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 fourth quarter and full year performance of eBay Inc. reflected a notable acceleration in marketplace activity alongside expanding monetization, while also highlighting areas of geographic and category-level variability.</li><li>The company exited 2025 with gross merchandise volume growth of nearly 6% for the year and over 8% in the fourth quarter, supported primarily by its focus categories, consumer-to-consumer activity, and recommerce.</li><li>These segments together represented roughly two-thirds of total marketplace volume and grew at a materially faster pace than the broader platform, indicating that prior multi-year investments in friction reduction, trust, and category depth are translating into measurable scale benefits.</li></ul>

The fourth quarter and full year performance of eBay Inc. reflected a notable acceleration in marketplace activity alongside expanding monetization, while also highlighting areas of geographic and category-level variability.The company exited 2025 with gross merchandise volume growth of nearly 6% for the year and over 8% in the fourth quarter, supported primarily by its focus categories, consumer-to-consumer activity, and recommerce.These segments together represented roughly two-thirds of total marketplace volume and grew at a materially faster pace than the broader platform, indicating that prior multi-year investments in friction reduction, trust, and category depth are translating into measurable scale benefits.

eBay’s Depop Integration Expands Its Reach Into High-Value Younger Demographics!

<ul><li>eBay has entered a decisive new chapter after announcing a definitive agreement to acquire Depop from Etsy for approximately $1.2 billion in cash, a move that underscores its accelerating momentum in consumer-to-consumer (C2C) commerce and fashion recommerce.</li><li>The announcement comes on the heels of a strong fourth quarter, where gross merchandise volume (GMV) rose over 8% to $21.2 billion and full-year GMV reached nearly $80 billion, with U.S. growth approaching 10%.</li><li>Management has emphasized that years of investment in focus categories, recommerce, AI-powered listing tools, and advertising have repositioned the platform for durable growth.</li></ul>

eBay has entered a decisive new chapter after announcing a definitive agreement to acquire Depop from Etsy for approximately $1.2 billion in cash, a move that underscores its accelerating momentum in consumer-to-consumer (C2C) commerce and fashion recommerce.The announcement comes on the heels of a strong fourth quarter, where gross merchandise volume (GMV) rose over 8% to $21.2 billion and full-year GMV reached nearly $80 billion, with U.S. growth approaching 10%.Management has emphasized that years of investment in focus categories, recommerce, AI-powered listing tools, and advertising have repositioned the platform for durable growth.

eBay Is Buying Depop — And It Might Be The Smartest Move In Recommerce Yet!

<ul><li>eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement.</li><li>The company's gross merchandise volume (GMV) grew by 8% year-over-year, amounting to $20.1 billion, and revenue increased by over 8% to $2.82 billion.</li><li>Furthermore, non-GAAP earnings per share rose over 14% to $1.36.</li></ul>

eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement.The company's gross merchandise volume (GMV) grew by 8% year-over-year, amounting to $20.1 billion, and revenue increased by over 8% to $2.82 billion.Furthermore, non-GAAP earnings per share rose over 14% to $1.36.

eBay Live Growth Explodes 5X – Can It Beat Amazon at Its Own Game?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.</li>
<li>We expect threes changes at the December index rebal event and no intra-review changes before then.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
In this insight, we have presented our expectations for ADDs/DELs for the upcoming annual reconstitution in December 2026.
We expect threes changes at the December index rebal event and no intra-review changes before then.


Quiddity Leaderboard Nasdaq100 Dec26 Rebal: 3 ADDs/DELs; US$42bn One-Way Flow

<ul>
<li>The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.</li>
<li>We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.</li>
<li>We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.</li>
</ul>


The Nasdaq 100 index tracks the 100 largest names listed on the Nasdaq Stock Exchange.
We expect no changes for the September 2026 index rebal event, though SpaceX's free-float increase should still drive roughly US$13bn of one-way flow.
We expect three ADDs and four DELs at the December 2026 annual reconstitution, with DELs necessarily exceeding ADDs by one to bring member count back to 100.


Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

United States

eBay Inc. operates an online trading community.  The Company's service is used by buyers and sellers for the exchange of products and services such as coins, collectibles, computers, memorabilia, stamps and toys, as well as concert and sporting tickets.  eBay also offers, through a subsidiary, secure online payment services.

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Ebay Inc (EBAY US)

eBay’s Depop Integration Expands Its Reach Into High-Value Younger Demographics!

The fourth quarter and full year performance of eBay Inc. reflected a notable acceleration in marketplace activity alongside expanding...

Baptista Research

eBay Is Buying Depop — And It Might Be The Smartest Move In Recommerce Yet!

eBay has entered a decisive new chapter after announcing a definitive agreement to acquire Depop from Etsy for approximately $1.2 billion in cash,...

Baptista Research

eBay Live Growth Explodes 5X – Can It Beat Amazon at Its Own Game?

eBay's third-quarter financial performance for 2025 highlighted a balance of strengths and areas for potential improvement. The company's gross...

Baptista Research

Quiddity Leaderboard Nasdaq100 Dec26 Rebal: 3 ADDs/DELs; US$42bn One-Way Flow

Moderna replacing WBD is the last expected intra-review change before December. The annual reconstitution should bring three more Nasdaq-100...

Anjana Amarasuriya

Quiddity Leaderboard Nasdaq100 Sep26 Rebal: Still No Changes in September

Paramount Skydance (PSKY US) will move its listing to the NYSE on 6 October 2026, and following its 21 September settlement, its acquisition of WBD...

Anjana Amarasuriya

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