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>W.W. Grainger reported a full year 2025 marked by moderate growth and strategic progress despite a challenging macroeconomic environment.</li><li>The company achieved total revenue of $17.9 billion, representing 4.5% growth on a reported basis and 4.9% on a daily organic constant currency basis.</li><li>This growth was driven by continued share gains in the High-Touch Solutions segment and strong top-line performance in the Endless Assortment segment, where sales increased by 15.6% daily organic constant currency, fueled by momentum at Zoro and MonotaRO.</li></ul>

W.W. Grainger reported a full year 2025 marked by moderate growth and strategic progress despite a challenging macroeconomic environment.The company achieved total revenue of $17.9 billion, representing 4.5% growth on a reported basis and 4.9% on a daily organic constant currency basis.This growth was driven by continued share gains in the High-Touch Solutions segment and strong top-line performance in the Endless Assortment segment, where sales increased by 15.6% daily organic constant currency, fueled by momentum at Zoro and MonotaRO.

W.W. Grainger’s Zoro And MonotaRO Momentum Could Unlock A Bigger Growth Runway!

<ul><li>W.W. Grainger, Inc. presented its fourth quarter and full-year results for 2025, demonstrating steady financial and strategic progress amidst various macroeconomic challenges.</li><li>The company continues to focus on expanding its High-Touch Solutions and Endless Assortment segments while leveraging technology and data to enhance service excellence.</li><li>For 2025, Grainger achieved an overall sales growth of 4.5% on a reported basis, with total sales reaching $17.9 billion.</li></ul>

W.W. Grainger, Inc. presented its fourth quarter and full-year results for 2025, demonstrating steady financial and strategic progress amidst various macroeconomic challenges.The company continues to focus on expanding its High-Touch Solutions and Endless Assortment segments while leveraging technology and data to enhance service excellence.For 2025, Grainger achieved an overall sales growth of 4.5% on a reported basis, with total sales reaching $17.9 billion.

W.W. Grainger: What’s Fueling Its Share Gains—and How Durable Is the Momentum?

<ul><li>W.W. Grainger has reported its financial performance for the third quarter of 2025, with a sharp focus on solid execution in the face of a challenging economic environment.</li><li>The company's overall results reveal a mixed performance with certain notable achievements alongside some challenges.</li><li>Positively, total company reported sales reached nearly $4.7 billion, representing a 6.1% increase on a reported basis, or 5.4% on a daily constant currency basis.</li></ul>

W.W. Grainger has reported its financial performance for the third quarter of 2025, with a sharp focus on solid execution in the face of a challenging economic environment.The company's overall results reveal a mixed performance with certain notable achievements alongside some challenges.Positively, total company reported sales reached nearly $4.7 billion, representing a 6.1% increase on a reported basis, or 5.4% on a daily constant currency basis.

W.W. Grainger: Pricing Discipline & Tech-Driven Efficiency—The Two-Engine Strategy Shaping the Next Cycle!

<ul><li>W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market uncertainties.</li><li>The company reported sales of nearly $4.6 billion, up 5.6% year-over-year, or 5.1% on a constant currency basis, which suggests a steady demand in its broad industrial customer base despite macroeconomic uncertainties.</li><li>Operating margins were recorded at 14.9%, with diluted EPS increasing by $0.21 to $9.97.</li></ul>

W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market uncertainties.The company reported sales of nearly $4.6 billion, up 5.6% year-over-year, or 5.1% on a constant currency basis, which suggests a steady demand in its broad industrial customer base despite macroeconomic uncertainties.Operating margins were recorded at 14.9%, with diluted EPS increasing by $0.21 to $9.97.

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.</li>
<li>Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.</li>
<li>1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).</li>
</ul>


More restrictive Fed policy than expected is disproportionately hitting small/mid-caps which are more sensitive to higher interest rates. This suggests we could see further consolidation for small- and mid-caps.
Large-Caps (SPX, Nasdaq 100, DJI) remain bullish on continued strength from mega-caps (AMZN, META, NVDA,MSFT). Our bullish outlook remains appropriate, but we discuss what would lead us to get cautious.
1-, 2-, and 10-year Treasury yields testing resistance today and failing. U.S. dollar (DXY) also testing key resistance at $104.60. We also push back on the bad breadth argument (again).


Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

United States

W.W. Grainger, Inc. distributes maintenance, repair and operating supplies, and related information to the commercial, industrial, contractor, and institutional markets in North America.  The Company's products include motors, HVAC equipment, lighting, hand and power tools, pumps, and electrical equipment.

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Ww Grainger Inc (GWW US)

W.W. Grainger’s Zoro And MonotaRO Momentum Could Unlock A Bigger Growth Runway!

W.W. Grainger reported a full year 2025 marked by moderate growth and strategic progress despite a challenging macroeconomic environment. The...

Baptista Research

W.W. Grainger: Pricing Discipline & Tech-Driven Efficiency—The Two-Engine Strategy Shaping the Next Cycle!

W.W. Grainger has reported its financial performance for the third quarter of 2025, with a sharp focus on solid execution in the face of a...

Baptista Research

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market...

Baptista Research

Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

Monitoring Rising Treasury Yields & U.S. Dollar. 1-, 2-, and 10-year Treasury yields $TNX failing at shorter-term resistances today; $DXY below...

Vermilion Research

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W.W. Grainger’s Zoro And MonotaRO Momentum Could Unlock A Bigger Growth Runway!

W.W. Grainger reported a full year 2025 marked by moderate growth and strategic progress despite a challenging macroeconomic environment. The...

Baptista Research

W.W. Grainger: What’s Fueling Its Share Gains—and How Durable Is the Momentum?

W.W. Grainger, Inc. presented its fourth quarter and full-year results for 2025, demonstrating steady financial and strategic progress amidst...

Baptista Research

W.W. Grainger: Pricing Discipline & Tech-Driven Efficiency—The Two-Engine Strategy Shaping the Next Cycle!

W.W. Grainger has reported its financial performance for the third quarter of 2025, with a sharp focus on solid execution in the face of a...

Baptista Research

W.W. Grainger’s Zoro Growth Engine – Can It Defy Market Challenges?

W.W. Grainger's second-quarter financial performance in 2025 depicted a mixed yet stable operational stance amidst ongoing market...

Baptista Research

Monitoring Rising Treasury Yields & U.S. Dollar (DXY); What Would Lead Us to Get Cautious?

Monitoring Rising Treasury Yields & U.S. Dollar. 1-, 2-, and 10-year Treasury yields $TNX failing at shorter-term resistances today; $DXY below...

Vermilion Research