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 EMCOR Group reported strong financial results for the fourth quarter and full year 2025, reflecting growth across multiple segments and end markets despite ongoing challenges in the construction industry.</li>
<li>The company generated record full-year revenues nearing $17 billion, representing substantial growth, with a 20% increase in adjusted diluted earnings per share to $25.87.</li>
<li>Operating margins improved, achieving a record adjusted full-year margin of 9.4%, supported by disciplined execution and operational efficiency.</li>
</ul>


The EMCOR Group reported strong financial results for the fourth quarter and full year 2025, reflecting growth across multiple segments and end markets despite ongoing challenges in the construction industry.
The company generated record full-year revenues nearing $17 billion, representing substantial growth, with a 20% increase in adjusted diluted earnings per share to $25.87.
Operating margins improved, achieving a record adjusted full-year margin of 9.4%, supported by disciplined execution and operational efficiency.


EMCOR Group: Is $13.25 Billion In Backlog Enough To Justify The Growth Outlook?

<ul>
<li>EMCOR Group reported robust results in the fourth quarter and full year of 2025, demonstrating both strong revenue growth and operational performance.</li>
<li>The company achieved record revenues of nearly $17 billion for the full year, marking a notable 19.7% growth for the fourth quarter alone.</li>
<li>The adjusted earnings per share (EPS) increased by 13.8% year-over-year to $7.19 in Q4, and the full year adjusted EPS reached $25.87, reflecting a 20% year-over-year rise.</li>
</ul>


EMCOR Group reported robust results in the fourth quarter and full year of 2025, demonstrating both strong revenue growth and operational performance.
The company achieved record revenues of nearly $17 billion for the full year, marking a notable 19.7% growth for the fourth quarter alone.
The adjusted earnings per share (EPS) increased by 13.8% year-over-year to $7.19 in Q4, and the full year adjusted EPS reached $25.87, reflecting a 20% year-over-year rise.


EMCOR Group: AI Data Center Construction Is Exploding—Can EMCOR Capture The Opportunity?

Pan-Asia Catalysts/Events, Quiddity Advisors

Travis Lundy

Pan-Asia Catalysts/Events

Quiddity Advisors

Index Rebalance

Interactive Brokers Group, Inc / Index Rebalance

<ul>
<li>The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.</li>
<li>In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.</li>
<li>We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.</li>
</ul>


The S&amp;P 500 index tracks the 500 largest names listed in the US and it is one of the most highly-tracked indices in the world.
In this insight, we take a look at the upcoming constituent changes in the run up to the September 2025 index rebal event.
We expect two regular changes in September 2025 - maybe $10bn a side. There are also a couple of live M&amp;A events which are likely to trigger intra-review index changes.


[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

<ul>
<li>EMCOR Group, Inc.'s third quarter 2025 financial results showcase robust performance, marked by several commendable achievements alongside areas of moderate concern.</li>
<li>The company recorded diluted earnings per share (EPS) of $6.57 and reported revenues of $4.3 billion, reflecting a 16.4% increase compared to the previous year.</li>
<li>Operating margin reached an impressive 9.4%, and operating cash flow registered at $475.5 million.</li>
</ul>


EMCOR Group, Inc.'s third quarter 2025 financial results showcase robust performance, marked by several commendable achievements alongside areas of moderate concern.
The company recorded diluted earnings per share (EPS) of $6.57 and reported revenues of $4.3 billion, reflecting a 16.4% increase compared to the previous year.
Operating margin reached an impressive 9.4%, and operating cash flow registered at $475.5 million.


EMCOR Group: Is The Growth In Mechanical & Electrical Service Markets Here To Stay?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...</li>
<li>...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.</li>
<li>Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.</li>
</ul>


We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...
...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.
Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.


Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

United States

EMCOR Group, Inc. provides mechanical and electrical construction and facilities services around the world.  The Company specializes in the design, installation, integration, and start-up of distribution systems for electrical power, lighting systems, low-voltage systems such as fire and security alarms, voice and data communication systems, ventilation systems, and plumbing and piping systems.

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Emcor Group Inc (EME US)

EMCOR Group: Is $13.25 Billion In Backlog Enough To Justify The Growth Outlook?

The EMCOR Group reported strong financial results for the fourth quarter and full year 2025, reflecting growth across multiple segments and end...

Baptista Research

EMCOR Group: AI Data Center Construction Is Exploding—Can EMCOR Capture The Opportunity?

EMCOR Group reported robust results in the fourth quarter and full year of 2025, demonstrating both strong revenue growth and operational performance.

Baptista Research

[Quiddity Index] S&P500/400/600 Sep25 Rebal: Two Possible Changes, But One Iffy

We expect IBKR and possibly APP to join the S&P500 in September. We expect two deletes. MSTR has moved to second place BUT it has issues which...

Travis Lundy

EMCOR Group: Is The Growth In Mechanical & Electrical Service Markets Here To Stay?

EMCOR Group, Inc.'s third quarter 2025 financial results showcase robust performance, marked by several commendable achievements alongside areas of...

Baptista Research

Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

Upgrading Outlook to Bullish $SPX $QQQ $IWM $IJH; Buy the Dips Market; Downgrading Staples to Market Weight $XLP; Add to Growth and Technology $IWF...

Vermilion Research

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