Bayer AG

BAY.WA

Medical - Pharmaceuticals · Healthcare

Exchange

Warsaw Stock Exchange

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Weak

Cash Flow

Weak

Stability

Good

Valuation

Data not available

Dividends

Weak

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Winston Score History

The full picture

Bayer AG is a large German company that makes medicines, medical treatments, and crop science products. Its pharmaceutical division sells drugs for conditions like heart disease, cancer, and eye disorders — including well-known products like Xarelto and Eylea. Bayer also sells seeds, herbicides, and pesticides to farmers around the world through its crop science business, which it built largely by acquiring Monsanto in 2018.

Bayer earns money by selling prescription drugs to hospitals and pharmacies, and by selling agricultural products directly to farmers and distributors. The company operates globally, with major revenue coming from Europe, North America, and Asia, and it generates roughly €47 billion in annual sales. Its biggest challenge right now is ongoing legal liability tied to Roundup, the weed killer it inherited from Monsanto, which has resulted in billions of dollars in lawsuits claiming the product causes cancer — a risk that continues to weigh on the company's finances and reputation.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+1.2% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+215.0% YoY

YoY Growth Rate

EPS growth accelerating

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

8.1B PLN cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Bayer AG is growing revenue at 1% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

58.2%

Premium pricing power — 58.2% gross margin

Profit after running costs

Operating Margin

7.6%

Modest — 7.6% operating margin

Return on the money invested

ROCE

13.9%

Good — 13.9% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

-1.6%

Shrinking sales (-1.6% YoY)

Profit growth

EPS YoY

N/A

Data not available

How steady the profit is

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Profit that turns into cash

Cash Conversion

N/A

Data not available

Spare cash per sale

FCF Margin

3.2%

Thin free cash flow (3.2%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.25

Conservative — low debt load (0.25)

Covers its interest

Interest Cover

1.01x

Dangerous — barely covers interest (1.0x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit

P/E Ratio (TTM)

N/M

no trend

Negative earnings — P/E not meaningful

Cheaper or dearer next year

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend

Dividend Yield

0.23%

no trend

Small dividend — 0.23% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record

Dividend Growth

-72.2%

no trend

Dividend cut (-72.2% YoY) — warning sign

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