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 financial results for the fourth quarter of 2025 and full year provide a comprehensive view of its current performance and strategic direction.</li><li>In 2025, Shopify achieved significant milestones, delivering the highest quarterly revenue in its history and showing substantial growth both in North America and internationally.</li><li>Its revenue in 2025 increased by 30% year-over-year to $11.6 billion, with Q4 alone contributing over $3 billion, a notable achievement when compared to past performances.</li></ul>

Shopify's financial results for the fourth quarter of 2025 and full year provide a comprehensive view of its current performance and strategic direction.In 2025, Shopify achieved significant milestones, delivering the highest quarterly revenue in its history and showing substantial growth both in North America and internationally.Its revenue in 2025 increased by 30% year-over-year to $11.6 billion, with Q4 alone contributing over $3 billion, a notable achievement when compared to past performances.

Global Expansion Engine: How Shopify Is Systematically Scaling Beyond North America!

<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!

New Zealand Professional Investment Services Firm, Forsyth Barr

Forsyth Barr

New Zealand Professional Investment Services Firm

We are proud to be a New Zealand owned firm, with 21 offices throughout the country and over 300 employees. We assist personal, institutional and corporate clients providing a full range of investment services.

Forsyth Barr is a foundation New Zealand Exchange firm (NZX) and accredited market participant. We have been confirmed by the Financial Markets Authority as a Qualifying Financial Entity (QFE).

Research is the cornerstone of our advice. We have one of New Zealand's leading teams of analysts. Our global affiliations ensure comprehensive research coverage of all major investment markets.

Thematic (Sector/Industry)

<ul><li>The pace of change across the tech sector is accelerating.</li><li>The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.</li><li>Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.</li></ul>

The pace of change across the tech sector is accelerating.The global tech selloff reflects growing investor concern over the durability of software moats as AI reshapes the technology landscape.Our ratings were unchanged over the March 2026 quarter, with Vista Group (VGL), Serko (SKO), and Gentrack (GTK) all rated OUTPERFORM.

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

<ul><li>The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.</li><li>If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.</li><li>We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.</li></ul>

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as large language models improve quickly.If large model providers take over more of the interface and decision-making, some software vendors risk losing their grip on the customer relationship.We remain OUTPERFORM on Vista Group (VGL), Gentrack (GTK) and Serko (SKO), which we continue to view constructively, underpinned by: (1) large proprietary data sets; (2) deep domain expertise across complex workflows; and (3) long-standing, trusted client relationships.

Tech Sector: The Software Endgame Who Owns The Workflow

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)

Global Expansion Engine: How Shopify Is Systematically Scaling Beyond North America!

Shopify's financial results for the fourth quarter of 2025 and full year provide a comprehensive view of its current performance and strategic...

Baptista Research

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

Forsyth Barr Technology Digest Edition 14—The Pace of Change Accelerates

The pace of change across the tech sector is accelerating. The global tech selloff reflects growing investor concern over the durability of...

Forsyth Barr

Tech Sector: The Software Endgame Who Owns The Workflow

The aggressive global sell-off across listed tech reflects a rapid change in how the market is thinking about AI risk for software companies, as...

Forsyth Barr

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