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>Peloton Interactive, Inc. reported its second quarter fiscal year 2026 results highlighting progress in its strategic transformation from a Connected Fitness company to a broader Connected Wellness company.</li><li>The company aims to capitalize on its platform, equipment, and brand amid the expanding global wellness economy, estimated at $7 trillion.</li><li>Key initiatives included launches of the Peloton Cross Training Series hardware refresh, Peloton IQ personalized software powered by AI, and expanded content offerings in strength, yoga, and Pilates, supported by new instructors.</li></ul>

Peloton Interactive, Inc. reported its second quarter fiscal year 2026 results highlighting progress in its strategic transformation from a Connected Fitness company to a broader Connected Wellness company.The company aims to capitalize on its platform, equipment, and brand amid the expanding global wellness economy, estimated at $7 trillion.Key initiatives included launches of the Peloton Cross Training Series hardware refresh, Peloton IQ personalized software powered by AI, and expanded content offerings in strength, yoga, and Pilates, supported by new instructors.

Peloton: Hardware Innovation Meets Subscription Monetization—A Scalable Growth Strategy?

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

<div><ul><li>PTON reported 2QFY26 GAAP net loss per share of $0.09, better than the loss of $0.24 in 2QFY25, reflecting operational discipline and cost reduction efforts despite the challenging revenue environment. </li><li>This modestly trailed our outlook for ($0.07) and consensus of ($0.05).</li><li>Management does not adjust EPS for one-time items, nor does it include EPS in its guidance or discussions of its results. </li></ul></div>

PTON reported 2QFY26 GAAP net loss per share of $0.09, better than the loss of $0.24 in 2QFY25, reflecting operational discipline and cost reduction efforts despite the challenging revenue environment. This modestly trailed our outlook for ($0.07) and consensus of ($0.05).Management does not adjust EPS for one-time items, nor does it include EPS in its guidance or discussions of its results. 

PTON: Gross Margin Expansion Drives 2Q EBITDA Upside

<ul><li>We are initiating coverage of Peloton Interactive, Inc. (NASDAQ: PTON), a leading global fitness and wellness company combining connected fitness hardware with subscription content.</li><li>Our FY26 GAAP EPS estimate is $0.09, compared with ($0.30) in FY25.</li><li>Our FY27 GAAP EPS estimate is $0.18, reflecting expanding operating leverage as restructuring benefits materialize. Peloton does not adjust EPS for one-time items.</li></ul>

We are initiating coverage of Peloton Interactive, Inc. (NASDAQ: PTON), a leading global fitness and wellness company combining connected fitness hardware with subscription content.Our FY26 GAAP EPS estimate is $0.09, compared with ($0.30) in FY25.Our FY27 GAAP EPS estimate is $0.18, reflecting expanding operating leverage as restructuring benefits materialize. Peloton does not adjust EPS for one-time items.

PTON: Initiating Coverage; The Healthspan Transformation; Four Pillars to Profitable Growth

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>Peloton is in the midst of a significant strategic pivot, shifting focus from being a high-end, vertically-integrated hardware manufacturer to a more accessible, subscription-and-content-oriented fitness platform. This transition is aimed at broadening its addressable market and improving financial stability.</li>
  <li>Financial performance is showing signs of a turnaround, with a dramatic improvement in profitability metrics. While revenue has declined post-pandemic, the company has made substantial progress in cutting losses and has generated positive free cash flow in recent quarters, indicating successful cost-control measures.</li>
  <li>The company faces a highly competitive landscape and significant risks. Intense competition from a wide array of fitness solutions, coupled with the discretionary nature of its products, makes sustained growth and profitability a challenge. The success of the turnaround hinges on growing its high-margin subscription base and achieving operating leverage.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Peloton is in the midst of a significant strategic pivot, shifting focus from being a high-end, vertically-integrated hardware manufacturer to a more accessible, subscription-and-content-oriented fitness platform. This transition is aimed at broadening its addressable market and improving financial stability.
  Financial performance is showing signs of a turnaround, with a dramatic improvement in profitability metrics. While revenue has declined post-pandemic, the company has made substantial progress in cutting losses and has generated positive free cash flow in recent quarters, indicating successful cost-control measures.
  The company faces a highly competitive landscape and significant risks. Intense competition from a wide array of fitness solutions, coupled with the discretionary nature of its products, makes sustained growth and profitability a challenge. The success of the turnaround hinges on growing its high-margin subscription base and achieving operating leverage.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Peloton Interactive  (PTON US) - Nov 2025

Selected Quarterly & Annual Newsletters from Funds, Fund Newsletters

Fund Newsletters

Selected Quarterly & Annual Newsletters from Funds

Thematic (Sector/Industry)

<ul>
<li>Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis of a company's operations.</li>
<li>Q3 2022 was a disappointing quarter.</li>
<li>We should extend our investment horizon exactly when others shorten theirs.</li>
</ul>


Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis of a company's operations.
Q3 2022 was a disappointing quarter.
We should extend our investment horizon exactly when others shorten theirs.


Merion Road Capital Q3 2022 Investor Letter

United States

Peloton Interactive, Inc. provides sporting apparels and products. The Company offers tops, bras, bottoms, watch bands, hats, bags, and workout bikes for indoor cycling products. Peloton Interactive serves customers worldwide.

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Peloton Interactive (PTON US)

Peloton: Hardware Innovation Meets Subscription Monetization—A Scalable Growth Strategy?

Peloton Interactive, Inc. reported its second quarter fiscal year 2026 results highlighting progress in its strategic transformation from a...

Baptista Research

PTON: Gross Margin Expansion Drives 2Q EBITDA Upside

Ending Paid Connected Fitness Subscriptions totaled 2.661MM, down 214,000 or 7% Y/Y, but 6,000 above the guidance midpoint and exceeding our...

Water Tower Research

PTON: Initiating Coverage; The Healthspan Transformation; Four Pillars to Profitable Growth

We are initiating coverage of Peloton Interactive, Inc. (NASDAQ: PTON), a leading global fitness and wellness company combining connected fitness...

Water Tower Research

Primer: Peloton Interactive (PTON US) - Nov 2025

Peloton is in the midst of a significant strategic pivot, shifting focus from being a high-end, vertically-integrated hardware manufacturer to a...

αSK Primers

Merion Road Capital Q3 2022 Investor Letter

Merion Road Capital Management LLC is a registered investment adviser. We focus on value-oriented investing through rigorous fundamental analysis...

Fund Newsletters

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