Manhattan Associates, Inc
Manhattan Associates designs and sells cloud-based software for supply chain execution, omnichannel commerce, and inventory optimization. Its Manhattan Active applications help retailers, wholesalers, manufacturers, and logistics providers manage warehouses, transportation, order fulfillment, store operations, and point-of-sale workflows through subscription SaaS, software licenses, maintenance, professional services, and hardware.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaSaaS and hosted access to Manhattan Active applications delivered on a subscription basis.
Implementation, solutions planning, consulting, training, and related reimbursements.
Support and software enhancements tied mainly to legacy perpetual license customers.
Perpetual or term software license sales for customers not yet on cloud subscriptions.
Complementary hardware sold with software deployments, including devices and related equipment.
Tuotteet
Raportoitu · osuus liikevaihdosta- Services and other46,5 %
- Cloud Subscriptions37,7 %
- Maintenance12,0 %
- Hardware2,4 %
- License and Maintenance1,4 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Manhattan sells primarily to enterprises that run complex physical and digital supply chains, especially retailers, wholesalers, manufacturers, distributors, and logistics providers. Customers buy its software to improve fulfillment speed, inventory visibility, transportation efficiency, and store or warehouse productivity across multiple channels.
Buy Manhattan Active Omni, POS, order management, and inventory visibility tools to coordinate store and digital fulfillment.
Use warehouse, transportation, and planning software to optimize inventory, labor, and distribution networks.
Buy supply chain planning and execution software to forecast demand and allocate inventory across channels.
Use transportation, yard, and warehouse management tools to improve service levels and reduce freight costs.
Adopt cloud subscriptions and professional services to replace legacy systems with a unified platform.
Strategia
Manhattan is investing heavily in its Unified Omnichannel Commerce and Digital Supply Chain platforms to deepen its cloud transition and expand recurring revenue. It is also using cash for global hiring and share repurchases, while maintaining a debt-free balance sheet and no credit facilities.
Product depth and innovation are central to winning enterprise supply chain and retail accounts.
Recurring SaaS revenue improves visibility and reduces dependence on declining maintenance revenue.
Localized implementation capability helps sell complex software across regions and industries.
Maantiede
Q1/2026Manhattan reports three geographic segments: the Americas, EMEA, and APAC, with revenue based on the location of sale. International revenue was about 35% of total revenue in 2025, and the company maintains offices across Europe, Asia-Pacific, Latin America, and North America to support implementation and customer service.
Osuus liikevaihdosta, jonka yhtiö raportoi maantieteellisesti.
Riskit
The business depends on continued cloud subscription growth and on customers buying professional services to implement and expand deployments. It also faces cybersecurity, AI adoption, and third-party software risks, while macro uncertainty can delay services demand and force restructuring.
- Dependence on cloud subscription renewals and expansionVaikutus: KorkeaTodennäköisyys: Kohtalainen
Future revenue growth relies on retaining cloud customers and selling additional services around those deployments.
Kohdistuu: Cloud subscriptions and professional services
- Cybersecurity and data protection failuresVaikutus: KorkeaTodennäköisyys: Kohtalainen
The company stores and processes customer and internal data, so a breach could harm reputation and trigger legal claims.
Kohdistuu: Hosted software and customer data
- AI adoption and product-output qualityVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Generative and agentic AI features may be rejected by regulated customers or produce inaccurate outputs.
Kohdistuu: Embedded AI features in software products
- Third-party software and infrastructure relianceVaikutus: KeskitasoTodennäköisyys: Kohtalainen
External vendors can affect product availability, defect remediation, and support continuity.
Kohdistuu: Cloud tools and embedded software components
- Services demand volatility and restructuring riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Implementation demand can weaken in periods of macro uncertainty, forcing capacity adjustments.
Kohdistuu: Professional services workforce
Kirjanpito
Harkinnanvaraiset erätDifferent timing for SaaS, licenses, maintenance, services, and hardware affects reported revenue mix and comparability.
Vaikutus: Cloud subscriptions recognized over time; services and implementation timing can shift quarterly results
Maintenance is tied to legacy perpetual licenses and is expected to fall as cloud adoption rises.
Vaikutus: Mix shift can change gross margin and recurring revenue profile
The company eliminated about 100 positions in 2025 to align services capacity with demand.
Vaikutus: One-time severance and outplacement costs reduce operating income
CEO hiring and broader compensation programs increased G&A expense in 2025.
Vaikutus: Can distort operating expense trends and profitability comparisons
Past acquisitions created intangible assets that require amortization and potential impairment review.
Vaikutus: Amortization and impairment can affect earnings and book value
Samankaltaisia listattuja yhtiöitä
Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.
monday.com Ltd.
MNDY · Services-Prepackaged Software
Intapp, Inc.
INTA · Services-Prepackaged Software
Intapp builds vertical SaaS software for professional services firms that run on relationships, expertise, and strict compliance.
OMNIQ Corp.
OMQS · Services-Computer Integrated Systems Design
Katapult Holdings, Inc.
KPLT · Services-Equipment Rental & Leasing, NEC
Shopify Inc
SHOP · Services-Prepackaged Software
Symbotic Inc.
SYM · General Industrial Machinery & Equipment, NEC
Päivitetty: 24.9.2026