Manhattan Associates, Inc. (MANH)
POSITIVE基本面
73
价格
$212.47
市值
$12.51B
第一部分 · 这家公司值多少
概览
Manhattan Associates writes software that runs the physical movement of goods: warehouse management, transportation planning and the systems retailers use to promise and fulfil online orders from the right location. It sells to large retailers, wholesalers and logistics operators who run complex supply chains, and it is steering existing on-premise customers toward a cloud version of the same software rather than chasing a wholly new market.
盈利方式
Most revenue now comes from cloud subscriptions billed over the life of the contract, replacing an older model of a large upfront license fee plus a separate annual maintenance charge. A substantial services line — consulting to configure and integrate the software into a customer's warehouses and systems — sits alongside the software revenue and tends to move with the pace of new implementations rather than with subscription renewals.
分部营收
Consulting, implementation and integration work billed for configuring the software into a customer's operations.
Recurring fees for access to the cloud-hosted version of the supply chain software, the company's fastest-growing line.
Annual support fees paid by customers still running the on-premise, licensed version of the software.
Warehouse and mobile hardware resold alongside software implementations.
Upfront fees for the on-premise software, now a small and declining share as customers move to the cloud.
护城河
转换成本 · 狭窄A warehouse management system is wired into a retailer's daily operations — inventory data, staff workflows, integrations with other systems — so replacing it risks disrupting order fulfilment, which discourages switching. The advantage is narrow because larger rivals such as SAP, Oracle and Blue Yonder compete for the same large enterprise contracts.
需求驱动因素
中度周期性New implementations follow the capital spending plans of retailers and logistics companies, which slow when those industries cut technology budgets in a downturn. The recurring cloud subscription base cushions this somewhat, since existing customers keep paying even when new projects are postponed.
主要风险
- Competition from larger software vendors — SAP, Oracle and Blue Yonder offer competing supply chain modules bundled into broader enterprise software suites, and can undercut Manhattan on price within an existing customer relationship.
- Cloud transition timing — Moving customers from license-plus-maintenance to subscription changes how and when revenue is recognized, and a slower-than-expected pace of migration would weigh on reported growth.
- Dependence on retail and logistics capital spending — New license and implementation revenue tracks the willingness of retailers and logistics firms to fund large technology projects, which contracts in an economic slowdown.
- Reliance on implementation partners — Much of the deployment work is delivered through system integrators and consulting partners, and weaker performance or capacity from that ecosystem can slow customer go-lives and revenue recognition.
看多理由
Buyers argue that the shift to cloud subscriptions, growing over 20% a year, is building a larger recurring revenue base than the old license model ever provided, and that deep integration into customers' warehouse operations makes the software hard to displace once installed.
看空理由
Sellers fear that much larger, broader software vendors can bundle competing supply chain modules into existing enterprise contracts at a discount, and that the transition away from license revenue creates a multi-year drag on reported growth even if underlying demand holds up.
Written by the editors, published on 2026年8月18日
Direct competitors
Who this company fights with for the same customers
No editorial profile for this company yet
No competitor list for this company yet.
资产负债表与流动性
营收
$1.13B
最近12个月（截至2026/6/30）
净利润
$210M
最近12个月（截至2026/6/30）
自由现金流
$374M
股东权益合计
$315M
负债合计
$525M
流动比率
0.98
利息覆盖率
66.19
债务/EBITDA
0.19
每股收益
营收与净利润
自由现金流
收入构成
历史财务表
利润率变化
债务变化
债务负担有多重
增长一览表
增长 — 营业收入
公允价值估算
公允价值
$204.51
当前价格
$212.47
安全边际
-3.9%
公允价值区间
$154.87 - $254.14
估算方法
估值指标
市盈率（P/E）
61.08
ROE
69.9%
市净率（P/B）
78.91
P/FCF
31.14
毛利率
55.8%
ROIC
96.8%
盈利能力雷达图
Value Creation (Economic Moat)
ROIC
96.8%
WACC
9.7%
ROIC − WACC
+87.2 pp
ROIC exceeds the cost of capital — the company is creating value for shareholders.
基本面分析标准
通过（21）
- EPS shows upward trend
- EPS CAGR 10.49%
- Price CAGR 15.00%
- ROIC 96.8%
- Gross Margin 55.8%
- Debt/Equity ratio
- Operating Margin 24.3%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Low reliance on intangibles
- ROE 85.2%
- Revenue Growth 5Y 13.0%
- Analyst Consensus 84% Buy
- Earnings Surprise avg 7.9%
- Earnings Quality (OCF/NI) 1.97
- Share Dilution -1.8%
- Piotroski F-Score 6/9
未通过（6）
- P/FCF 31.14
- P/B Ratio 78.91
- Price below Graham Number
- DCF valuation (Overvalued)
- PEG Ratio 2.58
- Net Margin Trend 18.7% vs 20.9%
不可用（1）
- Dividend Payout NaN%
Piotroski F-评分
信号混杂：部分领域需关注
盈利质量
高质量：盈利有现金流支撑
股权稀释
正在回购股份，对股东友好
公司治理
管理团队
| 姓名 | 职位 | 年龄 |
|---|---|---|
| Mr. Eric A. Clark | President, CEO & Director | 54 |
| Mr. Bruce S. Richards J.D. | Senior VP, Chief Legal Officer & Secretary | 70 |
| Mr. Robert G. Howell | Executive VP & Chief Sales Officer | 52 |
| Mr. Dennis B. Story CPA | Advisor to the Chief Executive Officer | 61 |
| Mr. J. Stewart Gantt | Executive Vice President of Professional Services - Americas | 50 |
| Ms. Linda C. Pinne | CFO, Chief Accounting Officer and Treasurer | 51 |
| Mr. Greg Betz | Chief Operating Officer | - |
| Mr. Sanjeev Siotia | Executive VP & CTO | - |
| Mr. Michael Bauer | Senior Director of Investor Relations | - |
| Ms. Katie J. Foote | Senior VP & Chief Marketing Officer | - |
审计风险
1
董事会风险
4
薪酬风险
6
股东权利风险
5
第二部分 · 价格与买入时机
这一部分不判断公司是否值得拥有：它帮助你在基本面说服你之后，选择何时买入。包含：技术分析、潜力、历史回撤、Gamma 敞口。
Latest News
Recent headlines for MANH, sourced from Markets Gazette.
- 4/21/2026NEUTRALTranscript: Manhattan Associates Q1 2026 Earnings Conference Call
Manhattan Associates Inc. held its Q1 2026 Earnings Conference Call on April 21, 2026. The transcript provides detailed insights into the company's financial performance, strategic initiatives, and future outlook. While specific financial figures and forward-looking statements are discussed, the transcript itself is an informational document. Investors should analyze the content for specific metrics, management commentary on market conditions, and guidance to form an opinion on the stock's potential.
- 2/23/2026NEGATIVEBrown Capital Dumps $42 Million of Manhattan Associates Amid Stock's 42% Pullback
Brown Capital has liquidated a significant position in Manhattan Associates, selling shares worth $42 million. This move comes at a critical time for the supply chain software company, as its stock has already experienced a substantial 42% pullback. The decision by a major institutional investor to dump its holdings is a very strong bearish signal for the market. Investors often interpret such a large sale as a lack of confidence in the company's future prospects, despite its established role in the retail, manufacturing, and healthcare sectors. The selling pressure from such a large transaction could further accelerate the stock's downward trend, prompting other holders to reconsider their positions.
via Markets Gazette