Expectations trend
FY2027 · fiscal year ending 2027-12-31 · fmp
Manhattan Associates (MANH)
NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-11-04
$255.17-2.01%
Close 2026-11-05 · 1-day change
NASDAQInformation TechnologySoftware - ApplicationSnapshot 2026-11-04
The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.
Next-FY EPS estimate change · 30 days
6.14 → 6.18 EPS · FY ending Dec 31, 2027 · 7 analysts
One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.
Change in the same fiscal period’s mean EPS estimate from Oct 5, 2026 to Nov 4, 2026: (new ÷ prior − 1). Contributor count changed from 7 to 7; this is not the number of analysts revising. The ±10% axis is a display range.
The EPS and P/E reference is not available for MANH yet.
| Measure / period | Management expectations | Analyst expectations |
|---|
Management figures unavailable.
Current consensus figures unavailable.
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 | 21% RPO growth vs maintain/expand target Morgan Stanley upgrade on AI traction; 21% RPO growth; raised revenue guidance; Exol Alliance AI partnership. Nov 4, 2026Last status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
Compare these dated observations with the operating requirements above
FY2027 · fiscal year ending 2027-12-31 · fmp
The evidence, the remaining questions, and what comes next
No recovery evidence is reported in the available driver assessments.
Next earnings date unavailable
Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.
Observed price history; separate from operating scenarios
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.
This is a growth-oriented enterprise software business, with the long-term thesis centered on expanding cloud supply chain solutions. The thesis is intact, and recent company momentum improved, though management and recent financial performance are rated neutral and overall risk is elevated.
MANH is expensive versus peers, with a 1.83 premium measure and an expectations gap of 0.29. The valuation evidence points to expectations tied to a possible re-rating, while the priced-in assessment says the current fragility is low and is not driven by a full combination of weak execution and market turbulence.
Near-term results show cloud subscription revenue rising from $104.9 million in Q3 2025 to $134.4 million in Q3 2026, while total revenue increased from $275.8 million to $306.2 million. The latest event was an earnings beat, and momentum improved, but adoption evidence for Manhattan Active is limited; a guidance cut on the next call is a key near-term risk.
The multi-year thesis hinges on continued cloud growth and stronger evidence that product investment is driving Manhattan Active adoption. Near term, a guidance cut would weaken the setup, while rate cuts or steadier results and guidance from large technology peers could improve the sector backdrop.
Over the next 1 to 3 years, MANH has evidence of cloud expansion and an intact thesis, but its expensive valuation leaves limited room for execution to weaken. The key test is whether cloud growth continues and product adoption becomes clearer. Not investment advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
| Cash from operations rises steadily, supporting growth. |
| Intact |
| Cash from operations falls below $75M in next 4 quarters |
Cash from operations: $68.589M FY2026-Q3; GAAP. Published target: Sustain or grow cash from operations above $84M next 4 quarters. Target period is not explicitly aligned with this observation. Oct 30, 202668,589,000 USD · source valueLast status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
Operating margin near 25% in FY26 | Profit margins stay strong near 25%. | Intact | Operating margin falls below 23% in FY26 | Operating margin: 26.45% FY2026-Q3; GAAP. Published target: >=24.6%. Annual target cannot be compared with a quarterly or TTM observation. Oct 30, 202626.452789 percent · calculatedLast status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
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: $306.187M FY2026-Q3; GAAP. Published target: ~$1.15B. Annual target cannot be compared with a quarterly or TTM observation. Oct 30, 2026306,187,000 USD · source valueLast status assessment Nov 4, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
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.
$5.97 → $6.18 · observed estimates
$1.25B → $1.27B · observed estimates
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.
| 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 |
| 2026-10-25 | $6.12 | $1,264,933,393 | 7 / 8 |
| 2026-10-26 | $6.12 | $1,264,933,393 | 7 / 8 |
| 2026-10-27 | $6.12 | $1,264,933,393 | 7 / 8 |
| 2026-10-28 | $6.16 | $1,269,121,093 | 7 / 8 |
| 2026-10-29 | $6.17 | $1,272,273,449 | 7 / 8 |
| 2026-10-30 | $6.17 | $1,272,273,449 | 7 / 8 |
| 2026-10-31 | $6.17 | $1,272,273,449 | 7 / 8 |
| 2026-11-01 | $6.17 | $1,272,273,449 | 7 / 8 |
| 2026-11-02 | $6.17 | $1,272,273,449 | 7 / 8 |
| 2026-11-03 | $6.18 | $1,272,273,449 | 7 / 8 |
| 2026-11-04 | $6.18 | $1,272,273,449 | 7 / 8 |
Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.
Latest: 9 Buy / Strong Buy · 2 Hold · 0 Sell / Strong Sell
Recent actions · Oct 6–Nov 4 · 8 recorded
3 raises · 0 cuts · 0 unchanged · 0 without a comparable prior
Oct 6, 2026–Nov 4, 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.
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.