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 second quarter of fiscal year 2026 with accelerated organic revenue growth of 10% year-over-year, reaching $913 million.</li><li>The company’s bookings surpassed $1 billion, continuing an 18-quarter streak with a book-to-bill ratio above 1.0, and ended the quarter with a record funded backlog, offering strong visibility into future demand.</li><li>Growth was broad-based across segments, with the Integrated Mission Systems (IMS) segment leading at 15% growth and the Advanced Sensing and Communications (ASC) segment contributing an 8% increase.</li></ul>

Leonardo DRS reported its second quarter of fiscal year 2026 with accelerated organic revenue growth of 10% year-over-year, reaching $913 million.The company’s bookings surpassed $1 billion, continuing an 18-quarter streak with a book-to-bill ratio above 1.0, and ended the quarter with a record funded backlog, offering strong visibility into future demand.Growth was broad-based across segments, with the Integrated Mission Systems (IMS) segment leading at 15% growth and the Advanced Sensing and Communications (ASC) segment contributing an 8% increase.

Leonardo DRS’ $450 Million Raft Deal: Can Software Lift Defense Growth?

<ul><li>Leonardo DRS has moved to deepen its role in defense software through a definitive agreement to acquire Raft LLC for $450 million in cash.</li><li>Announced on July 28, 2026, the transaction would add open-architecture mission software, multi-domain data fusion, and artificial intelligence capabilities to DRS’s established strengths in sensing, network computing, force protection, and naval power systems.</li><li>Management framed the deal as a strategic step toward delivering integrated hardware-and-software solutions as defense customers seek faster decisions from increasingly fragmented sensor networks.</li></ul>

Leonardo DRS has moved to deepen its role in defense software through a definitive agreement to acquire Raft LLC for $450 million in cash.Announced on July 28, 2026, the transaction would add open-architecture mission software, multi-domain data fusion, and artificial intelligence capabilities to DRS’s established strengths in sensing, network computing, force protection, and naval power systems.Management framed the deal as a strategic step toward delivering integrated hardware-and-software solutions as defense customers seek faster decisions from increasingly fragmented sensor networks.

Leonardo DRS’s $450 Million Raft Takeover Could Redefine Defense AI!

<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?

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’ $450 Million Raft Deal: Can Software Lift Defense Growth?

Leonardo DRS reported its second quarter of fiscal year 2026 with accelerated organic revenue growth of 10% year-over-year, reaching $913...

Baptista Research

Leonardo DRS’s $450 Million Raft Takeover Could Redefine Defense AI!

Leonardo DRS has moved to deepen its role in defense software through a definitive agreement to acquire Raft LLC for $450 million in...

Baptista Research

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

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