# Bayer AG NA (BAYN.XETRA)

Canonical: https://gigainvestors.com/s/BAYN.XETRA

Analysis as of: 2026-10-16T07:33:56.327Z. Financial observations: FY1998–FY2026.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 44.41 per share; close as of 2026-10-15.

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- more than 2 net loss years

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 5

- Operating margin variation: 0.47×

Chart: Operating margin; fiscal year observations.

- FY2017: 0.17×

- FY2018: 0.04×

- FY2019: 0.12×

- FY2020: 0.00×

- FY2021: 0.18×

- FY2022: 0.16×

- FY2023: 0.18×

- FY2024: 0.10×

- FY2025: 0.15×

- LTM to Jun 2026: 0.14×

### moat: fail

- ROIC worst years below threshold (more than 1 bad year allowed)

- ROIC, median of available years: 16.3%

- ROIC, second-lowest year: 2.3%

- Typical minus recent gross margin: 0.8 pp

- Typical gross margin (annual median): 59.4%

- Recent gross margin (lower of latest and 3-year median): 58.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 5.9%

- ROIC including acquisitions, ten-year median: 2.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 16.7%

- FY2017: 16.0%

- FY2018: 2.3%

- FY2019: 10.6%

- FY2020: 0.0%

- FY2021: 20.9%

- FY2022: 24.0%

- FY2023: 19.1%

- FY2024: 10.2%

- FY2025: 20.0%

### economics: pass

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 954M

- Net income, five-year total: EUR -4.0B

- Return on incremental invested capital: >100%

- Working capital / revenue, annual change: -0.2 pp

- Working capital / revenue, change between three-year averages: -1.4 pp

- Working capital / revenue, final three-year average: 34.5%

Chart: Owner earnings · five years; fiscal year observations.

- FY2021: EUR 1.9B

- FY2022: EUR 4.9B

- FY2023: EUR -2.0B

- FY2024: EUR -1.5B

- FY2025: EUR -2.3B

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 16.0% vs 19.1%

- Per-share earnings: 5.25 to -2.99 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.0%

- Ordinary dilution, 5-year annual growth: 0.0%

- Market cap gain: EUR -49B

- Cumulative retained earnings: EUR -12B

- Diluted shares, 10-year annual growth: 0.0%

- Diluted shares, 5-year annual growth: 0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value change: EUR -8.24

- Per-share value, starting three-year median: EUR 5.25

- Per-share value, ending three-year median: EUR -2.99

- Buybacks concentrated in cheaper years (correlation): -0.80

- Average buyback yield: 0.1%

- Buyback history: 4 years

- Debt-funded buybacks: No

- Acquisition spending: EUR 53B

- Cumulative net income, 10 years: EUR 3.2B

- ROIC, first three-year median: 16.0%

- ROIC, last three-year median: 19.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 5.25

- FY2017: EUR 8.27

- FY2018: EUR 1.82

- FY2019: EUR 4.16

- FY2020: EUR -10.68

- FY2021: EUR 1.02

- FY2022: EUR 4.22

- FY2023: EUR -2.99

- FY2024: EUR -2.60

- FY2025: EUR -3.68

### accounting: pass

- Sloan accruals: -7.4%

- Receivables to sales index (DSRI): 1.39×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 1.88×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.5%

- FY2017: -1.1%

- FY2018: -4.9%

- FY2019: -3.3%

- FY2020: -13.2%

- FY2021: -3.4%

- FY2022: -2.4%

- FY2023: -6.9%

- FY2024: -8.9%

- FY2025: -7.4%

## Holders

## Price story

Down 33% since May 2022 · "Bayer Net Loss Widens on Weedkiller Litigation Charges" (finance.yahoo.com, Mar 2026) · sales -0.4%

Story as of 2026-10-16T09:59:58.373Z; price observation 2026-10-15.

