Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

lululemon athletica Inc. designs and retails athletic clothing.  The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers throughout the world.

<ul><li>Lululemon Athletica Inc. reported a mixed set of results for the third quarter of 2025.</li><li>The company achieved a revenue increase of 7%, recording $2.6 billion for the quarter.</li><li>The performance was bolstered by a significant 33% growth in international markets, with China Mainland standing out with a 46% increase in revenue.</li></ul>

Lululemon Athletica Inc. reported a mixed set of results for the third quarter of 2025.The company achieved a revenue increase of 7%, recording $2.6 billion for the quarter.The performance was bolstered by a significant 33% growth in international markets, with China Mainland standing out with a 46% increase in revenue.

Lululemon Athletica: Inside Its China Expansion

Ulta Beauty, Inc. operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin, and hair care products, as well as salon services. Ulta Beauty serves customers throughout the United States.

<ul><li>Ulta Beauty demonstrated robust performance in its third quarter of fiscal 2025, reporting a 12.9% increase in net sales to $2.9 billion.</li><li>The company's operating profit constituted 10.8% of sales, with diluted earnings per share (EPS) hitting $5.14.</li><li>These figures indicate the company's expanding market presence and successful strategic investments.</li></ul>

Ulta Beauty demonstrated robust performance in its third quarter of fiscal 2025, reporting a 12.9% increase in net sales to $2.9 billion.The company's operating profit constituted 10.8% of sales, with diluted earnings per share (EPS) hitting $5.14.These figures indicate the company's expanding market presence and successful strategic investments.

Ulta Beauty: A Growth Story Shaped by Consumer Demand, Digital Execution & Operational Discipline!

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

<ul><li>Restoration Hardware, Inc., more commonly known as RH, recently reported its financial results for the third quarter of fiscal 2025.</li><li>The company demonstrated resilience and growth in a challenging economic environment, marked by a difficult housing market and ongoing trade uncertainties due to tariffs.</li><li>RH managed to increase its revenue by 9% year-over-year and 18% on a two-year basis.</li></ul>

Restoration Hardware, Inc., more commonly known as RH, recently reported its financial results for the third quarter of fiscal 2025.The company demonstrated resilience and growth in a challenging economic environment, marked by a difficult housing market and ongoing trade uncertainties due to tariffs.RH managed to increase its revenue by 9% year-over-year and 18% on a two-year basis.

RH - Restoration Hardware Is Building the Ultimate Luxury Ecosystem — Products

Chewy, Inc. is an online retailer of pet food and other pet-related products. The Company through its retail website and mobile application offers pet food, treats, supplies, and healthcare products for dogs, cats, fish, birds, horses, and reptiles, as well as provides a range of pet clothing and medications. Chewy serves customers in the United States.

<ul><li>Chewy's latest financial results reflect a balance of growth and challenges.</li><li>The company reported an 8.3% increase in net sales, reaching $3.12 billion.</li><li>This growth was largely driven by unit volume increases rather than price adjustments, a significant achievement in a stable pricing environment within the pet industry.</li></ul>

Chewy's latest financial results reflect a balance of growth and challenges.The company reported an 8.3% increase in net sales, reaching $3.12 billion.This growth was largely driven by unit volume increases rather than price adjustments, a significant achievement in a stable pricing environment within the pet industry.

Chewy Inc.: Expanding Beyond E-Commerce Into a Massive Pet Healthcare Opportunity!

Ford Motor Company designs, manufactures, and services cars and trucks.  The Company also provides vehicle-related financing, leasing, and insurance through its subsidiary.

<ul><li>Ford Motor Co. just hit the brakes on one of its most ambitious bets: the all-electric F-150 Lightning.</li><li>In a bold shift that redefines its EV strategy, the company announced a staggering $19.5 billion charge tied to its electric vehicle business, marking one of the biggest write-downs in U.S. auto history.</li><li>Alongside this financial reset, Ford is scrapping plans for an all-electric F-Series pickup, converting the current Lightning model into an extended-range hybrid, and retooling its massive battery plant in Kentucky to serve the booming energy storage sector instead of EVs. This strategic turn follows persistent EV losses, softer-than-expected demand, and evolving regulatory headwinds.</li></ul>

Ford Motor Co. just hit the brakes on one of its most ambitious bets: the all-electric F-150 Lightning.In a bold shift that redefines its EV strategy, the company announced a staggering $19.5 billion charge tied to its electric vehicle business, marking one of the biggest write-downs in U.S. auto history.Alongside this financial reset, Ford is scrapping plans for an all-electric F-Series pickup, converting the current Lightning model into an extended-range hybrid, and retooling its massive battery plant in Kentucky to serve the booming energy storage sector instead of EVs. This strategic turn follows persistent EV losses, softer-than-expected demand, and evolving regulatory headwinds.

Ford Takes a $19.5 Billion Hit—And That’s Just the Beginning!

Insights in the Consumer Discretionary Space

Consumer Discretionary
Insights in the Consumer Discretionary Space

Lululemon Athletica: Inside Its China Expansion

Lululemon Athletica Inc. reported a mixed set of results for the third quarter of 2025. The company achieved a revenue increase of 7%, recording...

Baptista Research

Ulta Beauty: A Growth Story Shaped by Consumer Demand, Digital Execution & Operational Discipline!

Ulta Beauty demonstrated robust performance in its third quarter of fiscal 2025, reporting a 12.9% increase in net sales to $2.9 billion. The...

Baptista Research

RH - Restoration Hardware Is Building the Ultimate Luxury Ecosystem — Products

Restoration Hardware, Inc., more commonly known as RH, recently reported its financial results for the third quarter of fiscal 2025. The company...

Baptista Research

Chewy Inc.: Expanding Beyond E-Commerce Into a Massive Pet Healthcare Opportunity!

Chewy's latest financial results reflect a balance of growth and challenges. The company reported an 8.3% increase in net sales, reaching $3.12...

Baptista Research

Ford Takes a $19.5 Billion Hit—And That’s Just the Beginning!

Ford Motor Co. just hit the brakes on one of its most ambitious bets: the all-electric F-150 Lightning. In a bold shift that redefines its EV...

Baptista Research