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>Flowserve Corporation reported second quarter 2026 results characterized by solid bookings growth and ongoing operational progress, though sales faced headwinds from the Middle East conflict and portfolio optimization efforts.</li><li>Bookings increased by 26% year-over-year to $1.35 billion, highlighted by record aftermarket orders nearing $700 million, which reflects the company’s sustained focus on expanding service offerings and faster customer response.</li><li>Original equipment bookings also rose significantly by 44%, buoyed by a healthy project pipeline including LNG projects in the Middle East and Canada, as well as nuclear awards in Asia and North America.</li></ul>

Flowserve Corporation reported second quarter 2026 results characterized by solid bookings growth and ongoing operational progress, though sales faced headwinds from the Middle East conflict and portfolio optimization efforts.Bookings increased by 26% year-over-year to $1.35 billion, highlighted by record aftermarket orders nearing $700 million, which reflects the company’s sustained focus on expanding service offerings and faster customer response.Original equipment bookings also rose significantly by 44%, buoyed by a healthy project pipeline including LNG projects in the Middle East and Canada, as well as nuclear awards in Asia and North America.

Flowserve Corporation's $1.35 Billion Bookings Surge: Is Backlog Growth Just Beginning?

<ul><li>Flowserve Corporation's fourth quarter and full year 2025 earnings results and subsequent discussions highlight a mix of strategic achievements and ongoing challenges.</li><li>The company's financial and operational performance reflects substantial progress in executing its growth strategy, particularly through the Flowserve Business System, which emphasizes operational excellence, portfolio simplification, and commercial effectiveness.</li><li>A key highlight of the earnings report is the achievement of significant financial milestones two years ahead of plan.</li></ul>

Flowserve Corporation's fourth quarter and full year 2025 earnings results and subsequent discussions highlight a mix of strategic achievements and ongoing challenges.The company's financial and operational performance reflects substantial progress in executing its growth strategy, particularly through the Flowserve Business System, which emphasizes operational excellence, portfolio simplification, and commercial effectiveness.A key highlight of the earnings report is the achievement of significant financial milestones two years ahead of plan.

Flowserve Corporation: How Nuclear Power Positioning Could Become a Breakout Catalyst!

<ul><li>Flowserve has entered 2025 with renewed operational momentum, expanding margins, rising free cash flow, and a clearer strategic focus shaped by the Flowserve Business System and its 80/20 simplification framework.</li><li>Recent quarters have highlighted accelerating aftermarket growth, record nuclear bookings, and a balance sheet that now offers greater flexibility following disciplined capital allocation and the divestiture of legacy asbestos liabilities.</li><li>Against this backdrop, investor attention has increasingly turned toward how Flowserve could further deepen its exposure to high-barrier, specification-driven markets such as nuclear, power, and severe-service industrial applications.</li></ul>

Flowserve has entered 2025 with renewed operational momentum, expanding margins, rising free cash flow, and a clearer strategic focus shaped by the Flowserve Business System and its 80/20 simplification framework.Recent quarters have highlighted accelerating aftermarket growth, record nuclear bookings, and a balance sheet that now offers greater flexibility following disciplined capital allocation and the divestiture of legacy asbestos liabilities.Against this backdrop, investor attention has increasingly turned toward how Flowserve could further deepen its exposure to high-barrier, specification-driven markets such as nuclear, power, and severe-service industrial applications.

Flowserve's Trillium Angle: Margin Expansion, Nuclear Exposure, And Execution Risk!

<ul><li>Flowserve Corporation's latest quarterly financial results and accompanying management commentary offer insights into the company's current positioning and future prospects.</li><li>The company reported a quarter characterized by strong performance indicators across several fronts, including a bookings surge, significant margin expansion, and improved earnings per share.</li><li>These results are underpinning a more optimistic full-year guidance revision.</li></ul>

Flowserve Corporation's latest quarterly financial results and accompanying management commentary offer insights into the company's current positioning and future prospects.The company reported a quarter characterized by strong performance indicators across several fronts, including a bookings surge, significant margin expansion, and improved earnings per share.These results are underpinning a more optimistic full-year guidance revision.

Flowserve Corporation: Can It Sustain The Aftermarket Momentum?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/reliance-worldwide-corp-ltd" target="_blank" data-smartkarma-citation="entities:22690:1" rel="noopener">Reliance Worldwide Corp (RWC AU)</a> has disclosed a binding proposal from Brookfield at US$3.38 (A$4.75), a 31.5% premium to the undisturbed price.</li>
<li>The required regulatory approvals are low-risk. AusSuper, with a potentially blocking stake, has yet to disclose its voting intentions. This is the primary source of uncertainty for the scheme. </li>
<li>RWC's Go-Shop was built with the Origin precedent in mind. While not neutralising the risk, it makes it harder for AusSuper to argue that the board didn't test the market.  </li>
</ul>



Reliance Worldwide Corp (RWC AU) has disclosed a binding proposal from Brookfield at US$3.38 (A$4.75), a 31.5% premium to the undisturbed price.
The required regulatory approvals are low-risk. AusSuper, with a potentially blocking stake, has yet to disclose its voting intentions. This is the primary source of uncertainty for the scheme. 
RWC's Go-Shop was built with the Origin precedent in mind. While not neutralising the risk, it makes it harder for AusSuper to argue that the board didn't test the market.  


Reliance Worldwide (RWC AU): Brookfield’s Binding Offer with a Go-Shop Period to Placate AusSuper

United States

Flowserve Corporation designs, manufactures, distributes, and services industrial flow management equipment throughout the world. The Company provides pumps, valves, and mechanical seals primarily for the refinery and pipeline segments of the petroleum, chemical processing, power generation, and water treatment industries.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Flowserve Corp (FLS US)

Flowserve Corporation's $1.35 Billion Bookings Surge: Is Backlog Growth Just Beginning?

Flowserve Corporation reported second quarter 2026 results characterized by solid bookings growth and ongoing operational progress, though sales...

Baptista Research

Flowserve Corporation: How Nuclear Power Positioning Could Become a Breakout Catalyst!

Flowserve Corporation's fourth quarter and full year 2025 earnings results and subsequent discussions highlight a mix of strategic achievements...

Baptista Research

Flowserve's Trillium Angle: Margin Expansion, Nuclear Exposure, And Execution Risk!

Flowserve has entered 2025 with renewed operational momentum, expanding margins, rising free cash flow, and a clearer strategic focus shaped by...

Baptista Research

Flowserve Corporation: Can It Sustain The Aftermarket Momentum?

Flowserve Corporation's latest quarterly financial results and accompanying management commentary offer insights into the company's current...

Baptista Research

Reliance Worldwide (RWC AU): Brookfield’s Binding Offer with a Go-Shop Period to Placate AusSuper

RWC's Go-Shop was built with the Origin precedent in mind. While not neutralising the risk, it makes it harder for AusSuper to argue that the board...

Arun George

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)