Manhattan Associates
MANH on Nasdaq. Manhattan Associates sells supply chain and omnichannel software to retailers, wholesalers, manufacturers, logistics providers. Market value $12.0bn.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Good business, but not cheap right now
Why it could be worth it
What to watch out for
See cheaper Technology stocks on the list
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $3.38 of spare cash in the past 12 months. A savings account pays about $4.
You pay 42.5 years of operating profit for the business. The average large US company costs around 18.
Each dollar kept in the business earns 2200 cents a year. Above 10 is good.
Quality score: 100 of 100. Price score: 28 of 100. Our list needs 70 on quality and 60 on price.
$202.84 a share, 70% above its 1-year low
Over the past year the price has ranged from $119.06 to $227.03.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $664m | $767m | $929m | $1.0bn | $1.1bn |
| Operating margin | |||||
| Operating margin | 20.2% | 19.9% | 22.6% | 25.1% | 25.9% |
| Debt to equity | |||||
| Debt to equity | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Shares outstanding | |||||
| Shares outstanding | 0.06bn | 0.06bn | 0.06bn | 0.06bn | 0.06bn |
Health checks
- Free cash flow positive5 of 5 years
- Accounting looks honest (Beneish)Nothing unusual
- Financial strength (Piotroski)7 of 9
- Profit backed by cash (accruals)No
- Debt0.00× equity
- Revenue growth, five yearsStrong, 13.0% a year
- Buying back its own sharesYes, 7% fewer since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $298 million last quarter, up 9% on a year ago.
- Profit: $50 million, down 11% on a year ago.
- It keeps 24 cents of each $1 of sales as operating profit, down from 26 cents a year earlier.
- Spare cash over the past 12 months: $399 million, up from $307 million.
- 3% fewer shares than a year ago. Each share owns a bit more of the company.
- It has $186 million more cash than debt, down from $231 million a year ago.
- Sales grew on a year ago in each of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $267m |
| December 2024 | $256m |
| March 2025 | $263m |
| June 2025 | $272m |
| September 2025 | $276m |
| December 2025 | $270m |
| March 2026 | $282m |
| June 2026 | $298m |
| Quarter to | Amount |
|---|---|
| September 2024 | $64m |
| December 2024 | $48m |
| March 2025 | $53m |
| June 2025 | $57m |
| September 2025 | $59m |
| December 2025 | $52m |
| March 2026 | $49m |
| June 2026 | $50m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 4 February 2026
- Next quarterly (estimated, 10-Q)
- 30 October 2026
Who owns it
4 long-term investors we follow own it, up from 3 last quarter. 504 funds in all.
| Fund | Value | Share of that fund | Change |
|---|---|---|---|
| Royce & AssociatesChuck Royce | $44m | 0.4% | New |
| FundsmithTerry Smith | $24m | 0.2% | Added |
| Gotham Asset ManagementJoel Greenblatt | $23m | <0.1% | Added |
| Jensen Investment ManagementEric Schoenstein | $565,355 | <0.1% | Cut |
Largest holders overall
- BlackRock$944m
- Vanguard Portfolio Management$537m
- FMR$503mAdded
- T. Rowe Price Investment Management$472mCut
- AQR Capital Management$458mAdded
- Vanguard Capital Management$372m
- Morgan Stanley$371mCut
- Alliancebernstein L.P.$306mCut
- State Street$265mAdded
- Geode Capital Management$264mAdded
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- BlackRock, Inc.Passive investor10.2%−1.9 ptsSince 30 June 2025
- Vanguard Portfolio ManagementPassive investor6.5%Since 31 March 2026
- FMR LLCPassive investorat least 6.1%+1.0 pts(filed with 1 related holder)Since 30 June 2026
- T. Rowe Price Investment Management, Inc.Passive investor5.9%Since 31 March 2026
- AQR Capital Management, LLCPassive investorat least 5.3%(filed with 1 related holder)Since 31 March 2026
- Vanguard Capital ManagementPassive investor5.2%Since 31 March 2026
- AllianceBernstein L.P.Passive investorSold down below 5%Since 30 June 2026
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
| Holder | Stake | Since | |
|---|---|---|---|
BlackRock, Inc. Passive investor | 10.2%−1.9 pts | 30 June 2025 | |
Vanguard Portfolio Management Passive investor | 6.5% | 31 March 2026 | |
FMR LLC Passive investor | at least 6.1%+1.0 pts (filed with 1 related holder) | 30 June 2026 | |
T. Rowe Price Investment Management, Inc. Passive investor | 5.9% | 31 March 2026 | |
AQR Capital Management, LLC Passive investor | at least 5.3% (filed with 1 related holder) | 31 March 2026 | |
Vanguard Capital Management Passive investor | 5.2% | 31 March 2026 | |
AllianceBernstein L.P. Passive investor | Sold down below 5% | 30 June 2026 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 3 sold $3m.
- Clark Eric AndrewPresident & CEO, DirectorSold
- Date
- 11 August 2026
- Shares
- 3,000
- Price
- $197.76
- Value
- $593,280
- Hollembaek Linda T.DirectorSold
- Date
- 6 August 2026
- Shares
- 1,579
- Price
- $189.88
- Value
- $299,821
- Gantt James StewartEVP, Professional ServicesSold
- Date
- 30 July 2026
- Shares
- 5,139
- Price
- $195.53
- Value
- $1m
- Clark Eric AndrewPresident & CEO, DirectorSold
- Date
- 10 June 2026
- Shares
- 1,000
- Price
- $146.77
- Value
- $146,770
- Gantt James StewartEVP, Professional ServicesSold
- Date
- 24 April 2026
- Shares
- 7,300
- Price
- $139.25
- Value
- $1m
- Clark Eric AndrewPresident & CEO, DirectorSold
- Date
- 28 November 2025
- Shares
- 1,600
- Price
- $176.40
- Value
- $282,240
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 11 August 2026 | Clark Eric Andrew President & CEO, Director | Sold | 3,000 | $197.76 | $593,280 |
| 6 August 2026 | Hollembaek Linda T. Director | Sold | 1,579 | $189.88 | $299,821 |
| 30 July 2026 | Gantt James Stewart EVP, Professional Services | Sold | 5,139 | $195.53 | $1m |
| 10 June 2026 | Clark Eric Andrew President & CEO, Director | Sold | 1,000 | $146.77 | $146,770 |
| 24 April 2026 | Gantt James Stewart EVP, Professional Services | Sold | 7,300 | $139.25 | $1m |
| 28 November 2025 | Clark Eric Andrew President & CEO, Director | Sold | 1,600 | $176.40 | $282,240 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 4 Feb 2026, plus the 10-Q filed 31 Jul 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- It isn't cheap on profits: 42.5× operating profit.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.