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>HealthEquity reported financial results for fiscal 2026 that demonstrate continued growth and operational progress, though potential challenges and execution risks remain.</li><li>The company delivered 7% year-over-year revenue growth to $1.313 billion and an 89% increase in GAAP net income to $215.2 million, underscoring improving profitability and operational leverage in its Health Savings Account (HSA) platform.</li><li>Adjusted EBITDA rose 20% to $566 million, with the adjusted EBITDA margin expanding to 43%, reflecting enhanced efficiency primarily driven by reduced fraud costs and service automation.</li></ul>

HealthEquity reported financial results for fiscal 2026 that demonstrate continued growth and operational progress, though potential challenges and execution risks remain.The company delivered 7% year-over-year revenue growth to $1.313 billion and an 89% increase in GAAP net income to $215.2 million, underscoring improving profitability and operational leverage in its Health Savings Account (HSA) platform.Adjusted EBITDA rose 20% to $566 million, with the adjusted EBITDA margin expanding to 43%, reflecting enhanced efficiency primarily driven by reduced fraud costs and service automation.

HealthEquity: Can Deeper Employer Integration and Digital Engagement Drive the Next Wave of HSA Adoption?

Healthequity Inc

HealthEquity: Can Deeper Employer Integration and Digital Engagement Drive the Next Wave of HSA Adoption?