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>Restoration Hardware, a leading luxury home furnishings brand in North America, reported revenue growth of 8% in 2025 and 15% over two years, outperforming furniture industry peers by 8 to 30 percentage points.</li><li>Adjusted EBITDA reached $597 million, representing 17.3% of revenues, up from 16.9% in 2024, while free cash flow turned positive at $252 million compared to a negative $214 million the previous year.</li><li>These results came despite 2025 being a peak investment year, with $289 million of adjusted capital expenditures directed toward global expansion and $37 million allocated to acquisitions supporting the launch of RH Estates, a new brand extension targeting the traditional luxury furniture market.</li></ul>

Restoration Hardware, a leading luxury home furnishings brand in North America, reported revenue growth of 8% in 2025 and 15% over two years, outperforming furniture industry peers by 8 to 30 percentage points.Adjusted EBITDA reached $597 million, representing 17.3% of revenues, up from 16.9% in 2024, while free cash flow turned positive at $252 million compared to a negative $214 million the previous year.These results came despite 2025 being a peak investment year, with $289 million of adjusted capital expenditures directed toward global expansion and $37 million allocated to acquisitions supporting the launch of RH Estates, a new brand extension targeting the traditional luxury furniture market.

Restoration Hardware (RH): The Market Is Missing Real Estate Monetization Potential Of $500 Million