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>UL Solutions reported strong financial results for the first quarter of 2026, demonstrating solid organic revenue growth of 5.7% and a consolidated revenue increase of 7.5% compared to the prior-year period.</li><li>Adjusted EBITDA rose by 22.4% with an expansion of adjusted EBITDA margin by 320 basis points to 26.0%.</li><li>Adjusted diluted earnings per share grew by 35.1% year-over-year.</li></ul>

UL Solutions reported strong financial results for the first quarter of 2026, demonstrating solid organic revenue growth of 5.7% and a consolidated revenue increase of 7.5% compared to the prior-year period.Adjusted EBITDA rose by 22.4% with an expansion of adjusted EBITDA margin by 320 basis points to 26.0%.Adjusted diluted earnings per share grew by 35.1% year-over-year.

UL Solutions: Reinventing Safety Certification Through AI Leadership and a Bold Global Expansion Strategy!

<ul><li>UL Solutions Inc. has entered a new strategic phase after announcing a definitive agreement to acquire Eurofins Scientific’s Electrical & Electronics business, including the MET Labs certification mark, for an enterprise value of roughly €575 million, or about $670 million.</li><li>The proposed transaction comes after UL Solutions reported a record 2025, with revenue nearing $3.1 billion, organic growth above 6%, adjusted EBITDA margin of 25.9%, and free cash flow of $403 million.</li><li>Management has also been repositioning the company toward higher-value testing, inspection, and certification activities through portfolio actions, including the sale of its employee health and safety software business and a greater focus on its core TIC and risk-compliance offerings.</li></ul>

UL Solutions Inc. has entered a new strategic phase after announcing a definitive agreement to acquire Eurofins Scientific’s Electrical & Electronics business, including the MET Labs certification mark, for an enterprise value of roughly €575 million, or about $670 million.The proposed transaction comes after UL Solutions reported a record 2025, with revenue nearing $3.1 billion, organic growth above 6%, adjusted EBITDA margin of 25.9%, and free cash flow of $403 million.Management has also been repositioning the company toward higher-value testing, inspection, and certification activities through portfolio actions, including the sale of its employee health and safety software business and a greater focus on its core TIC and risk-compliance offerings.

UL Solutions’ $670M Acquisition Could Be Its Biggest Growth Catalyst Yet!

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

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<li>
<a href="https://www.smartkarma.com/entities/ul-solutions-inc" target="_blank" data-smartkarma-citation="entities:43719:1" rel="noopener">UL Solutions (ULS US)</a>, despite a $17bn market cap, has been excluded from a major US and Global index due to public voting rights below 5%.</li>
<li>Conversion of Class B to Class A shares in the last 12 months has increased public voting rights above 5%.</li>
<li>
<a href="https://www.smartkarma.com/entities/ul-solutions-inc" target="_blank" data-smartkarma-citation="entities:43719:1" rel="noopener">UL Solutions (ULS US)</a> is expected to be added to US1000 and Global SmallCap at the June and September 2026 review, respectively.</li>
</ul>



UL Solutions (ULS US), despite a $17bn market cap, has been excluded from a major US and Global index due to public voting rights below 5%.
Conversion of Class B to Class A shares in the last 12 months has increased public voting rights above 5%.

UL Solutions (ULS US) is expected to be added to US1000 and Global SmallCap at the June and September 2026 review, respectively.


UL Solutions (ULS US): Inclusion in Major US Index Following Increased Public Voting Rights

<ul><li>UL Solutions (ULS) presented a strong set of financial results for the fourth quarter and full-year 2025, reflecting both challenges and opportunities in the industry.</li><li>The company reported revenues of nearly $3.1 billion for the full year, showing a 6.4% increase from 2024, driven by consistent performance across its Industrial, Consumer, and Software & Advisory segments.</li><li>Notably, the Industrial segment led with 6.9% growth, highlighting robust demand in certification services.</li></ul>

UL Solutions (ULS) presented a strong set of financial results for the fourth quarter and full-year 2025, reflecting both challenges and opportunities in the industry.The company reported revenues of nearly $3.1 billion for the full year, showing a 6.4% increase from 2024, driven by consistent performance across its Industrial, Consumer, and Software & Advisory segments.Notably, the Industrial segment led with 6.9% growth, highlighting robust demand in certification services.

Inside UL Solutions’ Restructuring Playbook—Cost Cuts, Capacity Optimization, and EBITDA Upside!

<ul><li>UL Solutions reported a robust third quarter for 2025, showcasing consistent growth across its industrial, consumer, and software & advisory segments, with revenues up by 7.1% compared to the same period last year.</li><li>The company registered an 18.6% increase in adjusted EBITDA to $217 million, achieving a margin of 27.7%, the highest since going public.</li><li>This indicates an improved profitability structure and strategic execution in its core markets.</li></ul>

UL Solutions reported a robust third quarter for 2025, showcasing consistent growth across its industrial, consumer, and software & advisory segments, with revenues up by 7.1% compared to the same period last year.The company registered an 18.6% increase in adjusted EBITDA to $217 million, achieving a margin of 27.7%, the highest since going public.This indicates an improved profitability structure and strategic execution in its core markets.

UL Solutions: A Closer Look At Its Supply Chain Diversification Strategy—How It Plans to Win in Vietnam

United States

UL Solutions Inc. operates as a safety science company. The Company offers certification, testing, inspection, auditing, validation, and advisory services, along with software products and advisory solutions. UL Solutions serves the banking, energy, medical, and transportation sectors worldwide.

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UL Solutions Inc (ULS US)

UL Solutions: Reinventing Safety Certification Through AI Leadership and a Bold Global Expansion Strategy!

UL Solutions reported strong financial results for the first quarter of 2026, demonstrating solid organic revenue growth of 5.7% and a...

Baptista Research

UL Solutions’ $670M Acquisition Could Be Its Biggest Growth Catalyst Yet!

UL Solutions Inc. has entered a new strategic phase after announcing a definitive agreement to acquire Eurofins Scientific’s Electrical &...

Baptista Research

UL Solutions (ULS US): Inclusion in Major US Index Following Increased Public Voting Rights

UL Solutions (ULS US) has a $17bn market cap and is expected to be added to a major US and Global index in June and September 2026, as public...

Dimitris Ioannidis

Inside UL Solutions’ Restructuring Playbook—Cost Cuts, Capacity Optimization, and EBITDA Upside!

UL Solutions (ULS) presented a strong set of financial results for the fourth quarter and full-year 2025, reflecting both challenges and...

Baptista Research

UL Solutions: A Closer Look At Its Supply Chain Diversification Strategy—How It Plans to Win in Vietnam

UL Solutions reported a robust third quarter for 2025, showcasing consistent growth across its industrial, consumer, and software & advisory...

Baptista Research

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