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>D.R. Horton, America’s Builder, reported its financial results for the second quarter of fiscal 2026, highlighting a complex environment shaped by affordability challenges and consumer caution.</li><li>The company achieved consolidated pretax income of $867 million on revenues of $7.6 billion, translating into a pretax margin of 11.5%, which exceeded the high end of its guidance range.</li><li>Net income stood at $648 million, with earnings per diluted share of $2.24, down from $2.58 a year ago.</li></ul>

D.R. Horton, America’s Builder, reported its financial results for the second quarter of fiscal 2026, highlighting a complex environment shaped by affordability challenges and consumer caution.The company achieved consolidated pretax income of $867 million on revenues of $7.6 billion, translating into a pretax margin of 11.5%, which exceeded the high end of its guidance range.Net income stood at $648 million, with earnings per diluted share of $2.24, down from $2.58 a year ago.

D.R. Horton: Land Costs Rise, Build Costs Ease—Can Margins Hold in a Mixed Cost Cycle?

<ul><li>D.R. Horton's financial results for the first quarter of fiscal 2026 reflect a mixed performance in a challenging economic environment characterized by affordability constraints and cautious consumer sentiment.</li><li>D.R. Horton, a leading homebuilder, reported consolidated revenues of $6.9 billion, with a consolidated pretax income of $798 million, translating to a pretax profit margin of 11.6%.</li><li>The company's net sales orders increased by 3% year over year, reaching 18,300 homes, although the order value remained stable at $6.7 billion.</li></ul>

D.R. Horton's financial results for the first quarter of fiscal 2026 reflect a mixed performance in a challenging economic environment characterized by affordability constraints and cautious consumer sentiment.D.R. Horton, a leading homebuilder, reported consolidated revenues of $6.9 billion, with a consolidated pretax income of $798 million, translating to a pretax profit margin of 11.6%.The company's net sales orders increased by 3% year over year, reaching 18,300 homes, although the order value remained stable at $6.7 billion.

D.R. Horton: What’s Happening in Land Deals—Inside the “No Distress” Market That’s Shaping Returns!

<ul><li>D.R. Horton, Inc. presented its fiscal 2025 fourth-quarter and full-year financial results.</li><li>The company displayed solid metrics, supported by a robust operating model and a disciplined approach to capital allocation, amid a challenging housing market environment marked by affordability constraints and cautious consumer sentiment.</li><li>Key aspects of D.R. Horton’s performance include a consolidated pretax income of $1.2 billion on revenues of $9.7 billion for the fourth quarter, yielding a pretax profit margin of 12.4%.</li></ul>

D.R. Horton, Inc. presented its fiscal 2025 fourth-quarter and full-year financial results.The company displayed solid metrics, supported by a robust operating model and a disciplined approach to capital allocation, amid a challenging housing market environment marked by affordability constraints and cautious consumer sentiment.Key aspects of D.R. Horton’s performance include a consolidated pretax income of $1.2 billion on revenues of $9.7 billion for the fourth quarter, yielding a pretax profit margin of 12.4%.

D.R. Horton: Will Its Focus On Affordability & Inventory Management Pay Off?

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Macroeconomics

<ul><li>The NZ housing market lost a bit of momentum in March (REINZ): National sales up +1% on February numbers.</li><li>The Quarterly Survey of Business Opinion (QSBO) highlighted building as the most downbeat sector, with a net 28% surveyed expecting a deterioration in the general economic outlook over the coming months.</li><li>Industry experts warn that disruption to oil supply is driving sharp increases in energy-intensive building materials such as aluminium, steel, bricks, and plastics.</li></ul>

The NZ housing market lost a bit of momentum in March (REINZ): National sales up +1% on February numbers.The Quarterly Survey of Business Opinion (QSBO) highlighted building as the most downbeat sector, with a net 28% surveyed expecting a deterioration in the general economic outlook over the coming months.Industry experts warn that disruption to oil supply is driving sharp increases in energy-intensive building materials such as aluminium, steel, bricks, and plastics.

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Research Reinvented

<ul>
  <li>As the largest homebuilder in the U.S., D.R. Horton is uniquely positioned to capitalize on the chronic housing shortage and favorable demographic trends, particularly with its strategic focus on the entry-level market.</li>
  <li>The company's significant scale provides considerable competitive advantages, including economies of scale in purchasing materials, superior access to capital, and the ability to leverage costs, which drives strong profitability and returns on inventory.</li>
  <li>While facing headwinds from interest rate volatility and affordability challenges, D.R. Horton's disciplined 'pace over price' strategy, strong balance sheet, and substantial liquidity offer the financial flexibility to navigate market cycles and consolidate its market-leading position.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  As the largest homebuilder in the U.S., D.R. Horton is uniquely positioned to capitalize on the chronic housing shortage and favorable demographic trends, particularly with its strategic focus on the entry-level market.
  The company's significant scale provides considerable competitive advantages, including economies of scale in purchasing materials, superior access to capital, and the ability to leverage costs, which drives strong profitability and returns on inventory.
  While facing headwinds from interest rate volatility and affordability challenges, D.R. Horton's disciplined 'pace over price' strategy, strong balance sheet, and substantial liquidity offer the financial flexibility to navigate market cycles and consolidate its market-leading position.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Dr Horton Inc (DHI US) - Sep 2025

United States

D.R. Horton, Inc. constructs and sells single-family homes designed primarily for the entry-level and move-up markets.  The Company operates in the Midwest, Mid-Atlantic, Southeast, Southwest, and Western regions of the United States. D.R. Horton also, through its financial services operations, provide mortgage financing and title agency services to homebuyers.

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Dr Horton Inc (DHI US)

D.R. Horton: Land Costs Rise, Build Costs Ease—Can Margins Hold in a Mixed Cost Cycle?

D.R. Horton, America’s Builder, reported its financial results for the second quarter of fiscal 2026, highlighting a complex environment shaped by...

Baptista Research

D.R. Horton: What’s Happening in Land Deals—Inside the “No Distress” Market That’s Shaping Returns!

D.R. Horton's financial results for the first quarter of fiscal 2026 reflect a mixed performance in a challenging economic environment...

Baptista Research

D.R. Horton: Will Its Focus On Affordability & Inventory Management Pay Off?

D.R. Horton, Inc. presented its fiscal 2025 fourth-quarter and full-year financial results. The company displayed solid metrics, supported by a...

Baptista Research

Building News Wrap

The NZ housing market lost a bit of momentum in March (REINZ): National sales up +1% on February numbers. The Quarterly Survey of Business Opinion...

Forsyth Barr

Primer: Dr Horton Inc (DHI US) - Sep 2025

As the largest homebuilder in the U.S., D.R. Horton is uniquely positioned to capitalize on the chronic housing shortage and favorable...

αSK

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