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>The Lyft Company reported strong operational and financial performance in the second quarter of 2026, highlighted by record metrics and continued growth across multiple business segments.</li><li>Active riders reached an all-time high of over 30 million, and the company completed 262 million rides during the quarter, positioning it to exceed 1 billion rides for the full year.</li><li>The growth was driven by a diverse set of factors, including expansion in North America’s large and low-scale markets, significant progress in Canada, and ongoing organic growth in European markets following the integration of the Freenow platform.</li></ul>

The Lyft Company reported strong operational and financial performance in the second quarter of 2026, highlighted by record metrics and continued growth across multiple business segments.Active riders reached an all-time high of over 30 million, and the company completed 262 million rides during the quarter, positioning it to exceed 1 billion rides for the full year.The growth was driven by a diverse set of factors, including expansion in North America’s large and low-scale markets, significant progress in Canada, and ongoing organic growth in European markets following the integration of the Freenow platform.

Lyft’s $5.5 Billion Bookings Surge — Can Record Rider Growth Keep Driving Margins?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
<a href="https://smartkarma.com/entities/lyft-inc">Lyft </a>has demonstrated a significant operational turnaround, achieving consistent profitability and positive free cash flow, driven by a disciplined focus on its core North American ridesharing market.</li>
 <li>Intense competition from market leader Uber remains a primary challenge, constraining pricing power and market share growth. Lyft's valuation currently trades at a discount to its main rival, reflecting its secondary market position.</li>
 <li>Significant legal and regulatory risks, including substantial potential liabilities from sexual assault litigation and ongoing debates over driver classification, create a high level of uncertainty for the company's future earnings and cash flows.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Lyft has demonstrated a significant operational turnaround, achieving consistent profitability and positive free cash flow, driven by a disciplined focus on its core North American ridesharing market.
  Intense competition from market leader Uber remains a primary challenge, constraining pricing power and market share growth. Lyft's valuation currently trades at a discount to its main rival, reflecting its secondary market position.
  Significant legal and regulatory risks, including substantial potential liabilities from sexual assault litigation and ongoing debates over driver classification, create a high level of uncertainty for the company's future earnings and cash flows.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Investigative Investment Research, Bleecker Street Capital

Bleecker Street Research

Investigative Investment Research

Bleecker Street Capital

Bleecker Street Capital is a short-biased investment firm.

<ul><li data-rte-preserve-empty="true">Lyft faces an estimated $1.3 to $2.7 billion of exposure from consolidated rideshare sexual-assault litigation against only $533 million of combined legal and tax accruals, of which little, if any, appears to be set aside for such claims.</li><li data-rte-preserve-empty="true">In fact, no specific sexual assault-related accrual appears on Lyft's balance sheet, which has only $1.7 billion of unrestricted cash and investments.</li><li data-rte-preserve-empty="true">Lyft filed both its FY2025 10-K and its Q1 2026 10-Q without once disclosing that sexual assault cases against it had been consolidated into Multi-District Litigation No. 3171.</li></ul>

Lyft faces an estimated $1.3 to $2.7 billion of exposure from consolidated rideshare sexual-assault litigation against only $533 million of combined legal and tax accruals, of which little, if any, appears to be set aside for such claims.In fact, no specific sexual assault-related accrual appears on Lyft's balance sheet, which has only $1.7 billion of unrestricted cash and investments.Lyft filed both its FY2025 10-K and its Q1 2026 10-Q without once disclosing that sexual assault cases against it had been consolidated into Multi-District Litigation No. 3171.

Lyft : Massive Liabilities, Limited Capacity to Pay Them, and a Deteriorating Business Outlook

Asian Equities Analyst, Logistics & Transport, Tracking Traffic

Daniel Hellberg

Asian Equities Analyst, Logistics & Transport

Tracking Traffic

Focusing on Asian logistics, transportation, and travel companies

<ul>
<li>Full Truck Alliance showed strong improvement in core margin in Q226 due to mix change</li>
<li>We believe the company's rate of top-line growth could begin to accelerate by end of H226</li>
<li>At ~12x FY26 EPS and featuring a 4% dividend yield, shares appear attractive below US$9</li>
</ul>


Full Truck Alliance showed strong improvement in core margin in Q226 due to mix change
We believe the company's rate of top-line growth could begin to accelerate by end of H226
At ~12x FY26 EPS and featuring a 4% dividend yield, shares appear attractive below US$9


Full Truck Alliance Q226 Result: Sharp Improvement in Core Margin, Shares Attractive Below US$9

Asian Hedge Fund Manager, Long Short Equity, Macro

David Mudd

<ul>
<li>
<a href="https://www.smartkarma.com/entities/didi-chuxing-inc" target="_blank" data-smartkarma-citation="entities:27467:1" rel="noopener">DiDi Global (DIDI US)</a> has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.
</li>
<li>Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.</li>
<li>The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.</li>
</ul>



DiDi Global (DIDI US) has begun to generate positive EBITDA after several challenging years post-IPO.  With a high degree of operating leverage, the company is poised to grow quickly.

Didi which maintains a 70% market share in the ride-hailing industry in China is expanding into Tier 3 cities where there is a large untapped opportunity.
The company has indicated that it wants to list in Hong Kong in 2025 providing a catalyst for share price re-rating next year.


2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

United States

Lyft, Inc. provides online ridesharing services. The Company offers ride booking, payment processing, and car transportation services. Lyft serves customers in the United States.

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Lyft (LYFT US)

Lyft’s $5.5 Billion Bookings Surge — Can Record Rider Growth Keep Driving Margins?

The Lyft Company reported strong operational and financial performance in the second quarter of 2026, highlighted by record metrics and continued...

Baptista Research

Primer: Lyft (LYFT US) - Aug 2026

Lyft has demonstrated a significant operational turnaround, achieving consistent profitability and positive free cash flow, driven by a...

αSK Primers

Lyft : Massive Liabilities, Limited Capacity to Pay Them, and a Deteriorating Business Outlook

Lyft faces an estimated $1.3 to $2.7 billion of exposure from consolidated rideshare sexual-assault litigation against only $533 million of...

Bleecker Street Research

Full Truck Alliance Q226 Result: Sharp Improvement in Core Margin, Shares Attractive Below US$9

Here in Q326 Full Truck Alliance is lapping the last set of challenging Y/Y revenue comps; it should return to improved top-line growth in Q426 and...

Tracking Traffic

2025 High Conviction Idea - DIDI Global, Smooth Ride to Higher Profits

Didi's share price has now broken major resistance levels at $5 and $6 on surging volume. The company's profit remains on track to double in 2025....

David Mudd

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