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>Asana's latest financial results for the first quarter of fiscal year 2026 illustrate a mix of achievements and challenges.</li><li>The company has achieved a significant milestone by reaching non-GAAP profitability for the first time, boasting a non-GAAP operating margin of 4%, an improvement from a 9% operating loss margin in the prior year.</li><li>This was facilitated by stronger-than-expected revenue of $187.3 million, which represents a 9% yearover-year increase, surpassing initial guidance.</li></ul>

Asana's latest financial results for the first quarter of fiscal year 2026 illustrate a mix of achievements and challenges.The company has achieved a significant milestone by reaching non-GAAP profitability for the first time, boasting a non-GAAP operating margin of 4%, an improvement from a 9% operating loss margin in the prior year.This was facilitated by stronger-than-expected revenue of $187.3 million, which represents a 9% yearover-year increase, surpassing initial guidance.

Asana Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!

<ul><li>Asana, Inc. reported its financial results for the fourth quarter and fiscal year 2025, showing a blend of achievements and challenges.</li><li>The company's revenue grew by over 10% year-over-year, slightly exceeding adjusted guidance when accounting for currency impact, signaling stabilization in growth rates.</li><li>Positively, Asana reached a significant milestone by generating positive free cash flow for the entire fiscal year.</li></ul>

Asana, Inc. reported its financial results for the fourth quarter and fiscal year 2025, showing a blend of achievements and challenges.The company's revenue grew by over 10% year-over-year, slightly exceeding adjusted guidance when accounting for currency impact, signaling stabilization in growth rates.Positively, Asana reached a significant milestone by generating positive free cash flow for the entire fiscal year.

Asana Inc.: An Enhanced Revenue Forecasting & ARR Growth Insight!

<ul><li>Asana's third quarter fiscal year 2025 financial results highlight a company in the midst of significant transformation, leveraging new product offerings like AI Studio to position itself as a multiproduct organization with an eye on expansive growth opportunities.</li><li>During this quarter, Asana launched AI Studio, a noteworthy product in the AI domain poised to shift the company's revenue dynamics from a seat-based model to a potentially scalable, consumption-based model.</li><li>This move is accentuated by Asana's attempt to broaden its market reach beyond technology and into diverse sectors such as manufacturing and healthcare.</li></ul>

Asana's third quarter fiscal year 2025 financial results highlight a company in the midst of significant transformation, leveraging new product offerings like AI Studio to position itself as a multiproduct organization with an eye on expansive growth opportunities.During this quarter, Asana launched AI Studio, a noteworthy product in the AI domain poised to shift the company's revenue dynamics from a seat-based model to a potentially scalable, consumption-based model.This move is accentuated by Asana's attempt to broaden its market reach beyond technology and into diverse sectors such as manufacturing and healthcare.

Asana Inc.: Will Its Investments in AI Technology & AI Studio Integration Help Alter The Playing Field? - Major Drivers

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.</li>
<li>I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.</li>
<li>I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.</li>
</ul>


Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.


Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

<ul><li>Asana's second quarter fiscal year 2025 earnings presentation highlighted several fundamental aspects of the company's financial health and strategic direction.</li><li>The overall tone indicated cautious optimism, marked by a cautious stabilization in revenues with indications of accelerating growth in the foreseeable future.</li><li>Financially, Asana reported a revenue increase of 10% year-over-year, surpassing its own projections and signaling subtle strength within certain operational segments.</li></ul>

Asana's second quarter fiscal year 2025 earnings presentation highlighted several fundamental aspects of the company's financial health and strategic direction.The overall tone indicated cautious optimism, marked by a cautious stabilization in revenues with indications of accelerating growth in the foreseeable future.Financially, Asana reported a revenue increase of 10% year-over-year, surpassing its own projections and signaling subtle strength within certain operational segments.

Asana Inc.: These Are The 4 Biggest Challenges In Its Path For Growth! - Major Drivers

United States

Asana, Inc. provides provides software solutions. The Company offers work management platform that helps teams orchestrate work, from daily tasks to cross-functional strategic initiatives. Asana serves customers worldwide.

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Asana (ASAN US)

Asana Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!

Asana's latest financial results for the first quarter of fiscal year 2026 illustrate a mix of achievements and challenges. The company has...

Baptista Research

Asana Inc.: An Enhanced Revenue Forecasting & ARR Growth Insight!

Asana, Inc. reported its financial results for the fourth quarter and fiscal year 2025, showing a blend of achievements and challenges. The...

Baptista Research

Asana Inc.: Will Its Investments in AI Technology & AI Studio Integration Help Alter The Playing Field? - Major Drivers

Asana's third quarter fiscal year 2025 financial results highlight a company in the midst of significant transformation, leveraging new product...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Asana Inc.: These Are The 4 Biggest Challenges In Its Path For Growth! - Major Drivers

Asana's second quarter fiscal year 2025 earnings presentation highlighted several fundamental aspects of the company's financial health and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Asana Inc.: AI Studio Expansion & Customer Adoption to Potentially Converting AI Into A Substantial Revenue Source!

Asana's latest financial results for the first quarter of fiscal year 2026 illustrate a mix of achievements and challenges. The company has...

Baptista Research

Asana Inc.: An Enhanced Revenue Forecasting & ARR Growth Insight!

Asana, Inc. reported its financial results for the fourth quarter and fiscal year 2025, showing a blend of achievements and challenges. The...

Baptista Research

Asana Inc.: Will Its Investments in AI Technology & AI Studio Integration Help Alter The Playing Field? - Major Drivers

Asana's third quarter fiscal year 2025 financial results highlight a company in the midst of significant transformation, leveraging new product...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

​Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

Asana Inc.: These Are The 4 Biggest Challenges In Its Path For Growth! - Major Drivers

Asana's second quarter fiscal year 2025 earnings presentation highlighted several fundamental aspects of the company's financial health and...

Baptista Research

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...