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>Twilio Inc. delivered a fourth quarter and full year performance that reflected a materially improved financial profile alongside steady top-line growth and continued product expansion.</li><li>Revenue reached $1.4 billion in the fourth quarter and $5.1 billion for the full year, with organic growth supported by strength across voice, messaging, and software add-ons.</li><li>Profitability improved meaningfully, with non-GAAP operating income rising sharply year over year and free cash flow approaching $1 billion for the full year.</li></ul>

Twilio Inc. delivered a fourth quarter and full year performance that reflected a materially improved financial profile alongside steady top-line growth and continued product expansion.Revenue reached $1.4 billion in the fourth quarter and $5.1 billion for the full year, with organic growth supported by strength across voice, messaging, and software add-ons.Profitability improved meaningfully, with non-GAAP operating income rising sharply year over year and free cash flow approaching $1 billion for the full year.

Inside Twilio’s Next Act: Voice AI, Multiproduct Expansion, and Operating Leverage!

<ul><li>Twilio's third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors' perspectives on the company.</li><li>The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.</li><li>This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.</li></ul>

Twilio's third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors' perspectives on the company.The company reported a record $1.3 billion in revenue, marking a 15% increase year-over-year, and $235 million in non-GAAP income from operations, both above expectations.This translates to a non-GAAP operating margin of 18%, albeit with a slight sequential improvement.

Twilio’s Global Playbook: How Is It Winning the Race in RCS & International Messaging?

Index Rebalance and Special Situations Coverage, Quiddity Advisors

Anjana Amarasuriya

Index Rebalance and Special Situations Coverage

Quiddity Advisors

Pan-Asia Catalysts/Events

Index Rebalance

<ul>
<li>The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.</li>
<li>A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.</li>
<li>We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.</li>
</ul>


The SP 500 index tracks the 500 largest (mostly profitable) US-listed names and is one of the most highly-tracked indices in the world.
A spin-off completes next week, and the new company's entry into the SP 500 is expected to trigger an intra-review deletion.
We expect two ADDs and two DELs at the December 2026 rebalance, and two M&amp;A deals could trigger intra-review ADDs before that.


Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

<ul>
<li>The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.</li>
<li>Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.</li>
<li>We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.</li>
</ul>


The SP Select Sector indices are a family of 11 sector-specific indices derived from the SP 500 index based on GICS (Global Industry Classification Standard) classifications.
Intra-Review changes from two M&amp;A deals and a spin-off could trigger Select Sector flows before the December 2026 rebalance.
We expect one-way flows of ~US$7bn across the Select Sector indices, which should grow as the December 2026 rebalance approaches.


Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

High Quality Stock Setups, Weekly Stock Bull Finder

Weekly Stock Bull Finder

High Quality Stock Setups

Finding high potential stock setups on quality companies

Thematic (Sector/Industry)

<ul><li>After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break down below prior weekly support levels in a large bearish engulfing candle last week.</li><li>This breakdown can serve as a tailwind for multi-nationals (especially technology names), commodities, emerging markets, treasuries, and cryptos.</li><li>The dollar is now sitting at a 15 month low. This decline may not be over as the MACD indicator is now crossing down.</li></ul>

After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break down below prior weekly support levels in a large bearish engulfing candle last week.This breakdown can serve as a tailwind for multi-nationals (especially technology names), commodities, emerging markets, treasuries, and cryptos.The dollar is now sitting at a 15 month low. This decline may not be over as the MACD indicator is now crossing down.

United States

Twilio Inc. develops and publishes Internet infrastructure solutions. The Company offers cloud computing platform that allow web developers to integrate phone calls, Internet protocol voice communications, and text messages into web, mobile, and phone applications. Twilio serves customers worldwide.

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Twilio (TWLO US)

Inside Twilio’s Next Act: Voice AI, Multiproduct Expansion, and Operating Leverage!

Twilio Inc. delivered a fourth quarter and full year performance that reflected a materially improved financial profile alongside steady top-line...

Baptista Research

Twilio’s Global Playbook: How Is It Winning the Race in RCS & International Messaging?

Twilio's third-quarter results for 2025 reveal a mix of strong performance metrics and ongoing strategic advancements that could impact investors'...

Baptista Research

Quiddity Leaderboard SP500/600 Dec26 Rebal: Two M&A Deals Pending; One Spin-Off ADD Imminent

SP DJI could announce the addition of Vylor (VYLR US), the seed business spun off from Corteva (CTVA US), to the SP 500 within this week. Our...

Anjana Amarasuriya

Quiddity Leaderboard SP Select Sector Dec26 Rebal: ~US$7bn One-Way Flow, Expected To Grow

Intra-review changes from two M&A deals and a spin-off could trigger early flows in the Select Sector indices, while the December rebalance one-way...

Anjana Amarasuriya

Weekly Stock Bullfinder - Week of 7/17

After witnessing a parabolic advance at the beginning of the Federal Reserve’s tightening cycle in early 2022, the US dollar has decisely break...

Weekly Stock Bull Finder

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