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>Johnson Controls’ fourth quarter of fiscal year 2025 results highlight a year marked by growth and strategic advancements, coupled with continued efforts towards operational efficiency.</li><li>Sales growth of 6% and a 17% increase in adjusted earnings per share (EPS) indicate strong performance, though challenges and opportunities are balanced.</li><li>A significant highlight is the attainment of a 102% free cash flow conversion, bolstered by rigorous working capital management and operational efficiencies.</li></ul>

Johnson Controls’ fourth quarter of fiscal year 2025 results highlight a year marked by growth and strategic advancements, coupled with continued efforts towards operational efficiency.Sales growth of 6% and a 17% increase in adjusted earnings per share (EPS) indicate strong performance, though challenges and opportunities are balanced.A significant highlight is the attainment of a 102% free cash flow conversion, bolstered by rigorous working capital management and operational efficiencies.

Johnson Controls Just Triggered a Strategic Shake-Up—Here’s the Inside Story!

<ul><li>Johnson Controls International delivered a robust financial performance in Q3 2025, marked by a 6% increase in organic sales and a 20 basis point expansion in segment margins, achieving a 17.6% margin overall.</li><li>The company also saw an 11% year-over-year rise in adjusted EPS to $1.05, exceeding its guidance.</li><li>A notable highlight was the nearly doubled adjusted free cash flow, reaching $1.8 billion, backed by effective cash conversion strategies.</li></ul>

Johnson Controls International delivered a robust financial performance in Q3 2025, marked by a 6% increase in organic sales and a 20 basis point expansion in segment margins, achieving a 17.6% margin overall.The company also saw an 11% year-over-year rise in adjusted EPS to $1.05, exceeding its guidance.A notable highlight was the nearly doubled adjusted free cash flow, reaching $1.8 billion, backed by effective cash conversion strategies.

Johnson Controls’ Lean Playbook: Will The Strategic Portfolio Optimization Work?

<ul><li>Johnson Controls International (JCI) reported its second quarter fiscal 2025 performance, showcasing significant progress in several key financial and operational areas while also outlining potential challenges and strategic directions under new leadership.</li><li>The company's organic sales growth stood at 7%, supported by robust performance across its portfolio and expanded segment margins by 180 basis points to 16.7%.</li><li>This growth was driven by strong orders, which increased by 5%, indicating continued demand for JCI's differentiated solutions, particularly in applied and service sectors.</li></ul>

Johnson Controls International (JCI) reported its second quarter fiscal 2025 performance, showcasing significant progress in several key financial and operational areas while also outlining potential challenges and strategic directions under new leadership.The company's organic sales growth stood at 7%, supported by robust performance across its portfolio and expanded segment margins by 180 basis points to 16.7%.This growth was driven by strong orders, which increased by 5%, indicating continued demand for JCI's differentiated solutions, particularly in applied and service sectors.

Johnson Controls Is Betting Big on Smart Tech & Data Centres—Can Recent Innovations Secure Its Industry Lead?

Next Generation Financial Data Tools, Calcbench

Calcbench

Next Generation Financial Data Tools

Founded in 2011, based in New York and Cambridge, MA, Calcbench is a financial data platform designed for detailed fundamental research. Created by former analysts and supported by a team of financial experts with serious credentials in Finance, Accounting, and Applied Mathematics, Calcbench helps analysts looking to go a level deeper become more productive and accurate in their financial analysis. With Calcbench, analysts can systematically access all the data (numbers and text) in financial statements, including the details hidden within the footnotes.

Forensic Accounting

<ul>
<li>So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls ($JCI) had filed its latest earnings report .</li>
<li>We started reading, and were immediately stopped short by this earnings adjustment, right there in the second bullet point: Fiscal Q4 GAAP EPS of $0.80; Q4 Adjusted EPS of $1.</li>
<li>Hold up — what cybersecurity incident? When did that happen, and what has Johnson Controls said about it so far? </li>
</ul>


So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls ($JCI) had filed its latest earnings report .
We started reading, and were immediately stopped short by this earnings adjustment, right there in the second bullet point: Fiscal Q4 GAAP EPS of $0.80; Q4 Adjusted EPS of $1.
Hold up — what cybersecurity incident? When did that happen, and what has Johnson Controls said about it so far? 


<ul><li>Johnson Controls International has delivered a commendable start to fiscal 2025, marked by robust revenue growth and substantial margin expansion.</li><li>The company has reported an organic revenue increase of 10% and a significant 200 basis point expansion in segment margins, driven primarily by improved performance in its EMEA/LA and Global Products divisions.</li><li>The adjusted earnings per share reached $0.64, a rise close to 40% year-over-year and exceeding the high end of their guidance by $0.04, signaling operational efficiency and effective strategic execution.</li></ul>

Johnson Controls International has delivered a commendable start to fiscal 2025, marked by robust revenue growth and substantial margin expansion.The company has reported an organic revenue increase of 10% and a significant 200 basis point expansion in segment margins, driven primarily by improved performance in its EMEA/LA and Global Products divisions.The adjusted earnings per share reached $0.64, a rise close to 40% year-over-year and exceeding the high end of their guidance by $0.04, signaling operational efficiency and effective strategic execution.

Johnson Controls: What’s The Next Big Move After The $8.1 Billion Sale Of Its Residential HVAC Business?

United States

Johnson Controls, Inc. markets automotive systems and building controls.  The Company supplies seating systems, interior systems, and batteries.  Johnson Controls also provides building control systems and services, energy management, and integrated facility management, as well as provides batteries for automobiles and hybrid electric vehicles.

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Johnson Controls (JCI US)

Johnson Controls Just Triggered a Strategic Shake-Up—Here’s the Inside Story!

Johnson Controls’ fourth quarter of fiscal year 2025 results highlight a year marked by growth and strategic advancements, coupled with continued...

Baptista Research

Johnson Controls’ Lean Playbook: Will The Strategic Portfolio Optimization Work?

Johnson Controls International delivered a robust financial performance in Q3 2025, marked by a 6% increase in organic sales and a 20 basis point...

Baptista Research

Johnson Controls Is Betting Big on Smart Tech & Data Centres—Can Recent Innovations Secure Its Industry Lead?

Johnson Controls International (JCI) reported its second quarter fiscal 2025 performance, showcasing significant progress in several key financial...

Baptista Research

Digging Into Cybersecurity Incidents

So there we were today, scanning the latest corporate filings to the Securities and Exchange Commission , when we noticed that Johnson Controls...

Calcbench

Johnson Controls: What’s The Next Big Move After The $8.1 Billion Sale Of Its Residential HVAC Business?

Johnson Controls International has delivered a commendable start to fiscal 2025, marked by robust revenue growth and substantial margin...

Baptista Research

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