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German pharmaceutical and agriculture company selling prescription drugs, consumer health products, and crop seeds/pesticides (via Monsanto).
German pharmaceutical and agriculture company selling prescription drugs, consumer health products, and crop seeds/pesticides (via Monsanto).
Sells prescription drugs, crop seeds and crop chemicals, and over-the-counter health products, with Crop Science the largest division by sales since the 2018 purchase of Monsanto. Bayer's own sales of its two biggest drugs come from outside the US, where partners J&J (Xarelto) and Regeneron (Eylea) sell them.
In one line: Germany's Pfizer, combined with Monsanto's crop science business.
Moat: narrow (IP / patents, scale, brand). Patented drugs and leading crop-seed genetics, though facing major glyphosate litigation and patent cliffs.
Headquarters: Leverkusen, Germany · Founded: 1863 · Employees: 88,078
Size Bayer (BAYN.DE) is a Germany Health Care company (Pharmaceuticals: Major) with a market value of $61.2B, the 12th largest of 205 Germany companies the cockpit tracks. Shares closed at €55.58 on 6 Nov 2026.
Performance Over six months the shares gained 45.6%, against +15.8% for the median peer and +2.6% for the Germany market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth Revenue fell 1.7% over the last twelve months (peer median +11.3%); the operating margin is 13.8% (peer median 24.0%).
Valuation It trades at 12.3× forward earnings against a peer median of 18.1× (6th cheapest of 21).
Price implies For today's price to make sense, revenue must grow about 2% a year for seven years (Req g). Recent delivered growth is +2%, so the hurdle is +0 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 1.3 points above its cost of capital (5.6% WACC).
Credit Bayer has 36 bonds outstanding ($40.0B), rated BBB by the agencies and trading like A at a weighted spread of 108 bp.
Next results Next results expected around 24 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €45.4B | €45.6B | €46.6B | €47.6B | €50.7B |
| Revenue growth | — | -2% | -2% | -6% | — |
| Gross profit | €26.8B | €27.0B | €25.3B | €27.9B | €30.9B |
| EBITDA | €10.0B | €11.0B | €8.53B | €12.3B | €12.2B |
| Net income | -€1.74B | -€3.62B | -€2.55B | -€2.94B | €4.15B |
| Free cash flow | €796M | €2.08B | €3.11B | €1.31B | €3.11B |
| Capital expenditure | €2.71B | €2.49B | €2.78B | €2.75B | €2.95B |
| Total debt | €38.4B | €37.4B | €40.7B | €44.8B | €41.5B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Bayer BAYN.DE | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% |
| Corteva CTVA | $7.94B | -85% | +4% | 17% | 30.4× | -16.6% |
| Pfizer PFE | $168B | +14% | +1% | 26% | 10.4× | -4.3% |
| Basf BAS.DE | $52.6B | +2% | -4% | 7% | 16.8× | 5.7% |
| Novartis NOVN.SW | $298B | +15% | -4% | 30% | 18.4× | 1.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | BAYN.DE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +30.5% | +9.3% | highest of 21 |
| 6-month return | +45.6% | +15.8% | 2nd highest of 21 |
| Distance from 52-week high | -1.8% | -9.3% | 2nd highest of 21 |
| Revenue growth (TTM) | -1.7% | +11.3% | lowest of 21 |
| Operating margin | 13.8% | 24.0% | 2nd lowest of 21 |
| Forward P/E | 12.3× | 18.1× | 6th cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | 2.1% | 7.4% | 7th least demanding of 21 |
| Growth delivered (Del g) | +1.9% | +6.7% | 4th lowest of 21 |
| Hurdle (Req g minus delivered) | +0.2 pp | -1.6 pp | 11th least demanding of 21 |
| ROIC minus cost of capital | +1.3 pp | +4.9 pp | 6th lowest of 21 |
| EV / EBITDA | 8.9× | 13.3× | 3rd cheapest of 19 |
| Net debt / EBITDA | 3.4× | 1.5× | 2nd most indebted of 19 |
| Bond spread | 108 bp | 75 bp | widest of 13 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Bayer BAYN.DE | Germany | $61.2B | +46% | -2% | 14% | 12.3× | 2.1% | +1.9% |
| Wuxi Apptec 2359.HK | Hong Kong | $66.3B | +40% | +38% | 44% | 20.4× | 8.7% | +20.4% |
| Takeda Pharmaceutical 4502.T | Japan | $66.4B | +24% | +6% | 18% | 42.1× | 3.0% | +7.1% |
| Galderma GALD.SW | Switzerland | $54.8B | +17% | +16% | 19% | 48.1× | 18.4% | +6.4% |
| Chugai Pharmaceutical 4519.T | Japan | $71.0B | -15% | +17% | 50% | 22.1× | 3.6% | +9.8% |
| Merck KGaA MRK.DE | Germany | $72.5B | +23% | 0% | 20% | 17.5× | 7.7% | +3.8% |
| Jiangsu Hengrui Pharmaceuticals 600276.SS | China | $49.7B | -6% | +6% | 27% | 36.4× | 14.9% | +2.7% |
| Sun Pharmaceutical Industries SUNPHARMA.NS | India | $47.3B | +1% | +12% | 23% | 35.4× | 28.4% | +11.7% |
| BeOne Medicines 688235.SS | China | $45.8B | +19% | +28% | 15% | 74.5× | 23.3% | +79.3% |
| Sandoz SDZ.SW | Switzerland | $44.4B | +24% | +1% | 15% | 25.3× | 7.9% | +0.4% |
| Regeneron Pharmaceuticals REGN | United States | $93.5B | +27% | +19% | 30% | 11.3× | -2.2% | +11.0% |
| Haleon HLN.L | United Kingdom | $40.1B | +1% | +1% | 23% | 16.3× | 4.6% | +2.2% |
| Royalty Pharma RPRX | United States | $38.8B | +33% | +11% | 66% | 11.3× | 9.9% | +2.3% |
| Otsuka Hldgs 4578.T | Japan | $38.6B | +2% | +11% | 18% | 16.3× | 0.4% | +11.7% |
| GSK GSK.L | United Kingdom | $102B | 0% | +4% | 25% | 10.6× | -0.1% | -0.9% |
| Biogen BIIB | United States | $36.7B | +28% | +2% | 17% | 16.8× | 9.4% | -5.1% |
| Sanofi SAN.PA | France | $113B | +14% | +15% | 27% | 9.6× | -5.4% | +3.9% |
| Zoetis ZTS | United States | $32.8B | -4% | +1% | 38% | 12.8× | -4.3% | +7.2% |
| Daiichi Sankyo 4568.T | Japan | $31.9B | +7% | +17% | 13% | 18.6× | 7.2% | +17.1% |
| Bristol Myers Squibb BMY | United States | $127B | +12% | +4% | 33% | 9.7× | -12.9% | +2.5% |
| Divi's Laboratories DIVISLAB.NS | India | $29.0B | +54% | +16% | 31% | 82.0× | 50.9% | +8.9% |
Bayer has 36 bonds outstanding with $40.0B face value. The agencies rate it BBB; its bonds trade like A. Weighted yield 5.30%, a spread of 108 bp over government bonds.