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>CAVA Group, the leading name in Mediterranean cuisine, reported its third quarter of 2025 performance with a mixture of growth indicators and challenges.</li>
<li>Notably, the company demonstrated robust revenue growth of 20% year-over-year to $289.8 million and a 66.8% increase over the past two years.</li>
<li>The same-restaurant sales climbed 1.9%, driven largely by menu pricing and product mix, while restaurant-level profit margin stood at 24.6%.</li>
</ul>


CAVA Group, the leading name in Mediterranean cuisine, reported its third quarter of 2025 performance with a mixture of growth indicators and challenges.
Notably, the company demonstrated robust revenue growth of 20% year-over-year to $289.8 million and a 66.8% increase over the past two years.
The same-restaurant sales climbed 1.9%, driven largely by menu pricing and product mix, while restaurant-level profit margin stood at 24.6%.


CAVA’s Big Expansion Blueprint: Could Catering + Loyalty + Speed Unlock Its Next Hyper-Growth Cycle?

<ul>
<li>The recent financial results of CAVA Group, Inc. show a mix of strengths and areas that may require attention.</li>
<li>For the first quarter of 2025, CAVA reported a 28.2% revenue increase, reaching $328.5 million, an indication of the company’s growth momentum.</li>
<li>Same-restaurant sales grew by 10.8%, attributed mainly to a 7.5% rise in customer traffic, which suggests strong customer engagement and preference for CAVA's offerings.</li>
</ul>


The recent financial results of CAVA Group, Inc. show a mix of strengths and areas that may require attention.
For the first quarter of 2025, CAVA reported a 28.2% revenue increase, reaching $328.5 million, an indication of the company’s growth momentum.
Same-restaurant sales grew by 10.8%, attributed mainly to a 7.5% rise in customer traffic, which suggests strong customer engagement and preference for CAVA's offerings.


CAVA Group: Dealing With Competitive Expansion Risk & 3 Major Challenges!

<ul>
<li>CAVA Group, a fast-casual Mediterranean restaurant chain, reported strong financial performance for the fourth quarter and full year 2024.</li>
<li>The company's revenue increased significantly, driven by a 36.8% rise in CAVA revenue and 21.2% same-restaurant sales growth, primarily attributed to a jump in traffic by 15.6%.</li>
<li>CAVA's overall financial health appears solid, with an 18.8% year-over-year increase in adjusted EBITDA, indicating effective cost management and operational efficiency.</li>
</ul>


CAVA Group, a fast-casual Mediterranean restaurant chain, reported strong financial performance for the fourth quarter and full year 2024.
The company's revenue increased significantly, driven by a 36.8% rise in CAVA revenue and 21.2% same-restaurant sales growth, primarily attributed to a jump in traffic by 15.6%.
CAVA's overall financial health appears solid, with an 18.8% year-over-year increase in adjusted EBITDA, indicating effective cost management and operational efficiency.


CAVA Group Inc.: Are The Recently Enhanced Restaurant-Level Profit Margins Here To Stay?

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Equity Capital Markets

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guzman-y-gomez" target="_blank" data-smartkarma-citation="entities:43656:1" rel="noopener">Guzman Y Gomez</a> plans to raise around US$160m in its Australian IPO.</li>
<li>GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guzman Y Gomez plans to raise around US$160m in its Australian IPO.
GYG is a quick service restaurant business with more than 200 restaurants globally. It mainly focuses on fresh, made-to-order, Mexican-inspired food.
In this note, we talk about the not-so-positive aspects of the deal.


Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

United States

CAVA Group, Inc. owns and operates Mediterranean fast-casual restaurants. The Company offers desserts, beverages, and other fast food products, as well as producing dips, spreads, and dressings. CAVA Group serves customers in the United States.

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Cava Group (CAVA US)

CAVA’s Big Expansion Blueprint: Could Catering + Loyalty + Speed Unlock Its Next Hyper-Growth Cycle?

CAVA Group, the leading name in Mediterranean cuisine, reported its third quarter of 2025 performance with a mixture of growth indicators and...

Baptista Research

CAVA Group: Dealing With Competitive Expansion Risk & 3 Major Challenges!

Same-restaurant sales grew by 10.8%, attributed mainly to a 7.5% rise in customer traffic, which suggests strong customer engagement and preference...

Baptista Research

CAVA Group Inc.: Are The Recently Enhanced Restaurant-Level Profit Margins Here To Stay?

CAVA Group, a fast-casual Mediterranean restaurant chain, reported strong financial performance for the fourth quarter and full year 2024.

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Guzman Y Gomez IPO - The Negatives - Lawsuits and Management Churn

Guzman Y Gomez plans to raise around US$160m in its Australian IPO. In this note, we talk about the not-so-positive aspects of the deal.

Sumeet Singh

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52-week Range

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