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>HEICO Corporation reported record consolidated net income, operating income, and net sales for the third quarter of fiscal 2026, reflecting increases of 33%, 34%, and 23%, respectively, compared to the same period in fiscal 2025.</li><li>Net income reached $235.4 million or $1.67 per diluted share, up from $177.3 million or $1.26 per diluted share, with operating income of $355.2 million on net sales of $1.41 billion.</li><li>The company generated $345 million in cash from operations during the quarter, representing nearly 150% of net income and a 49% increase year-over-year.</li></ul>

HEICO Corporation reported record consolidated net income, operating income, and net sales for the third quarter of fiscal 2026, reflecting increases of 33%, 34%, and 23%, respectively, compared to the same period in fiscal 2025.Net income reached $235.4 million or $1.67 per diluted share, up from $177.3 million or $1.26 per diluted share, with operating income of $355.2 million on net sales of $1.41 billion.The company generated $345 million in cash from operations during the quarter, representing nearly 150% of net income and a 49% increase year-over-year.

HEICO’s $3 Billion Firepower — Is Another Acquisition Wave Coming?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>We expect two ADDs and two DELs at the September 2026 rebalance, with some larger names likely skipped over on volatility grounds.</li>
<li>No intra-review changes are expected before the rebal as the pending deals have been pushed out by regulatory challenges.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
We expect two ADDs and two DELs at the September 2026 rebalance, with some larger names likely skipped over on volatility grounds.
No intra-review changes are expected before the rebal as the pending deals have been pushed out by regulatory challenges.


Quiddity Leaderboard SP500/600 Sep26 Rebal: 2 ADDs/DELs & No Intra-Review Changes Before the Rebal

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
  <li>HEICO is a high-growth, high-margin niche leader in the aerospace and defense aftermarket, operating a decentralized model focused on FAA-approved replacement parts and specialized electronic components.</li>
  <li>The company's primary strength lies in its significant competitive moat, built on regulatory hurdles (FAA approvals), specialized engineering expertise, and a cost-effective value proposition for airlines, allowing it to sustain superior profitability.</li>
  <li>Future growth is expected to be driven by a combination of strong organic demand from increasing global flight hours and defense spending, supplemented by a disciplined, long-standing strategy of acquiring niche, high-margin businesses.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  HEICO is a high-growth, high-margin niche leader in the aerospace and defense aftermarket, operating a decentralized model focused on FAA-approved replacement parts and specialized electronic components.
  The company's primary strength lies in its significant competitive moat, built on regulatory hurdles (FAA approvals), specialized engineering expertise, and a cost-effective value proposition for airlines, allowing it to sustain superior profitability.
  Future growth is expected to be driven by a combination of strong organic demand from increasing global flight hours and defense spending, supplemented by a disciplined, long-standing strategy of acquiring niche, high-margin businesses.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.</li>
<li>SpaceX's CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
We expect 2 changes during the September 2026 index rebal event, with three possible intra-review changes before the regular rebalance announcement.
SpaceX's CI/TMI addition on 18 June 2026 does not affect SP 500 eligibility, which we see no earlier than September 2027.


Quiddity Leaderboard SP500/600 Sep26 Rebal: Two M&A Deals in Play; One Spin-Off ADD Imminent

<ul><li>HEICO Corporation reported record financial results for the second quarter of fiscal 2026, marked by significant growth across its two main segments: the Flight Support Group (FSG) and the Electronic Technologies Group (ETG).</li><li>Consolidated net income rose 49% to $233.8 million, while net sales increased 25% to a record level compared to the same quarter last year.</li><li>Operating income increased 41%, and EBITDA rose 37% to $408.3 million.</li></ul>

HEICO Corporation reported record financial results for the second quarter of fiscal 2026, marked by significant growth across its two main segments: the Flight Support Group (FSG) and the Electronic Technologies Group (ETG).Consolidated net income rose 49% to $233.8 million, while net sales increased 25% to a record level compared to the same quarter last year.Operating income increased 41%, and EBITDA rose 37% to $408.3 million.

HEICO’s Record Quarter: Can Aerospace And Defense Momentum Keep Scaling?

United States

HEICO Corporation designs, manufactures, and sells aerospace products and services through its subsidiaries. The Company's customers include airlines and airmotive, as well as defense contractors and military agencies worldwide, including the United States Air Force, the United States Navy, and the National Aeronautics & Space Administration (NASA).

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HEICO Corp (HEI US)

HEICO’s $3 Billion Firepower — Is Another Acquisition Wave Coming?

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Primer: HEICO Corp (HEI US) - Aug 2026

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HEICO’s Record Quarter: Can Aerospace And Defense Momentum Keep Scaling?

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Baptista Research

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