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>Curtiss-Wright reported second quarter 2026 results characterized by revenue growth, margin expansion, and strong cash flow, reflecting momentum in both defense and commercial markets.</li><li>Sales increased 5% year-over-year to $924 million, with operating income rising 12%, resulting in a 110 basis point improvement in operating margin to 19.4%.</li><li>Diluted earnings per share grew 15%, slightly exceeding expectations, while free cash flow advanced by 37% year-over-year to $160 million, with a conversion rate of 116%.</li></ul>

Curtiss-Wright reported second quarter 2026 results characterized by revenue growth, margin expansion, and strong cash flow, reflecting momentum in both defense and commercial markets.Sales increased 5% year-over-year to $924 million, with operating income rising 12%, resulting in a 110 basis point improvement in operating margin to 19.4%.Diluted earnings per share grew 15%, slightly exceeding expectations, while free cash flow advanced by 37% year-over-year to $160 million, with a conversion rate of 116%.

Curtiss-Wright’s Defense Orders Surge Nearly 50% — Can The Growth Catch Up?

<ul><li>Curtiss-Wright Corporation reported a strong start to fiscal year 2026 with first quarter results surpassing expectations across all three of its business segments—Aerospace & Industrial (A&I), Defense Electronics (DE), and Naval and Power.</li><li>Consolidated revenues reached $914 million, up 13% year-over-year, driven by growth in aerospace defense, commercial nuclear, and industrial markets.</li><li>Operating income outpaced sales growth, expanding margins by 100 basis points to a 17.6% operating margin.</li></ul>

Curtiss-Wright Corporation reported a strong start to fiscal year 2026 with first quarter results surpassing expectations across all three of its business segments—Aerospace & Industrial (A&I), Defense Electronics (DE), and Naval and Power.Consolidated revenues reached $914 million, up 13% year-over-year, driven by growth in aerospace defense, commercial nuclear, and industrial markets.Operating income outpaced sales growth, expanding margins by 100 basis points to a 17.6% operating margin.

Curtiss-Wright’s $4.3 Billion Backlog — Can Defense & Nuclear Momentum Keep Building?

<ul><li>Curtiss-Wright delivered a strong set of results for the fourth quarter and full year 2025, reflecting broad-based demand across aerospace, defense, and commercial markets, alongside disciplined operational execution.</li><li>Revenue growth accelerated meaningfully in the quarter, supported by double-digit organic growth and contributions from recent acquisitions, while operating income and earnings expanded at a pace broadly in line with sales.</li><li>Margin performance remained robust despite elevated research and development spending, indicating effective absorption and cost control.</li></ul>

Curtiss-Wright delivered a strong set of results for the fourth quarter and full year 2025, reflecting broad-based demand across aerospace, defense, and commercial markets, alongside disciplined operational execution.Revenue growth accelerated meaningfully in the quarter, supported by double-digit organic growth and contributions from recent acquisitions, while operating income and earnings expanded at a pace broadly in line with sales.Margin performance remained robust despite elevated research and development spending, indicating effective absorption and cost control.

Curtiss-Wright: How Defense, Nuclear, and Aerospace Are Converging Into a Durable Earnings Story!

<ul><li>Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.</li><li>The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.</li><li>In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.</li></ul>

Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should consider.The company demonstrated solid operational performance across its three segments, contributing to a favorable financial outlook and robust market positioning.In terms of financial highlights, Curtiss-Wright achieved a significant increase in revenue, which was $869 million, marking a 9% year-over-year growth, including 6% organic growth.

Curtiss-Wright: Powering Ahead With Game-Changing AP1000 Nuclear Expansion But Is It Enough?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

<ul>
<li>The MV Global Defense Industry Index represents the performance of companies in national defense industries.</li>
<li>There will be five ADDs for the MV Global Defense Index in June 2026.</li>
<li>We expect one-way flow of roughly US$440mm, which translates to a turnover of 5.6%.</li>
</ul>


The MV Global Defense Industry Index represents the performance of companies in national defense industries.
There will be five ADDs for the MV Global Defense Index in June 2026.
We expect one-way flow of roughly US$440mm, which translates to a turnover of 5.6%.


[Quiddity Index] MV Global Defense Jun26 Rebal Results: 5 ADDs; US$440mm One-Way Capping

United States

Curtiss-Wright Corporation designs, manufactures, and overhauls precision components and systems. The Company's systems provides engineered services to the aerospace, automotive, shipbuilding, oil, petrochemical, agricultural equipment, power generation, metal working, and fire and rescue industries.

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Curtiss Wright (CW US)

Curtiss-Wright’s Defense Orders Surge Nearly 50% — Can The Growth Catch Up?

Curtiss-Wright reported second quarter 2026 results characterized by revenue growth, margin expansion, and strong cash flow, reflecting momentum...

Baptista Research

Curtiss-Wright’s $4.3 Billion Backlog — Can Defense & Nuclear Momentum Keep Building?

Curtiss-Wright Corporation reported a strong start to fiscal year 2026 with first quarter results surpassing expectations across all three of its...

Baptista Research

Curtiss-Wright: How Defense, Nuclear, and Aerospace Are Converging Into a Durable Earnings Story!

Curtiss-Wright delivered a strong set of results for the fourth quarter and full year 2025, reflecting broad-based demand across aerospace,...

Baptista Research

Curtiss-Wright: Powering Ahead With Game-Changing AP1000 Nuclear Expansion But Is It Enough?

Curtiss-Wright Corporation reported its third-quarter 2025 financial results, revealing both strengths and challenges that investors should...

Baptista Research

[Quiddity Index] MV Global Defense Jun26 Rebal Results: 5 ADDs; US$440mm One-Way Capping

The MV Global Defense Index provides five ADDs this time. That's a fair bit. One name has substantial buying to do but there has already been...

Travis Lundy

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