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>AECOM Incorporated’s financial results for the second quarter of 2026 demonstrate resilience amid a dynamic market environment.</li><li>Key financial metrics, including net service revenue (NSR) margins, adjusted EBITDA, and adjusted EPS, reached new second-quarter highs, supported by an 8% NSR increase in the Americas design segment, which remains the company’s most profitable area.</li><li>Segment adjusted operating margin expanded by 50 basis points to 16.5%, driven by operational efficiency and strategic investments such as proprietary artificial intelligence (AI) and the growing advisory practice.</li></ul>

AECOM Incorporated’s financial results for the second quarter of 2026 demonstrate resilience amid a dynamic market environment.Key financial metrics, including net service revenue (NSR) margins, adjusted EBITDA, and adjusted EPS, reached new second-quarter highs, supported by an 8% NSR increase in the Americas design segment, which remains the company’s most profitable area.Segment adjusted operating margin expanded by 50 basis points to 16.5%, driven by operational efficiency and strategic investments such as proprietary artificial intelligence (AI) and the growing advisory practice.

Aecom - AECOM’s Middle East Headwind: Is The Market Missing The Bigger Backlog Story?

<ul><li>AECOM’s third quarter results for the fiscal year 2025 demonstrated robust financial performance, with key indicators exceeding expectations.</li><li>The company reported record highs in net service revenue (NSR), segment adjusted operating margins, adjusted EBITDA, earnings per share (EPS), backlog, and pipeline.</li><li>This strong performance prompted AECOM to raise its annual financial guidance for the third consecutive time this year, signaling confidence in continued growth.</li></ul>

AECOM’s third quarter results for the fiscal year 2025 demonstrated robust financial performance, with key indicators exceeding expectations.The company reported record highs in net service revenue (NSR), segment adjusted operating margins, adjusted EBITDA, earnings per share (EPS), backlog, and pipeline.This strong performance prompted AECOM to raise its annual financial guidance for the third consecutive time this year, signaling confidence in continued growth.

Aecom - AECOM’s Global Data Center Playbook: 40 Countries, Soaring Demand, & a Leadership Landgrab!

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>
<a href="https://smartkarma.com/entities/aecom">Aecom</a> is strategically pivoting towards a higher-margin, lower-risk professional services model, capitalizing on strong secular tailwinds in global infrastructure, sustainability, and digitalization.</li>
  <li>The company is well-positioned to benefit from significant government-led infrastructure initiatives, such as the Infrastructure Investment and Jobs Act (IIJA) in the U.S., and a growing global focus on decarbonization and climate resilience.</li>
  <li>A commitment to digital innovation, including the deployment of proprietary AI solutions, is expected to drive operational efficiencies, support margin expansion, and enhance shareholder value through increased dividends and share repurchases.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Aecom is strategically pivoting towards a higher-margin, lower-risk professional services model, capitalizing on strong secular tailwinds in global infrastructure, sustainability, and digitalization.
  The company is well-positioned to benefit from significant government-led infrastructure initiatives, such as the Infrastructure Investment and Jobs Act (IIJA) in the U.S., and a growing global focus on decarbonization and climate resilience.
  A commitment to digital innovation, including the deployment of proprietary AI solutions, is expected to drive operational efficiencies, support margin expansion, and enhance shareholder value through increased dividends and share repurchases.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul><li>AECOM's third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company's investment profile.</li><li>As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.</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>

AECOM's third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in evaluating the company's investment profile.As disclosed in their earnings call, AECOM achieved record results across multiple financial metrics, including a 6% year-over-year increase in organic net service revenue (NSR) with an 8% increase in the Americas segment alone, indicating robust fundamentals in its core markets.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.

Aecom - AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?

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>We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.</li>
<li>For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.</li>
<li>Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026</li>
</ul>


We remain bullish since our 4/22/25 Compass, and we will maintain our bullish outlook as long as market dynamics remain healthy and the S&amp;P 500 (SPX) is above 6028-6059.
For now, we continue to expect support to show up at the 4-month uptrend, which generally coincides with the 20-day MA.
Speculative growth themes and metals/mining (GDX, XME) remain leadership, which we expect to continue through year-end and into the early part of 2026


S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

United States

AECOM provides professional technical services to the United States government, state, local, and non-U.S. governments and agencies, and commercial customers.  The Company's services include consulting, planning, architecture, engineering, construction management, project management, asset management, environmental services, and design-build services.

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Aecom (ACM US)

Aecom - AECOM’s Middle East Headwind: Is The Market Missing The Bigger Backlog Story?

AECOM Incorporated’s financial results for the second quarter of 2026 demonstrate resilience amid a dynamic market environment. Key financial...

Baptista Research

Aecom - AECOM’s Global Data Center Playbook: 40 Countries, Soaring Demand, & a Leadership Landgrab!

AECOM’s third quarter results for the fiscal year 2025 demonstrated robust financial performance, with key indicators exceeding expectations. The...

Baptista Research

Primer: Aecom (ACM US) - Nov 2025

Aecom is strategically pivoting towards a higher-margin, lower-risk professional services model, capitalizing on strong secular tailwinds in...

αSK

Aecom - AECOM’s Data Center Boom: Can AI & Advisory Services Propel It to $1 Billion?

AECOM's third-quarter performance for fiscal 2025 highlighted several key accomplishments, challenges, and strategic insights that are crucial in...

Baptista Research

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining

S&P 500 and Russell 2000 4+ Month Uptrends Intact; Stick With Growth Themes and Metals/Mining $GDX $XME $ARKG $ARKK $ARKQ $ARKX $ARKW $ARKF $GRAL...

Vermilion Research

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