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>AppLovin, a company operating a technology platform primarily in mobile gaming advertising and expanding into broader consumer advertising, reported a first-quarter 2026 revenue of $1.84 billion, marking a 59% increase year-over-year and 11% sequential growth.</li><li>The company beat its guidance, with adjusted EBITDA reaching $1.56 billion, a 66% year-over-year increase, representing an 85% margin, and free cash flow at $1.29 billion.</li><li>AppLovin’s management highlighted that margins expanded approximately 400 basis points from the prior year, and flow-through to EBITDA maintained high efficiency at 86%, indicating strong operating leverage.</li></ul>

AppLovin, a company operating a technology platform primarily in mobile gaming advertising and expanding into broader consumer advertising, reported a first-quarter 2026 revenue of $1.84 billion, marking a 59% increase year-over-year and 11% sequential growth.The company beat its guidance, with adjusted EBITDA reaching $1.56 billion, a 66% year-over-year increase, representing an 85% margin, and free cash flow at $1.29 billion.AppLovin’s management highlighted that margins expanded approximately 400 basis points from the prior year, and flow-through to EBITDA maintained high efficiency at 86%, indicating strong operating leverage.

AppLovin’s 59% Revenue Growth — Can 84–85% Margins Hold As Spending Rises?