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>Wix.com reported steady revenue growth of 15% year-over-year in the second quarter of 2026, driven primarily by strong performance from its newer business unit BASE44 and continued expansion of its core Wix platform.</li>
<li>Bookings grew 12%, slightly trailing revenue, which reflects the company’s focus on near-term revenue recognition alongside ongoing investments.</li>
<li>The self-creators segment saw revenue growth accelerate to 14%, supported by improving conversion rates from free to paid users and stable retention.</li>
</ul>


Wix.com reported steady revenue growth of 15% year-over-year in the second quarter of 2026, driven primarily by strong performance from its newer business unit BASE44 and continued expansion of its core Wix platform.
Bookings grew 12%, slightly trailing revenue, which reflects the company’s focus on near-term revenue recognition alongside ongoing investments.
The self-creators segment saw revenue growth accelerate to 14%, supported by improving conversion rates from free to paid users and stable retention.


Wix’s BASE44 Margin Breakthrough — Can Base1 Turn AI Economics Upside Down?

Smartkarma AI Primers, Smartkarma

αSK Primers

Smartkarma AI Primers

Smartkarma

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

Research Reinvented

<ul>
  <li>Wix is successfully transitioning its business model to prioritize profitability and free cash flow generation, a shift from its historical focus on growth at all costs. This is evidenced by its first-ever GAAP operating profit in 2024 and strong growth in operating and free cash flow.</li>
  <li>The company is strategically moving upmarket by targeting agencies and professional users with its Wix Studio platform. This initiative is designed to increase average revenue per user (ARPU) and capture a more resilient customer segment compared to its traditional do-it-yourself (DIY) user base.</li>
  <li>Intense competition from a range of players, including Shopify in e-commerce and Squarespace in design-focused sites, along with the emergence of AI-native website builders, poses a significant threat to market share and pricing power. The company's ability to innovate and differentiate its AI offerings will be critical.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  Wix is successfully transitioning its business model to prioritize profitability and free cash flow generation, a shift from its historical focus on growth at all costs. This is evidenced by its first-ever GAAP operating profit in 2024 and strong growth in operating and free cash flow.
  The company is strategically moving upmarket by targeting agencies and professional users with its Wix Studio platform. This initiative is designed to increase average revenue per user (ARPU) and capture a more resilient customer segment compared to its traditional do-it-yourself (DIY) user base.
  Intense competition from a range of players, including Shopify in e-commerce and Squarespace in design-focused sites, along with the emergence of AI-native website builders, poses a significant threat to market share and pricing power. The company's ability to innovate and differentiate its AI offerings will be critical.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Research from Water Tower Research, Water Tower Research

Water Tower Research

Research from Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Equity Research Firm

Thematic (Sector/Industry)

<ul><li>Software rebounded in August, outperforming Semiconductors. </li><li>The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%).</li><li> Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. </li></ul>

Software rebounded in August, outperforming Semiconductors. The WTR AI Index rose 7.3% M/M, ahead of the S&amp;P 500 (up 2.6%), the Russell 2000 (up 0.9%), and the Nasdaq (up 4.2%). Software (24% of the index) gained 11.0% while Semiconductors (18% of the index) slipped 1.2%, reversing the Semis-led pattern that has dominated most of 2026. 

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

<ul>
<li>The third quarter of 2025 results for Wix.com, Ltd. reflect a period of substantial growth and promising advancements, albeit with some associated challenges.</li>
<li>The company has successfully capitalized on the AI technology wave, particularly through its new initiative, BASE44, an AI-driven platform for app creation.</li>
<li>This has allowed non-technical users to create applications using natural language, effectively democratizing access to software development.</li>
</ul>


The third quarter of 2025 results for Wix.com, Ltd. reflect a period of substantial growth and promising advancements, albeit with some associated challenges.
The company has successfully capitalized on the AI technology wave, particularly through its new initiative, BASE44, an AI-driven platform for app creation.
This has allowed non-technical users to create applications using natural language, effectively democratizing access to software development.


<ul>
<li>Wix.com Ltd. recently reported its third quarter results for 2025, providing insights into both its traditional website building platform and its new AI-driven offerings, particularly through BASE44.</li>
<li>The earnings call highlighted several key performance indicators, strategic shifts, and future challenges for the company.</li>
<li>On the traditional side, Wix continues to maintain healthy growth.</li>
</ul>


Wix.com Ltd. recently reported its third quarter results for 2025, providing insights into both its traditional website building platform and its new AI-driven offerings, particularly through BASE44.
The earnings call highlighted several key performance indicators, strategic shifts, and future challenges for the company.
On the traditional side, Wix continues to maintain healthy growth.


Israel

Wix.com Ltd. operates and develops a web platform. The Company's platform offers solutions that enable businesses, organizations, professionals and individuals to develop customized websites and application platforms.

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Wix.Com Ltd (WIX US)

Wix’s BASE44 Margin Breakthrough — Can Base1 Turn AI Economics Upside Down?

Bookings grew 12%, slightly trailing revenue, which reflects the company’s focus on near-term revenue recognition alongside ongoing investments.

Baptista Research

Primer: Wix.Com Ltd (WIX US) - Aug 2026

Wix is successfully transitioning its business model to prioritize profitability and free cash flow generation, a shift from its historical...

αSK Primers

AI Flow Index : Sailing a Sea of Companies in AI - 8 September 2026

The move mirrors better-than-expected 2Q results across the software group and some easing of near-term fears about AI disruption to application...

Water Tower Research

Wix: Cohort Retention

The third quarter of 2025 results for Wix.com, Ltd. reflect a period of substantial growth and promising advancements, albeit with some associated...

Baptista Research

Wix: Retention

Wix.com Ltd. recently reported its third quarter results for 2025, providing insights into both its traditional website building platform and its...

Baptista Research

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