3 models fit Manhattan Associates Inc. Common Stock and they disagree: 0 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)Silver65
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionManhattan Associates Inc. Common Stock (MANH)
Fair value (3 models)
$100
ACCE price target
$185
Rating
Overvalued
Horizon
12 months
Fair value published on 18 Oct 2026, 16:04 CEST; previously $109 since 10 Oct 2026, 00:00 CEST.
ACCE price target published on 10 Oct 2026, 00:00 CEST.
Rating published on 18 Oct 2026, 16:04 CEST.
Price used: $238 at the close on 23 Oct 2026, 22:00 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
137.9% above
-58.0% to fair value
ACCE score
60
out of 100
Analysts
82% buy
11 covering
P/E
67.8x
forward 40.3x
1-year return
+22.3%
Dividend yield
0.00%
Manhattan Associates Inc. Common Stock in four questions
Plain answers, details below
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Overview
ACCE thesis
Manhattan Associates sells warehouse management, transportation management and omnichannel commerce software, which large retailers, distributors and third-party logistics operators run their supply chains on. Its moat rests on deep, multi-year integrations with customer warehouses and freight networks, which make switching costs high and renewals sticky. Revenue growth of 9.3% and a 25.0% operating margin point to a mature but still expanding franchise, with the cloud transition and demand for supply chain automation as the main growth levers. The stock trades at a trailing P/E of 67.9 and a forward P/E of 36.2, so the market is pricing in a meaningful earnings recovery and sustained margin gains. At a 60/100 score and a $13.0B market cap without index membership, the name merits a deeper look focused on whether margin expansion and cloud mix can justify that forward multiple.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Earnings declining despite revenue growth
Revenue grew 9.3% YoY, but earnings fell 8.6% YoY, so profit is not keeping pace with the top line. Trailing P/E of 62.6 leaves little room for further earnings softness.
moderate
Valuation above model fair value
Limited margin of safety at the current price.
AI research notes
AI-assisted·How I use AIWritten Oct 13, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Manhattan Associates converts an unusually large share of its sales into cash, with 374M dollars of free cash flow over the last twelve months.
Analysts are broadly positive, with 73% (8 of 11) rating the stock Buy or Strong Buy.
The company beat earnings expectations last quarter, reporting 0.96 per share against 0.91 expected, a 5.5% surprise.
Why it could disappoint
The share price sits 49.9% above the consensus fair value of 109.14 dollars, suggesting the stock already prices in a great deal.
At 35.5 times forward earnings, the stock trades well above the sector median of 29.3 times.
Revenue grew 9.3% in the latest year, below its 13.0% five-year average, so growth is slowing.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Oct 27, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where MANH's valuation models land
Price
$238.19
Model fair value
$100
Model range
$75.20 to $150
Fair value $100
Price $238
The price is above the whole model range.
Model
Fair value
Upside
Discounted cash flow
Dividend discount
EV/EBITDA comparison
Graham number
P/E comparison
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Quality
INVESTOR
Quality and conviction INVESTOR FEATURE
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+Conviction breakdown and growth / value / quality / momentum scores