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>Garmin Ltd. reported an 11% increase in consolidated revenue to $2.02 billion for the second quarter of 2026, continuing its trend of improved financial results.</li><li>The company saw a 30% rise in operating income to $616 million and a 29% increase in pro forma earnings per share, which reached $2.81.</li><li>These gains were supported by a favorable product mix and a $21 million tariff refund contributing to gross margin expansion.</li></ul>

Garmin Ltd. reported an 11% increase in consolidated revenue to $2.02 billion for the second quarter of 2026, continuing its trend of improved financial results.The company saw a 30% rise in operating income to $616 million and a 29% increase in pro forma earnings per share, which reached $2.81.These gains were supported by a favorable product mix and a $21 million tariff refund contributing to gross margin expansion.

Garmin Hits $2.02 Billion Revenue — Fitness Becomes The Growth Engine!

<ul><li>Garmin has moved to deepen its position in digital fitness by acquiring TrainingPeaks and TrainHeroic, two established platforms serving endurance athletes, strength coaches, trainers, and performance-focused users.</li><li>Announced on July 22, 2026, the transaction would add customizable coaching experiences to Garmin’s expanding fitness ecosystem, although financial terms were not disclosed.</li><li>The deal follows a strong first quarter in which Garmin reported 14% revenue growth to $1.75 billion, led by a 42% increase in Fitness revenue and continued demand for advanced wearables across multiple price tiers.</li></ul>

Garmin has moved to deepen its position in digital fitness by acquiring TrainingPeaks and TrainHeroic, two established platforms serving endurance athletes, strength coaches, trainers, and performance-focused users.Announced on July 22, 2026, the transaction would add customizable coaching experiences to Garmin’s expanding fitness ecosystem, although financial terms were not disclosed.The deal follows a strong first quarter in which Garmin reported 14% revenue growth to $1.75 billion, led by a 42% increase in Fitness revenue and continued demand for advanced wearables across multiple price tiers.

Garmin's 2 Major Acquisitions Signals A Bigger Coaching Ambition!

<ul><li>Garmin Limited reported first quarter 2026 financial results characterized by a 14% year-over-year revenue increase to $1.75 billion, representing a record for the company’s first quarter.</li><li>This growth was supported by strong performances in three of its five segments, led by Fitness, Aviation, and Marine.</li><li>Fitness revenue expanded 42% to $547 million, driven by higher unit volumes and market share gains fueled by advanced wearable products across multiple price tiers.</li></ul>

Garmin Limited reported first quarter 2026 financial results characterized by a 14% year-over-year revenue increase to $1.75 billion, representing a record for the company’s first quarter.This growth was supported by strong performances in three of its five segments, led by Fitness, Aviation, and Marine.Fitness revenue expanded 42% to $547 million, driven by higher unit volumes and market share gains fueled by advanced wearable products across multiple price tiers.

Garmin: The 2027 Component Cost Headwind Is The Margin Pressure The Record Q1 Hides!

<ul><li>Garmin Ltd.'s recent earnings call revealed both encouraging developments and some challenges for the company.</li><li>The company set a new fourth-quarter revenue record at over $2.1 billion, marking an increase of 17% from the prior year and a reiteration of strong demand for its diverse line of products.</li><li>Garmin reported double-digit growth in three of its business segments, contributing to a full-year revenue of $7.25 billion, up 15% year-over-year and establishing a new annual record.</li></ul>

Garmin Ltd.'s recent earnings call revealed both encouraging developments and some challenges for the company.The company set a new fourth-quarter revenue record at over $2.1 billion, marking an increase of 17% from the prior year and a reiteration of strong demand for its diverse line of products.Garmin reported double-digit growth in three of its business segments, contributing to a full-year revenue of $7.25 billion, up 15% year-over-year and establishing a new annual record.

Garmin’s Aviation Flywheel: Smart Cockpits, Military Wins, and the Next Phase of High-Margin Growth!

CEO / Founder, Crea8

Kim-Hwa Lim

CEO / Founder

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Crea8

Crea8 blends AI-driven precision, big data scalability, and rigorous quantitative frameworks with seasoned human insight. By extracting actionable intelligence from vast global datasets, we eliminate emotional bias and deliver optimal risk-adjusted returns. Our hybrid approach uncovers hidden market efficiencies and ensures your capital is dynamically positioned across markets.

Cross Asset Strategy

<ul><li>The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.</li><li>By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.</li><li>Previous portfolio returned 4.1% vs. MSCI World (4.2%) – underperformed the benchmark by -0.1%.</li></ul>

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant.By adopting a portfolio of stocks instead of individual stocks, the strategy is diversified across countries and industries; and optimised with respect to their expected risks and returns.Previous portfolio returned 4.1% vs. MSCI World (4.2%) – underperformed the benchmark by -0.1%.

Global Competitive Barrier (Shariah) Portfolio (18-Aug-2026)

Switzerland

Garmin Ltd. provides navigation, communications, and information devices, most of which are enabled by Global Positioning System (GPS) technology.  The Company designs, develops, manufactures, and markets hand-held, portable, and fixed mount GPS-enabled products and other navigation, communications, and information products under its own brand name.

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Garmin Ltd (GRMN US)

Garmin Hits $2.02 Billion Revenue — Fitness Becomes The Growth Engine!

Garmin Ltd. reported an 11% increase in consolidated revenue to $2.02 billion for the second quarter of 2026, continuing its trend of improved...

Baptista Research

Garmin's 2 Major Acquisitions Signals A Bigger Coaching Ambition!

Garmin has moved to deepen its position in digital fitness by acquiring TrainingPeaks and TrainHeroic, two established platforms serving endurance...

Baptista Research

Garmin: The 2027 Component Cost Headwind Is The Margin Pressure The Record Q1 Hides!

Garmin Limited reported first quarter 2026 financial results characterized by a 14% year-over-year revenue increase to $1.75 billion, representing...

Baptista Research

Garmin’s Aviation Flywheel: Smart Cockpits, Military Wins, and the Next Phase of High-Margin Growth!

Garmin Ltd.'s recent earnings call revealed both encouraging developments and some challenges for the company. The company set a new...

Baptista Research

Global Competitive Barrier (Shariah) Portfolio (18-Aug-2026)

The strategy seeks to invest in global companies with sustainable competitive advantages and are Shariah compliant. By adopting a portfolio of...

Crea8

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