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>Northrop Grumman's recent earnings call for the third quarter of 2025 presented a complex array of insights that shape an investment thesis with both encouraging and concerning elements.</li><li>The company continues to position itself as a leader in the aerospace and defense sector, leveraging innovative technologies to meet growing global defense demands.</li><li>However, challenges remain, primarily driven by program delays and macroeconomic factors.</li></ul>

Northrop Grumman's recent earnings call for the third quarter of 2025 presented a complex array of insights that shape an investment thesis with both encouraging and concerning elements.The company continues to position itself as a leader in the aerospace and defense sector, leveraging innovative technologies to meet growing global defense demands.However, challenges remain, primarily driven by program delays and macroeconomic factors.

Northrop Grumman: An Analysis Of Its New Program Wins, Production Volume & Other Major Drivers!

<ul><li>Northrop Grumman's second quarter 2025 financial results presentation reflects both positive advancements and areas for cautious consideration for potential investors.</li><li>The company showcased a year-over-year revenue increase of 1% to $10.4 billion, with organic sales rising by 2%, reflecting strong operational execution despite divesting its training services business.</li><li>Particularly notable was the significant segment margin expansion, achieving an 11.8% segment operating margin.</li></ul>

Northrop Grumman's second quarter 2025 financial results presentation reflects both positive advancements and areas for cautious consideration for potential investors.The company showcased a year-over-year revenue increase of 1% to $10.4 billion, with organic sales rising by 2%, reflecting strong operational execution despite divesting its training services business.Particularly notable was the significant segment margin expansion, achieving an 11.8% segment operating margin.

Northrop Grumman Doubles Down on B-21—Is This the Pentagon’s Next Mega Contract?

<ul><li>Northrop Grumman's financial performance and strategic positioning in the military defense sector appear resilient amidst several challenges.</li><li>The company reported first-quarter sales of $9.5 billion in 2025, reflecting a 7% decrease from the previous year, primarily due to contracting delays and timing of material receipts.</li><li>This shortfall was compounded by an almost $100 million reduction in expected sales from the B-21 program, attributed to higher manufacturing costs stemming from process changes required to meet accelerated production rates and increased material costs linked to macroeconomic factors.</li></ul>

Northrop Grumman's financial performance and strategic positioning in the military defense sector appear resilient amidst several challenges.The company reported first-quarter sales of $9.5 billion in 2025, reflecting a 7% decrease from the previous year, primarily due to contracting delays and timing of material receipts.This shortfall was compounded by an almost $100 million reduction in expected sales from the B-21 program, attributed to higher manufacturing costs stemming from process changes required to meet accelerated production rates and increased material costs linked to macroeconomic factors.

Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!

<ul><li>Northrop Grumman reported its fourth-quarter and full-year 2024 financial results, showcasing both achievements and challenges.</li><li>The company ended the year with a record backlog of approximately $91.5 billion and a book-to-bill ratio of 1.23x, indicating strong demand in both domestic and international markets.</li><li>This demand is supported by new contract wins, such as the TACAMO program and the B-21's second LRIP Lot, as well as ongoing programs like Poland's IBCS system, which contributes to an international book-to-bill ratio of 1.4x.</li></ul>

Northrop Grumman reported its fourth-quarter and full-year 2024 financial results, showcasing both achievements and challenges.The company ended the year with a record backlog of approximately $91.5 billion and a book-to-bill ratio of 1.23x, indicating strong demand in both domestic and international markets.This demand is supported by new contract wins, such as the TACAMO program and the B-21's second LRIP Lot, as well as ongoing programs like Poland's IBCS system, which contributes to an international book-to-bill ratio of 1.4x.

Northrop Grumman: Does Its Role in National Security Really Shield It From Market Volatility? - Major Drivers

US IPOs and Secondary Offerings, IPO Boutique

IPO Boutique

US IPOs and Secondary Offerings

For more than 20 years, we have been providing research, analysis, commentary and ratings on US Equity Capital Markets to institutional investors (US IPOs and Secondary Offerings). Our vast network of contacts across the Equity Capital Markets and attention-to-detail sets us apart from our competitors.

Since 2012, we have achieved a successful hit rating on 89% of Buy-rated IPOs. The collective “Buy” ratings averaged a first trade of 16.3% above issue.Our Neutral Rated Deals averaged just 2% above the issue price at first trade.

Our written research includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

In addition, we provide a high-touch premium desk access which includes analyst access, as well as real time insights on US IPOs as well as secondary offerings.

IPOs and Secondary Offerings

Equity Capital Markets

Firefly Aerospace / Equity Capital Markets

<ul>
<li>The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.</li>
<li>According to our sources, the deal is being classified as multiple-times oversubscribed.</li>
<li>FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. </li>
</ul>


The company will be offering 16.2mm shares at $35-$39 with an expected market cap between $4.9b and $5.5b and to debut on August 7th.
According to our sources, the deal is being classified as multiple-times oversubscribed.
FireFly is in growth mode and the ability to scale with improving margins and a significant and visible backlog makes this deal extremely attractive. 


Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

United States

Northrop Grumman Corporation is a global security company. The Company provides systems, products, and solutions in aerospace, electronics, information systems and technical services to government and commercial customers worldwide.

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Northrop Grumman (NOC US)

Northrop Grumman: An Analysis Of Its New Program Wins, Production Volume & Other Major Drivers!

Northrop Grumman's recent earnings call for the third quarter of 2025 presented a complex array of insights that shape an investment thesis with...

Baptista Research

Northrop Grumman Doubles Down on B-21—Is This the Pentagon’s Next Mega Contract?

Northrop Grumman's second quarter 2025 financial results presentation reflects both positive advancements and areas for cautious consideration for...

Baptista Research

Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!

Northrop Grumman's financial performance and strategic positioning in the military defense sector appear resilient amidst several challenges. The...

Baptista Research

Northrop Grumman: Does Its Role in National Security Really Shield It From Market Volatility? - Major Drivers

Northrop Grumman reported its fourth-quarter and full-year 2024 financial results, showcasing both achievements and challenges. The company ended...

Baptista Research

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Northrop Grumman: An Analysis Of Its New Program Wins, Production Volume & Other Major Drivers!

Northrop Grumman's recent earnings call for the third quarter of 2025 presented a complex array of insights that shape an investment thesis with...

Baptista Research

Northrop Grumman Doubles Down on B-21—Is This the Pentagon’s Next Mega Contract?

Northrop Grumman's second quarter 2025 financial results presentation reflects both positive advancements and areas for cautious consideration for...

Baptista Research

Northrop Grumman: B-21 Raider Production Advancements Driving Our ‘Outperform’ Rating!

Northrop Grumman's financial performance and strategic positioning in the military defense sector appear resilient amidst several challenges. The...

Baptista Research

Northrop Grumman: Does Its Role in National Security Really Shield It From Market Volatility? - Major Drivers

Northrop Grumman reported its fourth-quarter and full-year 2024 financial results, showcasing both achievements and challenges. The company ended...

Baptista Research

Firefly Aerospace Inc. (FLY): Industry Tailwinds, Lucrative Backlog Highlight Bull Case for IPO

​FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...

IPO Boutique

FireFly set to debut on August 7th with 16.2mm shares offered at $35-$39, deal classified as oversubscribed, company in growth mode with promising...