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>Fortive Corporation's third-quarter 2025 earnings mark its first set of results following the spin-off of its Precision Technology segment, now Ralliant.</li><li>The new structure aims to create a more focused company with a strategy centered on driving profitable organic growth, effective capital allocation, and boosting shareholder returns.</li><li>During the quarter, Fortive executed well, achieving core growth of 2%, adjusted EBITDA growth of 10%, and a 15% increase in adjusted EPS year-over-year.</li></ul>

Fortive Corporation's third-quarter 2025 earnings mark its first set of results following the spin-off of its Precision Technology segment, now Ralliant.The new structure aims to create a more focused company with a strategy centered on driving profitable organic growth, effective capital allocation, and boosting shareholder returns.During the quarter, Fortive executed well, achieving core growth of 2%, adjusted EBITDA growth of 10%, and a 15% increase in adjusted EPS year-over-year.

Fortive Corporation's Software Revolution & Expanding Revenue Streams: Can AI Integration Transform Its Business Model?

US-EU Index & Corporate Actions Analyst, ORTEX

Harry Kalfas

US-EU Index & Corporate Actions Analyst

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/fortive-corp" target="_blank" data-smartkarma-citation="entities:26508:1" rel="noopener">Fortive (FTV US)</a> to spin off its Precision Technologies segment, under the name "Ralliant".</li>
<li>Key details on dates, transaction rationale, structure and estimated market capitalisation of the spin-off company.</li>
<li>Significant index implications ahead, across US and Global indexes, on an intra-quarter basis.</li>
</ul>



Fortive (FTV US) to spin off its Precision Technologies segment, under the name "Ralliant".
Key details on dates, transaction rationale, structure and estimated market capitalisation of the spin-off company.
Significant index implications ahead, across US and Global indexes, on an intra-quarter basis.


Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead

<ul><li>Fortive Corporation's second quarter of 2025 marked a pivotal transition with the successful spin-off of its Precision Technologies segment into a separate entity, Ralliant.</li><li>This move has simplified Fortive's structure, allowing it to focus on its core businesses.</li><li>In this final quarter as a consolidated entity, Fortive reported adjusted earnings per share (EPS) of $0.90, at the high end of its guidance, with an 8% growth in trailing twelve-month adjusted free cash flow.</li></ul>

Fortive Corporation's second quarter of 2025 marked a pivotal transition with the successful spin-off of its Precision Technologies segment into a separate entity, Ralliant.This move has simplified Fortive's structure, allowing it to focus on its core businesses.In this final quarter as a consolidated entity, Fortive reported adjusted earnings per share (EPS) of $0.90, at the high end of its guidance, with an 8% growth in trailing twelve-month adjusted free cash flow.

Fortive Corporation: Will Its Strategic Emphasis on Bolt-on Acquisitions Pay Off In The Short & Medium Term?

Founder, CEO, GSBR Research

Garvit Bhandari

Founder, CEO

Leading Provider of Equity and Investment Research

GSBR Research

We are an independent equity research provider focused on covering global markets. The aim of the research is to provide an unbiased view of the fundamentals of the company.

Event-Driven

<ul>
<li>Fortive completed the spin-off of Ralliant on June 28, 2025. The two stocks began trading on the NYSE under the ticker 'FTV ' and 'RAL'. </li>
<li>As part of the transaction, FTV (ex RAL) received $1.15 billion in dividend from Ralliant Corp. RAL assumed debt to pay the cash dividend to FTV.</li>
<li>Of the two, Fortive (ex RAL) seems a better investment opportunity and could attract higher investor interest given its higher margin profile, reducing debt and share buyback program.</li>
</ul>


Fortive completed the spin-off of Ralliant on June 28, 2025. The two stocks began trading on the NYSE under the ticker 'FTV ' and 'RAL'. 
As part of the transaction, FTV (ex RAL) received $1.15 billion in dividend from Ralliant Corp. RAL assumed debt to pay the cash dividend to FTV.
Of the two, Fortive (ex RAL) seems a better investment opportunity and could attract higher investor interest given its higher margin profile, reducing debt and share buyback program.


Fortive or Its Spin-Off Ralliant - Which One Is a Better Buy?

Founder at Stock Spin-off Investing, Stock Spin-Off Investing

Richard Howe

Founder at Stock Spin-off Investing

Stock Spin-Off Investing

Generate attractive returns by taking advantage of inefficiencies in the stock spin-off market.

Stock Spin-offs

<ul>
<li>
Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.
</li>
<li>
Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.
</li>
<li>
Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test &amp; Measurement and Sensors &amp; Safety Systems.
</li>
</ul>



Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025.


Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th. Ralliant will host an investor day on June 10, 2025.


Ralliant (Precision Technologies) will be a $2.2B revenue company (2024) focused on Test &amp; Measurement and Sensors &amp; Safety Systems.



United States

Fortive Corporation operates as a diversified industrial growth company. The Company focuses on professional instrumentation, automation, sensing, and transportation technologies. Fortive serves customers worldwide.

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Fortive (FTV US)

Fortive Corporation's Software Revolution & Expanding Revenue Streams: Can AI Integration Transform Its Business Model?

Fortive Corporation's third-quarter 2025 earnings mark its first set of results following the spin-off of its Precision Technology segment, now...

Baptista Research

Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead

Fortive (FTV) spins off Ralliant (RAL) to sharpen focus; deal triggers major US and global index reshuffling with intra-quarter implications expected.

Harry Kalfas

Fortive Corporation: Will Its Strategic Emphasis on Bolt-on Acquisitions Pay Off In The Short & Medium Term?

Fortive Corporation's second quarter of 2025 marked a pivotal transition with the successful spin-off of its Precision Technologies segment into a...

Baptista Research

Fortive or Its Spin-Off Ralliant - Which One Is a Better Buy?

Fortive completed the spin-off of Ralliant on June 28, 2025. Regular trading began on June 30, 2025. Fortive received a $1.15 billion dividend...

GSBR Research

Weekly Update (MEDXF, IDT, FTV)

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025. Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th.

Richard Howe

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Fortive Corporation's Software Revolution & Expanding Revenue Streams: Can AI Integration Transform Its Business Model?

Fortive Corporation's third-quarter 2025 earnings mark its first set of results following the spin-off of its Precision Technology segment, now...

Baptista Research

Fortive Spins Off Ralliant: Big US and Global Index Implications Ahead

Fortive (FTV) spins off Ralliant (RAL) to sharpen focus; deal triggers major US and global index reshuffling with intra-quarter implications expected.

Harry Kalfas

Fortive Corporation: Will Its Strategic Emphasis on Bolt-on Acquisitions Pay Off In The Short & Medium Term?

Fortive Corporation's second quarter of 2025 marked a pivotal transition with the successful spin-off of its Precision Technologies segment into a...

Baptista Research

Fortive or Its Spin-Off Ralliant - Which One Is a Better Buy?

​Fortive completed the spin-off of Ralliant on June 28, 2025. Regular trading began on June 30, 2025. Fortive received a $1.15 billion dividend...

GSBR Research

Weekly Update (MEDXF, IDT, FTV)

Fortive (FTV) will spin off 100% of Ralliant on June 28, 2025. Ralliant will trade under the ticker RAL. When issued trading will begin on June 25th.

Richard Howe

Fortive completed the spin-off of Ralliant on June 28, 2025. Regular trading began on June 30, 2025. Fortive received a $1.15 billion dividend...