What is Manhattan Associates Inc worth?
With the base-case assumptions below, a discounted cash flow model on Manhattan Associates Inc's reported free cash flow gives $183.58 per share. The share price was $257.54 on November 10, 2026, 40% above that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | 8.0% | 10.0% | $113.09 | -56% |
| Base | 13.0% | 9.0% | $183.58 | -29% |
| Bull | 18.0% | 8.0% | $314.94 | +22% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $236.41 | $252.81 | $272.85 | $297.91 | $330.13 |
| 8.0% | $196.78 | $207.42 | $219.99 | $235.07 | $253.50 |
| 9.0% | $167.92 | $175.19 | $183.58 | $193.37 | $204.94 |
| 10.0% | $146.02 | $151.19 | $157.05 | $163.75 | $171.48 |
| 11.0% | $128.86 | $132.66 | $136.89 | $141.66 | $147.06 |
Where the presets come from
Base: years 1 to 5 grow at Manhattan Associates Inc's revenue growth rate over the last 5 fiscal years (13.0% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions