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>HealthEquity reported financial results for fiscal 2026 that demonstrate continued growth and operational progress, though potential challenges and execution risks remain.</li><li>The company delivered 7% year-over-year revenue growth to $1.313 billion and an 89% increase in GAAP net income to $215.2 million, underscoring improving profitability and operational leverage in its Health Savings Account (HSA) platform.</li><li>Adjusted EBITDA rose 20% to $566 million, with the adjusted EBITDA margin expanding to 43%, reflecting enhanced efficiency primarily driven by reduced fraud costs and service automation.</li></ul>

HealthEquity reported financial results for fiscal 2026 that demonstrate continued growth and operational progress, though potential challenges and execution risks remain.The company delivered 7% year-over-year revenue growth to $1.313 billion and an 89% increase in GAAP net income to $215.2 million, underscoring improving profitability and operational leverage in its Health Savings Account (HSA) platform.Adjusted EBITDA rose 20% to $566 million, with the adjusted EBITDA margin expanding to 43%, reflecting enhanced efficiency primarily driven by reduced fraud costs and service automation.

HealthEquity: Can Deeper Employer Integration and Digital Engagement Drive the Next Wave of HSA Adoption?

<ul><li>HealthEquity's recent quarterly results showcase strong performance and strategic positioning within the health savings account (HSA) market.</li><li>During the third quarter of fiscal year 2026, HealthEquity reported a 7% increase in revenue, reflecting robust growth in the sector.</li><li>Net income surged significantly by 806% year-over-year, primarily due to the absence of the previous year's one-time legal settlement, with adjusted EBITDA rising by 20%.</li></ul>

HealthEquity's recent quarterly results showcase strong performance and strategic positioning within the health savings account (HSA) market.During the third quarter of fiscal year 2026, HealthEquity reported a 7% increase in revenue, reflecting robust growth in the sector.Net income surged significantly by 806% year-over-year, primarily due to the absence of the previous year's one-time legal settlement, with adjusted EBITDA rising by 20%.

HealthEquity Is Doubling Down on a High-Impact ‘Save, Spend, Invest’ Strategy!

<ul><li>HealthEquity delivered solid financial performance for the second quarter of its fiscal year 2026, showcasing robust growth across multiple core metrics.</li><li>The company saw revenues increase by 9% compared to the previous year.</li><li>This growth was driven by a 15% rise in custodial revenues and an 8% increase in interchange revenues, despite a more modest 1% increase in service revenue.</li></ul>

HealthEquity delivered solid financial performance for the second quarter of its fiscal year 2026, showcasing robust growth across multiple core metrics.The company saw revenues increase by 9% compared to the previous year.This growth was driven by a 15% rise in custodial revenues and an 8% increase in interchange revenues, despite a more modest 1% increase in service revenue.

HealthEquity’s Growth Blueprint: Is This the Key To Capturing The $100B+ HSA Market in 2025?

<ul><li>HealthEquity, during its first quarter fiscal year 2026 earnings, reported strong year-over-year growth across several key metrics, despite a challenging macroeconomic environment.</li><li>The company saw a 15% increase in revenue, with total accounts rising by 7% and HSA (Health Savings Accounts) assets growing by 15%.</li><li>This growth included a 9% increase in HSAs, which now total 9.9 million, with assets surpassing $31 billion.</li></ul>

HealthEquity, during its first quarter fiscal year 2026 earnings, reported strong year-over-year growth across several key metrics, despite a challenging macroeconomic environment.The company saw a 15% increase in revenue, with total accounts rising by 7% and HSA (Health Savings Accounts) assets growing by 15%.This growth included a 9% increase in HSAs, which now total 9.9 million, with assets surpassing $31 billion.

HealthEquity Eyes Massive HSA Growth—Can New Legislation Unlock a Financial Windfall?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<p>Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.</p>

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside the U.S. are getting hit considerably harder than the U.S. given concerns over European bank exposure and EM contagion. The absence of international equity market strength remains a top concern for near-term performance of U.S. markets.  In today’s report we highlight attractive Groups within the U.S. Consumer Discretionary and Data Processing &amp; Outsourcing Services areas.

United States

HealthEquity, Inc. provides technology-enabled services platforms that allow consumers to make healthcare saving and spending decisions. Consumers can access their tax-advantaged healthcare savings, compare treatment options and pricing, evaluate and pay healthcare bills, receive personalized benefit and clinical information, and earn wellness incentives.

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Healthequity Inc (HQY US)

HealthEquity: Can Deeper Employer Integration and Digital Engagement Drive the Next Wave of HSA Adoption?

HealthEquity reported financial results for fiscal 2026 that demonstrate continued growth and operational progress, though potential challenges...

Baptista Research

HealthEquity Is Doubling Down on a High-Impact ‘Save, Spend, Invest’ Strategy!

HealthEquity's recent quarterly results showcase strong performance and strategic positioning within the health savings account (HSA)...

Baptista Research

HealthEquity’s Growth Blueprint: Is This the Key To Capturing The $100B+ HSA Market in 2025?

HealthEquity delivered solid financial performance for the second quarter of its fiscal year 2026, showcasing robust growth across multiple core...

Baptista Research

HealthEquity Eyes Massive HSA Growth—Can New Legislation Unlock a Financial Windfall?

HealthEquity, during its first quarter fiscal year 2026 earnings, reported strong year-over-year growth across several key metrics, despite a...

Baptista Research

USD Breakout; Foreign Markets Reeling

Turmoil in Turkey and a collapsing lira has led to a breakout in the USD and global equity market weakness. Emerging and developed markets outside...

Vermilion Research

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