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>Restoration Hardware, a leading luxury home furnishings brand in North America, reported revenue growth of 8% in 2025 and 15% over two years, outperforming furniture industry peers by 8 to 30 percentage points.</li><li>Adjusted EBITDA reached $597 million, representing 17.3% of revenues, up from 16.9% in 2024, while free cash flow turned positive at $252 million compared to a negative $214 million the previous year.</li><li>These results came despite 2025 being a peak investment year, with $289 million of adjusted capital expenditures directed toward global expansion and $37 million allocated to acquisitions supporting the launch of RH Estates, a new brand extension targeting the traditional luxury furniture market.</li></ul>

Restoration Hardware, a leading luxury home furnishings brand in North America, reported revenue growth of 8% in 2025 and 15% over two years, outperforming furniture industry peers by 8 to 30 percentage points.Adjusted EBITDA reached $597 million, representing 17.3% of revenues, up from 16.9% in 2024, while free cash flow turned positive at $252 million compared to a negative $214 million the previous year.These results came despite 2025 being a peak investment year, with $289 million of adjusted capital expenditures directed toward global expansion and $37 million allocated to acquisitions supporting the launch of RH Estates, a new brand extension targeting the traditional luxury furniture market.

Restoration Hardware (RH): The Market Is Missing Real Estate Monetization Potential Of $500 Million

Independent in-depth research from Finimize, Finimize

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Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Restoration Hardware, Inc., more commonly known as RH, recently reported its financial results for the third quarter of fiscal 2025.</li><li>The company demonstrated resilience and growth in a challenging economic environment, marked by a difficult housing market and ongoing trade uncertainties due to tariffs.</li><li>RH managed to increase its revenue by 9% year-over-year and 18% on a two-year basis.</li></ul>

Restoration Hardware, Inc., more commonly known as RH, recently reported its financial results for the third quarter of fiscal 2025.The company demonstrated resilience and growth in a challenging economic environment, marked by a difficult housing market and ongoing trade uncertainties due to tariffs.RH managed to increase its revenue by 9% year-over-year and 18% on a two-year basis.

RH - Restoration Hardware Is Building the Ultimate Luxury Ecosystem — Products

<ul><li>The latest financial results of RH, formerly known as Restoration Hardware, present a mixed picture of ongoing strategic initiatives and financial challenges.</li><li>RH reported industry-leading growth with an 8.4% increase in revenue and a 13.7% increase in demand for the second quarter of the fiscal year 2025.</li><li>Over a two-year period, revenues increased by 12% and demand by 21%, highlighting significant market share gains despite prevailing economic headwinds, notably the challenges in the housing market and tariff uncertainties.</li></ul>

The latest financial results of RH, formerly known as Restoration Hardware, present a mixed picture of ongoing strategic initiatives and financial challenges.RH reported industry-leading growth with an 8.4% increase in revenue and a 13.7% increase in demand for the second quarter of the fiscal year 2025.Over a two-year period, revenues increased by 12% and demand by 21%, highlighting significant market share gains despite prevailing economic headwinds, notably the challenges in the housing market and tariff uncertainties.

Restoration Hardware’s (RH) Bold Global Push: Inside Its Paris Success & London & Milan Plans!

<ul><li>The latest financial results of Restoration Hardware Holdings, Inc. (RH) for the first quarter of fiscal 2025 portray a company navigating multiple challenges with a strategic approach aimed at long-term growth rather than immediate short-term gains.</li><li>RH reported a 12% increase in revenue, attributed to their significant investments in product elevation and platform expansion despite facing uncertainty due to tariffs and a struggling housing market.</li><li>A key positive indicator for RH is their international expansion, particularly in Europe, where demand at RH England increased substantially by 47% in the gallery and 44% online.</li></ul>

The latest financial results of Restoration Hardware Holdings, Inc. (RH) for the first quarter of fiscal 2025 portray a company navigating multiple challenges with a strategic approach aimed at long-term growth rather than immediate short-term gains.RH reported a 12% increase in revenue, attributed to their significant investments in product elevation and platform expansion despite facing uncertainty due to tariffs and a struggling housing market.A key positive indicator for RH is their international expansion, particularly in Europe, where demand at RH England increased substantially by 47% in the gallery and 44% online.

RH: The Launch Of A New European Expansion Strategy Can Up Their Global Luxury Game!

United States

RH distributes home furnishing products. The Company offers products such as furniture, lighting, textiles, bathware, decor, outdoor, and garden, as well as baby and child products. RH distributes its products through retail stores, catalogs, and websites.

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RH (RH US)

Restoration Hardware (RH): The Market Is Missing Real Estate Monetization Potential Of $500 Million

Restoration Hardware, a leading luxury home furnishings brand in North America, reported revenue growth of 8% in 2025 and 15% over two years,...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

RH - Restoration Hardware Is Building the Ultimate Luxury Ecosystem — Products

Restoration Hardware, Inc., more commonly known as RH, recently reported its financial results for the third quarter of fiscal 2025. The company...

Baptista Research

Restoration Hardware’s (RH) Bold Global Push: Inside Its Paris Success & London & Milan Plans!

The latest financial results of RH, formerly known as Restoration Hardware, present a mixed picture of ongoing strategic initiatives and financial...

Baptista Research

RH: The Launch Of A New European Expansion Strategy Can Up Their Global Luxury Game!

The latest financial results of Restoration Hardware Holdings, Inc. (RH) for the first quarter of fiscal 2025 portray a company navigating...

Baptista Research

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