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>Shopify's third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.</li><li>On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.</li><li>This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.</li></ul>

Shopify's third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced by some challenges and considerations that investors should weigh.On the positive side, Shopify reported a significant 32% growth in gross merchandise volume (GMV) and revenue, with a notable 38% increase in Merchant Solutions revenue.This was largely driven by the rising adoption of Shopify Payments, which has reached a penetration rate of 65%.

Shopify BREAKS DOWN On Cyber Monday: Can It Afford Another Slip-Up?

<ul><li>Shopify's third quarter of 2025 demonstrated continued momentum, showcasing both growth and expansion across various facets of its business model.</li><li>The key areas of focus included GMV growth, increased international reach, integration of AI, and bolstering merchant solutions, which combined to drive financial success and reinforce Shopify's position in the global e-commerce ecosystem.</li><li>During the quarter, Shopify achieved a 32% growth in Gross Merchandise Volume (GMV), which was bolstered by significant contributions from both smaller merchants and larger enterprise-size clients.</li></ul>

Shopify's third quarter of 2025 demonstrated continued momentum, showcasing both growth and expansion across various facets of its business model.The key areas of focus included GMV growth, increased international reach, integration of AI, and bolstering merchant solutions, which combined to drive financial success and reinforce Shopify's position in the global e-commerce ecosystem.During the quarter, Shopify achieved a 32% growth in Gross Merchandise Volume (GMV), which was bolstered by significant contributions from both smaller merchants and larger enterprise-size clients.

Shopify Surges as AI-Driven Traffic Skyrockets—A Massive Shift Is Underway!

<ul><li>Shopify's second quarter 2025 results demonstrate a strong blend of growth and expansion across key business areas, maintaining its position as a leading e-commerce platform.</li><li>The company reported significant achievements in both financial metrics and strategic initiatives, reflecting past investments that are now yielding substantial returns.</li><li>On the financial front, Shopify achieved a 31% year-over-year increase in revenue, amounting to $2.7 billion, largely driven by a 31% growth in Gross Merchandise Volume (GMV) to $88 billion.</li></ul>

Shopify's second quarter 2025 results demonstrate a strong blend of growth and expansion across key business areas, maintaining its position as a leading e-commerce platform.The company reported significant achievements in both financial metrics and strategic initiatives, reflecting past investments that are now yielding substantial returns.On the financial front, Shopify achieved a 31% year-over-year increase in revenue, amounting to $2.7 billion, largely driven by a 31% growth in Gross Merchandise Volume (GMV) to $88 billion.

Shopify Inc: How They Are Blending AI & Agentic Commerce To Up The Ante!

<ul><li>Shopify's first-quarter 2025 earnings reveal a resilient and adaptable company poised to navigate an uncertain global trade environment.</li><li>The company reported a 27% increase in revenue, bolstered by strong growth across various geographic markets and product segments.</li><li>Shopify's business model emphasizes agility and innovation, enabling merchants to rapidly adapt to changing market conditions.</li></ul>

Shopify's first-quarter 2025 earnings reveal a resilient and adaptable company poised to navigate an uncertain global trade environment.The company reported a 27% increase in revenue, bolstered by strong growth across various geographic markets and product segments.Shopify's business model emphasizes agility and innovation, enabling merchants to rapidly adapt to changing market conditions.

Shopify Was Dominating E-Commerce with Unmatched Platform Diversification & Resilient GMV; But Is The Competition Catching Up?

US-EU Index Rebalances / Quantitative Researcher, ORTEX

Dimitris Ioannidis

US-EU Index Rebalances / Quantitative Researcher

Global Financial Data and Analytics Platform

ORTEX

ORTEX is a global financial data and analytics platform providing real-time securities lending and short interest data, index rebalance data, holdings and insider transactions, trading signals, corporate actions and news,  stock machine learning and factor scores and other analytics. The majority of the data are downloadable and accessible through APIs.

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.</li>
<li>
<a href="https://www.smartkarma.com/entities/shopify-inc-de74469e-4678-489b-9b50-a80a5790c5ef" target="_blank" data-smartkarma-citation="entities:25906:1" rel="noopener">Shopify (SHOP US)</a> is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.</li>
<li>The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.</li>
</ul>



Shopify (SHOP US) is eligible for Nasdaq100 following its listing transfer from NYSE to Nasdaq on 31 March. Inclusion is anticipated in December 2025 or earlier as a replacement.

Shopify (SHOP US) is expected to be added to R1000 and Krisp Mega in June 2025 due to a new domestic 10-K filing which results in a US nationality assignment.
The company can be considered for TMI and S&amp;P500 only if it re-domiciles to US. New filings and US headquarters point towards that direction, but no plans have been announced.


Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Canada

Shopify Inc. provides a cloud-based commerce platform. The Company offers a platform for merchants to create an omni-channel experience that helps showcase the merchant's brand. Shopify serves customers in Canada.

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Shopify (SHOP US)

Shopify BREAKS DOWN On Cyber Monday: Can It Afford Another Slip-Up?

Shopify's third-quarter results for 2025 highlight several strategic themes that underlie its current performance and future prospects, balanced...

Baptista Research

Shopify Surges as AI-Driven Traffic Skyrockets—A Massive Shift Is Underway!

Shopify's third quarter of 2025 demonstrated continued momentum, showcasing both growth and expansion across various facets of its business...

Baptista Research

Shopify Inc: How They Are Blending AI & Agentic Commerce To Up The Ante!

Shopify's second quarter 2025 results demonstrate a strong blend of growth and expansion across key business areas, maintaining its position as a...

Baptista Research

Shopify Was Dominating E-Commerce with Unmatched Platform Diversification & Resilient GMV; But Is The Competition Catching Up?

Shopify's first-quarter 2025 earnings reveal a resilient and adaptable company poised to navigate an uncertain global trade environment. The...

Baptista Research

Shopify (SHOP US): Adds to Cart Nasdaq100, S&P500, R1000 and Krisp After US Listing & Filing Changes

Following a rasel methodology update, Canada will be used as the country of headquarters resulting in a Canadian index nationality due to country...

Dimitris Ioannidis

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