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>Howmet Aerospace delivered a strong operational and financial performance in the first quarter of 2026, with revenues reaching $2.31 billion, a 19% increase year-over-year, and adjusted EBITDA of $740 million, reflecting a 32% EBITDA margin—a 320 basis point improvement compared to the prior year.</li><li>Earnings per share increased 42% to $1.22, and free cash flow was robust at $359 million.</li><li>The company’s balance sheet remains solid, with $2.4 billion in cash, bolstered by recent acquisitions funded through a combination of cash, divestitures, and debt issuance.</li></ul>

Howmet Aerospace delivered a strong operational and financial performance in the first quarter of 2026, with revenues reaching $2.31 billion, a 19% increase year-over-year, and adjusted EBITDA of $740 million, reflecting a 32% EBITDA margin—a 320 basis point improvement compared to the prior year.Earnings per share increased 42% to $1.22, and free cash flow was robust at $359 million.The company’s balance sheet remains solid, with $2.4 billion in cash, bolstered by recent acquisitions funded through a combination of cash, divestitures, and debt issuance.

Howmet Aerospace’s $740 Million EBITDA Quarter: Can Spares Growth Keep Scaling?

<ul><li>Howmet Aerospace recently reported its fourth-quarter and full-year 2025 financial results, showcasing significant growth and expansion across several key segments.</li><li>The company's financial performance indicates robust operational dynamics and strategic investments aimed at long-term growth, with notable achievements and challenges identified in their report.</li><li>For the fourth quarter, Howmet Aerospace reported a strong revenue increase of 15% year-over-year to $2.17 billion, leading to an overall full-year revenue growth of 11%.</li></ul>

Howmet Aerospace recently reported its fourth-quarter and full-year 2025 financial results, showcasing significant growth and expansion across several key segments.The company's financial performance indicates robust operational dynamics and strategic investments aimed at long-term growth, with notable achievements and challenges identified in their report.For the fourth quarter, Howmet Aerospace reported a strong revenue increase of 15% year-over-year to $2.17 billion, leading to an overall full-year revenue growth of 11%.

Howmet Aerospace’s Defense Strategy—Balancing Flagship Programs With Emerging Military Markets!

<ul><li>On December 22, 2025, Howmet Aerospace announced plans to acquire Consolidated Aerospace Manufacturing (CAM) from Stanley Black & Decker in a cash deal valued at $1.8 billion.</li><li>The announcement added fuel to what has already been a breakout year for Howmet, which posted record Q3 earnings, a healthy $423 million in free cash flow, and bumped its full-year EPS guidance.</li><li>If closed, the acquisition is expected to boost FY 2026 revenue by nearly $500 million and bring EBITDA margins over 20% pre-synergies.</li></ul>

On December 22, 2025, Howmet Aerospace announced plans to acquire Consolidated Aerospace Manufacturing (CAM) from Stanley Black & Decker in a cash deal valued at $1.8 billion.The announcement added fuel to what has already been a breakout year for Howmet, which posted record Q3 earnings, a healthy $423 million in free cash flow, and bumped its full-year EPS guidance.If closed, the acquisition is expected to boost FY 2026 revenue by nearly $500 million and bring EBITDA margins over 20% pre-synergies.

Howmet’s $1.8 Billion CAM Acquisition: What It Means for Margins, Markets & More!

<ul><li>Howmet Aerospace reported a robust performance in the third quarter of 2025, driven by substantial growth in its core markets.</li><li>The company's revenue increased by 14% year-over-year, with notable contributions from Commercial Aerospace up 15% and Defense Aerospace which grew by 24%.</li><li>The commercial aerospace segment benefitted from a strong demand for engine spares and a significant backlog for fuel-efficient aircraft, while defense growth was propelled by increasing engine spares and new aircraft builds like the F-35.</li></ul>

Howmet Aerospace reported a robust performance in the third quarter of 2025, driven by substantial growth in its core markets.The company's revenue increased by 14% year-over-year, with notable contributions from Commercial Aerospace up 15% and Defense Aerospace which grew by 24%.The commercial aerospace segment benefitted from a strong demand for engine spares and a significant backlog for fuel-efficient aircraft, while defense growth was propelled by increasing engine spares and new aircraft builds like the F-35.

Howmet Aerospace: A Tale Of IGT Expansion & Digital Transformation With A Focus On Automation & AI!

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

<ul>
<li>After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...</li>
<li>...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.</li>
<li>Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.</li>
</ul>


After downgrading our outlook to neutral in our 3/3/26 Compass, we further downgraded our outlook to bearish last week (3/31/26 Compass)...
...with the S&amp;P 500 (SPX) violating major support at 6480-6520, Nasdaq futures (NQ) violating 24,000 support, and the Russell 2000 (IWM) breaking down below crucial $245 support.
Quick reclaims are technically bullish, but we discussed last week how we'd be sellers on rallies to 6480-6520 and the 200-day MA on SPX(currently 6648), and that remains our playbook.


Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

United States

Howmet Aerospace Inc. provides engineered metal products. The Company offers engines, fasteners, and structures, as well as forged wheels. Howmet Aerospace serves the aerospace and commercial transportation industries.

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Howmet Aerospace (HWM US)

Howmet Aerospace’s $740 Million EBITDA Quarter: Can Spares Growth Keep Scaling?

Howmet Aerospace delivered a strong operational and financial performance in the first quarter of 2026, with revenues reaching $2.31 billion, a...

Baptista Research

Howmet Aerospace’s Defense Strategy—Balancing Flagship Programs With Emerging Military Markets!

Howmet Aerospace recently reported its fourth-quarter and full-year 2025 financial results, showcasing significant growth and expansion across...

Baptista Research

Howmet’s $1.8 Billion CAM Acquisition: What It Means for Margins, Markets & More!

On December 22, 2025, Howmet Aerospace announced plans to acquire Consolidated Aerospace Manufacturing (CAM) from Stanley Black & Decker in a...

Baptista Research

Howmet Aerospace: A Tale Of IGT Expansion & Digital Transformation With A Focus On Automation & AI!

Howmet Aerospace reported a robust performance in the third quarter of 2025, driven by substantial growth in its core markets. The company's...

Baptista Research

Concerns Persist; SPX Testing Resistance at 21-Day EMA and Near 200-Day MA; Bearish Outlook Intact

Concerns Persist; $SPX Testing Resistance at 21-day EMA and Near 200-day MA; Bearish Outlook Intact. Actionable ideas within Staples $XLP and...

Vermilion Research

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