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>Cloudflare reported a strong second quarter in 2026 with total revenue reaching $696.1 million, representing a 36% increase year-over-year.</li><li>The growth was driven by significant customer expansion, notably adding 80,000 paying customers in the quarter—a number matching the total customers at the company’s public debut in 2019—and increasing the count of customers spending more than $100,000 annually to 4,698, up 27% year-over-year.</li><li>This cohort exhibited record net additions across every tier, contributing 73% of total revenue and resulting in a dollar-based net retention rate of 120%, demonstrating solid expansion within its existing large customer base.</li></ul>

Cloudflare reported a strong second quarter in 2026 with total revenue reaching $696.1 million, representing a 36% increase year-over-year.The growth was driven by significant customer expansion, notably adding 80,000 paying customers in the quarter—a number matching the total customers at the company’s public debut in 2019—and increasing the count of customers spending more than $100,000 annually to 4,698, up 27% year-over-year.This cohort exhibited record net additions across every tier, contributing 73% of total revenue and resulting in a dollar-based net retention rate of 120%, demonstrating solid expansion within its existing large customer base.

Cloudflare’s 80,000-Customer Surge: Is AI Creating Its Next Big Growth Engine?