Manhattan Associates (MANH): Assessing Valuation as Reshoring Drives New Interest in Logistics Solutions

Manhattan Associates (MANH) is drawing fresh attention as supply chain shifts are driving more manufacturers to bring operations back to the U.S. This reshoring wave is fueling interest in the company’s logistics software solutions among investors.

See our latest analysis for Manhattan Associates.

Momentum for Manhattan Associates has been fairly steady lately. After some ebb and flow, the past year’s total shareholder return is essentially flat at -0.27%, while its share price sits at $201.36. Despite recent supply chain themes rekindling interest, performance has cooled from the longer-term uptrend. However, the reshoring narrative is keeping the company on investors’ radars.

If you want to discover other technology leaders riding similar trends, check out the latest movers in our Tech & AI Growth Screener See the full list for free.

With shares near recent highs and optimism around reshoring momentum, the key question is whether Manhattan Associates is still trading below its true value, or if the market has already priced in future growth potential.

Most Popular Narrative: 11.6% Undervalued

Manhattan Associates' most followed valuation narrative points to a fair value substantially above the last close, suggesting upside potential despite steady recent performance.

Enhanced investments in AI, automation, and unified product development (such as Agentic AI and the Manhattan Active Agent Foundry) position Manhattan to capture increasing customer demand for real-time analytics and next-generation supply chain automation. This may drive new bookings, average contract value, and expansion into underpenetrated markets, which could support sustainable double-digit top-line growth.

Read the complete narrative.

Curious how aggressive tech adoption and ambitious growth forecasts translate to this optimistic price? The narrative is built on bold expansion plans, improving margins, and a profit outlook rivaling tech sector standouts. Want to know which assumptions propel this premium valuation? Dive deeper to uncover the underlying projections.

Result: Fair Value of $227.89 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, slow customer transitions to cloud and ongoing services revenue volatility could limit Manhattan Associates’ growth and pose challenges for bullish forecasts.

Find out about the key risks to this Manhattan Associates narrative.

Another View: Multiples Raise Valuation Questions

Looking beyond optimistic forecasts, Manhattan Associates’ price-to-earnings ratio of 55.1x stands noticeably above both the Software industry average of 35.5x and peer average of 41.5x. This compares to the fair ratio of 32.3x that the market could return to, making the current price appear stretched by comparison. Are investors paying a premium that may not last, or is there still headroom for growth?

See what the numbers say about this price — find out in our valuation breakdown.

Build Your Own Manhattan Associates Narrative

If you like to reach your own conclusions or question the prevailing view, you can easily put together your own analysis in just a few minutes. Do it your way

A great starting point for your Manhattan Associates research is our analysis highlighting 3 key rewards and 1 important warning sign that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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