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>Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational execution amid challenging market conditions.</li><li>The company delivered adjusted EBITDA margin expansion of 110 basis points in Q4 2025, culminating in an industry-leading full-year adjusted EBITDA margin of 33%, up 100 basis points year-over-year excluding lower recycled commodity values.</li><li>Revenue for the quarter totaled $2.373 billion, with acquisitions contributing approximately $58 million in the period and $377 million for the full year.</li></ul>

Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational execution amid challenging market conditions.The company delivered adjusted EBITDA margin expansion of 110 basis points in Q4 2025, culminating in an industry-leading full-year adjusted EBITDA margin of 33%, up 100 basis points year-over-year excluding lower recycled commodity values.Revenue for the quarter totaled $2.373 billion, with acquisitions contributing approximately $58 million in the period and $377 million for the full year.

Waste Connections: Can Renewable Natural Gas Become Its Biggest Profit Catalyst?

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

Thematic (Sector/Industry)

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

<ul><li>Waste Connections has reported strong financial results for the fourth quarter and full year of 2025, driven by strategic organic growth, improved operational efficiencies, and disciplined financial management.</li><li>The company achieved an adjusted EBITDA margin of 33% for the full year, marking a 100 basis point increase from the previous year, excluding the effects of decreased commodity values, and an even higher 110 basis point increase in the fourth quarter alone.</li><li>This expansion was largely supported by strategic pricing, employee retention improvements, and safety program successes, all contributing to lower operational costs and enhanced customer service.</li></ul>

Waste Connections has reported strong financial results for the fourth quarter and full year of 2025, driven by strategic organic growth, improved operational efficiencies, and disciplined financial management.The company achieved an adjusted EBITDA margin of 33% for the full year, marking a 100 basis point increase from the previous year, excluding the effects of decreased commodity values, and an even higher 110 basis point increase in the fourth quarter alone.This expansion was largely supported by strategic pricing, employee retention improvements, and safety program successes, all contributing to lower operational costs and enhanced customer service.

Waste Connections: Pricing, Cost Control, and RNG—A Playbook Built for Volatility!

<ul><li>Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the prevailing economic uncertainties.</li><li>The company recorded a revenue of $2.458 billion for the quarter, representing a 5.1% year-over-year increase, supported by a 6.3% growth in solid waste pricing and acquisitions contributing $77 million in revenues.</li><li>However, reported volumes were slightly down by 2.7%, attributed to the strategy of shedding low-margin contracts and sluggishness in certain segments like construction-oriented activities.</li></ul>

Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the prevailing economic uncertainties.The company recorded a revenue of $2.458 billion for the quarter, representing a 5.1% year-over-year increase, supported by a 6.3% growth in solid waste pricing and acquisitions contributing $77 million in revenues.However, reported volumes were slightly down by 2.7%, attributed to the strategy of shedding low-margin contracts and sluggishness in certain segments like construction-oriented activities.

Waste Connections: Expansion of Recycling & Waste Diversion Facilities

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

<ul>
  <li>
<a href="https://smartkarma.com/entities/waste-connections-inc-e05f5fe3-131d-4efd-8688-7436d699a990">Waste Connections </a>has established a strong competitive position by focusing on secondary and rural markets, which often face less competition and allow for greater pricing power and higher margins.</li>
  <li>The company's growth strategy is heavily reliant on strategic acquisitions to expand its geographic footprint and achieve operational synergies, complemented by organic growth through pricing discipline.</li>
  <li>Consistent and robust free cash flow generation supports a growing dividend, share buybacks, and continued investment in acquisitions, highlighting the company's financial strength and disciplined capital allocation.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  
Waste Connections has established a strong competitive position by focusing on secondary and rural markets, which often face less competition and allow for greater pricing power and higher margins.
  The company's growth strategy is heavily reliant on strategic acquisitions to expand its geographic footprint and achieve operational synergies, complemented by organic growth through pricing discipline.
  Consistent and robust free cash flow generation supports a growing dividend, share buybacks, and continued investment in acquisitions, highlighting the company's financial strength and disciplined capital allocation.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Waste Connections  (WCN CN) - Sep 2025

United States

Waste Connections, Inc. provides non-hazardous solid waste collection services for commercial, industrial and residential customers. The Company offers collection, landfill disposal, and recycling services for various recyclable materials, including compost, cardboard, office paper, plastic containers, glass bottles, and ferrous and aluminum metals.

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Waste Connections (WCN US)

Waste Connections: Can Renewable Natural Gas Become Its Biggest Profit Catalyst?

Waste Connections, Inc. reported its fourth quarter and full-year 2025 financial results, reflecting a continuation of disciplined operational...

Baptista Research

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Waste Connections: Pricing, Cost Control, and RNG—A Playbook Built for Volatility!

Waste Connections has reported strong financial results for the fourth quarter and full year of 2025, driven by strategic organic growth, improved...

Baptista Research

Waste Connections: Expansion of Recycling & Waste Diversion Facilities

Waste Connections Inc. reported better-than-expected results for the third quarter of 2025, driven by strong execution in operations, despite the...

Baptista Research

Primer: Waste Connections (WCN CN) - Sep 2025

Waste Connections has established a strong competitive position by focusing on secondary and rural markets, which often face less competition...

αSK

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