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>Walmart Inc. reported a quarter characterized by steady top-line growth, expanding digital penetration, and further diversification of profit sources, alongside ongoing exposure to consumer, regulatory, and macroeconomic uncertainties.</li><li>Revenue increased in the mid-single-digit range on a constant currency basis, while adjusted operating income grew at a meaningfully faster pace, reflecting operating leverage, improved business mix, and productivity benefits.</li><li>Growth was broad-based across Walmart U.S., Walmart International, and Sam’s Club U.S., with eCommerce remaining the primary incremental driver and accounting for a rising share of consolidated sales.</li></ul>

Walmart Inc. reported a quarter characterized by steady top-line growth, expanding digital penetration, and further diversification of profit sources, alongside ongoing exposure to consumer, regulatory, and macroeconomic uncertainties.Revenue increased in the mid-single-digit range on a constant currency basis, while adjusted operating income grew at a meaningfully faster pace, reflecting operating leverage, improved business mix, and productivity benefits.Growth was broad-based across Walmart U.S., Walmart International, and Sam’s Club U.S., with eCommerce remaining the primary incremental driver and accounting for a rising share of consolidated sales.

Walmart Is Winning Omnichannel at Scale — But How Far Can Digital Really Lift Margins?

Managing Partner, VRS (Valuation & Research Specialists)

VRS (Valuation & Research Specialists)

Managing Partner

Valuation & Research Specialists (VRS) is a boutique financial advisor with more than 17 years of experience in Corporate Valuation and Finance, and a diversified client base including some of the largest Companies in Greece.

Since 2002, VRS has completed more than 200 engagements in the areas of business valuation and financial analysis for more than 100 clients in a wide range of industries.

VRS has been honored to work with small and large private and publicly traded companies in Europe and overseas.

Boutique Financial Advisor

<ul><li>Our estimations for FY 2026 (ending January 2026) annual revenue range at around $710,337 million and for 2027 at around $741,062 million.</li><li>The company’s annual revenue reached $680,985 million in FY 2025 (ending January 2025) compared to $648,125 million in 2024, posting an annual increase by 5.07%.</li><li>WALMART’s gross profit for FY 2025 was $169,232 million, increased by 7.12% compared to $157,983 million for the corresponding period of FY 2024. </li></ul>

Our estimations for FY 2026 (ending January 2026) annual revenue range at around $710,337 million and for 2027 at around $741,062 million.The company’s annual revenue reached $680,985 million in FY 2025 (ending January 2025) compared to $648,125 million in 2024, posting an annual increase by 5.07%.WALMART’s gross profit for FY 2025 was $169,232 million, increased by 7.12% compared to $157,983 million for the corresponding period of FY 2024. 

WALMART INC. Equity Research Flash Note - December 31, 2025

<ul><li>Walmart Inc. is aggressively shifting gears to reframe its brand image and customer appeal by expanding into more stylish and premium-priced home goods.</li><li>With offerings like $1,699 De’Longhi espresso machines and trendy home décor, the retail giant is targeting a demographic historically dominated by rivals like Amazon and Target—higher-income shoppers.</li><li>This strategic repositioning is not just about aesthetics; it aims to enhance profit margins beyond Walmart’s low-margin grocery stronghold and reclaim share in the home and furniture segment.</li></ul>

Walmart Inc. is aggressively shifting gears to reframe its brand image and customer appeal by expanding into more stylish and premium-priced home goods.With offerings like $1,699 De’Longhi espresso machines and trendy home décor, the retail giant is targeting a demographic historically dominated by rivals like Amazon and Target—higher-income shoppers.This strategic repositioning is not just about aesthetics; it aims to enhance profit margins beyond Walmart’s low-margin grocery stronghold and reclaim share in the home and furniture segment.

Walmart’s $1,699 Espresso Machine Is Just the Beginning of Its Amazon War!

<ul><li>Walmart Inc.'s latest earnings call revealed a performance that mirrors both the robust growth and the challenges the company faces as it continues to evolve.</li><li>Walmart's consolidated revenue in constant currency increased by 6%, marking a significant growth driven largely by e-commerce, which saw a 27% surge in sales.</li><li>This climb reinforces Walmart's omnichannel model, highlighting the synergy between its physical stores and digital platforms.</li></ul>

Walmart Inc.'s latest earnings call revealed a performance that mirrors both the robust growth and the challenges the company faces as it continues to evolve.Walmart's consolidated revenue in constant currency increased by 6%, marking a significant growth driven largely by e-commerce, which saw a 27% surge in sales.This climb reinforces Walmart's omnichannel model, highlighting the synergy between its physical stores and digital platforms.

Walmart Is Going All-In on Health & Wellness—Is This the Next Breakout Growth Engine?

<ul><li>In a milestone that reflects how far it’s come, Walmart has officially switched its stock listing from the New York Stock Exchange to the Nasdaq.</li><li>While this may seem like a routine change, it symbolizes SOMETHING MUCH BIGGER: Walmart's full-circle transformation from a traditional brick-and-mortar giant to a tech-enabled retail powerhouse.</li><li>This shift comes after years of strategic investments in e-commerce, supply chain automation, artificial intelligence, digital advertising, and subscription services like Walmart+.</li></ul>

In a milestone that reflects how far it’s come, Walmart has officially switched its stock listing from the New York Stock Exchange to the Nasdaq.While this may seem like a routine change, it symbolizes SOMETHING MUCH BIGGER: Walmart's full-circle transformation from a traditional brick-and-mortar giant to a tech-enabled retail powerhouse.This shift comes after years of strategic investments in e-commerce, supply chain automation, artificial intelligence, digital advertising, and subscription services like Walmart+.

Walmart’s Big Switch to NASDAQ: A New Era Begins!

United States

Walmart Inc. operates discount stores, supercenters, and neighborhood markets. The Company offers merchandise such as apparel, house wares, small appliances, electronics, musical instruments, books, home improvement, shoes, jewelry, toddler, games, household essentials, pets, pharmaceutical products, party supplies, and automotive tools. Walmart serves customers worldwide.

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Walmart (WMT US)

Walmart Is Winning Omnichannel at Scale — But How Far Can Digital Really Lift Margins?

Walmart Inc. reported a quarter characterized by steady top-line growth, expanding digital penetration, and further diversification of profit...

Baptista Research

WALMART INC. Equity Research Flash Note - December 31, 2025

Our estimations for FY 2026 (ending January 2026) annual revenue range at around $710,337 million and for 2027 at around $741,062 million.

VRS (Valuation & Research Specialists)

Walmart’s $1,699 Espresso Machine Is Just the Beginning of Its Amazon War!

Walmart Inc. is aggressively shifting gears to reframe its brand image and customer appeal by expanding into more stylish and premium-priced home...

Baptista Research

Walmart Is Going All-In on Health & Wellness—Is This the Next Breakout Growth Engine?

Walmart Inc.'s latest earnings call revealed a performance that mirrors both the robust growth and the challenges the company faces as it...

Baptista Research

Walmart’s Big Switch to NASDAQ: A New Era Begins!

In a milestone that reflects how far it’s come, Walmart has officially switched its stock listing from the New York Stock Exchange to the...

Baptista Research

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