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>Carvana reported a strong first quarter of 2026, characterized by record operational and financial metrics alongside sustained growth momentum.</li><li>The company sold a record 187,000 vehicles in the quarter, marking a 40% year-over-year increase and its ninth consecutive quarter of leading retail unit growth in the automotive retail sector.</li><li>Total revenue rose by 52% to $6.432 billion, a figure influenced by traditional gross revenue treatment related to vehicle acquisitions from a major marketplace partner.</li></ul>

Carvana reported a strong first quarter of 2026, characterized by record operational and financial metrics alongside sustained growth momentum.The company sold a record 187,000 vehicles in the quarter, marking a 40% year-over-year increase and its ninth consecutive quarter of leading retail unit growth in the automotive retail sector.Total revenue rose by 52% to $6.432 billion, a figure influenced by traditional gross revenue treatment related to vehicle acquisitions from a major marketplace partner.

Carvana: A 40% Unit Jump That Came With A Record And A Margin Warning!

<ul><li>The latest pullback in Carvana has been framed by some as a routine earnings wobble.</li><li>The company missed adjusted EBITDA expectations, reconditioning costs ran hot, and margins dipped.</li><li>Management called it growing pains.</li></ul>

The latest pullback in Carvana has been framed by some as a routine earnings wobble.The company missed adjusted EBITDA expectations, reconditioning costs ran hot, and margins dipped.Management called it growing pains.

Carvana Just Proved This Isn’t A Dip — It’s A STRUCTURAL SHIFT!

<ul><li>Carvana's recent earnings call provides a comprehensive view of its performance for the third quarter of 2025.</li><li>The company reported strong growth in multiple key areas, setting new records for retail units sold, revenue, adjusted EBITDA, and GAAP operating income.</li><li>Retail units sold increased by 44% year-over-year, reaching 155,941, while revenue rose by 55% to a new high of $5.647 billion, indicative of higher selling prices and strategic partnerships.</li></ul>

Carvana's recent earnings call provides a comprehensive view of its performance for the third quarter of 2025.The company reported strong growth in multiple key areas, setting new records for retail units sold, revenue, adjusted EBITDA, and GAAP operating income.Retail units sold increased by 44% year-over-year, reaching 155,941, while revenue rose by 55% to a new high of $5.647 billion, indicative of higher selling prices and strategic partnerships.

Carvana Co: Expansion Into EVs, Franchise Dealership Acquisitions & Key Growth Levers!

<ul><li>Carvana's latest quarterly results demonstrate significant growth and profitability improvements, yet they also underscore challenges and strategic developments with both positive and negative aspects.</li><li>During the second quarter, Carvana reported a substantial increase in retail units sold, totaling 143,280, marking a 41% rise from the previous year.</li><li>Revenue grew by 42% to $4.8 billion, setting company records.</li></ul>

Carvana's latest quarterly results demonstrate significant growth and profitability improvements, yet they also underscore challenges and strategic developments with both positive and negative aspects.During the second quarter, Carvana reported a substantial increase in retail units sold, totaling 143,280, marking a 41% rise from the previous year.Revenue grew by 42% to $4.8 billion, setting company records.

Carvana Has Built A Next-Gen Auto Loan Sale Strategy But Will It Be Enough?

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.</li>
<li>After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).</li>
<li>We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"</li>
</ul>


We had a near-term bullish outlook on the S&amp;P 500 (SPX) and Nasdaq 100 (QQQ) from 4/22/25 to 11/19/25.
After being near-term neutral for a week, we flipped back to bullish in our 11/25/25 report last week, all while maintaining our intermediate-term bullish outlook (as of our 5/14/25 report).
We'll stay near-term bullish as long as crucial support levels of 6480-6520 on SPX and $580-$583 on QQQ hold. We believe SPX,QQQ, and IWM are in a new "lockout rally"


New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

United States

Carvana Co. operates an online platform for buying used cars. The Company offers test drives, vehicle financing, and car reviews. Carvana serves customers in the United States.

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Carvana (CVNA US)

Carvana: A 40% Unit Jump That Came With A Record And A Margin Warning!

Carvana reported a strong first quarter of 2026, characterized by record operational and financial metrics alongside sustained growth...

Baptista Research

Carvana Just Proved This Isn’t A Dip — It’s A STRUCTURAL SHIFT!

The latest pullback in Carvana has been framed by some as a routine earnings wobble. The company missed adjusted EBITDA expectations,...

Baptista Research

Carvana Co: Expansion Into EVs, Franchise Dealership Acquisitions & Key Growth Levers!

Carvana's recent earnings call provides a comprehensive view of its performance for the third quarter of 2025. The company reported strong growth...

Baptista Research

Carvana Has Built A Next-Gen Auto Loan Sale Strategy But Will It Be Enough?

Carvana's latest quarterly results demonstrate significant growth and profitability improvements, yet they also underscore challenges and...

Baptista Research

New Lockout Rally Underway on SPX, QQQ, and IWM? Yes. Here Is Why. Still Bullish

New Lockout Rally Underway on $SPX, $QQQ, and $IWM? Yes. The last time we made this same claim was in our 5/6/25 Compass report. Still Near-Term...

Vermilion Research

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