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>The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in May 2026.</li>
<li>Total revenue for Q2 reached $299 million, marking a 60% year-over-year increase primarily due to the consolidation of Udemy’s results.</li>
<li>On a normalized basis, which adjusts for the timing of the acquisition, revenue declined 1% year-over-year.</li>
</ul>


The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in May 2026.
Total revenue for Q2 reached $299 million, marking a 60% year-over-year increase primarily due to the consolidation of Udemy’s results.
On a normalized basis, which adjusts for the timing of the acquisition, revenue declined 1% year-over-year.


Coursera's Udemy Acquisition Unlocks $85 Million in Synergies!

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
 <li>
Market Leader with Strong Brand Equity: <a href="https://smartkarma.com/entities/coursera-inc">Coursera </a>is a leading global online learning platform, distinguished by its partnerships with over 300 top-tier universities and industry leaders, creating a powerful brand and a vast content library that attracts millions of learners.</li>
 <li>
Improving Financial Profile: The company is demonstrating a clear trajectory towards profitability, with consistent revenue growth, expanding margins, and robust operating and free cash flow generation, even while reporting GAAP net losses.</li>
 <li>
Favorable Industry Tailwinds: <a href="https://smartkarma.com/entities/coursera-inc">Coursera </a>is well-positioned to capitalize on the growing global demand for online education, driven by the need for continuous upskilling and reskilling in a rapidly evolving job market.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  
Market Leader with Strong Brand Equity: Coursera is a leading global online learning platform, distinguished by its partnerships with over 300 top-tier universities and industry leaders, creating a powerful brand and a vast content library that attracts millions of learners.
  
Improving Financial Profile: The company is demonstrating a clear trajectory towards profitability, with consistent revenue growth, expanding margins, and robust operating and free cash flow generation, even while reporting GAAP net losses.
  
Favorable Industry Tailwinds: Coursera is well-positioned to capitalize on the growing global demand for online education, driven by the need for continuous upskilling and reskilling in a rapidly evolving job market.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>As 2025 nears its end, Coursera has made headlines with the announcement of its all-stock agreement to acquire rival edtech firm Udemy in a $2.5 billion transaction.</li>
<li>The deal, slated to close in the second half of 2026 pending regulatory and shareholder approvals, aims to merge two of the largest global online learning platforms into one cohesive ecosystem.</li>
<li>Coursera and Udemy together boast over 270 million learners worldwide, but both companies have been navigating macro headwinds, declining investor sentiment, and growing pressure to show sustainable profitability.</li>
</ul>


As 2025 nears its end, Coursera has made headlines with the announcement of its all-stock agreement to acquire rival edtech firm Udemy in a $2.5 billion transaction.
The deal, slated to close in the second half of 2026 pending regulatory and shareholder approvals, aims to merge two of the largest global online learning platforms into one cohesive ecosystem.
Coursera and Udemy together boast over 270 million learners worldwide, but both companies have been navigating macro headwinds, declining investor sentiment, and growing pressure to show sustainable profitability.


Coursera Is Acquiring Udemy—And The $1.5B Revenue Machine It’s Building Is Just The Beginning!

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

Education Sector Analyst, Schoolhouse Solutions

Anik Siwach

Education Sector Analyst

<ul>
<li>EdTech Market Volatility: Docebo and Tribal Group report significant YTD gains of +27% and +32%, while Janison and LTG Group face steep declines of -59% and -45%.</li>
<li>AI Disruption and Adaptation: Chegg introduces a GPT-style assistant in response to AI challenges, while Duolingo excels with 83.1M monthly users, expanding beyond language tuition.</li>
<li>Shifts in Private Funding: Private EdTech funding declines in 2023, with strategic investors and family offices driving deals, amidst a broader reduction in venture capital investments.</li>
</ul>


EdTech Market Volatility: Docebo and Tribal Group report significant YTD gains of +27% and +32%, while Janison and LTG Group face steep declines of -59% and -45%.
AI Disruption and Adaptation: Chegg introduces a GPT-style assistant in response to AI challenges, while Duolingo excels with 83.1M monthly users, expanding beyond language tuition.
Shifts in Private Funding: Private EdTech funding declines in 2023, with strategic investors and family offices driving deals, amidst a broader reduction in venture capital investments.


Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

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's Udemy Acquisition Unlocks $85 Million in Synergies!

The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in...

Baptista Research

Primer: Coursera (COUR US) - Aug 2026

Market Leader with Strong Brand Equity: Coursera is a leading global online learning platform, distinguished by its partnerships with over 300...

αSK Primers

Coursera Is Acquiring Udemy—And The $1.5B Revenue Machine It’s Building Is Just The Beginning!

As 2025 nears its end, Coursera has made headlines with the announcement of its all-stock agreement to acquire rival edtech firm Udemy in a $2.5...

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

Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

Explore 2023's EdTech trends in our report: Duolingo's rise, Chegg's AI pivot, market volatility, and funding shifts. Essential insights for...

Anik Siwach

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Coursera's Udemy Acquisition Unlocks $85 Million in Synergies!

The full-year 2026 results for Coursera, Inc. reflect the first quarter of combined operations following its acquisition of Udemy, completed in...

Baptista Research

Primer: Coursera (COUR US) - Aug 2026

Market Leader with Strong Brand Equity: Coursera is a leading global online learning platform, distinguished by its partnerships with over 300...

αSK Primers

Coursera Is Acquiring Udemy—And The $1.5B Revenue Machine It’s Building Is Just The Beginning!

As 2025 nears its end, Coursera has made headlines with the announcement of its all-stock agreement to acquire rival edtech firm Udemy in a $2.5...

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

Education Sector YTD: Volatility in Public Equities, PE Stalking with Take Private Offers

Explore 2023's EdTech trends in our report: Duolingo's rise, Chegg's AI pivot, market volatility, and funding shifts. Essential insights for...

Anik Siwach

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