August 2025 – Speedwell Research
7 posts published by Speedwell Research during August 2025| Speedwell Research
7 posts published by Speedwell Research during August 2025| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
(Speedwell Members can download a PDF of this post here) 1Q25 Financials. Net revenues were +11% or +21% y/y on a FX-neutral basis. Gross profit margins improved y/y +217bps to 29.3%. In total gros…| Speedwell Research
DFH Commentary. DFH Reported 3Q24 earnings last week. As a reminder, they do not have an earnings call and their press release is fairly short. Overall, we do not think this was a particularly even…| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
(Members can find an extended version of this post here and a PDF here) 2Q25 Update. Airbnb reported 2Q25 results and the stock fell -8% the next day, citing hard comps in 3Q and 4Q. Revenues grew+13% y/y in 2Q25. This was a slight acceleration from +11% y/y last quarter, driven by Gross Booking Value […]| Speedwell Research
(Speedwell Members click here for an extended version of this post or here for a PDF) 2Q25 Earnings. Axon reported 2Q25 earnings and the stock was up +17% the next day. Axon’s results marked the 14th consecutive quarter of 25%+ growth and 6th quarter of 30%+ growth. Total revenue growth improved sequentially to +33% y/y […]| Speedwell Research
(Speedwell Members click here for an extended version of this post or find a PDF here.) 2Q25 Earnings Update. Coupang reported 2Q25 earnings and net revenues grew +16% y/y, or +19% y/y on a FXN basis. Gross profits grew +20% y/y or +22% y/y FXN. As they shift more commerce from First-Party (or 1P, where […]| Speedwell Research
2Q25 Summary. Total revenues grew +9% y/y to $1.15bn, marking a deceleration from the +12% growth recorded in 2Q24 and the first single-digit revenue growth since 1Q24. Margins and profitability continued to be weighed down by elevated financial service expenses and SG&A. They maintained their full year guidance of 9,250 home closings, which includes the […]| Speedwell Research
(Speedwell Members please click here for an extended version of this post and here for a PDF version ) 2Q25 Update. AppFolio reported 2Q25 and the stock is up +16%. (It is now up 55% since we published our original research report in May, so we will update the valuation below). Revenues reaccelerated 300bps […]| Speedwell Research
(Speedwell Members click here for an extended version of this post and for a PDF click here) 2Q25 Update. FND reported 2Q25 and the stock was up 3% after hours. Net revenues increased +7% y/y to $1.13bn with comparable sales +0.4%. This was the first time they posted same store sales (SSS) growth since 4Q22. […]| Speedwell Research
(If you are a Speedwell Member click here for the member’s version of this post or here for the PDF). Business Summary. Since APG is one of the newer companies added to our coverage, we wanted to give readers a quick summary of their business as a reminder. If you are familiar with them, you […]| Speedwell Research
(Speedwell Members please click here for the full post or here for the PDF). 2Q25 Earnings Update. Meta reported a very strong 2Q25 and the stock popped +10% after hours. Revenue reaccelerated +22%…| Speedwell Research
6 posts published by Speedwell Research during December 2023| Speedwell Research
2Q25 Business Recap. Revenue growth accelerated +15% y/y, up 300bps from last quarter. Net new bookings hit a record $93mn (+65% q/q), driven by broad strength across their segments. This marks the 57th consecutive quarter of double digit growth. While their commercial real estate marketplace continue to remain profitable with 43% margins, their growth initiatives […]| Speedwell Research
(Speedwell Members can access a full version of this post here and a PDF here) 2Q25 Update. Looking at this quarter’s growth of +3.1% y/y versus last quarter’s +3.9% y/y, it may not seem like much …| Speedwell Research
2Q25 (Calendar 4Q24) Business Commentary. (Download PDF of this post) Copart reported another strong quarter, showing progress on their international efforts while continuing to (somehow) further e…| Speedwell Research
4Q24 Update. PRM reported 4Q24 and the stock dropped 15% over the next couple days. While it is always hard to understand what the market is pricing in, there is little in their results that would …| Speedwell Research
Members can access a PDF of this update here. RH reported 4Q24 yesterday and today the stock is down -40%. This puts the stock’s YTD performance at -60%. While RH has always been a volatile stock, …| Speedwell Research
1Q25 Update. RH reported 1Q25 and revenues were +12% y/y, a +200bps q/q acceleration. Though operating margins compressed to just 6.9%, down from 7.5% in 1Q24. For full year 2025 they are still gui…| Speedwell Research
(Speedwell Members can download a PDF of this post here). 4Q24 Business Commentary. Coupang reported 4Q24, closing another year of strong growth and further entrenching their dominance as an ecomme…| Speedwell Research
10 posts published by Speedwell Research during February 2025| Speedwell Research
1Q25 Summary. 1Q25 revenues grew +13% y/y to $2.7bn for the quarter. This is a slowdown from last quarter’s growth of +17% y/y. In total, LTM revenue now stands at $10.4bn. The slowdown in re…| Speedwell Research
(Members can access a PDF of this post here) 3Q25 Business Update. Copart reported fiscal 3Q25 and the stock dropped -11% in reaction. Service growth decelerated 600bps sequentially from +15% y/y t…| Speedwell Research
In case you missed it, we are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we wil…| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
We are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updat…| Speedwell Research
(Speedwell Members click here for a members version of this post here or download a PDF of it here) 1Q25 Financials. Net revenues were +11% or +21% y/y on a FX-neutral basis. Gross profit margins i…| Speedwell Research
