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>AAON, Inc. reported a robust start to fiscal 2026, highlighted by record net sales of $496.9 million in the first quarter, marking a 54% increase year-over-year.</li><li>This growth was driven by strong demand across both its Basics and AAON branded products, supported by elevated backlog levels of $2.1 billion—more than double from the prior year and the sixth consecutive quarter of record backlog.</li><li>Basics branded sales experienced significant growth of 72%, fueled by strength in the data center cooling market and increased production capacity at Longview, Memphis, and Redmond facilities.</li></ul>

AAON, Inc. reported a robust start to fiscal 2026, highlighted by record net sales of $496.9 million in the first quarter, marking a 54% increase year-over-year.This growth was driven by strong demand across both its Basics and AAON branded products, supported by elevated backlog levels of $2.1 billion—more than double from the prior year and the sixth consecutive quarter of record backlog.Basics branded sales experienced significant growth of 72%, fueled by strength in the data center cooling market and increased production capacity at Longview, Memphis, and Redmond facilities.

AAON’s Big Reset: Capacity Expansion, Backlog Strength And A Margin Trade-Off!

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

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

Research Reinvented

<ul>
  <li>AAON is a niche manufacturer of high-performance, semi-custom commercial HVAC systems, differentiating itself through engineering and quality rather than scale.</li>
  <li>Significant growth in the data center cooling market, driven by its 2021 acquisition of BASX, is a primary catalyst for recent revenue increases and a record backlog.</li>
  <li>Recent financial performance shows signs of stress, with declining margins and negative free cash flow, coupled with a premium valuation relative to peers, warranting a cautious outlook.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  AAON is a niche manufacturer of high-performance, semi-custom commercial HVAC systems, differentiating itself through engineering and quality rather than scale.
  Significant growth in the data center cooling market, driven by its 2021 acquisition of BASX, is a primary catalyst for recent revenue increases and a record backlog.
  Recent financial performance shows signs of stress, with declining margins and negative free cash flow, coupled with a premium valuation relative to peers, warranting a cautious outlook.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>AAON, Inc. demonstrated a mixed performance in its latest financial results, showcasing both opportunities and challenges as it continues its expansive path.</li><li>The company reported a third-quarter revenue growth of 17.4%, amounting to $384.2 million.</li><li>This surge was driven largely by a substantial increase in sales within the BASX brand, which saw its revenue climb by 95.8%, largely due to heightened demand in the data center market and increased production capabilities.</li></ul>

AAON, Inc. demonstrated a mixed performance in its latest financial results, showcasing both opportunities and challenges as it continues its expansive path.The company reported a third-quarter revenue growth of 17.4%, amounting to $384.2 million.This surge was driven largely by a substantial increase in sales within the BASX brand, which saw its revenue climb by 95.8%, largely due to heightened demand in the data center market and increased production capabilities.

AAON: Ramping Memphis Into 2026—But Can Capacity Growth Convert Rising Demand Into Sustained Output Momentum?

<ul><li>AAON Inc.'s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.</li><li>The company's core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.</li><li>This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.</li></ul>

AAON Inc.'s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential investors.The company's core strategic pillars focus on innovation, sustainable growth, and operational excellence, positioning it for long-term advancement.This focus is evident in its commitment to developing new products, like heat pumps and data center cooling solutions, which align with its innovative goals.

AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>The market remains relentlessly strong, shrugging off the latest "bearish" headline regarding Moody's U.S. debt downgrade on Friday.</li>
<li>This is exactly what we would expect to happen in a bull market, particularly during this "lockout rally," and helps confirm our bullish outlook.</li>
<li>Our outlook will remain bullish as long as the SPX is above 5500, while short-term gap support is at 5700-5785. We expect a test of all-time highs soon.</li>
</ul>


The market remains relentlessly strong, shrugging off the latest "bearish" headline regarding Moody's U.S. debt downgrade on Friday.
This is exactly what we would expect to happen in a bull market, particularly during this "lockout rally," and helps confirm our bullish outlook.
Our outlook will remain bullish as long as the SPX is above 5500, while short-term gap support is at 5700-5785. We expect a test of all-time highs soon.


Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

United States

AAON, Inc. designs, manufactures, and markets commercial rooftop air-conditioning, heating and heat recovery equipment, and air-conditioning coils.  The Company's products serve the commercial and industrial new construction and replacement markets.

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Aaon Inc (AAON US)

AAON’s Big Reset: Capacity Expansion, Backlog Strength And A Margin Trade-Off!

AAON, Inc. reported a robust start to fiscal 2026, highlighted by record net sales of $496.9 million in the first quarter, marking a 54% increase...

Baptista Research

Primer: Aaon Inc (AAON US) - May 2026

AAON is a niche manufacturer of high-performance, semi-custom commercial HVAC systems, differentiating itself through engineering and quality...

αSK

AAON: Ramping Memphis Into 2026—But Can Capacity Growth Convert Rising Demand Into Sustained Output Momentum?

AAON, Inc. demonstrated a mixed performance in its latest financial results, showcasing both opportunities and challenges as it continues its...

Baptista Research

AAON Secures $200M in Liquid Cooling Orders—Is This the Future of AI Data Centers?

AAON Inc.'s first quarter of 2025 results highlight a mix of positive growth and operational challenges, painting a complex picture for potential...

Baptista Research

Expecting a Test of All-Time Highs; Crypto (MSTR, HOOD, BTDR) And Quantum (QBTS, IONQ, RGTI) Leading

Expecting a Test of All-Time Highs; Crypto $MSTR $HOOD $BTDR $COIN and Quantum $QBTS $IONQ $RGTI $QUBT) Leading. Bullish outlook intact as long as...

Vermilion Research

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