VOL. XCIV, NO. 247

★ WIDE MOAT STOCKS COMPARISON ★

NO ADVICE

Stock Comparison

Manhattan Associates, Inc. vs Shopify Inc.

Compare moat strength, market structure, and segment coverage to understand how each company defends its edge.

Manhattan Associates, Inc.

MANH · The Nasdaq Stock Market LLC

Market cap (USD)$8.2B
Gross margin (TTM)55.6%
Operating margin (TTM)25.6%
Net margin (TTM)19.7%
SectorTechnology
IndustrySoftware - Application
CountryUS
Data as of2025-12-28
Moat score
56/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Manhattan Associates, Inc.'s moat claims, evidence, and risks.

View MANH analysis

Shopify Inc.

SHOP · Nasdaq Global Select Market

Market cap (USD)$163.7B
Gross margin (TTM)48.1%
Operating margin (TTM)12.7%
Net margin (TTM)10.7%
SectorTechnology
IndustrySoftware - Application
CountryCA
Data as of2026-04-25
Moat score
73/ 100

Weighted average of segment moat scores, combining moat strength, durability, confidence, market structure, pricing power, and market share.

Full stock profile

Dive deeper into Shopify Inc.'s moat claims, evidence, and risks.

View SHOP analysis

Comparison highlights

  • Moat score gap: Shopify Inc. leads (73 / 100 vs 56 / 100 for Manhattan Associates, Inc.).
  • Segment focus: Manhattan Associates, Inc. has 4 segments (50.4% in Professional services (implementation, consulting, training)); Shopify Inc. has 2 segments (76.2% in Merchant Solutions).
  • Primary market structure: Competitive vs Competitive. Pricing power: Weak vs Moderate.
  • Moat breadth: Manhattan Associates, Inc. has 7 moat types across 1 domains; Shopify Inc. has 7 across 3.

Primary market context

Manhattan Associates, Inc.

Professional services (implementation, consulting, training)

Market

Supply chain & omnichannel software implementation and consulting services

Geography

Global

Customer

Enterprises implementing or expanding supply chain/omnichannel systems

Role

Implementation and advisory services provider

Revenue share

50.4%

Shopify Inc.

Merchant Solutions

Market

Integrated merchant payments, checkout, lending, shipping, POS hardware, partner referrals, ads and buyer-acquisition services for Shopify merchants

Geography

Global, with Shopify Payments and related solutions available across selected countries

Customer

Shopify merchants, Shopify Plus merchants, retail operators and buyers using Shop Pay or Shop App

Role

Embedded payments, checkout, fintech, fulfillment-adjacent and commerce-services layer attached to Shopify storefronts

Revenue share

76.2%

Side-by-side metrics

Manhattan Associates, Inc.
Shopify Inc.
Ticker / Exchange
MANH - The Nasdaq Stock Market LLC
SHOP - Nasdaq Global Select Market
Market cap (USD)
$8.2B
$163.7B
Gross margin (TTM)
55.6%
48.1%
Operating margin (TTM)
25.6%
12.7%
Net margin (TTM)
19.7%
10.7%
Sector
Technology
Technology
Industry
Software - Application
Software - Application
HQ country
US
CA
Primary segment
Professional services (implementation, consulting, training)
Merchant Solutions
Market structure
Competitive
Competitive
Market share
n/a
65.6% (reported)
HHI estimate
n/a
n/a
Pricing power
Weak
Moderate
Moat score
56 / 100
73 / 100
Moat domains
Demand
Network, Demand, Supply
Last update
2025-12-28
2026-04-25

Moat coverage

Shared moat types

Suite BundlingData Workflow Lockin

Manhattan Associates, Inc. strengths

Long Term ContractsReputation ReviewsProcurement InertiaInstalled Base ConsumablesSwitching Costs General

Shopify Inc. strengths

Ecosystem ComplementsBrand TrustKeystone ComponentHabit DefaultScale Economies Unit Cost

Segment mix

Manhattan Associates, Inc. segments

Full profile >

Cloud subscriptions (Manhattan Active SaaS)

Oligopoly

32.4%

Professional services (implementation, consulting, training)

Competitive

50.4%

Maintenance and support (legacy perpetual licenses)

Monopoly

13.3%

Perpetual licenses and hardware

Competitive

4%

Shopify Inc. segments

Full profile >

Subscription Solutions

Competitive

23.8%

Merchant Solutions

Competitive

76.2%

Want the full wide moat stocks list?

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Proven models entering the expansion stage with unit economics that work.

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Curation & Accuracy

This directory blends AI‑assisted discovery with human curation. Entries are reviewed, edited, and organized with the goal of expanding coverage and sharpening quality over time. Your feedback helps steer improvements (because no single human can capture everything all at once).

Details change. Pricing, features, and availability may be incomplete or out of date. Treat listings as a starting point and verify on the provider’s site before making decisions. If you spot an error or a gap, send a quick note and I’ll adjust.