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>MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting new records in several key metrics.</li><li>Revenues rose 34% to $3.829 billion, while adjusted EBITDA grew 73% to $284 million.</li><li>Adjusted earnings per share increased 174% to $1.39.</li></ul>

MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting new records in several key metrics.Revenues rose 34% to $3.829 billion, while adjusted EBITDA grew 73% to $284 million.Adjusted earnings per share increased 174% to $1.39.

MasTec: Can $20.3 Billion Backlog Offset Cash Conversion Pressure?

<ul><li>MasTec, Inc. reported strong financial results for the fourth quarter and full year 2025, posting a 16% year-over-year revenue increase to nearly $4 billion for the quarter and $14.3 billion for the year.</li><li>This growth was aligned with the company's guidance, reflecting robust execution across all segments.</li><li>Adjusted EBITDA for the quarter rose 25% to $338 million, and full-year EBITDA increased by 14% to $1.15 billion.</li></ul>

MasTec, Inc. reported strong financial results for the fourth quarter and full year 2025, posting a 16% year-over-year revenue increase to nearly $4 billion for the quarter and $14.3 billion for the year.This growth was aligned with the company's guidance, reflecting robust execution across all segments.Adjusted EBITDA for the quarter rose 25% to $338 million, and full-year EBITDA increased by 14% to $1.15 billion.

Why MasTec’s $4.5 Billion Backlog Matters More Than The Quarter

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/marvell-technology-inc" target="_blank" data-smartkarma-citation="entities:15837:1" rel="noopener">Marvell Technology (MRVL US)</a> is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> and <a href="https://www.smartkarma.com/entities/technipfmc-plc-2f8326ad-9188-44ca-bada-c9b9144835fd" target="_blank" data-smartkarma-citation="entities:13457:1" rel="noopener">TechnipFMC (FTI US)</a> are in MidCap and the top candidates for addition based on high eligibility scores.</li>
<li>
<a href="https://www.smartkarma.com/entities/flex-ltd" target="_blank" data-smartkarma-citation="entities:36680:1" rel="noopener">Flex (FLEX US)</a> is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.</li>
</ul>



Marvell Technology (MRVL US) is the main candidate for addition from TMI but has a reduced probability of inclusion due to sector balance.

Flex (FLEX US) and TechnipFMC (FTI US) are in MidCap and the top candidates for addition based on high eligibility scores.

Flex (FLEX US) is projected for double inclusion to S&amp;P500 and Nasdaq100 on 19 June.


S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

<ul><li>MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several segments.</li><li>Total revenue was slightly under $4 billion, marking a 22% increase compared to the prior year, while adjusted EBITDA improved by 20% to reach $374 million.</li><li>This strong financial execution exceeded analyst expectations and was supported by a balance of scale and diversification across the company's service offerings.</li></ul>

MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several segments.Total revenue was slightly under $4 billion, marking a 22% increase compared to the prior year, while adjusted EBITDA improved by 20% to reach $374 million.This strong financial execution exceeded analyst expectations and was supported by a balance of scale and diversification across the company's service offerings.

MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!

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>We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...</li>
<li>...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.</li>
<li>Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.</li>
</ul>


We are upgrading our outlook to bullish on the S&amp;P 500 (SPX), Nasdaq 100 (QQQ), and Russell 2000 (IWM). Market dynamics have improved considerably ever since major bullish false breakdowns...
...at 6480-6520 on the SPX, 24,000 on Nasdaq futures (NQ), and $245 on the IWM, with all of them now breaking out to all-time highs.
Everything we see suggests bulls remain in control, so we are buying any pullbacks for the foreseeable future to the 20-day MA or 21-day EMAs on SPX, QQQ, and IWM.


Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

United States

MasTec, Inc. is a specialty contractor operating across a range of industries. The Company activities are the building, installation, maintenance, and upgrade of utility and communications infrastructure, including electrical utility transmission and distribution, wind farms, solar farms, renewable energy and natural gas infrastructure, wireless, and wireline.

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Mastec Inc (MTZ US)

MasTec: Can $20.3 Billion Backlog Offset Cash Conversion Pressure?

MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting...

Baptista Research

Why MasTec’s $4.5 Billion Backlog Matters More Than The Quarter

MasTec, Inc. reported strong financial results for the fourth quarter and full year 2025, posting a 16% year-over-year revenue increase to nearly...

Baptista Research

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!

MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several...

Baptista Research

Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

Upgrading Outlook to Bullish $SPX $QQQ $IWM $IJH; Buy the Dips Market; Downgrading Staples to Market Weight $XLP; Add to Growth and Technology $IWF...

Vermilion Research

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52-week Range

Market Cap (USDm)

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MasTec: Can $20.3 Billion Backlog Offset Cash Conversion Pressure?

MasTec reported a first quarter 2026 performance characterized by significant year-over-year growth across revenue, earnings, and backlog, setting...

Baptista Research

Why MasTec’s $4.5 Billion Backlog Matters More Than The Quarter

MasTec, Inc. reported strong financial results for the fourth quarter and full year 2025, posting a 16% year-over-year revenue increase to nearly...

Baptista Research

S&P500 June 2026 Forecast: FLEX, FTI & MTZ Leading the Pack

​MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...

Dimitris Ioannidis

MasTec’s Clean Energy Playbook: How Solar & Storage Are Powering Robust Backlogs!

MasTec, Inc. delivered a robust financial performance in the third quarter of 2025, with substantial year-over-year revenue growth across several...

Baptista Research

Upgrading Outlook to Bullish; Buy the Dips Market; Downgrading Staples to Market Weight

Upgrading Outlook to Bullish $SPX $QQQ $IWM $IJH; Buy the Dips Market; Downgrading Staples to Market Weight $XLP; Add to Growth and Technology $IWF...

Vermilion Research

MRVL faces reduced probability due to sector balance; FLEX and FTI are top candidates for addition based on high eligibility scores, with FLEX...