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>GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.</li><li>The company's non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year's negative margin.</li><li>GitLab's CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.</li></ul>

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.The company's non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year's negative margin.GitLab's CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

<ul><li>GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved profitability metrics.</li><li>The company's revenue increased by 29% year-over-year to $211.4 million, driven by robust momentum in its enterprise offerings, particularly GitLab's Ultimate and Duo products.</li><li>Notably, the company demonstrated significant operating leverage with a non-GAAP operating margin of 17.7%, an increase of more than 960 basis points compared to the same period in the previous year.</li></ul>

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved profitability metrics.The company's revenue increased by 29% year-over-year to $211.4 million, driven by robust momentum in its enterprise offerings, particularly GitLab's Ultimate and Duo products.Notably, the company demonstrated significant operating leverage with a non-GAAP operating margin of 17.7%, an increase of more than 960 basis points compared to the same period in the previous year.

GitLab's MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

<ul><li>GitLab's recent quarterly results reveal a complex, yet promising landscape for the company.</li><li>GitLab reported arevenue increase of 31% year-over-year, reaching $196 million for the third quarter of fiscal year 2025.</li><li>The company exceeded profitability guidance with a non-GAAP operating margin of 13.2%, up more than 1,000 basis points from the prior year.</li></ul>

GitLab's recent quarterly results reveal a complex, yet promising landscape for the company.GitLab reported arevenue increase of 31% year-over-year, reaching $196 million for the third quarter of fiscal year 2025.The company exceeded profitability guidance with a non-GAAP operating margin of 13.2%, up more than 1,000 basis points from the prior year.

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! - Major Drivers

<ul><li>GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with AI capabilities.</li><li>Revenue grew substantially by 31% year-over-year, totaling $183 million, a testament to the adoption of new accounts alongside expansions in existing clientele including notable names like Delaware North and Guild Mortgage.</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with AI capabilities.Revenue grew substantially by 31% year-over-year, totaling $183 million, a testament to the adoption of new accounts alongside expansions in existing clientele including notable names like Delaware North and Guild Mortgage.Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

GitLab Inc.: Expansion of AI-Driven Developer Tools & Major Growth Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.</li>
<li>I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.</li>
<li>I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.</li>
</ul>


Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.


Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

United States

GitLab Inc. designs and develops software solutions. The Company offers platform for authentication, authorization, devops score, audit, and value stream management. GitLab serves customers worldwide.

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Gitlab (GTLB US)

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%,...

Baptista Research

GitLab's MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved...

Baptista Research

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! - Major Drivers

GitLab's recent quarterly results reveal a complex, yet promising landscape for the company. GitLab reported arevenue increase of 31%...

Baptista Research

GitLab Inc.: Expansion of AI-Driven Developer Tools & Major Growth Drivers

GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%,...

Baptista Research

GitLab's MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved...

Baptista Research

GitLab Inc.: High Adoption & Expansion of GitLab Ultimate Driving Our Optimism! - Major Drivers

GitLab's recent quarterly results reveal a complex, yet promising landscape for the company. GitLab reported arevenue increase of 31%...

Baptista Research

GitLab Inc.: Expansion of AI-Driven Developer Tools & Major Growth Drivers

GitLab's Q2 Fiscal Year 2025 results showcase a blend of growth and strategic enhancements, particularly in its DevSecOps platform enriched with...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

​Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...