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>Quanta Services reported strong first quarter 2026 results, highlighted by robust double-digit growth in revenues, adjusted EBITDA, and adjusted earnings per share, alongside a record backlog valued at $48.5 billion.</li><li>Revenues reached $7.9 billion with net income attributable to common stock of $221 million ($1.45 per diluted share) and adjusted diluted earnings per share of $2.68.</li><li>Adjusted EBITDA totaled $686 million.</li></ul>

Quanta Services reported strong first quarter 2026 results, highlighted by robust double-digit growth in revenues, adjusted EBITDA, and adjusted earnings per share, alongside a record backlog valued at $48.5 billion.Revenues reached $7.9 billion with net income attributable to common stock of $221 million ($1.45 per diluted share) and adjusted diluted earnings per share of $2.68.Adjusted EBITDA totaled $686 million.

Quanta Services Is Building America’s Energy Backbone—But Can Transmission Demand Keep Accelerating?

<ul><li>Quanta Services demonstrated a robust financial and operational performance throughout 2025, achieving record results in key metrics such as revenue, adjusted EBITDA, and free cash flow.</li><li>With revenues reaching $28.5 billion, marking a 20% increase from the previous year, the company also reported a record adjusted EBITDA of $2.9 billion and adjusted diluted earnings per share of $10.75, reflecting a year-over-year growth of 20%.</li><li>Furthermore, Quanta generated record cash flow from operations of $2.2 billion and a free cash flow of $1.7 billion.</li></ul>

Quanta Services demonstrated a robust financial and operational performance throughout 2025, achieving record results in key metrics such as revenue, adjusted EBITDA, and free cash flow.With revenues reaching $28.5 billion, marking a 20% increase from the previous year, the company also reported a record adjusted EBITDA of $2.9 billion and adjusted diluted earnings per share of $10.75, reflecting a year-over-year growth of 20%.Furthermore, Quanta generated record cash flow from operations of $2.2 billion and a free cash flow of $1.7 billion.

Quanta Services Is Everywhere—How Utilities, Tech, and Energy Are Fueling a Multi-Cycle Expansion!

Oil and Gas, Mint Finance

Suhas Reddy

Oil and Gas

Deep Fundamental Analysis

Mint Finance

Mint Finance's investment research blends deep fundamental analysis with technical & quant insights. Investment strategies straddle across multiple asset classes with risk management embedded into every trade to deliver an outsized reward-to-risk ratio.

Mint Finance's research is centered around three key themes. First, energy transition and climate change. Second, artificial intelligence. Third, shifting world order with its impact across politics and monetary economics.

<ul>
<li>Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.</li>
<li>Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.</li>
<li>Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.</li>
</ul>


Eaton captures AI-driven energy demand at the point of consumption, benefiting directly from rising data-centre power intensity, strong order momentum, and diversified electrification exposure.
Quanta Services monetises the grid expansion required to deliver AI-related power demand, with a record multi-year backlog, and predictable cash flows providing structural downside protection and earnings visibility.
Together, Eaton and Quanta cover the full AI-energy stack, from grid delivery to data-centre power use, combining upside exposure with resilience and reduced concentration risk in 2026.


2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

<ul><li>Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics, including double-digit increases in revenue, adjusted EBITDA, and adjusted EPS compared to the previous year.</li><li>The company's backlog reached a record $39.2 billion, indicating robust demand and a strong position going into 2026.</li><li>This growth can be attributed to heightened activity in their Electric segment and the broader infrastructural needs driven by the transformation within the energy sector.</li></ul>

Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics, including double-digit increases in revenue, adjusted EBITDA, and adjusted EPS compared to the previous year.The company's backlog reached a record $39.2 billion, indicating robust demand and a strong position going into 2026.This growth can be attributed to heightened activity in their Electric segment and the broader infrastructural needs driven by the transformation within the energy sector.

Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!

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

Quanta Services, Inc. provides specialized contracting services to electric utilities, telecommunication and cable television operators, and governmental entities.  The Company also installs transportation control and lighting systems and provides specialty electric power and communication services for industrial and commercial customers.  Quanta operates projects throughout North America.

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Quanta Services (PWR US)

Quanta Services Is Building America’s Energy Backbone—But Can Transmission Demand Keep Accelerating?

Quanta Services reported strong first quarter 2026 results, highlighted by robust double-digit growth in revenues, adjusted EBITDA, and adjusted...

Baptista Research

Quanta Services Is Everywhere—How Utilities, Tech, and Energy Are Fueling a Multi-Cycle Expansion!

Quanta Services demonstrated a robust financial and operational performance throughout 2025, achieving record results in key metrics such as...

Baptista Research

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!

Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics,...

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)

P/E

Dividend (Yield)

Quanta Services Is Building America’s Energy Backbone—But Can Transmission Demand Keep Accelerating?

Quanta Services reported strong first quarter 2026 results, highlighted by robust double-digit growth in revenues, adjusted EBITDA, and adjusted...

Baptista Research

Quanta Services Is Everywhere—How Utilities, Tech, and Energy Are Fueling a Multi-Cycle Expansion!

Quanta Services demonstrated a robust financial and operational performance throughout 2025, achieving record results in key metrics such as...

Baptista Research

2026 High Conviction Idea - Capturing AI’s Energy Backbone: Eaton for Upside, Quanta for Defence

​Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...

Mint Finance

Quanta Services: Expansion into Power Generation, Renewable Energy Backlog Growth & Other Factors!

Quanta Services has released their third quarter 2025 results reporting impressive figures with record growth in several financial metrics,...

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

Eaton and Quanta Services capitalize on AI-driven energy demand, covering grid expansion and data-center power use for diversified exposure and...