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>FedEx Corporation reported third quarter fiscal 2026 results marked by solid revenue growth, operational resilience, and ongoing strategic transformation amid a dynamic global environment.</li><li>Consolidated revenue increased 8% year-over-year, driven primarily by robust performance in the FedEx Express Corporation (FEC) segment, which grew revenue 10%.</li><li>Adjusted operating income rose 7% overall, with FEC’s adjusted operating income expanding 18%, supported by higher yields and volume strength, as well as six consecutive quarters of margin expansion.</li></ul>

FedEx Corporation reported third quarter fiscal 2026 results marked by solid revenue growth, operational resilience, and ongoing strategic transformation amid a dynamic global environment.Consolidated revenue increased 8% year-over-year, driven primarily by robust performance in the FedEx Express Corporation (FEC) segment, which grew revenue 10%.Adjusted operating income rose 7% overall, with FEC’s adjusted operating income expanding 18%, supported by higher yields and volume strength, as well as six consecutive quarters of margin expansion.

<ul><li>For decades, the rivalry between FedEx and UPS has been defined by scale.</li><li>The company delivering more packages, operating the largest networks, and moving the most goods across continents typically held the advantage in investor perception.</li><li>Yet recent market dynamics suggest that this traditional framework may no longer fully explain how Wall Street values logistics giants.</li></ul>

For decades, the rivalry between FedEx and UPS has been defined by scale.The company delivering more packages, operating the largest networks, and moving the most goods across continents typically held the advantage in investor perception.Yet recent market dynamics suggest that this traditional framework may no longer fully explain how Wall Street values logistics giants.

FedEx Just Beat UPS—But Not In The Way You Think!

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Richard Howe

Founder at Stock Spin-off Investing

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Event-Driven

<ul><li>On June 1, 2026, FedEx (FDX) is expected to spin off FedEx Freight, which is anticipated to trade under the ticker FDXF.</li><li>The separation is intended to simplify the FedEx investment story and unlock value, as less-than-truckload (LTL) carriers typically trade at higher multiples than parcel delivery companies due to high barriers to entry — including terminal networks built over decades — as well as rational industry competition and strong pricing discipline.</li><li>FedEx RemainCo recently hosted an investor day and presented a constructive long-term outlook, supported in part by early progress in improving the performance of its European operations and ongoing Network 2.0 integration initiatives. </li></ul>

On June 1, 2026, FedEx (FDX) is expected to spin off FedEx Freight, which is anticipated to trade under the ticker FDXF.The separation is intended to simplify the FedEx investment story and unlock value, as less-than-truckload (LTL) carriers typically trade at higher multiples than parcel delivery companies due to high barriers to entry — including terminal networks built over decades — as well as rational industry competition and strong pricing discipline.FedEx RemainCo recently hosted an investor day and presented a constructive long-term outlook, supported in part by early progress in improving the performance of its European operations and ongoing Network 2.0 integration initiatives. 

FedEx: Unlocking Value Through the Freight Spin-Off — But Limited Near-Term Upside

<ul><li><p>This week, I’ve been spending time analyzing FedEx Corporation (FDX) and its upcoming spin-off of FedEx Freight, which is scheduled to take place on June 1, 2026.</p></li><li><p>FedEx shares have been on fire recently and have benefited from several analyst upgrades.</p></li><li>However, after running the numbers, the stock doesn’t look like an obvious buy to me at current levels.</li></ul>

This week, I’ve been spending time analyzing FedEx Corporation (FDX) and its upcoming spin-off of FedEx Freight, which is scheduled to take place on June 1, 2026.FedEx shares have been on fire recently and have benefited from several analyst upgrades.However, after running the numbers, the stock doesn’t look like an obvious buy to me at current levels.

<ul><li>FedEx Corporation's latest earnings report reveals a balanced mix of positive achievements and challenges faced during the second quarter of fiscal 2026.</li><li>The company reported a 7% year-over-year increase in revenue, driven mainly by strong performance in its U.S. domestic package services and strategic initiatives in high-value verticals such as B2B logistics and healthcare.</li><li>The company achieved its targeted transformation-related savings, resulting in a 17% growth in adjusted operating income and a notable adjusted EPS growth of 19%.</li></ul>

FedEx Corporation's latest earnings report reveals a balanced mix of positive achievements and challenges faced during the second quarter of fiscal 2026.The company reported a 7% year-over-year increase in revenue, driven mainly by strong performance in its U.S. domestic package services and strategic initiatives in high-value verticals such as B2B logistics and healthcare.The company achieved its targeted transformation-related savings, resulting in a 17% growth in adjusted operating income and a notable adjusted EPS growth of 19%.

FedEx: Inside Network 2.0’s 3-to-6 Month Efficiency Window—How Fast Can the Benefits Actually Show Up?

United States

FedEx Corp. delivers packages and freight to multiple countries and territories through an integrated global network.  The Company provides worldwide express delivery, ground small-parcel delivery, less-than-truckload freight delivery, supply chain management services, customs brokerage services, and trade facilitation and electronic commerce solutions.

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FedEx Corp (FDX US)

FedEx Corporation: Network 2.0

FedEx Corporation reported third quarter fiscal 2026 results marked by solid revenue growth, operational resilience, and ongoing strategic...

Baptista Research

FedEx Just Beat UPS—But Not In The Way You Think!

For decades, the rivalry between FedEx and UPS has been defined by scale. The company delivering more packages, operating the largest networks,...

Baptista Research

FedEx: Unlocking Value Through the Freight Spin-Off — But Limited Near-Term Upside

On June 1, 2026, FedEx (FDX) is expected to spin off FedEx Freight, which is anticipated to trade under the ticker FDXF. The separation is...

Richard Howe

Weekly Update (LBTYA, NLOP, FDX)

This week, I’ve been spending time analyzing FedEx Corporation (FDX) and its upcoming spin-off of FedEx Freight, which is scheduled to take place...

Richard Howe

FedEx: Inside Network 2.0’s 3-to-6 Month Efficiency Window—How Fast Can the Benefits Actually Show Up?

FedEx Corporation's latest earnings report reveals a balanced mix of positive achievements and challenges faced during the second quarter of...

Baptista Research

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