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

FormFactor Inc, designs, develops, and manufactures advanced semiconductor wafer probe cards.  The Company's products are based on MicroSpring interconnect technology, which includes resilient spring-like contacts that are manufactured using micro-machining and scalable semiconductor-like wafer fabrication processes.

<ul><li>FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its position in the advanced semiconductor packaging ecosystem.</li><li>The deal comes on the heels of FormFactor’s Q3 earnings beat and an optimistic Q4 outlook, where management reaffirmed its focus on achieving target-model gross margins of 47% and diversifying beyond DRAM into GPU and CPU verticals.</li><li>The acquisition is aimed at strengthening FormFactor’s foothold in the rapidly evolving silicon photonics and co-packaged optics (CPO) landscape, areas where the company is already piloting its new Triton system with key customers.</li></ul>

FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its position in the advanced semiconductor packaging ecosystem.The deal comes on the heels of FormFactor’s Q3 earnings beat and an optimistic Q4 outlook, where management reaffirmed its focus on achieving target-model gross margins of 47% and diversifying beyond DRAM into GPU and CPU verticals.The acquisition is aimed at strengthening FormFactor’s foothold in the rapidly evolving silicon photonics and co-packaged optics (CPO) landscape, areas where the company is already piloting its new Triton system with key customers.

FormFactor Goes All-In on Photonics—Will Keystone Pay Off?

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

Yext, Inc. provides digital media technology services. The Company offers advertising, monetization, phone, and directory services including business listings on search sites and real-time reputation management. Yext serves customers worldwide.

<ul><li>Yext, Inc. recently reported its first-quarter financial results for fiscal year 2026, showcasing a strong performance that exceeded expectations on all metrics.</li><li>The company continues to navigate the evolving landscape of digital visibility and AI search with strategic steps in product innovation, financial management, and external partnerships.</li><li>One of the most notable developments is the company's new product, Yext Scout, which is experiencing considerable interest from both existing and potential customers.</li></ul>

Yext, Inc. recently reported its first-quarter financial results for fiscal year 2026, showcasing a strong performance that exceeded expectations on all metrics.The company continues to navigate the evolving landscape of digital visibility and AI search with strategic steps in product innovation, financial management, and external partnerships.One of the most notable developments is the company's new product, Yext Scout, which is experiencing considerable interest from both existing and potential customers.

Yext Inc.: From Scout to Share Buybacks—A Multi-Lever Approach to Value Creation!

Academy Sports & Outdoors  / Equity Bottom-Up

Academy Sports and Outdoors, Inc. retails sports products. The Company offers sports apparel and footwear, marine products, fitness, golf, hunting, fishing, boating, team sports, recreation, and leisure equipment. Academy Sports and Outdoors serves customers in the United States.

<ul><li>Academy Sports and Outdoors reported its third quarter fiscal 2025 financial results, providing insight into both achievements and challenges faced by the company in recent months.</li><li>Notably, sales reached $1.38 billion, marking a 3% increase from the previous year, yet the company registered a negative 0.9% in comparable sales.</li><li>Despite the competition in a challenging retail environment, these figures reflect a stable performance during a period where consumers were price-sensitive and cautious due to broader economic conditions.</li></ul>

Academy Sports and Outdoors reported its third quarter fiscal 2025 financial results, providing insight into both achievements and challenges faced by the company in recent months.Notably, sales reached $1.38 billion, marking a 3% increase from the previous year, yet the company registered a negative 0.9% in comparable sales.Despite the competition in a challenging retail environment, these figures reflect a stable performance during a period where consumers were price-sensitive and cautious due to broader economic conditions.

Academy Sports + Outdoors: Is Its Aggressive Store Expansion Strategy the Key to Sustained Growth?

Sprinklr, Inc. provides social media management infrastructure solutions. The Company offers a social media management system and related services to help enterprises adapt behind their firewall to the socially-networked and empowered customer. Sprinklr serves customers worldwide.

<ul><li>Sprinklr's latest quarterly results reveal both advancements and ongoing challenges as the company navigates its strategic transformation.</li><li>For the third quarter of fiscal 2026, Sprinklr reported total revenue of $219.1 million, marking a 9% increase year-over-year, driven primarily by subscription revenue, which rose 5% to $190.3 million.</li><li>The company's non-GAAP operating income was $33.5 million, reflecting a robust 15% operating margin, indicating strong cost management and operational efficiency.</li></ul>

Sprinklr's latest quarterly results reveal both advancements and ongoing challenges as the company navigates its strategic transformation.For the third quarter of fiscal 2026, Sprinklr reported total revenue of $219.1 million, marking a 9% increase year-over-year, driven primarily by subscription revenue, which rose 5% to $190.3 million.The company's non-GAAP operating income was $33.5 million, reflecting a robust 15% operating margin, indicating strong cost management and operational efficiency.

Sprinklr Is Resetting Its Leadership Team — But Can Execution Drive a Turnaround?

Small Cap Longs
Mighty oaks from tiny acorns grow

FormFactor Goes All-In on Photonics—Will Keystone Pay Off?

FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its...

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

Academy Sports + Outdoors: Is Its Aggressive Store Expansion Strategy the Key to Sustained Growth?

Academy Sports and Outdoors reported its third quarter fiscal 2025 financial results, providing insight into both achievements and challenges...

Baptista Research

Sprinklr Is Resetting Its Leadership Team — But Can Execution Drive a Turnaround?

Sprinklr's latest quarterly results reveal both advancements and ongoing challenges as the company navigates its strategic transformation. For the...

Baptista Research

FormFactor Goes All-In on Photonics—Will Keystone Pay Off?

FormFactor has been making strategic headlines this December with its announcement to acquire Keystone Photonics, a move that could reshape its...

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

Yext Inc.: From Scout to Share Buybacks—A Multi-Lever Approach to Value Creation!

Yext, Inc. recently reported its first-quarter financial results for fiscal year 2026, showcasing a strong performance that exceeded expectations...

Baptista Research

Academy Sports + Outdoors: Is Its Aggressive Store Expansion Strategy the Key to Sustained Growth?

Academy Sports and Outdoors reported its third quarter fiscal 2025 financial results, providing insight into both achievements and challenges...

Baptista Research

Sprinklr Is Resetting Its Leadership Team — But Can Execution Drive a Turnaround?

Sprinklr's latest quarterly results reveal both advancements and ongoing challenges as the company navigates its strategic transformation. For the...

Baptista Research