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>Leggett & Platt reported financial results for the fourth quarter and full year 2025 marked by ongoing challenges in several residential end markets alongside strategic efforts to improve operational efficiency and strengthen the balance sheet.</li><li>Full-year sales declined by 7% to $4.05 billion due to weak demand in residential sectors—including bedding and furniture—customer supply chain disruptions particularly in automotive, and divestiture-related impacts such as the sale of the Aerospace business.</li><li>Despite these headwinds, adjusted EBIT remained relatively flat year-over-year at $263 million, supported partly by metal margin expansion and execution of a multi-year restructuring plan that delivered approximately $63 million in benefits in 2025 with an expected $70 million run rate going forward.</li></ul>

Leggett & Platt reported financial results for the fourth quarter and full year 2025 marked by ongoing challenges in several residential end markets alongside strategic efforts to improve operational efficiency and strengthen the balance sheet.Full-year sales declined by 7% to $4.05 billion due to weak demand in residential sectors—including bedding and furniture—customer supply chain disruptions particularly in automotive, and divestiture-related impacts such as the sale of the Aerospace business.Despite these headwinds, adjusted EBIT remained relatively flat year-over-year at $263 million, supported partly by metal margin expansion and execution of a multi-year restructuring plan that delivered approximately $63 million in benefits in 2025 with an expected $70 million run rate going forward.

Leggett & Platt

Leggett & Platt: Restructuring Gains