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

L3Harris Technologies  / Equity Bottom-Up

<ul>
<li>L3Harris Technologies reported a first quarter 2026 marked by strong organic revenue growth of 15%, reaching $5.7 billion, supported by continued momentum across its Space &amp; Mission Systems (SMS), Communications &amp; Spectrum Dominance (CSD), and Missile Solutions segments.</li>
<li>The company’s backlog nearly doubled to over $40 billion, excluding an additional $25 billion related to the Munitions Acceleration Council (MAC) programs currently under negotiation.</li>
<li>Segment operating income grew by $125 million to $902 million, yielding a 15.7% margin, slightly improved year-over-year, driven by volume growth, improved program execution, and legacy asset monetization.</li>
</ul>


L3Harris Technologies reported a first quarter 2026 marked by strong organic revenue growth of 15%, reaching $5.7 billion, supported by continued momentum across its Space &amp; Mission Systems (SMS), Communications &amp; Spectrum Dominance (CSD), and Missile Solutions segments.
The company’s backlog nearly doubled to over $40 billion, excluding an additional $25 billion related to the Munitions Acceleration Council (MAC) programs currently under negotiation.
Segment operating income grew by $125 million to $902 million, yielding a 15.7% margin, slightly improved year-over-year, driven by volume growth, improved program execution, and legacy asset monetization.


LHX US: How NATO Demand and U.S. Modernization Are Powering Its Communications Growth!

<ul>
<li>L3Harris Technologies reported a strong set of financial results for 2025, marked by notable organic growth and strategic realignments to position the company for future defense market opportunities.</li>
<li>The company closed the year with significant revenue figures, $21.9 billion, up by 5% on an organic basis.</li>
<li>It demonstrated robust performance across its segments, with the Communication Systems (CS) and Integrated Mission Systems (IMS) segments leading the way.</li>
</ul>


L3Harris Technologies reported a strong set of financial results for 2025, marked by notable organic growth and strategic realignments to position the company for future defense market opportunities.
The company closed the year with significant revenue figures, $21.9 billion, up by 5% on an organic basis.
It demonstrated robust performance across its segments, with the Communication Systems (CS) and Integrated Mission Systems (IMS) segments leading the way.


L3Harris Technologies and the Golden Dome Vision: Is Space-Based Defense a Game-Changer?

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Richard Howe

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<ul><li>On January 13, 2026, L3Harris (LHX) announced that it is planning to spin off its Missile Solutions business (the unit that makes solid rocket motors and other missile propulsion systems) into a stand-alone, publicly traded company in the second half of 2026.</li><li>This will be done through an initial public offering (IPO).</li><li>The most interesting aspect of this news is that the U.S. Department of Defense (DoD) will invest $1BN in convertible equity which will become common equity once the division goes public.</li></ul>

On January 13, 2026, L3Harris (LHX) announced that it is planning to spin off its Missile Solutions business (the unit that makes solid rocket motors and other missile propulsion systems) into a stand-alone, publicly traded company in the second half of 2026.This will be done through an initial public offering (IPO).The most interesting aspect of this news is that the U.S. Department of Defense (DoD) will invest $1BN in convertible equity which will become common equity once the division goes public.

<ul>
<li>L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.</li>
<li>The company reported revenue of $5.7 billion, reflecting strong organic growth of 10% across its four segments, marking its position as a formidable player in the defense sector.</li>
<li>This growth was attributed largely to increased volume on existing programs, new program ramps, and heightened international demand, with the company noting a book-to-bill ratio of 1.2, indicating a healthy pipeline.</li>
</ul>


L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.
The company reported revenue of $5.7 billion, reflecting strong organic growth of 10% across its four segments, marking its position as a formidable player in the defense sector.
This growth was attributed largely to increased volume on existing programs, new program ramps, and heightened international demand, with the company noting a book-to-bill ratio of 1.2, indicating a healthy pipeline.


L3Harris Technologies: An Insight Into Its Aerojet Rocketdyne's Growth Trajectory...

<ul>
<li>L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving global defense dynamics.</li>
<li>The company's earnings call revealed key updates in financial performance, strategic alignment, and future opportunities that investors might consider when evaluating L3Harris as an investment.</li>
<li>The financial performance in the second quarter was robust, with revenue increasing to $5.4 billion, reflecting an organic growth rate of 6%.</li>
</ul>


L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving global defense dynamics.
The company's earnings call revealed key updates in financial performance, strategic alignment, and future opportunities that investors might consider when evaluating L3Harris as an investment.
The financial performance in the second quarter was robust, with revenue increasing to $5.4 billion, reflecting an organic growth rate of 6%.


L3Harris Technologies: Latest Advancements in Tactical Communications & Other Major Growth Levers!

United States

L3Harris Technologies, Inc. is an aerospace and defense technology innovator. The Company designs, develops, and manufactures radio communications products and systems, including single channel ground and airborne radio systems. L3Harris Technologies provides advanced defense and commercial technologies across air, land, sea, space, and cyber domains.

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L3Harris Technologies (LHX US)

LHX US: How NATO Demand and U.S. Modernization Are Powering Its Communications Growth!

L3Harris Technologies reported a first quarter 2026 marked by strong organic revenue growth of 15%, reaching $5.7 billion, supported by continued...

Baptista Research

L3Harris Technologies and the Golden Dome Vision: Is Space-Based Defense a Game-Changer?

L3Harris Technologies reported a strong set of financial results for 2025, marked by notable organic growth and strategic realignments to position...

Baptista Research

Weekly Update (VSNT, LHX, FDX)

On January 13, 2026, L3Harris (LHX) announced that it is planning to spin off its Missile Solutions business (the unit that makes solid rocket...

Richard Howe

L3Harris Technologies: An Insight Into Its Aerojet Rocketdyne's Growth Trajectory...

L3Harris Technologies reported positive financial results in its third quarter of 2025, highlighting both significant opportunities and challenges.

Baptista Research

L3Harris Technologies: Latest Advancements in Tactical Communications & Other Major Growth Levers!

L3Harris Technologies' second-quarter results for 2025 underscore a strong execution in a complex business environment characterized by evolving...

Baptista Research

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