MANH
Manhattan Associates, Inc.
MANH's fundamentals are mixed: it turned 33% of its revenue into free cash flow, but its operating margin fell 1 points to 24%. At 72x earnings, it's trading right at its usual valuation. Analysts expect earnings growth.
MANH Fundamentals
| Metric | Status |
|---|---|
| Healthy | |
| Healthy | |
| Strong | |
| Strong |
MANH's revenue, profitability, cash flow and balance sheet are all currently healthy.
MANH PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Forward | 43x | $256 | — |
| Cheap | 52x | $187 | -27% |
| Fair | 72x | $257 | +0.3% |
| Current | 72x | $256 | — |
| Expensive | 88x | $312 | +22% |
Historical ranges are pointers, not guarantees.
MANH's PE is in its fair range at 72x. If earnings grow as analysts expect, today's price would be 43x next year's earnings, in its cheap range.
MANH Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Growth | |
| Strongly improving | |
| Limited | |
| High |
Analysts expect earnings and revenue growth for MANH, with profitability improving.
MANH Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $6.01 | +68% |
| Q3 2026 | $3.57 | +1.7% |
| Q2 2026 | $3.49 | -2.5% |
| Q1 2026 | $3.57 | +2% |
| Q4 2025 | $3.60 | +2.6% |
| Q3 2025 | $3.51 | -0.3% |
| Q2 2025 | $3.58 | +9.1% |
| Q1 2025 | $3.50 | +14% |
| Q4 2024 | $3.51 | +24% |
MANH earned $3.57 per share over the past year, up 1.7% from the year before.
MANH Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $306.2M | +11% |
| Q2 2026 | $297.8M | +9.3% |
| Q1 2026 | $282.2M | +7.4% |
| Q4 2025 | $270.4M | +5.7% |
| Q3 2025 | $275.8M | +3.4% |
| Q2 2025 | $272.4M | +2.7% |
| Q1 2025 | $262.8M | +3.2% |
| Q4 2024 | $255.8M | +7.4% |
MANH's revenue has grown year over year for 23 quarters in a row: $306M last quarter, up 11% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 26% | -1 points |
| Q2 2026 | 22% | -4.9 points |
| Q1 2026 | 23% | -1 points |
| Q4 2025 | 25% | +1.1 points |
| Q3 2025 | 27% | -0.7 points |
| Q2 2025 | 27% | +1.4 points |
| Q1 2025 | 24% | +1.4 points |
| Q4 2024 | 24% | -1 points |
MANH's operating margin was 26% last quarter, down 1 points from the same quarter a year ago.
MANH Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $67.6M | -22% |
| Q2 2026 | $89.7M | +28% |
| Q1 2026 | $79.9M | +7.5% |
| Q4 2025 | $142.4M | +40% |
| Q3 2025 | $87.2M | +42% |
| Q2 2025 | $70.1M | -1.4% |
| Q1 2025 | $74.4M | +42% |
| Q4 2024 | $101.6M | +18% |
MANH's free cash flow has been positive every quarter for seven years: $380M over the past year, up 14% from the year before.
MANH Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.4% | -265K shares |
| 1 year | -3.6% | -2.2M shares |
| 3 years | -5.7% | -3.6M shares |
| 5 years | -8.6% | -5.5M shares |
| Available history | -9.4% | -6.1M shares |
MANH has 59M diluted shares, down 3.6% from a year ago, with $434M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $50.5M |
| Q2 2026 | $127.1M |
| Q1 2026 | $179.4M |
| Q4 2025 | $77M |
| Q3 2025 | $51.5M |
| Q2 2025 | $50.2M |
| Q1 2025 | $136.4M |
| Q4 2024 | $45.2M |
MANH spent $434M buying back its own shares over the past year, up 53% from the year before.
MANH Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | -0.7x | Net Cash |
| Q2 2026 | -0.7x | Net Cash |
| Q1 2026 | -0.8x | Net Cash |
| Q4 2025 | -1.2x | Net Cash |
| Q3 2025 | -0.9x | Net Cash |
| Q2 2025 | -0.8x | Net Cash |
| Q1 2025 | -0.8x | Net Cash |
| Q4 2024 | -1.0x | Net Cash |
MANH has more cash than debt.
MANH Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 74.2 | Overbought |
| Stochastic | 90.5 | Overbought |
MANH's weekly RSI is 74 (overbought) and its Stochastic is 90 (overbought).
MANH PE vs Technology Sector
| Metric | MANH | Sector median | Relative |
|---|---|---|---|
| PE | 72x | 28x | 158% above |
| PE % | 49 | 35 | 14 pts above |
MANH is trading at 72x earnings, a 158% premium to the Technology sector's median of 28x.
MANH Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $229.1 | 12% above |
| 20 week MA | $205.1 | 25% above |
| 50 week MA | $171.3 | 50% above |
| 100 week MA | $186.4 | 38% above |
| 200 week MA | $201.4 | 27% above |
MANH has climbed back above all five of its weekly moving averages, and it's now 27% above its 200-week average.
MANH Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $80.6 | $106.6 | +32% |
| 2021 | $106.6 | $155.3 | +46% |
| 2022 | $155.3 | $120.0 | -23% |
| 2023 | $120.0 | $215.3 | +80% |
| 2024 | $215.3 | $275.2 | +28% |
| 2025 | $275.2 | $176.4 | -36% |
| 2026 YTD | $176.4 | $256.4 | +45% |
MANH has finished higher in four of the last six years. It's up 45% so far in 2026.