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>Fox Factory Holding Corp. reported second quarter fiscal 2026 results with consolidated revenue of $358.1 million, reaching the high end of management’s guidance but reflecting a 4.5% year-over-year decline and a 2.9% sequential decrease.</li><li>The sequential revenue dip was anticipated, attributed primarily to portfolio optimization after the Phoenix operations divestiture, shipment timing effects, and a continued aluminum supply disruption impacting Ford F-150 volumes.</li><li>Despite these headwinds, the company expressed confidence in a revenue growth trajectory returning in the back half of 2026 and into 2027, bolstered by continued investment in research and development and new product introductions.</li></ul>

Fox Factory Holding Corp. reported second quarter fiscal 2026 results with consolidated revenue of $358.1 million, reaching the high end of management’s guidance but reflecting a 4.5% year-over-year decline and a 2.9% sequential decrease.The sequential revenue dip was anticipated, attributed primarily to portfolio optimization after the Phoenix operations divestiture, shipment timing effects, and a continued aluminum supply disruption impacting Ford F-150 volumes.Despite these headwinds, the company expressed confidence in a revenue growth trajectory returning in the back half of 2026 and into 2027, bolstered by continued investment in research and development and new product introductions.

Fox Factory’s $1.47 Billion Growth Push — Can Margins Finally Catch Up?

<ul><li>The Fox Corporation reported strong financial results for fiscal year 2026, marked by record annual revenue exceeding $17 billion and a record EBITDA of $3.9 billion, representing growth of 5% and 8% respectively versus the prior year.</li><li>This performance was notable given the particularly strong comparison base, which included the Super Bowl and the U.S. presidential election in fiscal 2025.</li><li>The fiscal fourth quarter saw a significant acceleration in growth, with total revenue up 28% to $4.2 billion and EBITDA up 27% to $1.2 billion.</li></ul>

The Fox Corporation reported strong financial results for fiscal year 2026, marked by record annual revenue exceeding $17 billion and a record EBITDA of $3.9 billion, representing growth of 5% and 8% respectively versus the prior year.This performance was notable given the particularly strong comparison base, which included the Super Bowl and the U.S. presidential election in fiscal 2025.The fiscal fourth quarter saw a significant acceleration in growth, with total revenue up 28% to $4.2 billion and EBITDA up 27% to $1.2 billion.

Fox Corporation’s $17 Billion Media Engine — Roku Could Change The Growth Story!

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Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Fox has shifted from cautious streaming participation to a much bigger platform bet with its agreement to acquire Roku (NASDAQ:ROKU) in a cash-and-stock transaction valued at roughly $25 billion.</li><li>The proposal gives Roku shareholders about $160 per share, made up of $96 in cash and 0.9693 Fox Class A shares.</li><li>If completed, Fox shareholders would own about 73% of the combined company, while Roku shareholders would own the rest.</li></ul>

Fox has shifted from cautious streaming participation to a much bigger platform bet with its agreement to acquire Roku (NASDAQ:ROKU) in a cash-and-stock transaction valued at roughly $25 billion.The proposal gives Roku shareholders about $160 per share, made up of $96 in cash and 0.9693 Fox Class A shares.If completed, Fox shareholders would own about 73% of the combined company, while Roku shareholders would own the rest.

Fox’s $25 Billion Roku Takeover Could Be About Ads, Not Just Streaming!

<ul><li>Fox Factory Holding Corporation reported fourth quarter fiscal 2025 net sales of $361.1 million, marking a 2.3% increase year-over-year, with full-year sales rising 5.3% to $1.47 billion.</li><li>Despite top-line growth, the company emphasized profitability challenges and outlined a comprehensive two-phase profit optimization plan targeting margin improvement and operational efficiency.</li><li>Phase 1, focused on footprint consolidation and supply chain enhancements, delivered $25 million in savings as planned, though tariff-related costs offset some benefits.</li></ul>

Fox Factory Holding Corporation reported fourth quarter fiscal 2025 net sales of $361.1 million, marking a 2.3% increase year-over-year, with full-year sales rising 5.3% to $1.47 billion.Despite top-line growth, the company emphasized profitability challenges and outlined a comprehensive two-phase profit optimization plan targeting margin improvement and operational efficiency.Phase 1, focused on footprint consolidation and supply chain enhancements, delivered $25 million in savings as planned, though tariff-related costs offset some benefits.

Fox Factory Holding Corporation: A $1.47 Billion Revenue Base Faces Strategic Reset!

United States

Fox Factory Holding Corp is a designer, manufacturer and marketer of high-performance suspension products used primarily on mountain bikes, side-by-side vehicles, or Side-by-Sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, or ATVs, snowmobiles, specialty vehicles and applications, and motorcycles.

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Fox Factory Holding (FOXF US)

Fox Factory’s $1.47 Billion Growth Push — Can Margins Finally Catch Up?

Fox Factory Holding Corp. reported second quarter fiscal 2026 results with consolidated revenue of $358.1 million, reaching the high end of...

Baptista Research

Fox Corporation’s $17 Billion Media Engine — Roku Could Change The Growth Story!

The Fox Corporation reported strong financial results for fiscal year 2026, marked by record annual revenue exceeding $17 billion and a record...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Fox’s $25 Billion Roku Takeover Could Be About Ads, Not Just Streaming!

Fox has shifted from cautious streaming participation to a much bigger platform bet with its agreement to acquire Roku (NASDAQ:ROKU) in a...

Baptista Research

Fox Factory Holding Corporation: A $1.47 Billion Revenue Base Faces Strategic Reset!

Fox Factory Holding Corporation reported fourth quarter fiscal 2025 net sales of $361.1 million, marking a 2.3% increase year-over-year, with...

Baptista Research

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