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>Leggett & Platt reported full-year 2025 sales of $4.05 billion, reflecting a 7% decrease compared to the prior year, primarily due to persistent softness in residential end markets, divestitures including the Aerospace business, and declines in Automotive and Hydraulic Cylinders.</li><li>Fourth quarter sales declined 11% year-over-year to $939 million, affected by customer-specific sales weakness, retail merchandising changes, and ongoing challenging demand environments.</li><li>Despite these headwinds, adjusted earnings per share (EPS) for the year remained flat at $1.05, with an increase in operating cash flow to $338 million driven by working capital improvements and the completion of significant restructuring initiatives.</li></ul>

Leggett & Platt reported full-year 2025 sales of $4.05 billion, reflecting a 7% decrease compared to the prior year, primarily due to persistent softness in residential end markets, divestitures including the Aerospace business, and declines in Automotive and Hydraulic Cylinders.Fourth quarter sales declined 11% year-over-year to $939 million, affected by customer-specific sales weakness, retail merchandising changes, and ongoing challenging demand environments.Despite these headwinds, adjusted earnings per share (EPS) for the year remained flat at $1.05, with an increase in operating cash flow to $338 million driven by working capital improvements and the completion of significant restructuring initiatives.

Leggett & Platt On The Radar: Why Somnigroup Is Eyeing The Bedding Giant!

<ul>
<li>Somnigroup reported second quarter 2026 results characterized by moderate revenue growth and significant margin expansion amid a mixed market environment.</li>
<li>Consolidated net sales reached $1.8 billion, flat to modest growth relative to the prior year, while adjusted earnings per share rose 9% to $0.58.</li>
<li>Adjusted EBITDA totaled $297 million, reflecting a disciplined execution and a diversified business model that operates across multiple geographies and channels.</li>
</ul>


Somnigroup reported second quarter 2026 results characterized by moderate revenue growth and significant margin expansion amid a mixed market environment.
Consolidated net sales reached $1.8 billion, flat to modest growth relative to the prior year, while adjusted earnings per share rose 9% to $0.58.
Adjusted EBITDA totaled $297 million, reflecting a disciplined execution and a diversified business model that operates across multiple geographies and channels.


Somnigroup & Leggett & Platt — A Strategic Combination That Could Reshape Bedding!

<ul><li>Leggett & Platt reported financial results for the fourth quarter and full year 2025 marked by ongoing challenges in several residential end markets alongside strategic efforts to improve operational efficiency and strengthen the balance sheet.</li><li>Full-year sales declined by 7% to $4.05 billion due to weak demand in residential sectors—including bedding and furniture—customer supply chain disruptions particularly in automotive, and divestiture-related impacts such as the sale of the Aerospace business.</li><li>Despite these headwinds, adjusted EBIT remained relatively flat year-over-year at $263 million, supported partly by metal margin expansion and execution of a multi-year restructuring plan that delivered approximately $63 million in benefits in 2025 with an expected $70 million run rate going forward.</li></ul>

Leggett & Platt reported financial results for the fourth quarter and full year 2025 marked by ongoing challenges in several residential end markets alongside strategic efforts to improve operational efficiency and strengthen the balance sheet.Full-year sales declined by 7% to $4.05 billion due to weak demand in residential sectors—including bedding and furniture—customer supply chain disruptions particularly in automotive, and divestiture-related impacts such as the sale of the Aerospace business.Despite these headwinds, adjusted EBIT remained relatively flat year-over-year at $263 million, supported partly by metal margin expansion and execution of a multi-year restructuring plan that delivered approximately $63 million in benefits in 2025 with an expected $70 million run rate going forward.

<ul><li>Leggett & Platt reported their third quarter 2025 financial results amidst a challenging macro environment, providing a balanced overview of the company's performance, strategic initiatives, and market dynamics.</li><li>The company managed a slight decline in sales at $1 billion, down 6% year-over-year, primarily due to ongoing softness in residential end markets and the divestiture of their Aerospace business.</li><li>Despite this, Leggett & Platt maintained the midpoint of their full-year sales and adjusted EPS guidance, indicating cautious optimism.</li></ul>

Leggett & Platt reported their third quarter 2025 financial results amidst a challenging macro environment, providing a balanced overview of the company's performance, strategic initiatives, and market dynamics.The company managed a slight decline in sales at $1 billion, down 6% year-over-year, primarily due to ongoing softness in residential end markets and the divestiture of their Aerospace business.Despite this, Leggett & Platt maintained the midpoint of their full-year sales and adjusted EPS guidance, indicating cautious optimism.

Leggett & Platt Soars On Acquisition Buzz—Here’s What’s Behind The Deal!

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

<p style="text-align: justify;">The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed signals , our outlook remains neutral and we continue to expect further consolidation and volatility.  In today’s report we highlight concerning groups that illustrate areas of growing deterioration across the market. Concerning groups: TE-04 and TE-05 (Semiconductor Equipment, Large, Mid, and Small-Cap), CD-08 (Home Furnishings), and FN-25 (Asset Management &amp; Custody Banks, Mid-Cap).</p>

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed signals , our outlook remains neutral and we continue to expect further consolidation and volatility.  In today’s report we highlight concerning groups that illustrate areas of growing deterioration across the market. Concerning groups: TE-04 and TE-05 (Semiconductor Equipment, Large, Mid, and Small-Cap), CD-08 (Home Furnishings), and FN-25 (Asset Management &amp; Custody Banks, Mid-Cap).

U.S. Equity Strategy: Upgrading Utilities; Downgrading Manufacturing

United States

Leggett & Platt, Incorporated manufactures a wide range of engineered products. The Company's products include components for bedding, furniture, and other residential furnishings, as well as office and institutional furnishings components, retail store fixtures, and displays, specialty wire products, and automotive seating suspension and lumbar systems.

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Leggett & Platt (LEG US)

Leggett & Platt On The Radar: Why Somnigroup Is Eyeing The Bedding Giant!

Leggett & Platt reported full-year 2025 sales of $4.05 billion, reflecting a 7% decrease compared to the prior year, primarily due to...

Baptista Research

Somnigroup & Leggett & Platt — A Strategic Combination That Could Reshape Bedding!

Somnigroup reported second quarter 2026 results characterized by moderate revenue growth and significant margin expansion amid a mixed market...

Baptista Research

Leggett & Platt: Restructuring Gains

Leggett & Platt reported financial results for the fourth quarter and full year 2025 marked by ongoing challenges in several residential end...

Baptista Research

Leggett & Platt Soars On Acquisition Buzz—Here’s What’s Behind The Deal!

Leggett & Platt reported their third quarter 2025 financial results amidst a challenging macro environment, providing a balanced overview of...

Baptista Research

U.S. Equity Strategy: Upgrading Utilities; Downgrading Manufacturing

The U.S. market continues to flash mixed signals, most recently Utilities have shown a big climb in our relative strength rankings. Given mixed...

Vermilion Research

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