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>CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.</li><li>The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.</li><li>Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.</li></ul>

CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market.The company reported total sales of $6.6 billion, down 6% compared to the previous year, mainly due to lower volume.Retail unit sales declined by 5.4%, while used unit comps fell by 6.3%.

CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

CarMax’s Digital Overhaul – Can Website Visits Finally Turn Into Big Sales?

<ul><li>CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth.</li><li>Positives included achieving its fourth consecutive quarter of positive retail unit comp growth and double-digit earnings per share (EPS) expansion, marking a 42% increase in EPS year-over-year.</li><li>This growth was attributed to a 9% increase in total retail unit sales, solid retail gross profits per used unit at a historic high, and an effective omnichannel shopping model that blends in-store and online customer experiences.</li></ul>

CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth.Positives included achieving its fourth consecutive quarter of positive retail unit comp growth and double-digit earnings per share (EPS) expansion, marking a 42% increase in EPS year-over-year.This growth was attributed to a 9% increase in total retail unit sales, solid retail gross profits per used unit at a historic high, and an effective omnichannel shopping model that blends in-store and online customer experiences.

CarMax Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!- Major Drivers

<ul><li>CarMax, Inc., a prominent player in the used car retail market, reported a notably positive performance in its third quarter fiscal year 2025 results, reflecting the strength of its diversified business model.</li><li>Retail, wholesale, and the CarMax Auto Finance (CAF) segments all posted year-over-year growth, contributing to a robust increase in earnings per share.</li><li>The improved performance was driven by a combination of internal execution and favorable external conditions, such as a more stable environment for vehicle valuations.</li></ul>

CarMax, Inc., a prominent player in the used car retail market, reported a notably positive performance in its third quarter fiscal year 2025 results, reflecting the strength of its diversified business model.Retail, wholesale, and the CarMax Auto Finance (CAF) segments all posted year-over-year growth, contributing to a robust increase in earnings per share.The improved performance was driven by a combination of internal execution and favorable external conditions, such as a more stable environment for vehicle valuations.

CarMax Inc.: Digital Transformation & Omnichannel Experience As A Critical Growth Lever! - Major Drivers

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.</li>
<li>We expect two regular changes in December 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The SP 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the December 2025 index rebal event.
We expect two regular changes in December 2025. There are also multiple live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

United States

CarMax, Inc. sells at retail used cars and light trucks. The Company purchases, reconditions, and sells used vehicles in its superstores and franchises throughout the United States.

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Carmax Inc (KMX US)

CarMax CEO Walks Out, Earnings Tank—Wall Street Sounds The Alarm!

CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market. The company reported total sales of $6.6...

Baptista Research

CarMax’s Digital Overhaul – Can Website Visits Finally Turn Into Big Sales?

CarMax's second quarter results for fiscal year 2026 reveal a mixed performance in a challenging market. The company reported total sales of $6.6...

Baptista Research

CarMax Inc.: The 6 Key Drivers Shaping Its Performance in 2025 & Beyond!- Major Drivers

CarMax delivered robust results in its fiscal 2026 first quarter, showcasing strengths and pinpointing areas for growth. Positives included...

Baptista Research

CarMax Inc.: Digital Transformation & Omnichannel Experience As A Critical Growth Lever! - Major Drivers

CarMax, Inc., a prominent player in the used car retail market, reported a notably positive performance in its third quarter fiscal year 2025...

Baptista Research

[Quiddity Index] SP500/600 Dec25 Rebal: Two ADDs Two DELs and 3 Intra-Review Changes Likely Soon

SP500 could see two changes in Dec25. One has a lot to buy if chosen. There are also a few intra-review actions/changes scheduled for the near...

Travis Lundy

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