Manhattan Associates (MANH)

NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-10-23

$238.19-1.64%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge Manhattan Associates’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

-0.3%

+10% or more+5%0%−5%−10% or less

6.15 → 6.12 EPS · FY ending Dec 31, 2027 · 7 analysts

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

Change in the same fiscal period’s mean EPS estimate from Sep 24, 2026 to Oct 24, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 7; this is not the number of analysts revising. Source: FMP consensus snapshots. The ±10% axis is a display range.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	288.26M
EPS	—	1.398
Annual ending 2026-12-31
Revenue	—	1.17B
EPS	—	5.498
Annual ending 2027-12-31
Revenue	—	1.26B
EPS	—	6.125

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
AI supply chain solutions and partnerships drive growth	AI partnerships boost supply chain software demand.	Intact	No progress or loss of AI partnerships by end of 2026	Qualitative: AI traction & new partnerships confirmed Morgan Stanley upgrade on AI traction; Exol and Boscov partnerships signed; earnings beats. Context reviewed through Oct 23, 2026Last status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Cash from operations grows steadily	Cash from operations rises steadily, supporting growth.	Intact	Cash from operations falls below $75M in next 4 quarters	Cash from operations: $90.68M FY2026-Q2; GAAP. Published target: Sustain or grow cash from operations above $84M next 4 quarters. Target period is not explicitly aligned with this observation. Source published Jul 31, 202690,680,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Operating cash flow increased from $74.0 million in 2025-Q2 to $90.7 million in 2026-Q2, demonstrating delivering progress on improving cash generation to support investments and shareholder returns. Delivery assessment Oct 24, 2026
Operating margin near 25% in FY26	Profit margins stay strong near 25%.	Intact	Operating margin falls below 23% in FY26	Operating margin: 22.24% FY2026-Q2; GAAP. Published target: >=24.6%. Target period is not explicitly aligned with this observation. Source published Jul 31, 202622.240542 percent · calculatedSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: ff8c1a2e-fb6b-4124-b249-6230881994a0. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. GAAP operating income declined from $73.8 million in 2025-Q2 to $66.2 million in 2026-Q2, but adjusted operating income rose from $101.1 million to $103.9 million over the same period. Management's focus on operational efficiencies and investments shows mixed delivery with adjusted results improving but GAAP operating income declining. Delivery assessment Oct 24, 2026
Revenue reaches about $1.15B in FY26	A primary condition in Manhattan Associates's published investment case. The stated target is ~$1.15B.	Intact	Revenue falls below $1.07B in FY26	Revenue: $297.794M FY2026-Q2; GAAP. Published target: ~$1.15B. Target period is not explicitly aligned with this observation. Source published Jul 31, 2026297,794,000 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: ff8c1a2e-fb6b-4124-b249-6230881994a0. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management context Stated as a priority in 4 of last 4 quarters. Revenue grew from $272.4 million in 2025-Q2 to $297.8 million in 2026-Q2, driven by cloud subscription revenue growth from $100.4 million to $126.7 million. Management consistently emphasized accelerating revenue growth and market share gains, and the financials show delivering progress on this priority. Delivery assessment Oct 24, 2026

