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 Baker Hughes Company reported its second quarter financial results reflecting continued momentum amid a complex geopolitical environment and evolving energy markets.</li><li>Adjusted EBITDA reached $1.23 billion, surpassing the high end of guidance, driven largely by strong performance in Industrial Energy Technology (IET) and resilience in Oilfield Services and Equipment (OFSE) despite disruptions in the Middle East.</li><li>Adjusted earnings per share were $0.64, up 2% year-over-year, supported by operational strength that offset impacts from divestitures and joint ventures.</li></ul>

The Baker Hughes Company reported its second quarter financial results reflecting continued momentum amid a complex geopolitical environment and evolving energy markets.Adjusted EBITDA reached $1.23 billion, surpassing the high end of guidance, driven largely by strong performance in Industrial Energy Technology (IET) and resilience in Oilfield Services and Equipment (OFSE) despite disruptions in the Middle East.Adjusted earnings per share were $0.64, up 2% year-over-year, supported by operational strength that offset impacts from divestitures and joint ventures.

Baker Hughes Company’s $7.1 Billion Order Record: Can IET Sustain The Momentum?

<ul><li>The Baker Hughes Company reported solid financial and operational results for the first quarter of 2026 amid a challenging global environment, notably influenced by ongoing geopolitical tensions in the Middle East.</li><li>The company’s adjusted EBITDA reached $1.16 billion, surpassing guidance and representing a 12% year-over-year increase.</li><li>Adjusted earnings per share were $0.58, up 13% compared to the same quarter last year.</li></ul>

The Baker Hughes Company reported solid financial and operational results for the first quarter of 2026 amid a challenging global environment, notably influenced by ongoing geopolitical tensions in the Middle East.The company’s adjusted EBITDA reached $1.16 billion, surpassing guidance and representing a 12% year-over-year increase.Adjusted earnings per share were $0.58, up 13% compared to the same quarter last year.

Baker Hughes: $4.9 Billion In IET Bookings Masks A Deepening OFSE Squeeze!

<ul><li>Baker Hughes has taken a decisive step in reshaping its portfolio by agreeing to sell its Waygate Technologies unit to Hexagon for approximately $1.45 billion in cash, marking one of the more strategic carve-outs in the industrial technology space this year.</li><li>The Germany-based Waygate business, which specializes in advanced testing and inspection solutions, generated roughly $630 million in revenue at a 10% EBIT margin in 2025, positioning it as a mid-margin, niche industrial asset within Baker Hughes’ broader portfolio.</li><li>The divestiture aligns with Baker Hughes’ ongoing strategy to streamline operations and redeploy capital toward higher-growth verticals such as power systems, LNG infrastructure, and energy transition technologies, as highlighted in its latest earnings call.</li></ul>

Baker Hughes has taken a decisive step in reshaping its portfolio by agreeing to sell its Waygate Technologies unit to Hexagon for approximately $1.45 billion in cash, marking one of the more strategic carve-outs in the industrial technology space this year.The Germany-based Waygate business, which specializes in advanced testing and inspection solutions, generated roughly $630 million in revenue at a 10% EBIT margin in 2025, positioning it as a mid-margin, niche industrial asset within Baker Hughes’ broader portfolio.The divestiture aligns with Baker Hughes’ ongoing strategy to streamline operations and redeploy capital toward higher-growth verticals such as power systems, LNG infrastructure, and energy transition technologies, as highlighted in its latest earnings call.

Hexagon’s Strategic Acquisition Of Baker Hughes’ Waygate Could Change The Game!

<ul><li>Baker Hughes is reportedly exploring a potential ~$1.5 billion sale of its Waygate Technologies unit, a Germany-based industrial inspection and testing equipment business that traces its roots back to GE Inspection Technologies.</li><li>The deliberations, still preliminary, come at a pivotal moment for the energy technology group following its $9.6 billion agreement to acquire Chart Industries and amid an ongoing comprehensive strategic evaluation.</li><li>Waygate, which manufactures radiographic testing systems, industrial CT scanners and ultrasonic inspection tools across more than 80 countries, is considered a non-core asset relative to Baker Hughes’ expanding focus on gas infrastructure, LNG, power systems and digitalized industrial energy solutions.</li></ul>

Baker Hughes is reportedly exploring a potential ~$1.5 billion sale of its Waygate Technologies unit, a Germany-based industrial inspection and testing equipment business that traces its roots back to GE Inspection Technologies.The deliberations, still preliminary, come at a pivotal moment for the energy technology group following its $9.6 billion agreement to acquire Chart Industries and amid an ongoing comprehensive strategic evaluation.Waygate, which manufactures radiographic testing systems, industrial CT scanners and ultrasonic inspection tools across more than 80 countries, is considered a non-core asset relative to Baker Hughes’ expanding focus on gas infrastructure, LNG, power systems and digitalized industrial energy solutions.

Baker Hughes To Sell Waygate? The Strategic Logic Behind The Rumored $1.5B Deal!

<ul><li>Baker Hughes Company has reported a robust performance in the fourth quarter and full year of 2025, demonstrating both strengths and challenges faced by the company.</li><li>On the positive side, Baker Hughes attained record results in its Industrial & Energy Technology (IET) segment, with adjusted EBITDA reaching a high of $4.83 billion for the year.</li><li>This was driven by strong order bookings, particularly in power systems and liquefied natural gas (LNG), which together contributed to a record backlog of $32.4 billion.</li></ul>

Baker Hughes Company has reported a robust performance in the fourth quarter and full year of 2025, demonstrating both strengths and challenges faced by the company.On the positive side, Baker Hughes attained record results in its Industrial & Energy Technology (IET) segment, with adjusted EBITDA reaching a high of $4.83 billion for the year.This was driven by strong order bookings, particularly in power systems and liquefied natural gas (LNG), which together contributed to a record backlog of $32.4 billion.

Inside Baker Hughes’ Power Play: Data Centers, Electrification, and a New Growth Flywheel!

United States

Baker Hughes Company provides oilfield products and services. The Company engages in surface logging, drilling, pipeline operations, petroleum engineering, and fertilizer solutions, as well as offers gas turbines, valves, actuators, pumps, flow meters, generators, and motors. Baker Hughes serves oil and gas industries worldwide.

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Baker Hughes (BHGE US)

Baker Hughes Company’s $7.1 Billion Order Record: Can IET Sustain The Momentum?

The Baker Hughes Company reported its second quarter financial results reflecting continued momentum amid a complex geopolitical environment and...

Baptista Research

Baker Hughes: $4.9 Billion In IET Bookings Masks A Deepening OFSE Squeeze!

The Baker Hughes Company reported solid financial and operational results for the first quarter of 2026 amid a challenging global environment,...

Baptista Research

Hexagon’s Strategic Acquisition Of Baker Hughes’ Waygate Could Change The Game!

Baker Hughes has taken a decisive step in reshaping its portfolio by agreeing to sell its Waygate Technologies unit to Hexagon for approximately...

Baptista Research

Baker Hughes To Sell Waygate? The Strategic Logic Behind The Rumored $1.5B Deal!

Baker Hughes is reportedly exploring a potential ~$1.5 billion sale of its Waygate Technologies unit, a Germany-based industrial inspection and...

Baptista Research

Inside Baker Hughes’ Power Play: Data Centers, Electrification, and a New Growth Flywheel!

Baker Hughes Company has reported a robust performance in the fourth quarter and full year of 2025, demonstrating both strengths and challenges...

Baptista Research

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