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>Landstar System Inc. has reported its financial results for the third quarter of 2025 amidst a challenging economic environment, characterized by a soft truckload freight market and continued uncertainty around federal trade policy and inflation.</li><li>The company's revenue decreased by approximately 1% compared to the same period a year ago.</li><li>However, when removing specific anomalies, such as revenue from Landstar Metro and agent fraud, a 1% increase is observed.</li></ul>

Landstar System Inc. has reported its financial results for the third quarter of 2025 amidst a challenging economic environment, characterized by a soft truckload freight market and continued uncertainty around federal trade policy and inflation.The company's revenue decreased by approximately 1% compared to the same period a year ago.However, when removing specific anomalies, such as revenue from Landstar Metro and agent fraud, a 1% increase is observed.

Landstar System: Is The Structural Growth in Truck Brokerage & Multimodal Freight Solutions Here To Stay?

<ul><li>Landstar System, Inc. delivered a mixed set of results for the second quarter of 2025, characterized by some positive developments despite ongoing challenges in the freight environment.</li><li>Overall revenue was down 1% year-over-year, but truck revenue showed an encouraging increase for the first time since the third quarter of 2022, aided by the strong performance of its heavy haul service.</li><li>Landstar generated $138 million in heavy haul revenue, marking a 9% increase over the same period last year, attributed to higher revenue per load and increased volume.</li></ul>

Landstar System, Inc. delivered a mixed set of results for the second quarter of 2025, characterized by some positive developments despite ongoing challenges in the freight environment.Overall revenue was down 1% year-over-year, but truck revenue showed an encouraging increase for the first time since the third quarter of 2022, aided by the strong performance of its heavy haul service.Landstar generated $138 million in heavy haul revenue, marking a 9% increase over the same period last year, attributed to higher revenue per load and increased volume.

Landstar System: Progress in Heavy Haul & Specialized Transportation As A Pivotal Growth Lever!

<ul><li>Landstar Systems, Inc. reported its first quarter financial results for 2025, providing a mixed outlook with both challenges and areas of strength.</li><li>The quarter was impacted by external and internal factors that influenced performance across different metrics.</li><li>On the positive side, Landstar demonstrated resilience in load volumes, managing to exceed the high end of guidance with truck loads surpassing usual seasonal declines.</li></ul>

Landstar Systems, Inc. reported its first quarter financial results for 2025, providing a mixed outlook with both challenges and areas of strength.The quarter was impacted by external and internal factors that influenced performance across different metrics.On the positive side, Landstar demonstrated resilience in load volumes, managing to exceed the high end of guidance with truck loads surpassing usual seasonal declines.

Landstar System: An Insight Into Its Low-Capital-Intensity Model with Strong Returns and Resilience Across Freight Cycles!

<ul><li>Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.</li><li>Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.</li><li>The company's performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.</li></ul>

Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments amid soft freight demand and abundant truck capacity.Revenue in the fourth quarter of 2024 indicated resilience, with figures slightly above the midpoint of guidance, even as earnings per share fell modestly below guidance due to margin pressures and increased costs.The company's performance in 2024 was marked by a significant record in the heavy haul division, where revenue rose to approximately $498 million, spurred by a 9% increase in revenue per load and a 3% uptick in volume.

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

<ul><li>Landstar System Inc., a prominent player in the transportation and logistics sector, presented its third-quarter financials for the year 2024, reflecting both challenges and resilience in a tough economic climate.</li><li>The company operates under a unique model, utilizing independent agents and owner-operator truck drivers, which it refers to as BCOs (Business Capacity Owners).</li><li>Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.</li></ul>

Landstar System Inc., a prominent player in the transportation and logistics sector, presented its third-quarter financials for the year 2024, reflecting both challenges and resilience in a tough economic climate.The company operates under a unique model, utilizing independent agents and owner-operator truck drivers, which it refers to as BCOs (Business Capacity Owners).Baptista Research looks to evaluate the different factors that could influence the company's price in the near future and attempts to carry out an independent valuation of the company using a Discounted Cash Flow (DCF) methodology.

Landstar System Inc.: This Is How They Are Dealing With Challenges of Maintaining Competitive Technology Advancements! - Major Drivers

United States

Landstar System, Inc. is a North American truckload carrier.  The Company transports a variety of freight, including iron and steel, automotive products, paper, lumber, chemicals, foodstuffs, and military hardware.  Landstar provides truckload carrier services, intermodal transportation services, and expedited air and truck services to shippers in the US, Canada, and Mexico.

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Landstar System (LSTR US)

Landstar System: Is The Structural Growth in Truck Brokerage & Multimodal Freight Solutions Here To Stay?

Landstar System Inc. has reported its financial results for the third quarter of 2025 amidst a challenging economic environment, characterized by...

Baptista Research

Landstar System: Progress in Heavy Haul & Specialized Transportation As A Pivotal Growth Lever!

Landstar System, Inc. delivered a mixed set of results for the second quarter of 2025, characterized by some positive developments despite ongoing...

Baptista Research

Landstar System: An Insight Into Its Low-Capital-Intensity Model with Strong Returns and Resilience Across Freight Cycles!

Landstar Systems, Inc. reported its first quarter financial results for 2025, providing a mixed outlook with both challenges and areas of...

Baptista Research

Landstar System: What Its Hybrid Model Means for the Future of Logistics!

Landstar System, Inc. concluded fiscal year 2024 under challenging market conditions, yet managed to achieve certain noteworthy accomplishments...

Baptista Research

Landstar System Inc.: This Is How They Are Dealing With Challenges of Maintaining Competitive Technology Advancements! - Major Drivers

Landstar System Inc., a prominent player in the transportation and logistics sector, presented its third-quarter financials for the year 2024,...

Baptista Research

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