- 2025-05-13: Bayer Q1 Earnings Beat Estimates, Crop Science Unit Hurts Sales ([finance.yahoo.com](https://finance.yahoo.com/news/bayer-q1-earnings-beat-estimates-135600838.html))

- 2025-07-31: Bayer Ups Guidance After Pharmaceuticals Unit Outperforms ([finance.yahoo.com](https://finance.yahoo.com/m/ffba2f1d-2e3b-3dae-ac7c-cb0a63c770f6/bayer-ups-guidance-after.html))

- 2025-11-12: Bayer Q3 Earnings Beat Estimates on Crop Science Business Gains ([finance.yahoo.com](https://finance.yahoo.com/news/bayer-q3-earnings-beat-estimates-172600645.html))

- 2026-03-04: Bayer Net Loss Widens on Weedkiller Litigation Charges ([finance.yahoo.com](https://finance.yahoo.com/m/c778f4f8-70d7-33a0-8b86-ad5702698809/bayer-net-loss-widens-on.html))

- 2026-05-12: Bayer profit up on seed business but glyphosate sales struggle ([finance.yahoo.com](https://finance.yahoo.com/sectors/healthcare/articles/bayer-profit-seed-business-glyphosate-072405051.html))

- 2026-06-26: Bayer (XTRA:BAYN) Wins Supreme Court Protection From Roundup Cancer Warning Lawsuits ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/bayer-xtra-bayn-wins-supreme-130854961.html))

### Sales · FY2025–2026

sales -0.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2017: EUR 35B 

- FY2018: EUR 37B 

- FY2019: EUR 44B 

- FY2020: EUR 41B 

- FY2021: EUR 44B 

- FY2022: EUR 51B 

- FY2023: EUR 48B 

- FY2024: EUR 47B 

- FY2025: EUR 46B 

- FY2026: EUR 45B 

### Gross margin · FY2025

gross margin 59.2%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 66.4% 

- FY2017: 67.5% 

- FY2018: 58.1% 

- FY2019: 59.6% 

- FY2020: 53.8% 

- FY2021: 61.9% 

- FY2022: 60.8% 

- FY2023: 58.5% 

- FY2024: 54.4% 

- FY2025: 59.2% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in drug manufacturers general; annual sales are EUR 45.6 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2025: revenue 45575000000; grossProfit 26983000000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAYN.XETRA: Bayer Aktiengesellschaft operates as a life science company in Europe, the Middle East, Africa, Germany, Switzerland, North America, the United States, the Asia Pacific, China, Latin America, and Brazil. It operates through Pharmaceuticals, Consumer Health, and Crop Science segments. The Pharmaceuticals segment provides prescription products primarily for cardiology and women's health care; specialty therapeutics in the areas of oncology, hematology, and ophthalmology; and diagnostic imaging equipment and contrast agents, as well as cell and gene therapy. The Consumer Health segment offers nonprescription over-the-counter medicines for self-medication and self-care; nutritional supplements; allergy, cough, and cold; dermatology; pain and cardiovascular risk prevention; and digestive health products. The Crop Science segment offers chemical and biological crop protection products, improved plant traits, seeds, digital solutions, and pest and weed management products, as well as customer services for agriculture. It also engages in the breeding, propagation, and production/processing of seeds, including seed dressing. The company distributes its products through wholesalers, pharmacies and pharmacy chains, supermarkets, online and other retailers, and hospitals, as well as directly to farmers. Bayer Aktiengesellschaft has a strategic alliance with The University of Colorado Anschutz, along with UCHealth and Children's Hospital Colorado to advance drug development and clinical trials. Bayer Aktiengesellschaft has a strategic alliance Henry Ford Health. It has a commercial agreement with Neste to Jointly scale newgold winter canola for biofuels production. Bayer Aktiengesellschaft was founded in 1863 and is based in Leverkusen, Germany.

