Manhattan Associates, Inc. (MANH) Stock Price & How to Invest

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.

The investment picture centers on the ongoing shift from one-time software licenses to recurring cloud subscriptions. Cloud subscription revenue is the fastest-growing line, expanding around 24% year over year and now representing the large majority of software revenue, while traditional license revenue has dwindled toward zero by design. Remaining performance obligations (RPO), a measure of contracted future revenue, have climbed past $2.3 billion and signal a multi-year backlog. Growth is supported by high win rates, a strong mix of new-logo bookings, conversion of on-premise customers to the cloud, and early traction in AI and agentic features. The trade-off is valuation: MANH trades at a premium software multiple, so the market already prices in continued execution.

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. Services revenue, roughly half of total revenue, is lower margin and more sensitive to customer implementation budgets, which can soften in a weak economy or when retail and logistics capital spending slows. Manhattan competes with much larger players such as SAP, Oracle, and Panasonic-owned Blue Yonder that can bundle supply chain modules under existing ERP relationships. Large enterprise deals can be lumpy and elongate in uncertain macro conditions, and the cloud transition, while improving revenue quality, caps near-term reported growth as license revenue disappears. Execution on AI features is promising but unproven at scale.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Manhattan Associates, Inc.'s investor relations page or your broker.

• 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%
• Operating margin: ~23% to 25%
• Market cap: ~$9.5 billion

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.

There are three common ways to get MANH exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic basket, so MANH sits alongside other stocks that express the same thesis.

Walnut takes the basket route. Describe a thesis where MANH fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

Manhattan Associates (MANH) is a category-leading supply chain software franchise mid-transition to a cloud-subscription model, which is why it carries a rich multiple that leaves little room for execution slips. In a portfolio it behaves as an enterprise-software and logistics-technology position rather than a deep-value name.

Whether MANH is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is MANH a buy?, and where the stock could go from here in the MANH stock forecast.

For income investors, whether MANH pays a dividend and how the payout looks is covered in does MANH pay a dividend?