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>CLEAR Corporation, a secure identity platform company, reported its fiscal second-quarter 2026 results emphasizing strong growth and expanding margins.</li><li>The company ended the quarter with nearly 44 million total members, generating $296 million in bookings and $189 million in free cash flow, representing 33% and 60% year-over-year growth respectively.</li><li>For the first time, CLEAR exceeded its 35% adjusted EBITDA margin target set at its IPO, achieving 36.4%, attributed to robust bookings growth and operational efficiencies.</li></ul>

CLEAR Corporation, a secure identity platform company, reported its fiscal second-quarter 2026 results emphasizing strong growth and expanding margins.The company ended the quarter with nearly 44 million total members, generating $296 million in bookings and $189 million in free cash flow, representing 33% and 60% year-over-year growth respectively.For the first time, CLEAR exceeded its 35% adjusted EBITDA margin target set at its IPO, achieving 36.4%, attributed to robust bookings growth and operational efficiencies.

CLEAR’s $296 Million Booking Quarter — Can Growth Stay Above 20%?

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

<ul><li>Clear Secure, Inc. reported a fiscal first quarter 2026 marked by significant growth across its travel and enterprise identity verification businesses amidst a challenging travel environment and rising identity fraud risks.</li><li>The company ended the quarter with 41 million total members, achieving bookings of $292 million and free cash flow of $185 million, both records, underscoring its emphasis on frictionless and secure identity experiences.</li><li>Within its travel segment, Clear Secure expanded the deployment of biometric eGates, now covering over 50% of its network, with plans to reach 80% by mid-2026.</li></ul>

Clear Secure, Inc. reported a fiscal first quarter 2026 marked by significant growth across its travel and enterprise identity verification businesses amidst a challenging travel environment and rising identity fraud risks.The company ended the quarter with 41 million total members, achieving bookings of $292 million and free cash flow of $185 million, both records, underscoring its emphasis on frictionless and secure identity experiences.Within its travel segment, Clear Secure expanded the deployment of biometric eGates, now covering over 50% of its network, with plans to reach 80% by mid-2026.

Clear Secure’s Margin Surge: 32% Adjusted EBITDA Margins Meet 70% Flow-Through!

Podcast by Andrew Walker, a PM at Rangeley Capital, Yet Another Value Podcast

Yet Another Value Podcast

Podcast by Andrew Walker, a PM at Rangeley Capital

Yet Another Value Podcast is a new podcast from Andrew Walker, the founder of yetanothervalueblog.substack.com/. We interview top investors and dive deep into stocks and companies they are currently working on and investing in. While nothing on this channel is investing advice and everyone should do their own diligence, our goal is to frequently feature edgy and actionable value and/or event driven ideas. Please see our legal and disclaimer at: https://yetanothervalueblog.substack.com/p/legal-and-disclaimer

<ul><li>Clear Security is a biometric identity platform used in airports to bypass TSA lines.</li><li>The company has a subscription-based model with about 7.2 to 7.7 million active members.</li><li>Clear has expanded into enterprise solutions using their expertise in identity verification.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.</em></p>

Clear Security is a biometric identity platform used in airports to bypass TSA lines.The company has a subscription-based model with about 7.2 to 7.7 million active members.Clear has expanded into enterprise solutions using their expertise in identity verification.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Avory's Sean Emory on Clear Security $YOU

<ul><li>CLEAR, a secure identity company, reported its fiscal year and fourth-quarter results for 2025, highlighting robust financial and operational performance along with strategic advancements.</li><li>The company operates with a dual focus: CLEAR Travel, which offers a frictionless travel experience, and CLEAR1, which addresses enterprise identity solutions.</li><li>On the positive side, CLEAR expressed significant growth in both its revenue streams and memberships.</li></ul>

CLEAR, a secure identity company, reported its fiscal year and fourth-quarter results for 2025, highlighting robust financial and operational performance along with strategic advancements.The company operates with a dual focus: CLEAR Travel, which offers a frictionless travel experience, and CLEAR1, which addresses enterprise identity solutions.On the positive side, CLEAR expressed significant growth in both its revenue streams and memberships.

Why CLEAR1 Demand Matters More For Clear Secure (CLEAR) Than The Travel Narrative

United States

Clear Secure, Inc. provides software solutions. The Company offers security applications for airports, stadiums, and other venues. Clear Secure serves customers in the United States.

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Clear Secure (YOU US)

CLEAR’s $296 Million Booking Quarter — Can Growth Stay Above 20%?

CLEAR Corporation, a secure identity platform company, reported its fiscal second-quarter 2026 results emphasizing strong growth and expanding...

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

Clear Secure’s Margin Surge: 32% Adjusted EBITDA Margins Meet 70% Flow-Through!

Clear Secure, Inc. reported a fiscal first quarter 2026 marked by significant growth across its travel and enterprise identity verification...

Baptista Research

Avory's Sean Emory on Clear Security $YOU

Clear Security is a biometric identity platform used in airports that allows members to bypass TSA lines for a fee of $200+ per year, with around...

Yet Another Value Podcast

Why CLEAR1 Demand Matters More For Clear Secure (CLEAR) Than The Travel Narrative

CLEAR, a secure identity company, reported its fiscal year and fourth-quarter results for 2025, highlighting robust financial and operational...

Baptista Research

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