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>YETI Holdings reported second-quarter fiscal 2026 results showing continued revenue growth, operational improvement, and brand expansion across products and geographies.</li><li>Sales increased 9% year-over-year to approximately $484 million, supported by broad-based strength in Coolers & Equipment and Drinkware.</li><li>Coolers & Equipment sales rose 16%, driven by bags, soft coolers, and storage products, while Drinkware increased 2%, marking a third consecutive quarter of growth despite U.S. category headwinds.</li></ul>

YETI Holdings reported second-quarter fiscal 2026 results showing continued revenue growth, operational improvement, and brand expansion across products and geographies.Sales increased 9% year-over-year to approximately $484 million, supported by broad-based strength in Coolers & Equipment and Drinkware.Coolers & Equipment sales rose 16%, driven by bags, soft coolers, and storage products, while Drinkware increased 2%, marking a third consecutive quarter of growth despite U.S. category headwinds.

YETI Holdings' $600 Million Capital Return — A Bold Bet On The Brand's Future!

<ul><li>YETI Holdings delivered the kind of earnings report that would normally be expected to support a stock: second-quarter sales increased 9% to approximately $484 million, adjusted earnings of $0.67 per share exceeded expectations, and management raised its full-year EPS outlook to $2.94-$3.00, implying growth of 19%-21%.</li><li>Yet investors responded by sending the shares sharply lower, with the stock falling more than 12% following the report.</li><li>The disconnect becomes easier to understand when looking beneath the headline numbers.</li></ul>

YETI Holdings delivered the kind of earnings report that would normally be expected to support a stock: second-quarter sales increased 9% to approximately $484 million, adjusted earnings of $0.67 per share exceeded expectations, and management raised its full-year EPS outlook to $2.94-$3.00, implying growth of 19%-21%.Yet investors responded by sending the shares sharply lower, with the stock falling more than 12% following the report.The disconnect becomes easier to understand when looking beneath the headline numbers.

YETI Stock Crashed After Earnings—What Does Wall Street Know?

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

<div><ul><li>1Q26 results exceeded estimates. Sales of $380.4MM increased 8% Y/Y, topping our $375.3MM estimate and FactSet consensus of $374.6MM.</li><li>Adjusted EPS of $0.26 beat our $0.17 estimate and consensus of $0.18, though it declined 16% from $0.31 in 1Q25 due to a $0.09 tariff headwind.</li><li>The revenue beat was broad-based across categories and geographies, with the wholesale channel the standout performer. </li></ul></div>

1Q26 results exceeded estimates. Sales of $380.4MM increased 8% Y/Y, topping our $375.3MM estimate and FactSet consensus of $374.6MM.Adjusted EPS of $0.26 beat our $0.17 estimate and consensus of $0.18, though it declined 16% from $0.31 in 1Q25 due to a $0.09 tariff headwind.The revenue beat was broad-based across categories and geographies, with the wholesale channel the standout performer. 

YETI: Wholesale Strength Drives Broad-Based 1Q Beat; Raising Estimates

<ul><li>YETI Holdings delivered a strong finish to fiscal 2025, posting fourth-quarter net sales growth of 5% to $583.7 million, with Drinkware up 6% to $380 million and Coolers and Equipment up 2% to $192 million.</li><li>The quarter showed improving balance across categories, channels, and geographies, with international sales rising 25% to $136 million and representing 23% of quarterly revenue.</li><li>Management attributed the improved trend to a broadened product portfolio, faster product development cycles enabled by a more global innovation footprint, and an omnichannel model that captures shoppers across owned e-commerce, wholesale partners, Amazon Marketplace, corporate sales, and stores.</li></ul>

YETI Holdings delivered a strong finish to fiscal 2025, posting fourth-quarter net sales growth of 5% to $583.7 million, with Drinkware up 6% to $380 million and Coolers and Equipment up 2% to $192 million.The quarter showed improving balance across categories, channels, and geographies, with international sales rising 25% to $136 million and representing 23% of quarterly revenue.Management attributed the improved trend to a broadened product portfolio, faster product development cycles enabled by a more global innovation footprint, and an omnichannel model that captures shoppers across owned e-commerce, wholesale partners, Amazon Marketplace, corporate sales, and stores.

YETI Holdings: Wholesale Doors, Local E-Commerce, and Amazon Expansion Power the Global Ramp!

<ul><li>YETI reported 4Q25 sales and EPS at the upper end of the company’s most recent implied expectations.</li><li>Adjusted EPS was $0.92 versus $1.00 in 4Q24, down 8%, but above our $0.87 estimate and FactSet consensus of $0.88.</li><li>This included $0.15 in tariff costs, absent which EPS grew 7%.</li></ul>

YETI reported 4Q25 sales and EPS at the upper end of the company’s most recent implied expectations.Adjusted EPS was $0.92 versus $1.00 in 4Q24, down 8%, but above our $0.87 estimate and FactSet consensus of $0.88.This included $0.15 in tariff costs, absent which EPS grew 7%.

YETI: International Strength Drives 4Q EPS Beat; Modestly Raising 2026 EPS Estimate

United States

YETI Holdings, Inc. operates as a holding company. The Company, through its subsidiaries, designs, markets, and distributes products for the outdoor and recreation markets. YETI Holdings offers coolers, seat cushions, beverage holders, security cable locks and brackets, bottles, t-shirts, caps, gear cases, tumblers, and tie-down kits. YETI Holdings serves customers worldwide.

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YETI Holdings Inc (YETI US)

YETI Holdings' $600 Million Capital Return — A Bold Bet On The Brand's Future!

YETI Holdings reported second-quarter fiscal 2026 results showing continued revenue growth, operational improvement, and brand expansion across...

Baptista Research

YETI Stock Crashed After Earnings—What Does Wall Street Know?

YETI Holdings delivered the kind of earnings report that would normally be expected to support a stock: second-quarter sales increased 9% to...

Baptista Research

YETI: Wholesale Strength Drives Broad-Based 1Q Beat; Raising Estimates

1Q26 results exceeded estimates. Sales of $380.4MM increased 8% Y/Y, topping our $375.3MM estimate and FactSet consensus of $374.6MM.

Water Tower Research

YETI Holdings: Wholesale Doors, Local E-Commerce, and Amazon Expansion Power the Global Ramp!

YETI Holdings delivered a strong finish to fiscal 2025, posting fourth-quarter net sales growth of 5% to $583.7 million, with Drinkware up 6% to...

Baptista Research

YETI: International Strength Drives 4Q EPS Beat; Modestly Raising 2026 EPS Estimate

Adjusted EPS was $0.92 versus $1.00 in 4Q24, down 8%, but above our $0.87 estimate and FactSet consensus of $0.88. This included $0.15 in tariff...

Water Tower Research

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