Sep 19, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $183.20 is built from several models across several years. Other multiples: PEG 2.0, P/B 30.7, P/S 8.8, EV/EBITDA 32.4.
What is the PEG ratio of MANH?
The PEG ratio of Manhattan Associates Inc is 2.00 (P/E divided by earnings growth, as of Sep 19, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Manhattan Associates Inc (MANH)?
Balance-sheet figures for Manhattan Associates Inc (as of Sep 19, 2026): return on equity 96.2%. They feed the Quality Score of 83/100, which measures business quality independently of the share price.
How far is MANH from its 52-week high?
Manhattan Associates Inc trades at $211.46, about 14% below its 52-week high of $247.22 and 78% above the low of $119.06 (as of Sep 19, 2026). Distance from the high says nothing about value: that is what the fair value of $183.20 is for.
Which stocks are comparable to Manhattan Associates Inc?
From the same area (Technology) we also value SAP SE, Shopify Inc, Uber Technologies, Inc, Salesforce, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Manhattan Associates Inc stock attractive at the current price?
The data as of Sep 19, 2026: price $211.46, calculated fair value $183.20 (−13%), Quality Score 83/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MANH calculated?
We run Manhattan Associates Inc through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $183.20, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Manhattan Associates Inc itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Manhattan Associates Inc (MANH)?
The closing price on Sep 18, 2026 was $211.46. Our model-based fair value is $183.20, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Manhattan Associates Inc right now?
A fairly wide model range ($139.22 to $334.86) leaves room in how you read the outcome. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Manhattan Associates Inc (MANH) come from?
Earnings per share at Manhattan Associates Inc grew +10.1 % a year from 2014 to 2025. Broken into its drivers: revenue per share +9.2 %, EBIT margin −1.8 %, tax rate +2.6 %, residual (interest, one-offs) +0.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Manhattan Associates Inc
How large is the market capitalisation of Manhattan Associates Inc (MANH)?
The market capitalisation of Manhattan Associates Inc is $12.9B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Manhattan Associates Inc (MANH)?
The price-to-sales ratio of Manhattan Associates Inc is 12.0 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Manhattan Associates Inc (MANH)?
Earnings per share at Manhattan Associates Inc are $3.58 (price ÷ EPS = P/E 59.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Manhattan Associates Inc (MANH)?
The net margin of Manhattan Associates Inc is 20.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Manhattan Associates Inc (MANH)?
The return on equity (ROE) of Manhattan Associates Inc is 96.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Manhattan Associates Inc (MANH)?
On an EBIT basis the return on assets of Manhattan Associates Inc is 30.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Manhattan Associates Inc (MANH)?
The operating margin of Manhattan Associates Inc is 23.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Manhattan Associates Inc (MANH)?
Revenue at Manhattan Associates Inc is growing +7.4% versus a year earlier (3y avg +12.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Manhattan Associates Inc (MANH)?
Earnings per share at Manhattan Associates Inc are growing −3.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Manhattan Associates Inc (MANH) hold?
Manhattan Associates Inc holds more cash than debt, $216M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Sep 19, 2026