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>Leonardo DRS reported its first quarter fiscal 2026 results with revenue of $846 million, reflecting a 6% year-over-year increase.</li><li>Adjusted EBITDA grew 28% to $105 million, resulting in an EBITDA margin expansion of 210 basis points to 12.4%.</li><li>Adjusted diluted earnings per share rose 30% year-over-year to $0.26.</li></ul>

Leonardo DRS reported its first quarter fiscal 2026 results with revenue of $846 million, reflecting a 6% year-over-year increase.Adjusted EBITDA grew 28% to $105 million, resulting in an EBITDA margin expansion of 210 basis points to 12.4%.Adjusted diluted earnings per share rose 30% year-over-year to $0.26.

Leonardo DRS: 17th Straight Book To Bill Quarter Signals Durable Demand!

<ul><li>Leonardo DRS delivered a solid performance in the fourth quarter and full-year 2025, highlighted by robust organic revenue growth and a strong backlog, indicating demand consistency across their diversified portfolio.</li><li>The company reported a 13% increase in organic revenue growth for the full year, with bookings remaining robust at a book-to-bill ratio of 1.2 or better for four consecutive years, supporting growth visibility into 2026.</li><li>Positives from the earnings call reveal a strong demand pipeline, particularly in tactical radars, electric power and propulsion, and advanced infrared sensing.</li></ul>

Leonardo DRS delivered a solid performance in the fourth quarter and full-year 2025, highlighted by robust organic revenue growth and a strong backlog, indicating demand consistency across their diversified portfolio.The company reported a 13% increase in organic revenue growth for the full year, with bookings remaining robust at a book-to-bill ratio of 1.2 or better for four consecutive years, supporting growth visibility into 2026.Positives from the earnings call reveal a strong demand pipeline, particularly in tactical radars, electric power and propulsion, and advanced infrared sensing.

Leonardo DRS: A New Growth Map—How Radar

<ul><li>Leonardo DRS, in its third quarter fiscal year 2025 performance, displayed resilience and robust growth trends that highlight both the opportunities and challenges faced by the company.</li><li>The company reported strong bookings and backlog figures, aligning closely with evolving customer priorities, particularly in areas such as counter unmanned aerial systems (UAS), advanced infrared sensing, naval network computing, and electric power and propulsion technologies.</li><li>Bookings for the quarter reached $1.3 billion, contributing to a book-to-bill ratio of 1.4x, with the total backlog elevating to $8.9 billion, an 8% year-over-year increase.</li></ul>

Leonardo DRS, in its third quarter fiscal year 2025 performance, displayed resilience and robust growth trends that highlight both the opportunities and challenges faced by the company.The company reported strong bookings and backlog figures, aligning closely with evolving customer priorities, particularly in areas such as counter unmanned aerial systems (UAS), advanced infrared sensing, naval network computing, and electric power and propulsion technologies.Bookings for the quarter reached $1.3 billion, contributing to a book-to-bill ratio of 1.4x, with the total backlog elevating to $8.9 billion, an 8% year-over-year increase.

Leonardo DRS Expands in Naval Power—Is Asia the Next Multibillion-Dollar Frontier?

<ul><li>Leonardo DRS demonstrated a mixed second quarter for fiscal year 2025, characterized by substantial growth in certain areas but challenged by logistical and supply chain issues.</li><li>On the positive side, the company showed remarkable traction in multiple sectors, with $853 million in bookings and a book-to-bill ratio of 1.0. The overall backlog increased to $8.6 billion, reflecting a 9% year-over-year growth.</li><li>Additionally, strong demand was seen across segments such as electric power and propulsion, naval network computing, advanced infrared sensing, and ground systems technologies.</li></ul>

Leonardo DRS demonstrated a mixed second quarter for fiscal year 2025, characterized by substantial growth in certain areas but challenged by logistical and supply chain issues.On the positive side, the company showed remarkable traction in multiple sectors, with $853 million in bookings and a book-to-bill ratio of 1.0. The overall backlog increased to $8.6 billion, reflecting a 9% year-over-year growth.Additionally, strong demand was seen across segments such as electric power and propulsion, naval network computing, advanced infrared sensing, and ground systems technologies.

Leonardo DRS Bets on Electric Warships—Will It Dominate the Future of Naval Propulsion?

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Thematic (Sector/Industry)

<ul><li>With the upcoming first quarter earnings season taking center stage the next 3 weeks, there is yet again a well overdue reprieve from the back and forth focus on hiking, pausing, and cutting next steps of the Federal Reserve.</li><li>The focus now goes back to company earnings and forward guidance and whether slowdowns picked up on ISM, PMI, and regional Fed surveys are now making its way through earnings reports.</li><li>While still early, the first 22 S&amp;P 500 Index companies reveal a 20% drop in earnings QoQ.</li></ul>

With the upcoming first quarter earnings season taking center stage the next 3 weeks, there is yet again a well overdue reprieve from the back and forth focus on hiking, pausing, and cutting next steps of the Federal Reserve.The focus now goes back to company earnings and forward guidance and whether slowdowns picked up on ISM, PMI, and regional Fed surveys are now making its way through earnings reports.While still early, the first 22 S&amp;P 500 Index companies reveal a 20% drop in earnings QoQ.

United States

Leonardo DRS, Inc. manufactures and supplies defense electronic systems. The Company provides reconnaissance, surveillance, target acquisition, battlefield systems, mobility and armor systems, tablets, and vehicle diagnostics products. Leonardo DRS serves military forces, intelligence agencies, and prime contractors worldwide.

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Leonardo DRS (DRS US)

Leonardo DRS: 17th Straight Book To Bill Quarter Signals Durable Demand!

Leonardo DRS reported its first quarter fiscal 2026 results with revenue of $846 million, reflecting a 6% year-over-year increase. Adjusted EBITDA...

Baptista Research

Leonardo DRS: A New Growth Map—How Radar

Leonardo DRS delivered a solid performance in the fourth quarter and full-year 2025, highlighted by robust organic revenue growth and a strong...

Baptista Research

Leonardo DRS Expands in Naval Power—Is Asia the Next Multibillion-Dollar Frontier?

Leonardo DRS, in its third quarter fiscal year 2025 performance, displayed resilience and robust growth trends that highlight both the...

Baptista Research

Leonardo DRS Bets on Electric Warships—Will It Dominate the Future of Naval Propulsion?

Leonardo DRS demonstrated a mixed second quarter for fiscal year 2025, characterized by substantial growth in certain areas but challenged by...

Baptista Research

Weekly Stock Bullfinder - Week of 4/17

The focus now goes back to company earnings and forward guidance and whether slowdowns picked up on ISM, PMI, and regional Fed surveys are now...

Weekly Stock Bull Finder

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