Everyone says the house always wins. But that’s because they haven’t encountered the world of online gambling. While in theory players choose to play at a specific online casino, just …| Speedwell Research
We are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updat…| Speedwell Research
We are rolling out a new post format. Most companies do not have much change quarter to quarter and so rather than make each update 2-3k words, as we have in the past, we will publish shorter updat…| Speedwell Research
(Speedwell Members click here for a paid version of this post. You can also access a PDF of this post here). 1Q25 Business Update. Revenues grew +6% y/y (+8% ex-FX) in 1Q25. However, they noted tha…| Speedwell Research
(Speedwell Members please click here for a members version of this post or here for a full PDF) Business Update and Commentary. Meta reported 1Q25 and the stock rose +6% the trading day after. All …| Speedwell Research
(Members can download a PDF of this post here) 1Q25 Business Update. CoStar reported 1Q25 and their stock dropped -10% the following day. What drove the large stock movement is a bit perplexing as …| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. Members …| Speedwell Research
(Speedwell Members can find a subscriber version of this post here.) 4Q24 Business Commentary. Coupang reported 4Q24, closing another year of strong growth and further entrenching their dominance a…| Speedwell Research
(Speedwell Members can download a PDF of this update here. Click twice if you aren’t logged in). Business Commentary. Dream Finders Homes reported 4Q24, closing another strong year. Whereas many wo…| Speedwell Research
(If you are a Speedwell Member, click here to get the full version of this post) 2Q25 (Calendar 4Q24) Business Commentary. Copart reported another strong quarter, showing progress on their internat…| Speedwell Research
4Q Business Commentary. Floor & Decor reported 4Q24 earnings and after an extreme after-hours move (+13%) it closed the following day +2%. Overall 4Q revenues grew +5.7% y/y and they opened 10 …| Speedwell Research
(If you are a Speedwell Member, click here to get the full version of this post) 4Q24 Update. PRM reported 4Q24 and the stock dropped 15% over the next couple days. While it is always hard to under…| Speedwell Research
4Q24 Update. CoStar Group grew +10% y/y, down slightly from last quarter’s growth rate of +11% y/y. This marks their 55th consecutive quarter of double digit revenue growth. This quarter was genera…| Speedwell Research
We are thrilled to announce the release of our podcast with Evolution’s Chief Product Officer Todd Haushalter. Find it on Apple, Spotify, or wherever else you listen to your podcasts. Listen on Spo…| Speedwell Research
4Q24 Update. (Speedwell member, please click here for a members version of this post.) Airbnb reported 4Q24 and the stock was up +15%. If you recall, over the past couple of quarters Brian Chesky a…| Speedwell Research
CoStar is down -9% after posting 3Q24 earnings. Google Finance. Analyzing CoStar is tricky because not only do they have 6 distinct segments, they are constantly acquiring new companies and are not…| Speedwell Research
Intro. “When people compete, somebody loses. So go where you’re the only one. Do what only you can do. Run a race with yourself.” – Peter Thiel If you were taking a test and didn’t know the a…| Speedwell Research
Before we get to the update, we have a very exciting announcement! Evolution’s Todd Haushalter will be on The Synopsis Podcast! We are very excited to announce that Todd Haushalter will be fe…| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. This is a new c…| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. We will …| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here.  …| Speedwell Research
Welcome to Speedwell Research’s Newsletter. We write about business and investing. Our paid research product can be found at SpeedwellResearch.com. You can learn more about us here. There is…| Speedwell Research
Best business in the world? How about a provider of a service that absent of which the business stops functioning entirely and only charges a small fraction of the overall cost base for it? Add in …| Speedwell Research
It wasn’t born with 7-hour delivery, box-less returns, or 21 million active customers in a country of 22mn households. It started with impulsion, countdown clocks, and one of the most copied busine…| Speedwell Research
Extensive Research Reports These are our main equity research product that range anywhere from 50-170 pages in length that cover all aspects of each business (average length is around 80 pages). Me…| Speedwell Research
SubscriptionsSingle ReportsInstitutions Newsletter FREE Business Histories Frameworks The Synopsis Podcast Ad-hoc Company Updates 4+ New Extensive Research Reports/year 4+ New Exploratory Research …| Speedwell Research
Users of this website are responsible for observing all applicable laws and regulations in their relevant jurisdictions before proceeding to access the information contained herein. By proceeding t…| Speedwell Research
Junkyards, wrecked cars, a duopoly, 30% operating margins, and two self-made billionaires: this is the story of Copart. From a single salvage yard in California to a global facilitator of over 3mn …| Speedwell Research
From a money-losing retail mall concept that sold gimmicky mayonnaise spreaders, garden gnomes, and nostalgic snack foods to elaborate six-floor luxury furniture showrooms with some of the highest …| Speedwell Research
For our latest research report, we chose to cover Floor & Decor (FND, ~$8bn market cap). If you take Costco and mix it with Sherwin Williams and focus on just the hard surface flooring market, …| Speedwell Research
One of the world’s most influential tech companies, and just one of a handful businesses to ever reach a trillion-dollar valuation, Meta’s family of apps have achieved ubiquity on an unprecedented …| Speedwell Research
