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

Tractor Supply Company / Equity Bottom-Up

<ul><li>Tractor Supply Company reported its third quarter 2025 results, demonstrating a mix of strengths and challenges that construct a nuanced investment case.</li><li>The company achieved record net sales of $3.72 billion, reflecting a 7.2% increase year-over-year.</li><li>Comparable store sales grew by 3.9%, driven by a combination of transaction and average ticket growth.</li></ul>

Tractor Supply Company reported its third quarter 2025 results, demonstrating a mix of strengths and challenges that construct a nuanced investment case.The company achieved record net sales of $3.72 billion, reflecting a 7.2% increase year-over-year.Comparable store sales grew by 3.9%, driven by a combination of transaction and average ticket growth.

Tractor Supply Company Unleashes Its Direct Sales Force — A Game-Changer for 2026!

<ul><li>Tractor Supply Company's recent earnings highlighted its second-quarter 2025 performance, encompassing both achievements and challenges faced during the period.</li><li>The company reported record net sales of $4.44 billion, a 4.5% increase compared to the prior year, and a comparable store sales increase of 1.5%.</li><li>This growth was driven by a combination of transaction growth and a slight increase in average ticket size.</li></ul>

Tractor Supply Company's recent earnings highlighted its second-quarter 2025 performance, encompassing both achievements and challenges faced during the period.The company reported record net sales of $4.44 billion, a 4.5% increase compared to the prior year, and a comparable store sales increase of 1.5%.This growth was driven by a combination of transaction growth and a slight increase in average ticket size.

Tractor Supply Company: Leveraging Favorable Seasonal Trends to Capitalize On The Consistent Traction Of Rural Lifestyle Offerings!

<ul><li>Tractor Supply Company (TSC) presented its first quarter results for 2025 with a nuanced report that reflects both strong operational execution and the challenges of a shifting macroeconomic environment.</li><li>Total sales reached a record $3.47 billion, marking a 2.1% increase despite a 0.9% decline in comparable store sales.</li><li>The growth in sales figures underscores a robust transaction increase; however, it was offset by a decline in the average ticket size, largely attributed to adverse weather conditions impacting seasonal sales and a resulting product mix shift.</li></ul>

Tractor Supply Company (TSC) presented its first quarter results for 2025 with a nuanced report that reflects both strong operational execution and the challenges of a shifting macroeconomic environment.Total sales reached a record $3.47 billion, marking a 2.1% increase despite a 0.9% decline in comparable store sales.The growth in sales figures underscores a robust transaction increase; however, it was offset by a decline in the average ticket size, largely attributed to adverse weather conditions impacting seasonal sales and a resulting product mix shift.

Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?

<ul><li>Tractor Supply Company reported a mixed set of results for the fourth quarter and fiscal year 2024.</li><li>Net sales for the year approached $14.9 billion, marking a 2.2% increase from 2023, with comparable store sales inching up by 0.2%.</li><li>The company's digital sales reached over $1.1 billion, setting a new record.</li></ul>

Tractor Supply Company reported a mixed set of results for the fourth quarter and fiscal year 2024.Net sales for the year approached $14.9 billion, marking a 2.2% increase from 2023, with comparable store sales inching up by 0.2%.The company's digital sales reached over $1.1 billion, setting a new record.

Tractor Supply's Allivet Acquisition: The  Expansion of Pet and Animal Prescription Services To Change The Game! - Major Drivers

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.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/mongodb-inc" target="_blank" data-smartkarma-citation="entities:26655:1" rel="noopener">MongoDB (MDB US)</a> and <a href="https://www.smartkarma.com/entities/biogen-inc" target="_blank" data-smartkarma-citation="entities:972:1" rel="noopener">Biogen Inc (BIIB US)</a> are the main candidates for deletion based on their current and previous-review ranking.</li>
<li>
<a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a> is expected to be deleted from the index by June 2025 following its $35bn acquisition by <a href="https://www.smartkarma.com/entities/synopsys-inc" target="_blank" data-smartkarma-citation="entities:3493:1" rel="noopener">Synopsys Inc (SNPS US)</a>. </li>
<li>
<a href="https://www.smartkarma.com/entities/united-airlines-holdings-inc" target="_blank" data-smartkarma-citation="entities:15776:1" rel="noopener">United Airlines Holdings (UAL US)</a> and <a href="https://www.smartkarma.com/entities/alnylam-pharmaceuticals-inc" target="_blank" data-smartkarma-citation="entities:2191:1" rel="noopener">Alnylam Pharmaceuticals (ALNY US)</a> are <em>currently</em> the main candidates for addition, thus the first in line to replace <a href="https://www.smartkarma.com/entities/ansys-inc" target="_blank" data-smartkarma-citation="entities:15473:1" rel="noopener">Ansys Inc (ANSS US)</a>.</li>
</ul>



MongoDB (MDB US) and Biogen Inc (BIIB US) are the main candidates for deletion based on their current and previous-review ranking.

Ansys Inc (ANSS US) is expected to be deleted from the index by June 2025 following its $35bn acquisition by Synopsys Inc (SNPS US). 

United Airlines Holdings (UAL US) and Alnylam Pharmaceuticals (ALNY US) are currently the main candidates for addition, thus the first in line to replace Ansys Inc (ANSS US).


Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

United States

Tractor Supply Company operates a retail farm store chain in the United States. The Company provides farm maintenance products, animal products, general maintenance products, lawn and garden products, light truck equipment, work clothing, and other products.  Customers include hobby, part-time, and full-time farmers and ranchers, as well as rural customers, contractors, and tradesman.

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Tractor Supply Company (TSCO US)

Tractor Supply Company Unleashes Its Direct Sales Force — A Game-Changer for 2026!

Tractor Supply Company reported its third quarter 2025 results, demonstrating a mix of strengths and challenges that construct a nuanced...

Baptista Research

Tractor Supply Company: Leveraging Favorable Seasonal Trends to Capitalize On The Consistent Traction Of Rural Lifestyle Offerings!

Tractor Supply Company's recent earnings highlighted its second-quarter 2025 performance, encompassing both achievements and challenges faced...

Baptista Research

Tractor Supply Company’s PetRx Play: Could This Be the Ultimate Disrupter in Pet Medication?

Tractor Supply Company (TSC) presented its first quarter results for 2025 with a nuanced report that reflects both strong operational execution...

Baptista Research

Tractor Supply's Allivet Acquisition: The Expansion of Pet and Animal Prescription Services To Change The Game! - Major Drivers

Tractor Supply Company reported a mixed set of results for the fourth quarter and fiscal year 2024. Net sales for the year approached $14.9...

Baptista Research

Nasdaq100 Dec2025 Forecast (Part 1): MDB & BIIB in Trouble; UAL & ALNY First Replacements

Ansys (ANSS) is expected to be deleted from Nasdaq100 by June 2025 following its acquisition by Synopsys (SNPS). United Airlines (UAL) and Alnylam...

Dimitris Ioannidis

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