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

<ul><li>Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.</li><li>Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.</li><li>The company's strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company's business.</li></ul>

Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the company.Positively, Fortinet achieved a total revenue growth of 17% for the quarter, marking a significant upturn, especially in product revenue, which attained an 18% increase—the best in six quarters.The company's strategic focus on secure networking, particularly in Unified SASE, resulted in a growth of 13% for this segment, making up 23% of the company's business.

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

<ul><li>Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.</li><li>The company's total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.</li><li>Fortinet's strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.</li></ul>

Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity landscape.The company's total revenue grew by 13%, a return to product revenue growth bolstered by strong service revenue expansion.Fortinet's strong execution led to record gross and operating margins, with the latter increasing by 830 basis points to over 36%.

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

<ul><li>Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture.</li><li>Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.</li><li>This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).</li></ul>

Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture.Starting with the positive facets, the company achieved record operating margins at 35%, a significant improvement by 820 basis points year-over-year.This financial efficiency was underpinned by a strategic blend of operational prowess and thoughtfully channeled investments toward high-growth markets such as Unified Security Access Service Edge (SASE) and Secure Operations (SecOps).

Fortinet Inc.: Will Their Revitalized Focus On Next-Generation Firewalls & New Technologies Pay Off? - Major Drivers

<ul><li>Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024.</li><li>They declared an operating margin increase of a first quarter record of 28.5%, and a record cash flow from operations of $830 million.</li><li>Their adjusted free cash flow margin was also their highest yet at 61%.</li></ul>

Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024.They declared an operating margin increase of a first quarter record of 28.5%, and a record cash flow from operations of $830 million.Their adjusted free cash flow margin was also their highest yet at 61%.

Fortinet Inc.: How Is Their Shift Towards SASE & SecOps Solutions Shaping Up? - Major Drivers

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Finimize Research

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Thematic (Sector/Industry)

<ul>
<li>Cybersecurity is the place where technology, geopolitics, and business strategy meet – and it’s evolving faster than almost any other sector.</li>
<li>Every year, cyberattacks grow more sophisticated, businesses become more dependent on digital infrastructure, and governments step up regulations, making security an absolute necessity, not a luxury.</li>
<li>So when it comes to long-term investment themes that offer growth and resilience, cybersecurity seems like, well, a lock.</li>
</ul>


Cybersecurity is the place where technology, geopolitics, and business strategy meet – and it’s evolving faster than almost any other sector.
Every year, cyberattacks grow more sophisticated, businesses become more dependent on digital infrastructure, and governments step up regulations, making security an absolute necessity, not a luxury.
So when it comes to long-term investment themes that offer growth and resilience, cybersecurity seems like, well, a lock.


Threats Are Rising. So Here’s How To Invest In Cybersecurity.

United States

Fortinet Inc. provides network security solutions. The Company offers network security appliances and related software, and subscription services. Fortinet systems integrate the industry's broadest suite of security technologies, including firewall, VPN, antivirus, intrusion prevention (IPS), Web filtering, antispam, and traffic shaping.

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Fortinet Inc (FTNT US)

Fortinet: Can Its Unified SASE Approach Help Capture A Larger Chunk Of The Market!

Fortinet Inc.'s fiscal results for the fourth quarter and the entire year of 2024 demonstrate both strengths and challenges within the...

Baptista Research

Fortinet Inc.: These Are The 6 Biggest Factors Impacting Its Performance In 2025 & Beyond! - Major Drivers

Fortinet's third-quarter financial results for 2024 showcase robust performance and a strategic focus on growth markets in the cybersecurity...

Baptista Research

Fortinet Inc.: Will Their Revitalized Focus On Next-Generation Firewalls & New Technologies Pay Off? - Major Drivers

Fortinet's second quarter 2024 financial performance presents a mixed but fundamentally robust picture. Starting with the positive facets, the...

Baptista Research

Fortinet Inc.: How Is Their Shift Towards SASE & SecOps Solutions Shaping Up? - Major Drivers

Fortinet, the multinational cybersecurity company, has showcased notable financial results for the first quarter of 2024. They declared an...

Baptista Research

Threats Are Rising. So Here’s How To Invest In Cybersecurity.

Cyber threats are relentless, making cybersecurity a must-have for businesses and governments. Revenues are resilient, with global investment...

Finimize Research

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