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>TopBuild Corporation recently reported its third-quarter 2025 earnings, showcasing a mixed but strategic performance amidst a challenging macroeconomic environment.</li><li>The company's financial results were in line with expectations, with total sales increasing by 1.4% to $1.4 billion.</li><li>This growth was primarily driven by mergers and acquisitions (M&A) contributing 7.9%, despite a 6.7% decline in volume and marginal pricing enhancement of 0.3%.</li></ul>

TopBuild Corporation recently reported its third-quarter 2025 earnings, showcasing a mixed but strategic performance amidst a challenging macroeconomic environment.The company's financial results were in line with expectations, with total sales increasing by 1.4% to $1.4 billion.This growth was primarily driven by mergers and acquisitions (M&A) contributing 7.9%, despite a 6.7% decline in volume and marginal pricing enhancement of 0.3%.

TopBuild: Commercial & Industrial Market Expansion & Other Key Growth Levers!

<ul><li>TopBuild Corp., a leading installer and distributor of insulation and building products, has been aggressively reshaping its portfolio through M&A activity.</li><li>On October 7, 2025, it closed the $1 billion all-cash acquisition of Specialty Products and Insulation (SPI), a prominent mechanical insulation distributor and fabricator serving the commercial, industrial, and residential sectors in North America.</li><li>Funded through cash on hand and the proceeds from a $750 million senior notes issuance in September, the transaction excludes SPI’s metal building insulation (MBI) unit and reflects TopBuild’s push to deepen its presence in higher-margin, non-residential markets.</li></ul>

TopBuild Corp., a leading installer and distributor of insulation and building products, has been aggressively reshaping its portfolio through M&A activity.On October 7, 2025, it closed the $1 billion all-cash acquisition of Specialty Products and Insulation (SPI), a prominent mechanical insulation distributor and fabricator serving the commercial, industrial, and residential sectors in North America.Funded through cash on hand and the proceeds from a $750 million senior notes issuance in September, the transaction excludes SPI’s metal building insulation (MBI) unit and reflects TopBuild’s push to deepen its presence in higher-margin, non-residential markets.

TopBuild’s SPI Acquisition: A $1 Billion Bet That Could Double Market Share!

<ul><li>TopBuild Corporation delivered its second quarter 2025 financial results showing resilience amid a challenging residential construction market.</li><li>The company reported a 5% decline in total sales to $1.3 billion, influenced by softness in the new residential construction market, but was partially offset by growth in heavy commercial and industrial sectors.</li><li>This performance reflects its strategic efforts to diversify revenue sources and mitigate exposure to economic cycles affecting residential construction.</li></ul>

TopBuild Corporation delivered its second quarter 2025 financial results showing resilience amid a challenging residential construction market.The company reported a 5% decline in total sales to $1.3 billion, influenced by softness in the new residential construction market, but was partially offset by growth in heavy commercial and industrial sectors.This performance reflects its strategic efforts to diversify revenue sources and mitigate exposure to economic cycles affecting residential construction.

TopBuild Faces A $30 Million Price Squeeze — But Can Supply Chain Fixes Save Margins?

<ul><li>TopBuild Corp.'s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their operations.</li><li>With a reported decline of 3.6% in total sales to $1.2 billion, the company felt the impact of weakened residential construction demand.</li><li>This decline in new residential construction, the company's largest segment, was partially mitigated by growth in its commercial and industrial sectors.</li></ul>

TopBuild Corp.'s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their operations.With a reported decline of 3.6% in total sales to $1.2 billion, the company felt the impact of weakened residential construction demand.This decline in new residential construction, the company's largest segment, was partially mitigated by growth in its commercial and industrial sectors.

TopBuild Corp Is Powering Ahead with Aggressive M&A Playbook To Capture Market Share; What’s Next?

<ul><li>TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business model.</li><li>Despite a challenging macroeconomic environment marked by elevated interest rates and inflation persisting longer than expected, the company achieved a modest sales increase of 2% in Q4 to $1.3 billion.</li><li>This growth was primarily driven by its Specialty Distribution segment, which saw a 6.6% rise to $601.8 million.</li></ul>

TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business model.Despite a challenging macroeconomic environment marked by elevated interest rates and inflation persisting longer than expected, the company achieved a modest sales increase of 2% in Q4 to $1.3 billion.This growth was primarily driven by its Specialty Distribution segment, which saw a 6.6% rise to $601.8 million.

TopBuild Corporation: Acquisition Strategy & Capital Allocation As a Pivotal Driver Of Stock's Long-Term Performance!

United States

TopBuild Corp. provides insulation installation services. The Company offers residential insulation products and related accessories. TopBuild serves customers in the United States.

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Topbuild Corp (BLD US)

TopBuild: Commercial & Industrial Market Expansion & Other Key Growth Levers!

TopBuild Corporation recently reported its third-quarter 2025 earnings, showcasing a mixed but strategic performance amidst a challenging...

Baptista Research

TopBuild Faces A $30 Million Price Squeeze — But Can Supply Chain Fixes Save Margins?

TopBuild Corporation delivered its second quarter 2025 financial results showing resilience amid a challenging residential construction...

Baptista Research

TopBuild Corporation: Acquisition Strategy & Capital Allocation As a Pivotal Driver Of Stock's Long-Term Performance!

TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business...

Baptista Research

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

TopBuild: Commercial & Industrial Market Expansion & Other Key Growth Levers!

TopBuild Corporation recently reported its third-quarter 2025 earnings, showcasing a mixed but strategic performance amidst a challenging...

Baptista Research

TopBuild’s SPI Acquisition: A $1 Billion Bet That Could Double Market Share!

TopBuild Corp., a leading installer and distributor of insulation and building products, has been aggressively reshaping its portfolio through...

Baptista Research

TopBuild Faces A $30 Million Price Squeeze — But Can Supply Chain Fixes Save Margins?

TopBuild Corporation delivered its second quarter 2025 financial results showing resilience amid a challenging residential construction...

Baptista Research

TopBuild Corp Is Powering Ahead with Aggressive M&A Playbook To Capture Market Share; What’s Next?

TopBuild Corp.'s first quarter performance of 2025 reflects a mixed outlook with certain challenges and strengths highlighted across their...

Baptista Research

TopBuild Corporation: Acquisition Strategy & Capital Allocation As a Pivotal Driver Of Stock's Long-Term Performance!

TopBuild Corporation reported its ninth consecutive year of growth, underscoring the sustained strength and expansion of its business...

Baptista Research