Independent research on the U.S. markets, Baptista Research

Baptista Research

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.

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>AppFolio Inc finished 2025 with continued top-line expansion, rising unit counts on platform, and an operating model that is showing leverage while funding increased product investment.</li><li>Fourth quarter revenue grew 22% year over year to $248 million and full-year revenue increased 20% to $951 million, supported by both subscription services and value-added services.</li><li>Subscription services revenue grew 17% in the quarter and for the year, reflecting new customer wins, an 8% increase in units under management to 9.4 million, and a richer mix as more customers adopted Plus and Max tiers, which now exceed 25% penetration.</li></ul>

AppFolio Inc finished 2025 with continued top-line expansion, rising unit counts on platform, and an operating model that is showing leverage while funding increased product investment.Fourth quarter revenue grew 22% year over year to $248 million and full-year revenue increased 20% to $951 million, supported by both subscription services and value-added services.Subscription services revenue grew 17% in the quarter and for the year, reflecting new customer wins, an 8% increase in units under management to 9.4 million, and a richer mix as more customers adopted Plus and Max tiers, which now exceed 25% penetration.

AppFolio’s Units Under Management Are Compounding—Why Scale Matters More Than New Logos!

AppFolio Inc A

AppFolio’s Units Under Management Are Compounding—Why Scale Matters More Than New Logos!