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>The company reported strong first-quarter 2026 results characterized by robust platform revenue growth and improved profitability metrics.</li><li>Platform revenue increased 28% year-over-year, surpassing internal outlooks, supported by significant advertising growth and subscription revenue expansion.</li><li>Advertising revenue grew 27%, benefiting in part from major events like the Olympics and Super Bowl, alongside the adoption of a third-party partnership strategy and increased use of the company’s Ads Manager product.</li></ul>

The company reported strong first-quarter 2026 results characterized by robust platform revenue growth and improved profitability metrics.Platform revenue increased 28% year-over-year, surpassing internal outlooks, supported by significant advertising growth and subscription revenue expansion.Advertising revenue grew 27%, benefiting in part from major events like the Olympics and Super Bowl, alongside the adoption of a third-party partnership strategy and increased use of the company’s Ads Manager product.

Roku: How Are Apple, Peacock, And International Expansion Boosting Its Subscription Power?

<ul><li>Roku, Inc. reported its fourth-quarter and full-year 2025 financial results, showing strong growth and promising outlook in several areas.</li><li>The company emphasized its successful execution in right-sizing cost structures, achieving adjusted EBITDA breakeven a year ahead of schedule, and focusing on platform monetization initiatives.</li><li>For the full year 2025, Roku recorded an 18% growth in platform revenue, achieving remarkable milestones such as $169 million in adjusted EBITDA for the fourth quarter and $421 million for the year.</li></ul>

Roku, Inc. reported its fourth-quarter and full-year 2025 financial results, showing strong growth and promising outlook in several areas.The company emphasized its successful execution in right-sizing cost structures, achieving adjusted EBITDA breakeven a year ahead of schedule, and focusing on platform monetization initiatives.For the full year 2025, Roku recorded an 18% growth in platform revenue, achieving remarkable milestones such as $169 million in adjusted EBITDA for the fourth quarter and $421 million for the year.

Roku: Advertising, Subscriptions, and the Push to Monetize Global Reach!

<ul><li>Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements.</li><li>The company demonstrated a commitment to enhancing its core platform while seeking further growth in advertising and subscription services.</li><li>From a financial perspective, Roku reported a return to positive operating income for the first time since 2021, with an adjusted EBITDA guide for the fourth quarter reaching a record $145 million.</li></ul>

Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements.The company demonstrated a commitment to enhancing its core platform while seeking further growth in advertising and subscription services.From a financial perspective, Roku reported a return to positive operating income for the first time since 2021, with an adjusted EBITDA guide for the fourth quarter reaching a record $145 million.

Will Roku’s Subscription Boom Make It the Netflix of Smart TV Platforms?

<ul><li>Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.</li><li>On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.</li><li>This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.</li></ul>

Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company.On the positive side, the quarter was highlighted by an 18% year-over-year growth in platform revenue, driven largely by the expansion and diversification of advertising demand, and a robust performance from the newly launched Roku Ads Manager.This growth was fueled by significant gains in video advertising, which outpaced the overall U.S. OTT and digital ad markets, pointing to successful integration strategies and product innovations.

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

India focused: IPO, special situations, Stylus Holdings

Himanshu Dugar

India focused: IPO, special situations

Stylus Holdings

Stylus Holdings is a buy-side equity research firm. We offer bottom-up investment ideas as well as provide on demand equity research and portfolio tracking. 
At Stylus, our focus is to identify market dislocations that can generate 20+% IRR with a reasonable margin of safety. As part of our research process, we do a deep dive into the fundamentals of the company, evaluate their competitive positioning and assess their valuation.
Our investment team is led by Himanshu Dugar. Himanshu is a Chartered Accountant and a CFA charter holder. He has 10+ years of active experience in the stock market with stints at CRISIL Research, a S&P Global copmany and Miras Investments, a single family office based in Dubai.

Equity Research Firm

<ul>
<li>Amagi's unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access</li>
<li>By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.</li>
<li>Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?</li>
</ul>


Amagi's unified cloud-based media infrastructure serves to digitise traditional media content and enable monetisation. Its two-way platform supports not just the content-owners but also distributors globally with varied content access
By attracting both media companies and distributors, Amagi benefits from a content-driven flywheel effect, creating structural stickiness with 120+% NRR and 35–50% cost savings for broadcasters.
Amagi has been a key enabler for broadcasting for live-events (FIFA, NFL) while its content library attracts small/new OTT platforms. Only concern is whether it can tap larger media/OTT platforms?


Amagi Media Labs: Taking Media Companies to the Cloud Universe

United States

Roku, Inc. designs and manufactures consumer electronic products. The Company offers wireless enabled devices that stream audio and video content from the internet to home entertainment systems. Roku serves customers globally.

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Roku (ROKU US)

Roku: How Are Apple, Peacock, And International Expansion Boosting Its Subscription Power?

The company reported strong first-quarter 2026 results characterized by robust platform revenue growth and improved profitability...

Baptista Research

Roku: Advertising, Subscriptions, and the Push to Monetize Global Reach!

Roku, Inc. reported its fourth-quarter and full-year 2025 financial results, showing strong growth and promising outlook in several areas. The...

Baptista Research

Will Roku’s Subscription Boom Make It the Netflix of Smart TV Platforms?

Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements. The company...

Baptista Research

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company. On the positive...

Baptista Research

Amagi Media Labs: Taking Media Companies to the Cloud Universe

Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...

Himanshu Dugar

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Roku: How Are Apple, Peacock, And International Expansion Boosting Its Subscription Power?

The company reported strong first-quarter 2026 results characterized by robust platform revenue growth and improved profitability...

Baptista Research

Roku: Advertising, Subscriptions, and the Push to Monetize Global Reach!

Roku, Inc. reported its fourth-quarter and full-year 2025 financial results, showing strong growth and promising outlook in several areas. The...

Baptista Research

Will Roku’s Subscription Boom Make It the Netflix of Smart TV Platforms?

Roku, Inc. recently shared its third-quarter 2025 financial results, highlighting several strategic and financial movements. The company...

Baptista Research

Roku Boosts User Retention & Revenue With Subscription Bundling Strategy; Will It Work In The Long Term?

Roku's second quarter 2025 earnings call reflected a nuanced picture of both progress and ongoing challenges for the company. On the positive...

Baptista Research

Amagi Media Labs: Taking Media Companies to the Cloud Universe

​Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...

Himanshu Dugar

Amagi's media SaaS digitizes traditional content, supports global distributors. A Key player in live-event broadcasting and for small OTT...