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>Wayfair Inc. reported its second quarter of 2026 financial results, showcasing a continuation of top-line growth driven primarily by momentum in orders and an expanding customer base.</li><li>Revenue increased by 7.5% year-over-year, with the U.S. segment exhibiting notable strength at 8.7% growth, marking the strongest performance since the post-COVID period began.</li><li>This growth was supported by a 6% rise in orders year-over-year and a 12% sequential increase quarter-over-quarter.</li></ul>

Wayfair Inc. reported its second quarter of 2026 financial results, showcasing a continuation of top-line growth driven primarily by momentum in orders and an expanding customer base.Revenue increased by 7.5% year-over-year, with the U.S. segment exhibiting notable strength at 8.7% growth, marking the strongest performance since the post-COVID period began.This growth was supported by a 6% rise in orders year-over-year and a 12% sequential increase quarter-over-quarter.

Wayfair Is Not Just An Online Furniture Play — Perigold Changes The Story!

<ul><li>Wayfair Inc. reported first quarter 2026 results that showcased modest revenue growth and improving profitability amid a challenging macroeconomic environment.</li><li>Net revenue increased 7% year-over-year, driven by a 3% order growth and a 4% increase in average order value.</li><li>Despite headwinds such as elevated energy prices and weather disruptions that dampened consumer spending—particularly in the home furnishings category, which Wayfair estimates declined in the low single digits—the company outperformed the market by a high single-digit margin, highlighting its share gain in a down market.</li></ul>

Wayfair Inc. reported first quarter 2026 results that showcased modest revenue growth and improving profitability amid a challenging macroeconomic environment.Net revenue increased 7% year-over-year, driven by a 3% order growth and a 4% increase in average order value.Despite headwinds such as elevated energy prices and weather disruptions that dampened consumer spending—particularly in the home furnishings category, which Wayfair estimates declined in the low single digits—the company outperformed the market by a high single-digit margin, highlighting its share gain in a down market.

Wayfair: Can 6% To 7% EBITDA Targets Hold Amid Demand Headwinds?

<ul><li>Wayfair presented its Q4 2025 financial results, balancing multiple growth initiatives against a backdrop of a contracting market.</li><li>Revenue increased by 7.8% year-over-year, excluding effects from its exit from Germany, attributable to both order growth and average order value (AOV) expansion.</li><li>This was significant as the home goods category shrank by low single digits during the same period.</li></ul>

Wayfair presented its Q4 2025 financial results, balancing multiple growth initiatives against a backdrop of a contracting market.Revenue increased by 7.8% year-over-year, excluding effects from its exit from Germany, attributable to both order growth and average order value (AOV) expansion.This was significant as the home goods category shrank by low single digits during the same period.

Wayfair: Inside the Bold Store Expansion That’s Changing How Home Shopping Really Works!

<ul><li>Wayfair's latest quarterly performance provides insight into both the company's strategic achievements and the broader challenges it faces in a fluctuating market environment.</li><li>During Q3 2025, Wayfair experienced a notable 9% year-over-year revenue growth excluding its exit from Germany, marking acceleration despite a sluggish housing market.</li><li>This growth was accompanied by a significant surge in adjusted EBITDA, rising by over 70% year-over-year, with an adjusted EBITDA margin reaching 6.7%, the highest for Wayfair outside of the pandemic period.</li></ul>

Wayfair's latest quarterly performance provides insight into both the company's strategic achievements and the broader challenges it faces in a fluctuating market environment.During Q3 2025, Wayfair experienced a notable 9% year-over-year revenue growth excluding its exit from Germany, marking acceleration despite a sluggish housing market.This growth was accompanied by a significant surge in adjusted EBITDA, rising by over 70% year-over-year, with an adjusted EBITDA margin reaching 6.7%, the highest for Wayfair outside of the pandemic period.

Wayfair: What You Didn’t Know About Its Multichannel Fulfillment Takeover!- Major Drivers

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>Our 2023 thesis correctly identified RH as a highly differentiated luxury brand, but we overestimated how reliably that differentiation would translate into durable compounding.</li>
<li>We underweighted industry crowding and low purchase frequency, but most importantly the reinforcing effect of cyclicality, fixed costs, and financial leverage.</li>
<li>The lesson is to test repeatability, customer alternatives, downside economics, and balance-sheet resilience before translating uniqueness and TAM into a moat.</li>
</ul>


Our 2023 thesis correctly identified RH as a highly differentiated luxury brand, but we overestimated how reliably that differentiation would translate into durable compounding.
We underweighted industry crowding and low purchase frequency, but most importantly the reinforcing effect of cyclicality, fixed costs, and financial leverage.
The lesson is to test repeatability, customer alternatives, downside economics, and balance-sheet resilience before translating uniqueness and TAM into a moat.


RH: A One-Of-A-Kind Business, but Not a One-Of-A-Kind Investment

United States

Wayfair Inc. retails household goods online. The Company offers bedroom, living room, kitchen and dining, home entertainment, home office, game room and bar, patio, hallway and entryway, and bathroom furniture. Wayfair offers products and services in the United States.

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Wayfair Inc Class A (W US)

Wayfair Is Not Just An Online Furniture Play — Perigold Changes The Story!

Wayfair Inc. reported its second quarter of 2026 financial results, showcasing a continuation of top-line growth driven primarily by momentum in...

Baptista Research

Wayfair: Can 6% To 7% EBITDA Targets Hold Amid Demand Headwinds?

Wayfair Inc. reported first quarter 2026 results that showcased modest revenue growth and improving profitability amid a challenging macroeconomic...

Baptista Research

Wayfair: Inside the Bold Store Expansion That’s Changing How Home Shopping Really Works!

Wayfair presented its Q4 2025 financial results, balancing multiple growth initiatives against a backdrop of a contracting market. Revenue...

Baptista Research

Wayfair: What You Didn’t Know About Its Multichannel Fulfillment Takeover!- Major Drivers

Wayfair's latest quarterly performance provides insight into both the company's strategic achievements and the broader challenges it faces in a...

Baptista Research

RH: A One-Of-A-Kind Business, but Not a One-Of-A-Kind Investment

Three years after calling RH a one-of-a-kind business, we revisit what worked, what we underweighted, what went wrong, and the lessons worth...

Urbem Capital

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