### Why customers stay

Margins ranged from 54.4% to 59.2% during 2023–25; it earns 16.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2023: grossProfit / revenue = 58.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2024: grossProfit / revenue = 54.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2025: grossProfit / revenue = 59.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); 10-year return on capital observations [[2016,0.16707649041550615],[2017,0.15972215819156946],[2018,0.023148374944288196],[2019,0.10562859863369806],[2020,0.00039308371688020897],[2021,0.2086335303165223],[2022,0.24004909289758736],[2023,0.19072954349698537],[2024,0.10241714666126371],[2025,0.19997306348281887]]; median 0.16339932430353782. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back EUR 14 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2016: growth capex 0; upkeep 2578000000; owner earnings 4304000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2017: growth capex 19982258.540510178; upkeep 2346017741.45949; owner earnings 7130982258.54051. Growth capex / owner earnings = 0.0028021747658365263.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2018: growth capex 0; upkeep 2593000000; owner earnings 1994000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2019: growth capex 0; upkeep 2650000000; owner earnings 5629800000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2021: growth capex 0; upkeep 2611000000; owner earnings 1896000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2022: growth capex 0; upkeep 2949000000; owner earnings 4903200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); Dividend observations: [[2016,2126000000],[2017,2364000000],[2018,2407000000],[2019,2615000000],[2020,2768000000],[2021,1993000000],[2022,1985000000],[2023,2379000000],[2024,131000000],[2025,127000000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); FY2025: cash repurchases 14000000 EUR.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); BAYN.XETRA SharesStats.PercentInsiders = 0.01 percentage points; cache date 2026-10-16.

### What the price says

The price is 1 times annual sales; cash earnings are negative.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:33:56.327Z); Closing price 44.41 EUR; reporting-to-trading FX 1; FY2025 annual sales per share 46.39035219107512; price multiple 0.9573111197147558. FY2025 cash earnings/share -2.350512370370393. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2016-10: EUR 90.29 per share

