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

Floor & Decor Holdings / Equity Bottom-Up

<ul><li>Floor & Decor Holdings reported second-quarter fiscal 2026 results reflecting a somewhat mixed operating environment characterized by a slight decline in comparable store sales but steady earnings per share.</li><li>Adjusted diluted earnings per share were $0.58, essentially flat compared to the prior year, despite a 2.1% decline in comparable store sales.</li><li>Total sales increased 3% to $1.25 billion, supported primarily by a 4% increase in sales to professional customers (Pros), who continue to represent approximately 55% of total sales.</li></ul>

Floor & Decor Holdings reported second-quarter fiscal 2026 results reflecting a somewhat mixed operating environment characterized by a slight decline in comparable store sales but steady earnings per share.Adjusted diluted earnings per share were $0.58, essentially flat compared to the prior year, despite a 2.1% decline in comparable store sales.Total sales increased 3% to $1.25 billion, supported primarily by a 4% increase in sales to professional customers (Pros), who continue to represent approximately 55% of total sales.

Floor & Decor Holdings’ Pivotal Product Push — Vetta Elements & NatureMatch Broaden The Mix!

Hedge Fund News, Information and Data, Hedge Fund Alpha

Hedge Fund Alpha

Hedge Fund News, Information and Data

We focus on hedge funds with a bias towards emerging managers, specifically fundamental long-short managers. We are known for a lot of insights and exclusives on hedge fund letters, coverage of industry conferences, and interviews with investors and interesting service providers.

Thematic (Sector/Industry)

<ul><li>Argosy Investors' commentary for the second quarter ended June 30, 2026.</li><li>Dear Investors, This past quarter was among the most challenging since I began investing, mostly due to the runaway AI market, which has since corrected somewhat and already removed a mid-20’s investment savant from his once-high perch atop the AI investment landscape.</li><li>While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.</li></ul>

Argosy Investors' commentary for the second quarter ended June 30, 2026.Dear Investors, This past quarter was among the most challenging since I began investing, mostly due to the runaway AI market, which has since corrected somewhat and already removed a mid-20’s investment savant from his once-high perch atop the AI investment landscape.While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.

Mostly Borrowed Ideas Deep Dives, MBI Deep Dives

MBI Deep Dives

Mostly Borrowed Ideas Deep Dives

MBI is the abbreviation for “Mostly Borrowed Ideas”. Why “Mostly Borrowed Ideas?” As a generalist, I do not have a background in any particular sector. I enjoy navigating across industries, businesses, and countries to learn, understand, and connect the dots. In any case, most ideas and innovations are incremental in nature. Very few of us are smart enough to come up with truly original or groundbreaking ideas. I am Abdullah Al-Rezwan. I was born and brought up in Bangladesh. I went to University of Dhaka for my undergrad and majored in Finance. After working three and half years in Equity Research (Sell-side) covering Financial Sector in Bangladesh, I left Bangladesh to pursue my MBA in the US. I graduated within top 10% of the class from Cornell University's two-year MBA program and worked on the buy-side following my graduation. During my time at Cornell, I won two stock pitch competitions and also became finalists in four other competitions. I thoroughly enjoyed my stint as a generalist in the US large cap team at Madison Investments and covered a wide range of companies from UnitedHealth to Amazon and Boeing before US immigration reality paused my career in investment management. As my work authorization expired, I moved to Canada in January, 2021. Then in early 2022, I was able to return to the US.

<ul><li>One of the ironies of operating in a cyclical end market is that management can sound like genius to somewhat hopeless depending on the stage of the cycle they are in.</li><li>And if you are caught in the wrong side of the cycle for long enough, investors often start questioning whether this is really just a cyclical downturn or symptom of a rather deep malaise.</li><li>Of course, if you operate on the other extreme for slightly longer than what a typical cycle predicts, all sorts of secular bull narrative comes at your doorstep.</li></ul>

One of the ironies of operating in a cyclical end market is that management can sound like genius to somewhat hopeless depending on the stage of the cycle they are in.And if you are caught in the wrong side of the cycle for long enough, investors often start questioning whether this is really just a cyclical downturn or symptom of a rather deep malaise.Of course, if you operate on the other extreme for slightly longer than what a typical cycle predicts, all sorts of secular bull narrative comes at your doorstep.

Floor & Decor's Cyclical Malaise Vs Structural Moat

<ul><li>Floor & Decor Holdings, Inc. reported first quarter fiscal 2026 results marked by a slight decline in sales and earnings amid challenging macroeconomic conditions.</li><li>The company’s total sales marginally decreased by 0.7% to $1.152 billion, with comparable store sales falling 3.7%.</li><li>Diluted earnings per share were $0.37, down from $0.45 in the prior year period.</li></ul>

Floor & Decor Holdings, Inc. reported first quarter fiscal 2026 results marked by a slight decline in sales and earnings amid challenging macroeconomic conditions.The company’s total sales marginally decreased by 0.7% to $1.152 billion, with comparable store sales falling 3.7%.Diluted earnings per share were $0.37, down from $0.45 in the prior year period.

Floor & Decor: The 3.7% Comparable Sales Drop Tests Housing Demand!

<ul><li>Floor & Decor Holdings, a specialty retailer of hard-surface flooring, reported its financial results for the fourth quarter and full fiscal year 2025.</li><li>The company delivered robust performance amidst challenging market conditions, reflecting both strengths and areas for improvement as it continues to navigate economic complexities.</li><li>For the fiscal fourth quarter, Floor & Decor reported revenues of $1.130 billion, a 2% increase year-over-year despite a notable 4.8% decline in comparable store sales.</li></ul>

Floor & Decor Holdings, a specialty retailer of hard-surface flooring, reported its financial results for the fourth quarter and full fiscal year 2025.The company delivered robust performance amidst challenging market conditions, reflecting both strengths and areas for improvement as it continues to navigate economic complexities.For the fiscal fourth quarter, Floor & Decor reported revenues of $1.130 billion, a 2% increase year-over-year despite a notable 4.8% decline in comparable store sales.

Floor & Decor Faces Housing Slowdown Pressure As 2026 Comps Guide Down To 2%

United States

Floor & Decor Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, retails tile, wood, laminate, and natural stone flooring along with decorative and installation accessories. Floor & Decor Holdings serves customers in the United States.

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Floor & Decor Holdings (FND US)

Floor & Decor Holdings’ Pivotal Product Push — Vetta Elements & NatureMatch Broaden The Mix!

Floor & Decor Holdings reported second-quarter fiscal 2026 results reflecting a somewhat mixed operating environment characterized by a slight...

Baptista Research

Argosy Investors Q2 2026 Commentary

While I am glad to see some sanity return to the market in recent weeks, there is still extremely high enthusiasm for AI and anything AI-related.

Hedge Fund Alpha

Floor & Decor's Cyclical Malaise Vs Structural Moat

One of the ironies of operating in a cyclical end market is that management can sound like genius to somewhat hopeless depending on the stage of...

MBI Deep Dives

Floor & Decor: The 3.7% Comparable Sales Drop Tests Housing Demand!

Floor & Decor Holdings, Inc. reported first quarter fiscal 2026 results marked by a slight decline in sales and earnings amid challenging...

Baptista Research

Floor & Decor Faces Housing Slowdown Pressure As 2026 Comps Guide Down To 2%

Floor & Decor Holdings, a specialty retailer of hard-surface flooring, reported its financial results for the fourth quarter and full fiscal...

Baptista Research

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