Manhattan Associates
Builds the Manhattan Active cloud platform that runs warehouse, transportation, and store fulfillment operations.
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Profile
Builds warehouse, transportation, and order-management software for retailers, wholesalers, and logistics providers, delivered through a single cloud-native platform launched under the Manhattan Active brand. Cloud subscriptions have become the core growth engine as customers migrate off older on-premise systems, pushing recurring revenue past half of total sales.
Founded in 1990 to sell warehouse-management software to manufacturers facing new retailer compliance rules, the company grew through acquisitions into transportation management, demand planning, and store systems. Its current lineup runs on Manhattan Active, a single cloud-native platform spanning warehouse, transportation, omnichannel order management, and supply-chain planning.
Customers are concentrated in retail, wholesale, and consumer-goods manufacturing, with logistics, life-sciences, and industrial companies adding to the mix. Most revenue comes from the Americas, though international business across Europe and Asia-Pacific continues to expand.
The shift from one-time licenses to cloud subscriptions has made revenue more recurring but slower to recognize, and implementation services still account for close to half of sales. Competitors include large ERP vendors that bundle supply-chain modules alongside smaller specialists focused on single functions.
Company facts
Categories
Key statistics
Year to date +33.5% · Average volume (30d) 950.6K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Robert W. Baird | Target | $212 | $260 | ||
| Jul 29, 2026 | DA Davidson | Reiterate | Buy | $250 | $210 | |
| Jul 29, 2026 | Morgan Stanley | Target | $165 | $180 | ||
| Jul 29, 2026 | Stifel Nicolaus | Target | $200 | $225 | ||
| Jul 29, 2026 | Loop Capital Markets | Reiterate | Buy | $265 | $215 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | $1.32 | $1.39 | +5.3% | $289.0M | $297.8M | +3.0% | +21.32% |
| Apr 21, 2026Q1 FY26 | $1.10 | $1.24 | +12.7% | $273.7M | $282.2M | +3.1% | +5.92% |
| Jan 27, 2026Q4 FY25 | $1.11 | $1.21 | +9.0% | $264.7M | $270.4M | +2.1% | −5.06% |
| Oct 21, 2025Q3 FY25 | $1.19 | $1.36 | +14.3% | $271.8M | $275.8M | +1.5% | −4.95% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $262.8M | $272.4M | $275.8M | $270.4M | $282.2M | $297.8M | |
| Gross profit | $148.2M | $154.6M | $154.3M | $147.1M | $155.6M | $158.4M | |
| Operating income | $63.2M | $73.8M | $75.8M | $67.0M | $64.9M | $66.2M | |
| Net income | $52.6M | $56.8M | $58.6M | $52.0M | $49.3M | $50.4M | |
| Diluted EPS | $0.85 | $0.93 | $0.96 | $0.86 | $0.82 | $0.85 | |
| Gross margin | 56.4% | 56.8% | 56.0% | 54.4% | 55.1% | 53.2% | |
| Operating margin | 24.0% | 27.1% | 27.5% | 24.8% | 23.0% | 22.2% |
Fiscal years (4-quarter sums)FY21 $663.6M · FY22 $767.1M · FY23 $928.7M · FY24 $1.04B · FY25 $1.08B
Revenue by product · Q2 FY26
Revenue by geography · Q2 FY26
Balance sheet, Jun 30, 2026Cash & short-term investments $186.1M · Total debt $53.9M · Total assets $698.6M · Shareholders' equity $157.5M
Dividends
No dividends on record.
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 58.31M · Float 57.45M · 98.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 6.78M | 11.63% | 13F | Aug 7, 2026 |
| Vanguard Portfolio Management LLC | 3.86M | 6.62% | 13F | Aug 13, 2026 |
| FMR LLC | 3.61M | 6.19% | 13F | Aug 13, 2026 |
| T. Rowe Price Investment Management, Inc. | 3.39M | 5.82% | 13F | Aug 14, 2026 |
| AQR Capital Management LLC | 3.33M | 5.71% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 11, 2026 | Eric Andrew Clark | director, officer: President & CEO | −3,000 | $197.76 |
| Aug 6, 2026 | Linda T. Hollembaek | director | −1,579 | $189.88 |
| Jul 30, 2026 | James Stewart Gantt | officer: EVP, Professional Services | −5,139 | $195.53 |
| Jun 10, 2026 | Eric Andrew Clark | director, officer: President & CEO | −1,000 | $146.77 |
| Apr 24, 2026 | James Stewart Gantt | officer: EVP, Professional Services | −7,300 | $139.25 |
Peers
- Oracle
Bundles ERP with warehouse, transportation, and retail POS competition
- SAP (ADR)
Mega-vendor ERP rival contesting warehouse, transport, and planning
- The Descartes Systems Group
Logistics-network specialist contesting transportation execution deals
- SPS Commerce
Retail trading-partner network overlapping on supply-chain connectivity
- Salesforce
Commerce Cloud and Order Management overlap with the omnichannel suite
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Manhattan Associates | $222.95 | −0.15% | $13.02B | 64.0 | 38.5 | 11.6 | +9.3% |
| Oracle | $150.95 | +0.17% | $434.14B | 25.9 | 18.7 | 6.4 | +20.6% |
| SAP (ADR) | $220.80 | −0.39% | $258.15B | 28.1 | 23.9 | 5.8 | +5.8% |
| The Descartes Systems Group | $81.84 | +0.01% | $7.01B | 40.5 | 34.2 | 9.2 | 0.0% |
| SPS Commerce | $84.90 | −0.01% | $3.06B | 41.0 | 16.7 | 4.0 | +5.6% |
| Salesforce | $256.48 | +0.16% | $209.66B | 23.4 | 17.6 | 4.8 | +10.8% |
| Median | 28.1 | 18.7 | 5.8 | +5.8% |