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>Builders FirstSource reported its second quarter 2026 financial results amid a challenging housing market characterized by persistent inflation, geopolitical uncertainty, elevated interest rates, and affordability pressures.</li><li>Net sales declined approximately 9% to $3.9 billion due to lower core organic sales and commodity deflation, partially offset by acquisitions.</li><li>Core organic sales decreased 8% in single-family, 10% in multifamily, and 2% in repair and remodel segments, aligning broadly with company expectations given weak demand conditions and consumer caution.</li></ul>

Builders FirstSource reported its second quarter 2026 financial results amid a challenging housing market characterized by persistent inflation, geopolitical uncertainty, elevated interest rates, and affordability pressures.Net sales declined approximately 9% to $3.9 billion due to lower core organic sales and commodity deflation, partially offset by acquisitions.Core organic sales decreased 8% in single-family, 10% in multifamily, and 2% in repair and remodel segments, aligning broadly with company expectations given weak demand conditions and consumer caution.

Builders FirstSource's 35% EBITDA Drop: Is The Housing Downturn Getting Worse?

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>, <a href="https://www.smartkarma.com/entities/jabil-circuit-inc" target="_blank" data-smartkarma-citation="entities:16674:1" rel="noopener">Jabil Circuit (JBL US)</a> and <a href="https://www.smartkarma.com/entities/builders-firstsource-inc" target="_blank" data-smartkarma-citation="entities:4720:1" rel="noopener">Builders Firstsource (BLDR US)</a> will be added to the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a> at the close on 15 December.</li>
<li>There are a bunch of inclusions. deletions and migrations across the <a href="https://www.smartkarma.com/entities/s-p-500-index" target="_blank" data-smartkarma-citation="entities:22886:1" rel="noopener">S&amp;P 500 INDEX (SPX INDEX)</a>, the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.</li>
<li>We estimate passive trackers will need to buy around US$18bn of <a href="https://www.smartkarma.com/entities/uber-technologies-inc" target="_blank" data-smartkarma-citation="entities:430:1" rel="noopener">Uber Technologies (UBER US)</a>. There has been positioning in the stock for just over a month now. </li>
</ul>



Uber Technologies (UBER US), Jabil Circuit (JBL US) and Builders Firstsource (BLDR US) will be added to the S&amp;P 500 INDEX (SPX INDEX) at the close on 15 December.
There are a bunch of inclusions. deletions and migrations across the S&amp;P 500 INDEX (SPX INDEX), the S&amp;P Midcap 400 Index, and the S&amp;P SmallCap 600 Index.
We estimate passive trackers will need to buy around US$18bn of Uber Technologies (UBER US). There has been positioning in the stock for just over a month now. 


<ul><li>Builders FirstSource reported its financial results for the first quarter of fiscal year 2026 amid ongoing challenges in the U.S. housing market.</li><li>Net sales declined 10% year-over-year to $3.3 billion, impacted by reduced core organic sales, including an 11% drop in single-family construction, as well as commodity deflation, partially offset by acquisitions.</li><li>The decline in single-family sales was attributed to lower housing starts, a decrease in average home size and complexity, and persistent affordability constraints that have compressed value per start by an estimated 10% since 2019.</li></ul>

Builders FirstSource reported its financial results for the first quarter of fiscal year 2026 amid ongoing challenges in the U.S. housing market.Net sales declined 10% year-over-year to $3.3 billion, impacted by reduced core organic sales, including an 11% drop in single-family construction, as well as commodity deflation, partially offset by acquisitions.The decline in single-family sales was attributed to lower housing starts, a decrease in average home size and complexity, and persistent affordability constraints that have compressed value per start by an estimated 10% since 2019.

Builders FirstSource: The 42% EBITDA Decline Tests The Housing Recovery Case!

<ul><li>Builders FirstSource, a major player in supplying building materials and construction services, navigated a challenging 2025 with a disciplined approach despite unfavorable market conditions such as weak housing affordability, low consumer confidence, and depressed commodity prices.</li><li>The company demonstrated resilience by maintaining robust profitability, with a gross margin above 30% and an EBITDA margin exceeding 10%, which highlights its operational excellence and strategic positioning.</li><li>Positives from Builders FirstSource’s results include its continued investment in value-added operations and strategic acquisitions, which serve to expand its capabilities and competitive footprint.</li></ul>

Builders FirstSource, a major player in supplying building materials and construction services, navigated a challenging 2025 with a disciplined approach despite unfavorable market conditions such as weak housing affordability, low consumer confidence, and depressed commodity prices.The company demonstrated resilience by maintaining robust profitability, with a gross margin above 30% and an EBITDA margin exceeding 10%, which highlights its operational excellence and strategic positioning.Positives from Builders FirstSource’s results include its continued investment in value-added operations and strategic acquisitions, which serve to expand its capabilities and competitive footprint.

Builders FirstSource Faces Housing Slowdown Despite $874 Million Free Cash Flow!

<ul><li>Builders FirstSource, Inc.'s recent third-quarter earnings call highlights both the strengths and challenges the company is facing amid current market conditions.</li><li>The results reflect the company's strategic efforts to manage operational inefficiencies and leverage its competitive advantages, even as the broader housing market remains sluggish.</li><li>On the positive side, Builders FirstSource continues to demonstrate resilience in navigating a challenging market environment characterized by weak single-family construction and tempered demand, even following the Federal Reserve's interest rate cuts in 2025.</li></ul>

Builders FirstSource, Inc.'s recent third-quarter earnings call highlights both the strengths and challenges the company is facing amid current market conditions.The results reflect the company's strategic efforts to manage operational inefficiencies and leverage its competitive advantages, even as the broader housing market remains sluggish.On the positive side, Builders FirstSource continues to demonstrate resilience in navigating a challenging market environment characterized by weak single-family construction and tempered demand, even following the Federal Reserve's interest rate cuts in 2025.

Builders FirstSource Bets Big on Multifamily—What Is Its Role In The Next Housing Boom?

United States

Builders FirstSource, Inc. manufactures and distributes building products to professional homebuilders.

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Builders Firstsource (BLDR US)

Builders FirstSource's 35% EBITDA Drop: Is The Housing Downturn Getting Worse?

Builders FirstSource reported its second quarter 2026 financial results amid a challenging housing market characterized by persistent inflation,...

Baptista Research

S&P500 Index Rebalance: Calling an UBER

Passive S&P500 index trackers will need to buy around US$18bn of Uber in two weeks. Positioning in the stock began a month ago and just ahead of Q3...

Brian Freitas

Builders FirstSource: The 42% EBITDA Decline Tests The Housing Recovery Case!

Builders FirstSource reported its financial results for the first quarter of fiscal year 2026 amid ongoing challenges in the U.S. housing...

Baptista Research

Builders FirstSource Faces Housing Slowdown Despite $874 Million Free Cash Flow!

Builders FirstSource, a major player in supplying building materials and construction services, navigated a challenging 2025 with a disciplined...

Baptista Research

Builders FirstSource Bets Big on Multifamily—What Is Its Role In The Next Housing Boom?

Builders FirstSource, Inc.'s recent third-quarter earnings call highlights both the strengths and challenges the company is facing amid current...

Baptista Research

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