- 2016-11: EUR 88.59 per share

- 2016-12: EUR 99.13 per share

- 2017-01: EUR 102.30 per share

- 2017-02: EUR 103.80 per share

- 2017-03: EUR 108.05 per share

- 2017-04: EUR 113.60 per share

- 2017-05: EUR 118.10 per share

- 2017-06: EUR 113.20 per share

- 2017-07: EUR 107.15 per share

- 2017-08: EUR 107.50 per share

- 2017-09: EUR 115.30 per share

- 2017-10: EUR 111.70 per share

- 2017-11: EUR 107.15 per share

- 2017-12: EUR 104.00 per share

- 2018-01: EUR 105.42 per share

- 2018-02: EUR 96.23 per share

- 2018-03: EUR 91.79 per share

- 2018-04: EUR 99.28 per share

- 2018-05: EUR 101.86 per share

- 2018-06: EUR 94.35 per share

- 2018-07: EUR 95.26 per share

- 2018-08: EUR 80.38 per share

- 2018-09: EUR 76.51 per share

- 2018-10: EUR 67.78 per share

- 2018-11: EUR 64.58 per share

- 2018-12: EUR 60.56 per share

- 2019-01: EUR 66.20 per share

- 2019-02: EUR 70.28 per share

- 2019-03: EUR 57.60 per share

- 2019-04: EUR 59.34 per share

- 2019-05: EUR 52.82 per share

- 2019-06: EUR 60.94 per share

- 2019-07: EUR 58.75 per share

- 2019-08: EUR 67.34 per share

- 2019-09: EUR 64.69 per share

- 2019-10: EUR 69.58 per share

- 2019-11: EUR 68.70 per share

- 2019-12: EUR 72.81 per share

- 2020-01: EUR 73.05 per share

- 2020-02: EUR 65.21 per share

- 2020-03: EUR 52.85 per share

- 2020-04: EUR 60.14 per share

- 2020-05: EUR 60.72 per share

- 2020-06: EUR 65.79 per share

- 2020-07: EUR 56.24 per share

- 2020-08: EUR 55.54 per share

- 2020-09: EUR 53.31 per share

- 2020-10: EUR 40.36 per share

- 2020-11: EUR 48.27 per share

- 2020-12: EUR 48.16 per share

- 2021-01: EUR 49.92 per share

- 2021-02: EUR 50.12 per share

- 2021-03: EUR 53.96 per share

- 2021-04: EUR 53.82 per share

- 2021-05: EUR 51.48 per share

- 2021-06: EUR 51.21 per share

- 2021-07: EUR 50.29 per share

- 2021-08: EUR 47.15 per share

- 2021-09: EUR 47.01 per share

- 2021-10: EUR 48.67 per share

- 2021-11: EUR 44.52 per share

- 2021-12: EUR 47.00 per share

- 2022-01: EUR 53.84 per share

- 2022-02: EUR 51.51 per share

- 2022-03: EUR 62.10 per share

- 2022-04: EUR 62.90 per share

- 2022-05: EUR 66.58 per share

- 2022-06: EUR 56.72 per share

- 2022-07: EUR 57.00 per share

- 2022-08: EUR 52.60 per share

- 2022-09: EUR 47.42 per share

- 2022-10: EUR 53.22 per share

- 2022-11: EUR 55.38 per share

- 2022-12: EUR 48.33 per share

- 2023-01: EUR 57.00 per share

- 2023-02: EUR 56.29 per share

- 2023-03: EUR 58.72 per share

- 2023-04: EUR 59.76 per share

- 2023-05: EUR 52.14 per share

- 2023-06: EUR 50.67 per share

- 2023-07: EUR 53.14 per share

- 2023-08: EUR 50.54 per share

- 2023-09: EUR 45.45 per share

- 2023-10: EUR 40.66 per share

- 2023-11: EUR 31.36 per share

- 2023-12: EUR 33.63 per share

- 2024-01: EUR 28.90 per share

- 2024-02: EUR 28.09 per share

- 2024-03: EUR 28.43 per share

- 2024-04: EUR 27.35 per share

- 2024-05: EUR 28.24 per share

- 2024-06: EUR 26.38 per share

- 2024-07: EUR 27.50 per share

- 2024-08: EUR 27.87 per share

- 2024-09: EUR 30.33 per share

- 2024-10: EUR 24.80 per share

- 2024-11: EUR 19.39 per share

- 2024-12: EUR 19.31 per share

- 2025-01: EUR 21.64 per share

- 2025-02: EUR 22.71 per share

- 2025-03: EUR 22.07 per share

- 2025-04: EUR 23.03 per share

- 2025-05: EUR 24.74 per share

- 2025-06: EUR 25.54 per share

- 2025-07: EUR 27.35 per share

- 2025-08: EUR 28.06 per share

- 2025-09: EUR 28.23 per share

- 2025-10: EUR 26.95 per share

- 2025-11: EUR 30.49 per share

- 2025-12: EUR 37.01 per share

- 2026-01: EUR 44.56 per share

- 2026-02: EUR 42.01 per share

- 2026-03: EUR 39.39 per share

- 2026-04: EUR 38.05 per share

- 2026-05: EUR 36.53 per share

- 2026-06: EUR 48.41 per share

- 2026-07: EUR 48.05 per share

- 2026-08: EUR 49.04 per share

- 2026-09: EUR 47.95 per share

- 2026-10: EUR 44.15 per share

## Annual estimated value (EUR per share)

- FY2016: low EUR 45.63 per share, central EUR 51.17 per share, high EUR 58.54 per share

- FY2017: low EUR 53.45 per share, central EUR 59.52 per share, high EUR 67.59 per share

- FY2018: low EUR 47.74 per share, central EUR 53.78 per share, high EUR 61.84 per share

- FY2019: low EUR 64.29 per share, central EUR 72.52 per share, high EUR 83.47 per share

- FY2020: low EUR 67.99 per share, central EUR 75.81 per share, high EUR 86.22 per share

- FY2021: low EUR 33.60 per share, central EUR 37.27 per share, high EUR 42.15 per share

- FY2022: low EUR 39.94 per share, central EUR 44.16 per share, high EUR 49.79 per share

- FY2023: low EUR 32.60 per share, central EUR 35.75 per share, high EUR 39.93 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:39:42.614Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.