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>Lincoln Financial Group reported a solid fourth quarter and full year 2025 performance, marking its sixth consecutive quarter of year-over-year adjusted operating earnings growth and its highest full-year adjusted operating income in four years.</li><li>The company highlighted strategic realignment progress, operational improvements, and a more resilient capital foundation as drivers of this momentum.</li><li>The company’s capital position remains strong, with levels well above established buffers and improved leverage ratios, providing flexibility in capital management.</li></ul>

Lincoln Financial Group reported a solid fourth quarter and full year 2025 performance, marking its sixth consecutive quarter of year-over-year adjusted operating earnings growth and its highest full-year adjusted operating income in four years.The company highlighted strategic realignment progress, operational improvements, and a more resilient capital foundation as drivers of this momentum.The company’s capital position remains strong, with levels well above established buffers and improved leverage ratios, providing flexibility in capital management.

Lincoln National Corporation Is Fixing Its Life Business—But Will Free Cash Flow Finally Turn Sustainable?

<ul><li>Lincoln Financial's recent earnings call focused on their third-quarter 2025 performance, emphasizing both the strategic and operational progress that contributed to their financial results.</li><li>This marks the fifth consecutive quarter of year-over-year growth in adjusted operating income, demonstrating the momentum behind Lincoln Financial's strategic initiatives.</li><li>From a positive perspective, Lincoln Financial highlighted impressive growth within several of its business segments.</li></ul>

Lincoln Financial's recent earnings call focused on their third-quarter 2025 performance, emphasizing both the strategic and operational progress that contributed to their financial results.This marks the fifth consecutive quarter of year-over-year growth in adjusted operating income, demonstrating the momentum behind Lincoln Financial's strategic initiatives.From a positive perspective, Lincoln Financial highlighted impressive growth within several of its business segments.

Lincoln National Corporation: From Mid-Single Digits to Upper-8% Margins—What Supplemental Health and Persistency Gains Could Unlock Next!

<ul><li>Lincoln Financial Group's second-quarter performance showed a year-over-year improvement in adjusted operating income, marking the fourth consecutive quarter of such growth.</li><li>The company reported robust results with a 32% increase in adjusted operating income, demonstrating momentum in its ongoing strategy to optimize operations and enhance profitability.</li><li>This positive trend reflects efforts to focus on risk-adjusted return on capital and reducing result volatility, although the economic backdrop remains subject to change, potentially influencing future results.</li></ul>

Lincoln Financial Group's second-quarter performance showed a year-over-year improvement in adjusted operating income, marking the fourth consecutive quarter of such growth.The company reported robust results with a 32% increase in adjusted operating income, demonstrating momentum in its ongoing strategy to optimize operations and enhance profitability.This positive trend reflects efforts to focus on risk-adjusted return on capital and reducing result volatility, although the economic backdrop remains subject to change, potentially influencing future results.

Lincoln Financial Group’s Big Bet on Annuities – Will It Pay Off?

<ul><li>Lincoln Financial Group recently conducted its earnings call, revealing a mixed performance and strategic orientation for the quarter.</li><li>The company seems to be balancing immediate challenges with a long-haul strategy aimed at enhancing the business's resilience and profitability.</li><li>On a positive note, Lincoln Financial reported a 14% increase in adjusted operating income compared to the previous year, demonstrating solid execution despite volatile markets.</li></ul>

Lincoln Financial Group recently conducted its earnings call, revealing a mixed performance and strategic orientation for the quarter.The company seems to be balancing immediate challenges with a long-haul strategy aimed at enhancing the business's resilience and profitability.On a positive note, Lincoln Financial reported a 14% increase in adjusted operating income compared to the previous year, demonstrating solid execution despite volatile markets.

Lincoln National: Powering Up Global Ambitions with High-Impact Partnerships & Financial Fortitude!

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

<ul>
<li>Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).</li>
<li>The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.</li>
<li>Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish</li>
</ul>


Ongoing developments have been almost exclusively of the risk-on variety ever since we discussed that risk/reward favored buyers in late-October (10/24/23 and 10/31/23 Compass reports).
The latest risk-on developments include the Russell2000 (IWM) and DJI breaking above resistances of $180 and 35,650, to go along with bullish 9-month RS reversals for small-, mid-, and micro-caps.
Breadth improvement and broadening participation was a big reason why we recommended buying the IWM when it was testing $162-$163 support (10/31/23 Compass). We remain bullish


Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals

United States

Lincoln National Corporation is a financial services company headquartered in Radnor, PA, marketed as Lincoln Financial Group.  The company offers diverse solutions including: annuities; life, group life, disability and dental insurance; employer-sponsored retirement plans; savings plans; and comprehensive financial planning and advisory services.

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Lincoln National (LNC US)

Lincoln National Corporation Is Fixing Its Life Business—But Will Free Cash Flow Finally Turn Sustainable?

Lincoln Financial Group reported a solid fourth quarter and full year 2025 performance, marking its sixth consecutive quarter of year-over-year...

Baptista Research

Lincoln National Corporation: From Mid-Single Digits to Upper-8% Margins—What Supplemental Health and Persistency Gains Could Unlock Next!

Lincoln Financial's recent earnings call focused on their third-quarter 2025 performance, emphasizing both the strategic and operational progress...

Baptista Research

Lincoln Financial Group’s Big Bet on Annuities – Will It Pay Off?

Lincoln Financial Group's second-quarter performance showed a year-over-year improvement in adjusted operating income, marking the fourth...

Baptista Research

Lincoln National: Powering Up Global Ambitions with High-Impact Partnerships & Financial Fortitude!

Lincoln Financial Group recently conducted its earnings call, revealing a mixed performance and strategic orientation for the quarter. The company...

Baptista Research

Upgrading Real Estate, Transportation to Market Weight; Smid-Caps With Bullish RS Reversals

Upgrading Real Estate $XLRE $VNQ and Transportation $IYT $XTN to Market Weight; Smid-Caps With Bullish RS Reversals as $SPX, $COMP Take a Pause;...

Vermilion Research

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