Manhattan Associates, Inc.
MANH 8.5Price and target zones价格与目标区间
What the company does公司做什么
Manhattan Associates makes computer software for warehouses, stores, and delivery networks. The software tells workers where to put each item, which order to pick next, and how to ship it out. Large companies such as retailers and manufacturers use it to run their supply chains — the steps that move goods from a factory to a customer's door. Most customers now rent the software over the internet, called "the cloud", instead of installing it on their own computers. Manhattan also sends staff to set up the software and train workers to use it.Manhattan Associates为仓库、门店和配送网络制作计算机软件。这套软件告诉工人把每一件商品放在哪里、接下来先拣哪个订单、以及怎么把货发出去。像零售商和制造商这样的大公司用它来管理供应链——也就是把货物从工厂运到顾客家门口的那些环节。现在大多数客户改成通过互联网租用这套软件，也就是所谓的“云”，而不是安装在自己的计算机上。Manhattan还派人去安装软件、培训工人使用。
Earns from营收来源 most money comes from recurring cloud subscription fees, plus one-time fees for setup and training.大部分钱来自反复收取的云订阅费，再加上一次性的安装和培训费。
Read the full description查看完整介绍
Manhattan Associates, Inc. develops, sells, deploys, services, and maintains software solutions to manage supply chains, inventory, and omni-channel operations. It offers warehouse management solution for managing goods and information across the distribution centers; Manhattan Active Warehouse Management, a cloud native and version less application for the associate; and transportation management solution for helping shippers navigate their way through the demands and meet customer service expectations at the lowest possible freight costs; Manhattan SCALE, a portfolio of logistics execution solution; and Manhattan Active Omni, which offers order management, store inventory and fulfillment, call center, POS, and customer engagement tools for enterprises and stores. The company also provides demand forecasting and replenishment, allocation, and unified business planning; technology platform including Manhattan Active Platform solutions, a cloud-native product designed to provide version-less product access; maintenance services, which offers on-premises software licensees with software upgrades for additional or improved functionality and technological advances; and professional services, such as solutions planning and implementation, and related consulting services. In addition, it provides training and change management services; and resells computer hardware, radio frequency terminal networks, radio frequency identification chip readers, bar code printers and scanners, and other peripherals. The company offers products through direct sales personnel and partnership agreements with various organizations. It serves retail, consumer goods, food and grocery, logistics service providers, industrial and wholesale, high technology and electronics, life sciences, and government industries. The company operates in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. Manhattan Associates, Inc. was founded in 1990 and is headquartered in Atlanta, Georgia.
What the company sells公司卖什么share of revenue营收占比
Cloud subscriptions云订阅
38%Customers pay a recurring fee to run Manhattan's software over the internet instead of installing it themselves.客户支付一笔经常性费用，通过互联网运行 Manhattan 的软件，而不是自己安装。
- Manhattan Active Warehouse Management
- tells warehouse workers where to put each item and which order to pick and pack next.告诉仓库工人把每件物品放在哪里，以及接下来该拣选和打包哪一个订单。
- Manhattan Active Omni
- links a store's shelf stock with online orders, so a retailer can ship an order from the nearest store instead of a distant warehouse.把门店货架上的库存和网上订单连起来，这样零售商就能从最近的门店发货，而不用从很远的仓库发。
- Manhattan Active Transportation Management
- picks delivery routes and shipping companies to move goods at the lowest cost.挑选配送路线和承运公司，以最低成本把货物运出去。
Services服务
47%Manhattan staff help customers set up the software and train workers to use it.Manhattan 的员工帮助客户搭建软件，并培训工人使用。
- Implementation and consulting实施与咨询
- experts install the software and move a customer's existing records into the new system.专家安装软件，把客户现有的记录迁移到新系统里。
- Training and change management培训与变革管理
- teaches warehouse and store staff how to use the new software.教仓库和门店的员工如何使用新软件。
Maintenance and hardware维护与硬件
14%Older customers who still run the software on their own computers pay for support, and Manhattan resells the equipment those systems need.仍在自己电脑上运行软件的老客户支付支持费用，Manhattan 还转售这些系统所需的设备。
- Software maintenance软件维护
- a yearly fee for software updates and technical help on systems installed at the customer's own site.针对安装在客户自己场地上的系统，收取每年的软件更新和技术支持费用。
- Hardware resale硬件转售
- barcode scanners, handheld computers, and RFID readers (radio tags that track items), sold to work with the software.条形码扫描器、手持电脑和 RFID 读取器（追踪物品的无线标签），配套软件一起出售。
Software license软件许可
1%A shrinking business as customers switch to the cloud instead.随着客户转向云端，这是一块正在萎缩的业务。
- Perpetual license永久许可
- a one-time payment to install the software on the customer's own computers, instead of renting it online.一次性付款，把软件安装在客户自己的电脑上，而不是在线租用。
Company facts公司资料
- Founded成立时间
- 1990
- Headquarters总部
- Atlanta, Georgia
- Employees员工人数
- 4,100
- Industry行业
- Software - Application
- Country国家
- United States
Investment thesis投资逻辑 from the watchlist来自关注列表
📋 Supply-chain SaaS niche leader, net cash, 29% FCF CAGR, 18yr Gartner WMS leader. Q2 +22% gap: cloud +26%, RPO +23% to $2.47B, 3rd record bookings qtr, guide raised 2nd straight qtr — thesis confirmed, entry blown. 37.8x fwd / 46.5x adj FCF; consensus tgt $185 is below spot. Ladder reset: 35% @ $178-190 (partial gap-fill), 40% @ $158-172 (full gap-fill), 25% @ $138-152. Trim $245-265. Break: cloud <18% 2Q RPO <15% or seq decline win rate <65% op margin <22% 2Q. A2026-07-29
📋 供应链 SaaS 细分领域领导者，净现金，29% 自由现金流复合增长率，连续 18 年 Gartner 仓库管理系统（WMS）领导者。第二季度跳涨 +22%：云 +26%，剩余履约义务（RPO）+23% 至 $2.47B，第 3 个创纪录的订单季度，连续第 2 个季度上调指引 —— 论点确认，入场机会没了。 37.8x 前瞻 / 46.5x 调整后自由现金流；共识目标价 $185 低于现价。分批建仓重置：35% @ $178-190（部分回补跳空），40% @ $158-172（完全回补跳空），25% @ $138-152。$245-265 减仓。
Historical results历史业绩 past fiscal years — these values do not change过去财年——这些数值不会变动
Profit margins利润率 the share of revenue that stays as profit营收中留存为利润的比例
of every $1 of revenue每 $1 营收中的占比
- Return on equity净资产收益率
- 96%
- Revenue growth营收增长
- +9%
Competitors竞争对手
Why customers stay客户为什么留下
once a warehouse trains its staff and connects its scanners and other systems to Manhattan's software, switching to a rival is slow and risky, so most customers renew instead of leaving.一旦一个仓库培训好了员工，把扫描枪和其他系统都连到了Manhattan的软件上，换到对手那里就又慢又有风险，所以大多数客户选择续约而不是离开。
Recent news近期新闻 last 7 days近7天
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