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>Leidos Holdings, Inc. reported a solid second quarter for fiscal year 2026, with total revenue reaching a record $4.6 billion, representing a 7% year-over-year increase and 4% organic growth.</li><li>Adjusted EBITDA margin was maintained at a strong 13.8%, while operating cash flow hit a Q2 record of nearly $800 million.</li><li>The company also secured $5 billion in net awards, yielding a book-to-bill ratio of 1.1, signaling sustained demand amidst an accelerating procurement environment.</li></ul>

Leidos Holdings, Inc. reported a solid second quarter for fiscal year 2026, with total revenue reaching a record $4.6 billion, representing a 7% year-over-year increase and 4% organic growth.Adjusted EBITDA margin was maintained at a strong 13.8%, while operating cash flow hit a Q2 record of nearly $800 million.The company also secured $5 billion in net awards, yielding a book-to-bill ratio of 1.1, signaling sustained demand amidst an accelerating procurement environment.

Leidos Holdings’ $1 Billion Munitions Deal — A Pivotal Defense Expansion Is Underway!

<ul><li>Leidos Holdings, Inc. reported a solid first quarter in 2026 with revenues of $4.4 billion, reflecting a 4% year-over-year increase, including 3% organic growth.</li><li>The company’s adjusted EBITDA margin stood at 14%, producing $614 million in adjusted EBITDA, up 2% year-over-year.</li><li>Non-GAAP diluted earnings per share rose 5% to $3.13, supported by higher adjusted EBITDA, reduced share count, and a lower tax rate.</li></ul>

Leidos Holdings, Inc. reported a solid first quarter in 2026 with revenues of $4.4 billion, reflecting a 4% year-over-year increase, including 3% organic growth.The company’s adjusted EBITDA margin stood at 14%, producing $614 million in adjusted EBITDA, up 2% year-over-year.Non-GAAP diluted earnings per share rose 5% to $3.13, supported by higher adjusted EBITDA, reduced share count, and a lower tax rate.

Leidos Holdings: $500 Million Guidance Raise Puts Entrust Synergies In Focus!

<ul><li>Leidos Holdings has made headlines with its definitive agreement to acquire ENTRUST Solutions Group from private equity firm Kohlberg for approximately $2.4 billion in cash.</li><li>The deal is a strategic move to solidify Leidos’ footprint in utility engineering—a segment already accounting for over $600 million in annual revenues.</li><li>By absorbing ENTRUST, Leidos aims to double the size of this business unit, leverage access to growing infrastructure budgets, and deepen its engineering capabilities in an area benefiting from macro-level tailwinds like electrification, grid resilience, and reindustrialization.</li></ul>

Leidos Holdings has made headlines with its definitive agreement to acquire ENTRUST Solutions Group from private equity firm Kohlberg for approximately $2.4 billion in cash.The deal is a strategic move to solidify Leidos’ footprint in utility engineering—a segment already accounting for over $600 million in annual revenues.By absorbing ENTRUST, Leidos aims to double the size of this business unit, leverage access to growing infrastructure budgets, and deepen its engineering capabilities in an area benefiting from macro-level tailwinds like electrification, grid resilience, and reindustrialization.

Leidos Just Snapped Up ENTRUST—Here’s How It Could Dominate Utility Engineering!

<ul><li>Leidos Holdings, Inc., a prominent player in the defense, aviation, information technology, and biomedical research fields, has reported a solid financial performance for the third quarter of 2025.</li><li>The company continues to display resilience in navigating a dynamic and uncertain macroeconomic landscape, bolstered by its strategic initiatives and governmental partnerships.</li><li>Leidos reported a 7% year-over-year increase in revenue to $4.47 billion, illustrating strong top-line growth despite challenges such as the government shutdown and previous headwinds from efficiency reviews.</li></ul>

Leidos Holdings, Inc., a prominent player in the defense, aviation, information technology, and biomedical research fields, has reported a solid financial performance for the third quarter of 2025.The company continues to display resilience in navigating a dynamic and uncertain macroeconomic landscape, bolstered by its strategic initiatives and governmental partnerships.Leidos reported a 7% year-over-year increase in revenue to $4.47 billion, illustrating strong top-line growth despite challenges such as the government shutdown and previous headwinds from efficiency reviews.

Leidos Accelerates a Defense Supercycle Fueled by Hypersonics & Radar Innovation!

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

Nasdaq-100 Stock Index / Technical Analysis

<ul>
<li>$SPX remains below 5783, the upper-end of important target/resistance area we've discussed for a month+ (5670-5783). 5670 was prior all-time high set in July, while 5783 is 2% above 5670.</li>
<li>It's hard to call it a "decisive" breakout if SPX isn't even 2% above its prior high.  In 2007, SPX made a top after climbing 1-2% above its prior high.</li>
<li>The 2007 topping analog has tracked the current market almost perfectly, with similar backdrops to today including new Fed cutting cycle, recession indicators going off, yield curve un-inverting, defensives outperforming</li>
</ul>


$SPX remains below 5783, the upper-end of important target/resistance area we've discussed for a month+ (5670-5783). 5670 was prior all-time high set in July, while 5783 is 2% above 5670.
It's hard to call it a "decisive" breakout if SPX isn't even 2% above its prior high.  In 2007, SPX made a top after climbing 1-2% above its prior high.
The 2007 topping analog has tracked the current market almost perfectly, with similar backdrops to today including new Fed cutting cycle, recession indicators going off, yield curve un-inverting, defensives outperforming


Still No Decisive Breakout as SPX Tests 5783 Resistance; Ideal Time to Shift to Defensives

United States

Leidos Holdings Inc. provides scientific, engineering, systems integration and technical services and solutions. The Company provides its services in the areas of national security, engineering and health.

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Leidos Holdings (LDOS US)

Leidos Holdings’ $1 Billion Munitions Deal — A Pivotal Defense Expansion Is Underway!

Leidos Holdings, Inc. reported a solid second quarter for fiscal year 2026, with total revenue reaching a record $4.6 billion, representing a 7%...

Baptista Research

Leidos Holdings: $500 Million Guidance Raise Puts Entrust Synergies In Focus!

Leidos Holdings, Inc. reported a solid first quarter in 2026 with revenues of $4.4 billion, reflecting a 4% year-over-year increase, including 3%...

Baptista Research

Leidos Just Snapped Up ENTRUST—Here’s How It Could Dominate Utility Engineering!

Leidos Holdings has made headlines with its definitive agreement to acquire ENTRUST Solutions Group from private equity firm Kohlberg for...

Baptista Research

Leidos Accelerates a Defense Supercycle Fueled by Hypersonics & Radar Innovation!

Leidos Holdings, Inc., a prominent player in the defense, aviation, information technology, and biomedical research fields, has reported a solid...

Baptista Research

Still No Decisive Breakout as SPX Tests 5783 Resistance; Ideal Time to Shift to Defensives

Still No Decisive Breakout as $SPX Tests 5783 Resistance; On watch for SPX bull trap/failed breakout, confirmed only on a break below 5670. 2007...

Vermilion Research

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