DSGX vs MANH: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: DSGX is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. DSGX and MANH share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined DSGX and MANH exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

The Descartes Systems Group provides on-demand, cloud-based software for logistics-intensive businesses, connecting shippers, carriers, brokers, freight forwarders and customs authorities through its Global Logistics Network. Its products route, schedule, track and measure deliveries, plan and execute shipments, and automate customs filings, trade compliance and global trade intelligence. Roughly 90%+ of revenue is recurring services (subscription and transaction-based), which gives the business a resilient, high-visibility revenue base across freight cycles.

Full DSGX guide

Manhattan Associates (MANH) builds supply chain and omnichannel commerce software used by large retailers, wholesalers, manufacturers, and logistics providers. Its core products are warehouse management (WMS), transportation management (TMS), and order management and point-of-sale systems, unified under the cloud-native Manhattan Active platform. The software helps companies run distribution centers, route freight, manage inventory across channels, and fulfill orders, and Manhattan pairs it with a large professional services organization that implements and configures the systems. Founded in 1990 and headquartered in Atlanta, Manhattan is widely regarded as a leader in warehouse and transportation execution, competing on depth of functionality and high customer win rates rather than on being the cheapest option.

Full MANH guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• DSGX drivers: Recurring, network-based SaaS model; Acquisition-led compounding.
• MANH drivers: Cloud subscription momentum; Rising RPO and backlog visibility.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: A weak and uncertain freight market can slow transaction-based revenue and dampen organic growth, since some Descartes revenue scales with shipment volumes. For MANH, the largest risk is valuation: MANH trades at a premium software multiple, so any deceleration in cloud growth, bookings, or RPO can trigger sharp multiple compression.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick DSGX if you believe its drivers more; MANH if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the DSGX and MANH guides.

DSGX. Descartes reported record first-quarter fiscal 2027 revenue of about $194 million, up 15% year over year, with adjusted EBITDA at record levels. The company holds roughly $377 million in cash against about $8 million of debt, so its enterprise value is modestly below its market cap. The premium earnings multiple reflects the market pricing in continued high-margin, recurring-revenue growth.

MANH. Manhattan trades at a premium multiple that reflects its category leadership, recurring cloud model, and expanding backlog rather than its headline revenue growth, which is in the high single digits during the cloud transition. Management raised full-year 2026 adjusted EPS guidance to roughly $5.29 to $5.37 after a first quarter that beat on revenue. The valuation prices in continued execution, so the stock is sensitive to any wobble in cloud bookings or RPO.

Headline figures (approximate, July 2026): DSGX shows revenue (ttm) ~$755M, fy2026 revenue ~$729M (up ~12%), net income (fy2026) ~$164M (~22% margin), adjusted ebitda margin ~40%; MANH shows revenue (ttm) ~$1.1 billion, 2026 revenue guidance ~$1.147 to $1.157 billion, cloud subscription growth ~24% year over year, rpo (backlog) ~$2.35 billion, up ~24%.

DSGX and MANH are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined DSGX and MANH exposure against your real portfolio. It is not an investment adviser.