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$6.12

$5.97 → $6.12 · observed estimates

FY2027 revenue$1.26B

$1.25B → $1.26B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	$5.97	$1,253,213,040	12 / 11
2026-07-25	$5.96	$1,253,400,817	8 / 9
2026-07-26	$5.97	$1,253,213,040	12 / 11
2026-07-27	$5.97	$1,253,322,342	8 / 9
2026-07-28	$5.97	$1,253,213,040	12 / 11
2026-07-29	$5.97	$1,253,213,040	12 / 11
2026-07-30	$6.11	$1,261,541,321	8 / 9
2026-07-31	$6.13	$1,263,956,435	7 / 9
2026-08-01	$6.13	$1,263,956,435	7 / 9
2026-08-02	$6.12	$1,263,712,530	12 / 11
2026-08-03	$6.12	$1,263,712,530	12 / 11
2026-08-04	$6.12	$1,263,712,530	12 / 11
2026-08-05	$6.12	$1,263,712,530	12 / 11
2026-08-06	$6.12	$1,263,712,530	12 / 11
2026-08-07	$6.13	$1,263,881,792	7 / 9
2026-08-08	$6.13	$1,263,881,792	7 / 9
2026-08-09	$6.12	$1,263,716,350	12 / 11
2026-08-10	$6.13	$1,263,881,792	7 / 9
2026-08-12	$6.13	$1,263,881,792	7 / 9
2026-08-13	$6.13	$1,263,881,792	7 / 9
2026-08-14	$6.13	$1,263,881,792	7 / 9
2026-08-15	$6.13	$1,263,881,792	7 / 9
2026-08-16	$6.13	$1,263,881,792	7 / 9
2026-08-17	$6.13	$1,263,881,792	7 / 9
2026-08-18	$6.13	$1,263,881,792	7 / 9
2026-08-19	$6.13	$1,263,881,792	7 / 9
2026-08-20	$6.13	$1,263,884,992	8 / 9
2026-08-21	$6.13	$1,263,884,992	8 / 9
2026-08-22	$6.13	$1,263,884,992	8 / 9
2026-08-23	$6.13	$1,263,884,992	8 / 9
2026-08-24	$6.13	$1,263,884,992	8 / 9
2026-08-25	$6.13	$1,263,884,992	8 / 9
2026-08-26	$6.13	$1,263,884,992	7 / 9
2026-08-27	$6.13	$1,263,884,992	7 / 9
2026-08-28	$6.13	$1,263,884,992	7 / 9
2026-08-29	$6.14	$1,265,017,792	7 / 8
2026-08-30	$6.14	$1,265,017,792	7 / 8
2026-08-31	$6.14	$1,265,017,792	7 / 8
2026-09-01	$6.14	$1,265,017,792	7 / 8
2026-09-02	$6.14	$1,265,017,792	7 / 8
2026-09-03	$6.14	$1,265,017,792	7 / 8
2026-09-04	$6.14	$1,265,017,792	7 / 8
2026-09-05	$6.14	$1,265,017,792	7 / 8
2026-09-06	$6.14	$1,265,017,792	7 / 8
2026-09-07	$6.14	$1,265,017,792	7 / 8
2026-09-08	$6.14	$1,265,017,792	7 / 8
2026-09-09	$6.15	$1,265,017,792	7 / 8
2026-09-10	$6.15	$1,265,017,792	7 / 8
2026-09-11	$6.15	$1,265,017,792	7 / 8
2026-09-12	$6.15	$1,265,017,792	7 / 8
2026-09-13	$6.15	$1,265,017,792	7 / 8
2026-09-14	$6.15	$1,265,017,792	7 / 8
2026-09-15	$6.15	$1,265,017,792	7 / 8
2026-09-16	$6.15	$1,265,017,792	7 / 8
2026-09-17	$6.15	$1,265,017,792	7 / 8
2026-09-18	$6.15	$1,265,017,792	7 / 8
2026-09-19	$6.15	$1,265,017,792	7 / 8
2026-09-20	$6.15	$1,265,017,792	7 / 8
2026-09-21	$6.15	$1,265,017,792	7 / 8
2026-09-22	$6.15	$1,265,017,792	7 / 8
2026-09-23	$6.15	$1,265,017,792	7 / 8
2026-09-24	$6.15	$1,265,017,792	7 / 8
2026-09-25	$6.15	$1,265,017,792	7 / 8
2026-09-26	$6.15	$1,265,017,792	7 / 8
2026-09-27	$6.15	$1,265,017,792	7 / 8
2026-09-28	$6.15	$1,265,017,792	7 / 8
2026-09-29	$6.14	$1,265,017,792	7 / 8
2026-09-30	$6.14	$1,265,017,792	7 / 8
2026-10-01	$6.14	$1,265,019,612	7 / 8
2026-10-02	$6.14	$1,265,019,612	7 / 8
2026-10-03	$6.14	$1,265,019,612	7 / 8
2026-10-04	$6.14	$1,265,019,612	7 / 8
2026-10-05	$6.14	$1,265,019,612	7 / 8
2026-10-06	$6.14	$1,265,019,612	7 / 8
2026-10-07	$6.14	$1,265,019,612	7 / 8
2026-10-08	$6.14	$1,265,019,612	7 / 8
2026-10-09	$6.14	$1,265,019,612	7 / 8
2026-10-10	$6.14	$1,265,019,612	7 / 8
2026-10-11	$6.14	$1,265,019,612	7 / 8
2026-10-12	$6.14	$1,265,019,612	7 / 8
2026-10-13	$6.14	$1,265,117,422	7 / 8
2026-10-14	$6.14	$1,265,117,422	7 / 8
2026-10-15	$6.14	$1,265,117,422	7 / 8
2026-10-16	$6.14	$1,265,117,422	7 / 8
2026-10-17	$6.14	$1,265,117,422	7 / 8
2026-10-18	$6.14	$1,265,117,422	7 / 8
2026-10-19	$6.14	$1,265,117,422	7 / 8
2026-10-20	$6.14	$1,264,784,222	7 / 8
2026-10-21	$6.14	$1,264,790,522	7 / 8
2026-10-22	$6.14	$1,264,790,522	7 / 8
2026-10-23	$6.12	$1,264,933,393	7 / 8
2026-10-24	$6.12	$1,264,933,393	7 / 8

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold	Sell*
2026-05-01	9	4	0
2026-06-01	9	4	0
2026-07-01	10	4	0
2026-08-01	9	3	1
2026-09-01	9	3	0
2026-10-01	9	3	0

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 9 Buy / Strong Buy · 3 Hold · 0 Sell / Strong Sell

1 upgrades1 downgrades2 maintains

Recent actions · Sep 25–Oct 24 · 4 recorded

Price-target changes

30 days

○ Previous · ● Latest · common dollar scale

Morgan StanleyOct 12 · prior Jul 29

$180.00 → $250.00+38.9%

UBSSep 28

$210.00New observation · no comparable prior

$0$137.50$275.00

1 raises · 0 cuts · 0 unchanged · 1 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Cash from operations grows steadilyCash from operations: $90.68M
Operating margin near 25% in FY26Operating margin: 22.24%
Revenue reaches about $1.15B in FY26Revenue: $297.794M

Next proof point

Oct 27, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

3 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

1.4%Typical daily move · historical

Downside history

-38.0%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

Manhattan Associates outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

MANH is a growth-oriented software business, with cloud subscription revenue supporting the long-term thesis. The thesis remains intact, though its signal has shifted from mildly favorable to mixed and execution risk is elevated.

What's priced into Manhattan Associates

The valuation is stretched, with a sizable premium versus peers and a meaningful expectations gap. This suggests the market already assumes strong execution, even though the evidence does not show the full combination of weak execution and turbulent conditions that would make the setup especially fragile.

What the fundamentals likely do

Over the multi-year view, revenue growth and operating cash flow have improved, led in part by higher cloud subscription revenue. Adjusted operating income rose, but GAAP operating income declined, leaving delivery on profitability mixed; near term, a guidance cut would be a notable risk despite a low estimated miss risk.

What Manhattan Associates hinges on

The key test is whether management continues to grow revenue and cash flow while improving operating income. A guidance cut would weaken the thesis, while easing interest rates or continued strong results and guidance from major software peers could support the sector backdrop.