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>Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges.</li><li>The company showcased robust revenue growth, reaching $410.4 million, marking the highest level in two years.</li><li>This was driven by the shipment of 1.77 million microinverters and a record 195 megawatt-hours of batteries.</li></ul>

Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges.The company showcased robust revenue growth, reaching $410.4 million, marking the highest level in two years.This was driven by the shipment of 1.77 million microinverters and a record 195 megawatt-hours of batteries.

Enphase Energy Moves: From Gallium Nitride Tech to Global Takeover Plans!

<ul><li>Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges ahead.</li><li>The revenue for the quarter was $363.2 million, reflecting a continuation of momentum, though the company did experience a slight increase in microinverter channel inventory levels.</li><li>The company shipped 1.53 million microinverters and 190.9 MWh of batteries, coupled with a notable gross margin of 49%, although impacted by a 2% margin hit due to tariffs.</li></ul>

Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges ahead.The revenue for the quarter was $363.2 million, reflecting a continuation of momentum, though the company did experience a slight increase in microinverter channel inventory levels.The company shipped 1.53 million microinverters and 190.9 MWh of batteries, coupled with a notable gross margin of 49%, although impacted by a 2% margin hit due to tariffs.

Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/crh-plc-054117b2-cd70-470a-9efc-8f6fab2c83ec" target="_blank" data-smartkarma-citation="entities:28655:1" rel="noopener">CRH (CRH US)</a> and <a href="https://www.smartkarma.com/entities/comfort-systems-usa-inc" target="_blank" data-smartkarma-citation="entities:6730:1" rel="noopener">Comfort Systems USA (FIX US)</a> are the main candidates for addition due to consistently high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/pure-storage-inc" target="_blank" data-smartkarma-citation="entities:27421:1" rel="noopener">Pure Storage Inc (PSTG US)</a> and <a href="https://www.smartkarma.com/entities/solstice-advanced-materials" target="_blank" data-smartkarma-citation="entities:45953:1" rel="noopener">Solstice Advanced Materials (SOLS US)</a> face reduced conviction due to sector balance and turnover.</li>
<li>
<a href="https://www.smartkarma.com/entities/vertiv-holdings-co" target="_blank" data-smartkarma-citation="entities:33140:1" rel="noopener">Vertiv Holdings Co (VRT US)</a> has a higher probability of inclusion following the acquisition of <a href="https://www.smartkarma.com/entities/kellogg-co" target="_blank" data-smartkarma-citation="entities:16090:1" rel="noopener">Kellogg Co (K US)</a> which is still pending.</li>
</ul>



CRH (CRH US) and Comfort Systems USA (FIX US) are the main candidates for addition due to consistently high eligibility scores.

Pure Storage Inc (PSTG US) and Solstice Advanced Materials (SOLS US) face reduced conviction due to sector balance and turnover.

Vertiv Holdings Co (VRT US) has a higher probability of inclusion following the acquisition of Kellogg Co (K US) which is still pending.


S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

<ul><li>Enphase Energy reported its financial results for the first quarter of 2025 with revenue amounting to $356.1 million.</li><li>This marked a decline from the previous quarter, largely attributed to typical seasonal patterns and reduced customer demand in the U.S., aggravated by financial challenges faced by a national lease provider.</li><li>Of this revenue, approximately $54 million was attributed to safe harbor agreements.</li></ul>

Enphase Energy reported its financial results for the first quarter of 2025 with revenue amounting to $356.1 million.This marked a decline from the previous quarter, largely attributed to typical seasonal patterns and reduced customer demand in the U.S., aggravated by financial challenges faced by a national lease provider.Of this revenue, approximately $54 million was attributed to safe harbor agreements.

Enphase Energy: Is Its Focus On Increasing Battery Efficiency and Cost Reduction Paying Off?

<ul><li>Enphase Energy's financial performance for the fourth quarter of 2024 provides a comprehensive view of the company's operational strengths and challenges.</li><li>Enphase reported quarterly revenue of $382.7 million and shipped approximately 2 million microinverters and 152 megawatt-hours of batteries.</li><li>These figures reflect strong sales, particularly of microinverters, although battery sales saw a decrease compared to the previous quarter.</li></ul>

Enphase Energy's financial performance for the fourth quarter of 2024 provides a comprehensive view of the company's operational strengths and challenges.Enphase reported quarterly revenue of $382.7 million and shipped approximately 2 million microinverters and 152 megawatt-hours of batteries.These figures reflect strong sales, particularly of microinverters, although battery sales saw a decrease compared to the previous quarter.

Enphase Energy: Advancements in Inverter Technology to Reinforce A Robust Market Position!

United States

Enphase Energy Inc. manufactures solar power solutions. The Company offers solutions to increase productivity and reliability of solar modules.

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Enphase Energy (ENPH US)

Enphase Energy Moves: From Gallium Nitride Tech to Global Takeover Plans!

Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges. The company...

Baptista Research

Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!

Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges...

Baptista Research

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

Enphase Energy: Is Its Focus On Increasing Battery Efficiency and Cost Reduction Paying Off?

Enphase Energy reported its financial results for the first quarter of 2025 with revenue amounting to $356.1 million. This marked a decline from...

Baptista Research

Enphase Energy: Advancements in Inverter Technology to Reinforce A Robust Market Position!

Enphase Energy's financial performance for the fourth quarter of 2024 provides a comprehensive view of the company's operational strengths and...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Enphase Energy Moves: From Gallium Nitride Tech to Global Takeover Plans!

Enphase Energy recently released its Q3 2025 financial results, revealing a blend of promising advancements and emerging challenges. The company...

Baptista Research

Enphase Energy: Enhancing TPO Partnerships & Creative Financing Structures to Capture Broader Parts Of The Market!

Enphase Energy reported its financial results for the second quarter of 2025, which details a mix of positive developments and challenges...

Baptista Research

S&P500 December 2025 Final Forecast: FIX & CRH Leading the Pack

​CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...

Dimitris Ioannidis

Enphase Energy: Is Its Focus On Increasing Battery Efficiency and Cost Reduction Paying Off?

Enphase Energy reported its financial results for the first quarter of 2025 with revenue amounting to $356.1 million. This marked a decline from...

Baptista Research

Enphase Energy: Advancements in Inverter Technology to Reinforce A Robust Market Position!

Enphase Energy's financial performance for the fourth quarter of 2024 provides a comprehensive view of the company's operational strengths and...

Baptista Research

CRH and FIX are top candidates for addition in December 2025, while PSTG and SOLS face reduced conviction. VRT has a higher chance of inclusion...