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>Etsy, Inc. presented a mix of positive and challenging elements in its latest financial performance and strategic outlook, reflecting significant aspects that both potential and current investors may consider.</li><li>In the third quarter of 2025, Etsy showcased a solid performance that exceeded expectations across key financial metrics, including Gross Merchandise Sales (GMS), revenue, and adjusted EBITDA.</li><li>For Etsy and its subsidiary, Depop, combined year-over-year GMS returned to growth, demonstrating sequential improvement.</li></ul>

Etsy, Inc. presented a mix of positive and challenging elements in its latest financial performance and strategic outlook, reflecting significant aspects that both potential and current investors may consider.In the third quarter of 2025, Etsy showcased a solid performance that exceeded expectations across key financial metrics, including Gross Merchandise Sales (GMS), revenue, and adjusted EBITDA.For Etsy and its subsidiary, Depop, combined year-over-year GMS returned to growth, demonstrating sequential improvement.

Etsy Inside Scoop: How Depop Is Powering the Next Wave of Growth!

<ul><li>Etsy, Inc.'s recent earnings presentation provided a comprehensive overview of their second quarter 2025 financial and operational performance.</li><li>The results were underpinned by strategic shifts and growth initiatives that have begun to take root, though the overarching narrative was one of balanced progress amid challenging market conditions.</li><li>Financially, Etsy surpassed revenue expectations with consolidated revenue increasing by approximately 4% year-over-year to $673 million, despite a decline in gross merchandise sales (GMS) by 4.8% on a reported basis.</li></ul>

Etsy, Inc.'s recent earnings presentation provided a comprehensive overview of their second quarter 2025 financial and operational performance.The results were underpinned by strategic shifts and growth initiatives that have begun to take root, though the overarching narrative was one of balanced progress amid challenging market conditions.Financially, Etsy surpassed revenue expectations with consolidated revenue increasing by approximately 4% year-over-year to $673 million, despite a decline in gross merchandise sales (GMS) by 4.8% on a reported basis.

Etsy Bets Big on Depop—Hidden Gem Could Spark the Next Resale Revolution!

<ul><li>Etsy's first quarter of 2025 results reflect a mixed performance amidst ongoing challenging macroeconomic conditions.</li><li>The results were generally in line with market expectations, with some areas performing slightly better, such as the take rate and adjusted EBITDA margin.</li><li>The financial summary illustrates a company that, although facing a decrease in Gross Merchandise Sales (GMS) by about 6.5% year-over-year, managed to increase consolidated revenue by 1% to $651 million, despite a challenging economic backdrop.</li></ul>

Etsy's first quarter of 2025 results reflect a mixed performance amidst ongoing challenging macroeconomic conditions.The results were generally in line with market expectations, with some areas performing slightly better, such as the take rate and adjusted EBITDA margin.The financial summary illustrates a company that, although facing a decrease in Gross Merchandise Sales (GMS) by about 6.5% year-over-year, managed to increase consolidated revenue by 1% to $651 million, despite a challenging economic backdrop.

Etsy Inc.: An Enhanced Paid Social & Martech Investments & Other Key Growth Levers!

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>Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.</li>
<li>Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.</li>
<li>
<a href="https://www.smartkarma.com/entities/dell-technologies-inc" target="_blank" data-smartkarma-citation="entities:32189:1" rel="noopener">Dell Technologies (DELL US)</a> is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.</li>
</ul>


Index Committee's discretion decreases the predictability of index changes. Even when a company passes all eligibility criteria and thresholds, it might still not be selected.
Understanding triggers for index changes, types of additions/deletions and selection patterns, narrows down the pool of candidates and increases conviction of forecasts.

Dell Technologies (DELL US) is currently the main candidate to be added by transition to the S&amp;P 500 in September 2024 Quarterly Rebalance.


S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

<ul><li>Etsy Inc.'s fourth quarter and full-year 2024 results underscore challenges as well as initiatives aimed at recalibrating for future growth.</li><li>The company's consolidated Gross Merchandise Sales (GMS) saw a decline of 4% year-over-year to $12.6 billion, indicating a tougher operating environment and competitive pressures.</li><li>Despite this, Etsy managed to achieve record revenue of $2.8 billion, up by about 2% from the previous year, highlighting its ability to expand the take rate while maintaining a focus on profitability with an adjusted EBITDA of $782 million, translating into margins of 27.8%.</li></ul>

Etsy Inc.'s fourth quarter and full-year 2024 results underscore challenges as well as initiatives aimed at recalibrating for future growth.The company's consolidated Gross Merchandise Sales (GMS) saw a decline of 4% year-over-year to $12.6 billion, indicating a tougher operating environment and competitive pressures.Despite this, Etsy managed to achieve record revenue of $2.8 billion, up by about 2% from the previous year, highlighting its ability to expand the take rate while maintaining a focus on profitability with an adjusted EBITDA of $782 million, translating into margins of 27.8%.

Etsy’s Marketing Masterplan: Unlocking Maximum ROI for Explosive Growth!

United States

Etsy, Inc. provides e-commerce services. The Company offers handmade and vintage items, art, and supplies, as well as regular items such as clothing, housewares, paper goods, candles, bags and purses, music, and wood working items. Etsy serves users throughout the United States.

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Etsy Inc (ETSY US)

Etsy Inside Scoop: How Depop Is Powering the Next Wave of Growth!

Etsy, Inc. presented a mix of positive and challenging elements in its latest financial performance and strategic outlook, reflecting significant...

Baptista Research

Etsy Bets Big on Depop—Hidden Gem Could Spark the Next Resale Revolution!

Etsy, Inc.'s recent earnings presentation provided a comprehensive overview of their second quarter 2025 financial and operational...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Etsy’s Marketing Masterplan: Unlocking Maximum ROI for Explosive Growth!

Etsy Inc.'s fourth quarter and full-year 2024 results underscore challenges as well as initiatives aimed at recalibrating for future growth. The...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Etsy Inside Scoop: How Depop Is Powering the Next Wave of Growth!

Etsy, Inc. presented a mix of positive and challenging elements in its latest financial performance and strategic outlook, reflecting significant...

Baptista Research

Etsy Bets Big on Depop—Hidden Gem Could Spark the Next Resale Revolution!

Etsy, Inc.'s recent earnings presentation provided a comprehensive overview of their second quarter 2025 financial and operational...

Baptista Research

Etsy Inc.: An Enhanced Paid Social & Martech Investments & Other Key Growth Levers!

Etsy's first quarter of 2025 results reflect a mixed performance amidst ongoing challenging macroeconomic conditions. The results were generally...

Baptista Research

S&P 500 / S&P 1500: Deriving Forecasts & First Prediction for September

S&P ​Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...

Dimitris Ioannidis

Etsy’s Marketing Masterplan: Unlocking Maximum ROI for Explosive Growth!

Etsy Inc.'s fourth quarter and full-year 2024 results underscore challenges as well as initiatives aimed at recalibrating for future growth. The...

Baptista Research

S&P Index Committee's discretion reduces predictability of index changes. Identifying patterns and types of changes, narrows down the addition...