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>Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.</li><li>Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.</li><li>The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.</li></ul>

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record profitability, and robust free cash flow.Demand for both workforce and customer identity products was strong, with notable contributions from new offerings such as Okta Identity Governance, Privileged Access, and Identity Security Posture Management.The company emphasized product innovation, partner ecosystem expansion, and go-to-market specialization as key drivers of its momentum heading into the next fiscal year.

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

<ul><li>Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges.</li><li>In Q3 of fiscal year 2025, Okta demonstrated robust engagement with large customers, evident from top 10 deals each exceeding $1 million in annual contract value, significantly involving partner ecosystems, which contributed approximately $20 million in annual contract value (ACV).</li><li>A notable portion of this success can be attributed to Okta's deepening relationships within the U.S. federal vertical, highlighting the public sector as an area of substantial growth potential.</li></ul>

Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges.In Q3 of fiscal year 2025, Okta demonstrated robust engagement with large customers, evident from top 10 deals each exceeding $1 million in annual contract value, significantly involving partner ecosystems, which contributed approximately $20 million in annual contract value (ACV).A notable portion of this success can be attributed to Okta's deepening relationships within the U.S. federal vertical, highlighting the public sector as an area of substantial growth potential.

Okta Inc.: An Insight Into Its Product Innovation & Ecosystem Expansion & Other Major Drivers

<ul><li>In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing macroeconomic challenges.</li><li>Okta achieved record profitability in the quarter, including GAAP profitability, driven by operational efficiencies and strong demand from large enterprise customers.</li><li>The company saw an increase in contract sizes, particularly through partnerships with global systems integrators, demonstrating its success in leveraging these relationships.</li></ul>

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing macroeconomic challenges.Okta achieved record profitability in the quarter, including GAAP profitability, driven by operational efficiencies and strong demand from large enterprise customers.The company saw an increase in contract sizes, particularly through partnerships with global systems integrators, demonstrating its success in leveraging these relationships.

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

<ul><li>Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers have drawn several insights from the company's earnings call.</li><li>One positive aspect of Okta's performance is its remarkable profitability and cash flow.</li><li>The company achieved record profitability and posted a free cash flow margin of 35%.</li></ul>

Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers have drawn several insights from the company's earnings call.One positive aspect of Okta's performance is its remarkable profitability and cash flow.The company achieved record profitability and posted a free cash flow margin of 35%.

Okta Inc.: Opportunities Within Zero Trust & Secure Access Service Edge (SASE) Projects! - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Sailpoint Technologies Holdings / Equity Bottom-Up

<ul>
<li>SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.</li>
<li>American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.</li>
<li>The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.</li>
</ul>


SailPoint, a pioneer of enterprise identity governance market with industry leadership position, returned to the public markets in 2025.
American technology company has raised ~$1.4B in US IPO and paid down all outstanding debt in 1Q FY26, according to Brian Carolan, CFO of SailPoint, Inc.
The company reported mixed 4Q FY25 results with ~78% y/y increase in customers with ARR˃$1M and a bullish tone on AI agent identity management.


SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

United States

Okta, Inc. develops internet applications software. The Company offers automated user management, integration, mobile identification, multifactor authentication, and reporting software. Okta serves customers worldwide.

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Okta (OKTA US)

Okta Inc.: Monetization of Agentic AI As A Significant Growth Opportunity!

Okta reported a strong fourth quarter, highlighting accelerating remaining performance obligations (RPO) and current RPO (cRPO), record...

Baptista Research

Okta Inc.: An Insight Into Its Product Innovation & Ecosystem Expansion & Other Major Drivers

Okta Inc.'s recent financial results indicate a nuanced position in the market, marked by both strong performance and ongoing challenges. In Q3 of...

Baptista Research

Okta Inc.: Will Its Migration to Cloud-based Identity Validation Pay Off? - Major Drivers

In its Second Quarter Fiscal 2025 Earnings, Okta provided an insight into its financial and strategic progress while addressing ongoing...

Baptista Research

Okta Inc.: Opportunities Within Zero Trust & Secure Access Service Edge (SASE) Projects! - Major Drivers

Okta Inc., a leading independent identity provider, posted encouraging results for the first quarter of the fiscal year 2025, and market observers...

Baptista Research

SailPoint, Inc. (SAIL.US): Overall Growth Is Slowing Down, But FCF Will Turn Positive in FY26

SailPoint, Inc., a leading player in enterprise identity security with a balanced growth strategy, reported mixed 4Q FY25 results, pushing shares...

Andrei Zakharov

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