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>GitLab has reentered the takeover rumor mill after a noticeable dip in its share price, reigniting chatter across trading floors and financial media alike.</li><li>The latest speculation was stirred by a Betavile “uncooked” alert circulated on October 7, 2025, hinting that the DevSecOps platform may once again be attracting acquisition interest.</li><li>This follows a July 2024 report that GitLab was exploring a potential sale after drawing interest from industry players including cloud monitoring giant Datadog (NASDAQ: DDOG).</li></ul>

GitLab has reentered the takeover rumor mill after a noticeable dip in its share price, reigniting chatter across trading floors and financial media alike.The latest speculation was stirred by a Betavile “uncooked” alert circulated on October 7, 2025, hinting that the DevSecOps platform may once again be attracting acquisition interest.This follows a July 2024 report that GitLab was exploring a potential sale after drawing interest from industry players including cloud monitoring giant Datadog (NASDAQ: DDOG).

GitLab Acquisition Hints Resurface— Alphabet-Backed DevOps Firm Could Be Up For Sale!

<ul><li>GitLab's second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.</li><li>The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.</li><li>Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.</li></ul>

GitLab's second quarter of fiscal year 2026 results highlight both achievements and challenges for the company.The company experienced a significant revenue growth of 29% year-over-year, reaching $236 million, demonstrating strong demand for its AI-native DevSecOps platform.Additionally, GitLab reported an impressive non-GAAP operating margin of 17%, reflecting effective cost management and operational efficiency.

GitLab Doubles Down on AI with OpenAI & Anthropic Partnerships — Here’s Why It Matters!

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.</li>
<li>I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.</li>
<li>I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.</li>
</ul>


Figma Inc. is planning to go public in the second half of July. The amount the company intends to raise is not yet disclosed, but it's likely to exceed $1B.
I like Figma’s high growth, rule of 60 story, cash flow generation and solid balance sheet. They are profitable and still growing 40%+ YoY while doing $800M+ in LTM revenue.
I believe Figma’s premium multiple is justified given its best-in-class metrics, top-tier VC investors and Adobe’s attempt to acquire the design software maker for ~$20B in 2022.


Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

<ul><li>GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.</li><li>The company's non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year's negative margin.</li><li>GitLab's CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.</li></ul>

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%, amounting to $214.5 million.The company's non-GAAP operating margin reached a commendable 12.2%, a significant improvement from the previous year's negative margin.GitLab's CEO, Bill Staples, emphasized the strategic positioning of its AI-native, cloud-agnostic DevSecOps platform, which caters to the entire software development lifecycle and supports a unified data store for contextual AI.

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

<ul><li>GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved profitability metrics.</li><li>The company's revenue increased by 29% year-over-year to $211.4 million, driven by robust momentum in its enterprise offerings, particularly GitLab's Ultimate and Duo products.</li><li>Notably, the company demonstrated significant operating leverage with a non-GAAP operating margin of 17.7%, an increase of more than 960 basis points compared to the same period in the previous year.</li></ul>

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved profitability metrics.The company's revenue increased by 29% year-over-year to $211.4 million, driven by robust momentum in its enterprise offerings, particularly GitLab's Ultimate and Duo products.Notably, the company demonstrated significant operating leverage with a non-GAAP operating margin of 17.7%, an increase of more than 960 basis points compared to the same period in the previous year.

GitLab's MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

United States

GitLab Inc. designs and develops software solutions. The Company offers platform for authentication, authorization, devops score, audit, and value stream management. GitLab serves customers worldwide.

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Gitlab (GTLB US)

GitLab Acquisition Hints Resurface— Alphabet-Backed DevOps Firm Could Be Up For Sale!

GitLab has reentered the takeover rumor mill after a noticeable dip in its share price, reigniting chatter across trading floors and financial...

Baptista Research

GitLab Doubles Down on AI with OpenAI & Anthropic Partnerships — Here’s Why It Matters!

GitLab's second quarter of fiscal year 2026 results highlight both achievements and challenges for the company. The company experienced a...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%,...

Baptista Research

GitLab's MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved...

Baptista Research

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52-week Range

Market Cap (USDm)

P/E

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GitLab Acquisition Hints Resurface— Alphabet-Backed DevOps Firm Could Be Up For Sale!

GitLab has reentered the takeover rumor mill after a noticeable dip in its share price, reigniting chatter across trading floors and financial...

Baptista Research

GitLab Doubles Down on AI with OpenAI & Anthropic Partnerships — Here’s Why It Matters!

GitLab's second quarter of fiscal year 2026 results highlight both achievements and challenges for the company. The company experienced a...

Baptista Research

Figma IPO Valuation Analysis: Premium Multiple Is Deserved, High Growth and Rule of 60 Story

​Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...

Andrei Zakharov

GitLab: How It Is Supercharging DevOps with Game-Changing AI & SaaS Expansion!

GitLab recently reported its financial results for the first quarter of fiscal year 2026, demonstrating a robust revenue increase of 27%,...

Baptista Research

GitLab's MASSIVE Jump In SaaS Revenue – Could It Be The Secret Weapon For Future Growth?

GitLab Inc. delivered a strong performance in the fourth quarter of fiscal year 2025, showcasing impressive top line growth and improved...

Baptista Research

Figma Inc. is expected to IPO in July, likely raising over $1B with strong growth, cash flow generation, and potential premium valuation justified...