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>GMS Inc.'s latest earnings for the fourth quarter of fiscal year 2025 reflects a mixed performance amidst a challenging macroeconomic environment.</li><li>On the positive side, the company reported net sales of $1.3 billion for the quarter, which aligns with the high end of their expectations provided earlier in the year.</li><li>The sales were bolstered by recent acquisitions, including Kamco, Yvon Building Supply, R.S. Elliott, and Howard & Sons Building Materials, which contributed positively to their revenue.</li></ul>

GMS Inc.'s latest earnings for the fourth quarter of fiscal year 2025 reflects a mixed performance amidst a challenging macroeconomic environment.On the positive side, the company reported net sales of $1.3 billion for the quarter, which aligns with the high end of their expectations provided earlier in the year.The sales were bolstered by recent acquisitions, including Kamco, Yvon Building Supply, R.S. Elliott, and Howard & Sons Building Materials, which contributed positively to their revenue.

GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!

<ul><li>In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle.</li><li>First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion.</li><li>Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price.</li></ul>

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing, has emerged as the center of a high-stakes takeover battle.First, QXO Inc., led by serial acquirer Brad Jacobs, made an unsolicited all-cash bid of $95.20 per share, valuing GMS at $5 billion.Just days later, reports surfaced that Home Depot, the $345 billion retail giant, also submitted its own private bid, though without disclosing a price.

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

<ul><li>GMS Inc. demonstrated mixed performance in its fiscal third quarter of 2025 amidst challenging macroeconomic conditions.</li><li>The company faced significant headwinds, which included deteriorating demand conditions, weather related disruptions, and tight lending environments, leading to project delays across its end markets.</li><li>As a result, GMS reported net sales of $1.3 billion, roughly flat year-over-year, which consisted of a 6.7% organic sales decline despite the contributions from recent acquisitions.</li></ul>

GMS Inc. demonstrated mixed performance in its fiscal third quarter of 2025 amidst challenging macroeconomic conditions.The company faced significant headwinds, which included deteriorating demand conditions, weather related disruptions, and tight lending environments, leading to project delays across its end markets.As a result, GMS reported net sales of $1.3 billion, roughly flat year-over-year, which consisted of a 6.7% organic sales decline despite the contributions from recent acquisitions.

GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

<ul><li>GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal 2025.</li><li>The company reported a modest 3.5% increase in net sales, amounting to $1.47 billion, which can be chiefly attributed to recent acquisitions, including the new addition of R.S. Elliott in Florida.</li><li>This reflects a strategic expansion into Complementary Products, including Tools & Fasteners, EIFS, and insulation, which have shown steady growth.</li></ul>

GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal 2025.The company reported a modest 3.5% increase in net sales, amounting to $1.47 billion, which can be chiefly attributed to recent acquisitions, including the new addition of R.S. Elliott in Florida.This reflects a strategic expansion into Complementary Products, including Tools & Fasteners, EIFS, and insulation, which have shown steady growth.

GMS Inc.’s Winning Play: The Secret to Margin Expansion in Competitive Construction Markets! - Major Drivers

Director, Head of Research, Smartkarma

Pranav Rao

Director, Head of Research

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Index Rebalance

VanEck Gold Miners ETF/USA / Index Rebalance

<ul>
<li>Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma</li>
<li>In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan</li>
<li>Want to dig deeper? Comment or message on the themes you think should be highlighted next</li>
</ul>


Welcome to Curator’s Cut, a fortnightly roundup of standout themes from the 1,000+ insights published over the past two weeks on Smartkarma
In this cut, we spotlight building materials corporate actions, gold miners’ benchmark shifts, and semaglutide’s prospects in India and Japan
Want to dig deeper? Comment or message on the themes you think should be highlighted next


Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

United States

GMS Inc. distributes building products. The Company offers wallboard, suspended ceilings systems, steel framing, and complementary interior construction products. GMS serves wallboard and ceilings contractors and homebuilders throughout the United States.

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GMS Inc (GMS US)

GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!

GMS Inc.'s latest earnings for the fourth quarter of fiscal year 2025 reflects a mixed performance amidst a challenging macroeconomic...

Baptista Research

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing,...

Baptista Research

GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

GMS Inc. demonstrated mixed performance in its fiscal third quarter of 2025 amidst challenging macroeconomic conditions. The company faced...

Baptista Research

GMS Inc.’s Winning Play: The Secret to Margin Expansion in Competitive Construction Markets! - Major Drivers

GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal...

Baptista Research

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

GMS: Strategic Expansion in Complementary Product Offerings to Drive Incremental Revenue Growth Over The Coming Years!

GMS Inc.'s latest earnings for the fourth quarter of fiscal year 2025 reflects a mixed performance amidst a challenging macroeconomic...

Baptista Research

GMS Just Became the $5 Billion Battleground Between Home Depot and QXO — Here’s Why!

In a dramatic turn of events in June 2025, GMS Inc., a major distributor of construction materials like wallboard, ceilings, and steel framing,...

Baptista Research

GMS Inc.: How Are They Dealing With Challenge of Declining Wallboard Volumes?

GMS Inc. demonstrated mixed performance in its fiscal third quarter of 2025 amidst challenging macroeconomic conditions. The company faced...

Baptista Research

GMS Inc.’s Winning Play: The Secret to Margin Expansion in Competitive Construction Markets! - Major Drivers

GMS Inc.'s recent earnings results provide a snapshot of both challenges and opportunities faced by the company in its second quarter of fiscal...

Baptista Research

Curator's Cut: Building Materials Moves, Benchmarking Gold Miners & Semaglutide in India and Japan

​This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...

Pranav Rao

This Curator's Cut profiles moves in building materials companies, gold miners' changing benchmark and semaglutide's prospects in India and Japan...