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>Coursera reported its first quarter 2025 financial results, highlighting both strengths and challenges.</li>
<li>The company posted revenue of $179 million, reflecting a 6% increase from the prior year, driven by growth in its Consumer and Enterprise segments.</li>
<li>This marks a solid start to the year, with Coursera generating over $25 million in free cash flow, a 40% year-over-year increase.</li>
</ul>


Coursera reported its first quarter 2025 financial results, highlighting both strengths and challenges.
The company posted revenue of $179 million, reflecting a 6% increase from the prior year, driven by growth in its Consumer and Enterprise segments.
This marks a solid start to the year, with Coursera generating over $25 million in free cash flow, a 40% year-over-year increase.


<ul>
<li>Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain challenges.</li>
<li>Revenue for the fourth quarter of 2024 reached $179 million, marking a 6% increase from the previous year across all operational segments.</li>
<li>Full-year revenue stood at $695 million, up 9% year-over-year, alongside significant profitability improvements, exemplified by a 750 basis point increase in annual adjusted EBITDA margin and over $59 million in free cash flow.</li>
</ul>


Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain challenges.
Revenue for the fourth quarter of 2024 reached $179 million, marking a 6% increase from the previous year across all operational segments.
Full-year revenue stood at $695 million, up 9% year-over-year, alongside significant profitability improvements, exemplified by a 750 basis point increase in annual adjusted EBITDA margin and over $59 million in free cash flow.


Coursera Expands Global Reach With Solid Content Diversification & Localization Strategy

Analyst, Schoolhouse Solutions

Daniel Su

Analyst

Schoolhouse Solutions

Schoolhouse is a strategy and research provider for the Education sector. We publish differentiated reports and bespoke research on the sector, focused on private and public companies in Asia-Pacific. Our team has decades of experience working with Education companies ranging from K-12 to Tertiary and Edtech.

Strategy and Research Provider

Thematic (Sector/Industry)

<ul>
<li>The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of <a href="https://www.smartkarma.com/entities/powerschool-holdings-inc" target="_blank" data-smartkarma-citation="entities:36946:1" rel="noopener">PowerSchool Holdings (PWSC US)</a> and <a href="https://www.smartkarma.com/entities/instructure-holdings-inc" target="_blank" data-smartkarma-citation="entities:26502:1" rel="noopener">Instructure Holdings (INST US)</a>.</li>
<li>AI disruption is reshaping the landscape, with key players like <a href="https://www.smartkarma.com/entities/chegg-inc" target="_blank" data-smartkarma-citation="entities:10114:1" rel="noopener">Chegg Inc (CHGG US)</a> collapsing while innovators like <a href="https://www.smartkarma.com/entities/duolingo-inc" target="_blank" data-smartkarma-citation="entities:33531:1" rel="noopener">Duolingo (DUOL US)</a> surge, highlighting a potential shift in investor focus.</li>
<li>M&amp;A and IPO activity is reawakening, with <a href="https://www.smartkarma.com/entities/kindercare-learning-cos-inc" target="_blank" data-smartkarma-citation="entities:35721:1" rel="noopener">KinderCare Learning (KLC US)</a> 's IPO, India's robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.</li>
</ul>


The education sector remains resilient despite headline privatisations, with market cap only slightly down to US$142bn after the removal of PowerSchool Holdings (PWSC US) and Instructure Holdings (INST US).
AI disruption is reshaping the landscape, with key players like Chegg Inc (CHGG US) collapsing while innovators like Duolingo (DUOL US) surge, highlighting a potential shift in investor focus.
M&amp;A and IPO activity is reawakening, with KinderCare Learning (KLC US) 's IPO, India's robust upcoming pipeline, and renewed private equity interest pointing to a cyclical upturn.


Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

<ul>
<li>Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in revenue growth, particularly within their consumer segment.</li>
<li>The company reported a 15% year-over-year increase in revenue, which, despite aligning with progression in its product offerings and user base growth, fell short of internal expectations primarily due to softness in North American paid learners.</li>
<li>On the positive side, Coursera continues to strengthen its platform with enhanced educational content and broader partnerships, evidenced by the addition of new professional certificates and degrees, and significant emphasis on integrating generative AI technologies into its offerings.</li>
</ul>


Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in revenue growth, particularly within their consumer segment.
The company reported a 15% year-over-year increase in revenue, which, despite aligning with progression in its product offerings and user base growth, fell short of internal expectations primarily due to softness in North American paid learners.
On the positive side, Coursera continues to strengthen its platform with enhanced educational content and broader partnerships, evidenced by the addition of new professional certificates and degrees, and significant emphasis on integrating generative AI technologies into its offerings.


Coursera Inc.: What Are Their Latest Innovations in Learning Platforms and Technology?

<ul>
<li>This is our first report on ed-tech major, Coursera.</li>
<li>The company had a successful fourth quarter, marking a strong close to the year.</li>
<li>The company welcomed 24 million new learners in this period, bringing their base to more than 140 million and seeing an increase in annual revenue of 21% over the previous year.</li>
</ul>


This is our first report on ed-tech major, Coursera.
The company had a successful fourth quarter, marking a strong close to the year.
The company welcomed 24 million new learners in this period, bringing their base to more than 140 million and seeing an increase in annual revenue of 21% over the previous year.


Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers

United States

Coursera, Inc. operates as an online educational company. The Company partners with universities and organizations to offer classes on their platform. Coursera serves clients worldwide.

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Coursera (COUR US)

Coursera Inc.

The company posted revenue of $179 million, reflecting a 6% increase from the prior year, driven by growth in its Consumer and Enterprise segments.

Baptista Research

Coursera Expands Global Reach With Solid Content Diversification & Localization Strategy

Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain...

Baptista Research

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.

Daniel Su

Coursera Inc.: What Are Their Latest Innovations in Learning Platforms and Technology?

Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in...

Baptista Research

Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers

This is our first report on ed-tech major, Coursera. The company had a successful fourth quarter, marking a strong close to the year. The company...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coursera Inc.

The company posted revenue of $179 million, reflecting a 6% increase from the prior year, driven by growth in its Consumer and Enterprise segments.

Baptista Research

Coursera Expands Global Reach With Solid Content Diversification & Localization Strategy

Coursera's latest quarterly and full-year earnings report highlights a complex picture characterized by noteworthy achievements as well as certain...

Baptista Research

Valuations, Visas & Venture Pullback: An Equity + M&A Overview of the Education Sector in Q1 2025

​Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.

Daniel Su

Coursera Inc.: What Are Their Latest Innovations in Learning Platforms and Technology?

Coursera reported mixed financial results for the first quarter of 2024, reflecting progress on strategic initiatives but facing challenges in...

Baptista Research

Coursera Inc.: Initiation Of Coverage - What Makes This Ed-Tech Giant Tick? - Major Drivers

This is our first report on ed-tech major, Coursera. The company had a successful fourth quarter, marking a strong close to the year. The company...

Baptista Research

Education sector resilient post-privatisations, AI disruption reshaping landscape, M&A/IPO activity reawakening - potential shift in investor focus.