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>Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several challenges.</li><li>The company posted $943 million in product revenue for the quarter, reflecting a 28% year-over-year increase and surpassing analyst estimates of $914 million.</li><li>Total revenue reached $986.8 million, exceeding projections of $957 million.</li></ul>

Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several challenges.The company posted $943 million in product revenue for the quarter, reflecting a 28% year-over-year increase and surpassing analyst estimates of $914 million.Total revenue reached $986.8 million, exceeding projections of $957 million.

Snowflake’s $6.9 Billion Growth and AI Moves Shake Up the Market—But Is a Slowdown Coming?

<ul><li>Snowflake Inc. reported a solid financial performance for the fiscal second quarter of 2024, with product revenue increasing by 30% year-over-year to $829 million, surpassing analyst expectations.</li><li>The company raised its full-year revenue outlook to $3.36 billion, reflecting its continued focus on innovation and product development.</li><li>Despite this growth, Snowflake's stock faced pressure, dropping by 7% in extended trading as concerns over its ability to fully capitalize on AI-related opportunities persisted.</li></ul>

Snowflake Inc. reported a solid financial performance for the fiscal second quarter of 2024, with product revenue increasing by 30% year-over-year to $829 million, surpassing analyst expectations.The company raised its full-year revenue outlook to $3.36 billion, reflecting its continued focus on innovation and product development.Despite this growth, Snowflake's stock faced pressure, dropping by 7% in extended trading as concerns over its ability to fully capitalize on AI-related opportunities persisted.

Can Snowflake Truly Capitalize On The AI-Linked Opportunities That Lie Ahead? - Major Drivers

<ul><li>Snowflake Inc. reported a strong Q1 for its fiscal year 2025, with the CEO, Sridhar Ramaswamy, outlining the key priorities of learning from customers, driving execution within go-to-market teams, and fueling innovation and product delivery.</li><li>The results presented prove that Snowflake's core business remains robust.</li><li>It delivered a remarkable Q1 with product revenue for the quarter rising to $790 million, a 34% increase YoY.</li></ul>

Snowflake Inc. reported a strong Q1 for its fiscal year 2025, with the CEO, Sridhar Ramaswamy, outlining the key priorities of learning from customers, driving execution within go-to-market teams, and fueling innovation and product delivery.The results presented prove that Snowflake's core business remains robust.It delivered a remarkable Q1 with product revenue for the quarter rising to $790 million, a 34% increase YoY.

Snowflake Inc.: Broadened Scope and Usability of Products & Other Major Drivers

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Event-Driven

<ul>
<li>The 'Financial Viability' (GAAP earnings) criterion is the main obstacle that keeps companies out of the S&amp;P 500 and overall S&amp;P 1500.</li>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a> and <a href="https://www.smartkarma.com/entities/crowdstrike-holdings-inc" target="_blank" data-smartkarma-citation="entities:28117:1" rel="noopener">Crowdstrike Holdings (CRWD US)</a> are past examples of companies that got added to S&amp;P 500 after passing the GAAP Earnings criterion.</li>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> and <a href="https://www.smartkarma.com/entities/snowflake-inc" target="_blank" data-smartkarma-citation="entities:29254:1" rel="noopener">Snowflake (SNOW US)</a> are currently ineligible for S&amp;P 500 inclusion due to failing the GAAP Earnings eligibility requirement. </li>
</ul>


The 'Financial Viability' (GAAP earnings) criterion is the main obstacle that keeps companies out of the S&amp;P 500 and overall S&amp;P 1500.

Uber Technologies (UBER US) and Crowdstrike Holdings (CRWD US) are past examples of companies that got added to S&amp;P 500 after passing the GAAP Earnings criterion.

Marvell Technology (MRVL US) and Snowflake (SNOW US) are currently ineligible for S&amp;P 500 inclusion due to failing the GAAP Earnings eligibility requirement. 


S&P 500 / S&P 1500: Exclusion by Earnings

<ul><li>Snowflake reported strong annual performance for fiscal 2024 with a 38% YoY product revenue growth reaching $2.67 billion, highlighting the company's continued growth trajectory.</li><li>The company also saw an expansion of its non-GAAP product gross margins to 77.8% and it reported non-GAAP adjusted free cash flow worth $810 million, indicating robust fiscal health.</li><li>The company's exceptional bookings in Q4 with $5.2 billion of remaining performance obligations mark a significant 41% YoY growth, this along with 14 Global 2000 new customers, underscores strong customer adoption and trust in Snowflake's offerings.</li></ul>

Snowflake reported strong annual performance for fiscal 2024 with a 38% YoY product revenue growth reaching $2.67 billion, highlighting the company's continued growth trajectory.The company also saw an expansion of its non-GAAP product gross margins to 77.8% and it reported non-GAAP adjusted free cash flow worth $810 million, indicating robust fiscal health.The company's exceptional bookings in Q4 with $5.2 billion of remaining performance obligations mark a significant 41% YoY growth, this along with 14 Global 2000 new customers, underscores strong customer adoption and trust in Snowflake's offerings.

Snowflake Inc: Can Its Rapid Development & Adoption Of AI Products Grow Its Market Share? - Major Drivers

United States

Snowflake Inc. provides software solutions. The Company develops database architecture, data warehouses, query optimization, and parallelization solutions. Snowflake serves customers worldwide.

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Snowflake (SNOW US)

Snowflake’s $6.9 Billion Growth and AI Moves Shake Up the Market—But Is a Slowdown Coming?

Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several...

Baptista Research

Can Snowflake Truly Capitalize On The AI-Linked Opportunities That Lie Ahead? - Major Drivers

Snowflake Inc. reported a solid financial performance for the fiscal second quarter of 2024, with product revenue increasing by 30% year-over-year...

Baptista Research

Snowflake Inc.: Broadened Scope and Usability of Products & Other Major Drivers

Snowflake Inc. reported a strong Q1 for its fiscal year 2025, with the CEO, Sridhar Ramaswamy, outlining the key priorities of learning from...

Baptista Research

S&P 500 / S&P 1500: Exclusion by Earnings

GAAP earnings is the key factor determining final eligibility of large companies for the S&P 500 with Uber and CrowdStrike getting added after...

Dimitris Ioannidis

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Snowflake’s $6.9 Billion Growth and AI Moves Shake Up the Market—But Is a Slowdown Coming?

Snowflake Inc. reported its fourth-quarter financial results for fiscal year 2025, delivering strong growth in key areas while navigating several...

Baptista Research

Can Snowflake Truly Capitalize On The AI-Linked Opportunities That Lie Ahead? - Major Drivers

Snowflake Inc. reported a solid financial performance for the fiscal second quarter of 2024, with product revenue increasing by 30% year-over-year...

Baptista Research

Snowflake Inc.: Broadened Scope and Usability of Products & Other Major Drivers

Snowflake Inc. reported a strong Q1 for its fiscal year 2025, with the CEO, Sridhar Ramaswamy, outlining the key priorities of learning from...

Baptista Research

S&P 500 / S&P 1500: Exclusion by Earnings

GAAP earnings is the key factor determining final eligibility of large companies for the S&P 500 with Uber and CrowdStrike getting added after...

Dimitris Ioannidis

Snowflake Inc: Can Its Rapid Development & Adoption Of AI Products Grow Its Market Share? - Major Drivers

Snowflake reported strong annual performance for fiscal 2024 with a 38% YoY product revenue growth reaching $2.67 billion, highlighting the...

Baptista Research