Bayer AG

BAYN.SW

Drug Manufacturers - General · Healthcare

Price

CHF 45.57

-0.28 (-0.61%)

Market Cap

CHF 44.77B

Exchange

SIX Swiss 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

Weak

Valuation

Data not available

Dividends

Weak

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Winston Score History

The full picture

Bayer AG is a German company that makes medicines, crop protection products, and seeds. Its pharmaceutical division sells prescription drugs like Xarelto (a blood thinner) and Eylea (an eye treatment), while its Crop Science division sells herbicides, pesticides, and genetically modified seeds to farmers worldwide. Bayer is one of the largest agricultural and pharmaceutical companies in the world, and it owns the Roundup herbicide brand after acquiring Monsanto in 2018.

Bayer earns money by selling its products directly to hospitals, pharmacies, and agricultural distributors across more than 100 countries, with significant revenue coming from Europe, North America, and Asia. The Monsanto acquisition gave Bayer a strong position in the global seed and herbicide market, but it also brought tens of billions of dollars in ongoing legal liabilities tied to Roundup cancer lawsuits. The company's biggest challenge going forward is managing that legal exposure while replacing revenue from Xarelto, whose patents are expiring in key markets.

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

R&D Spend

€5.8B/ year

↓ Declining (-7% vs prior year)

12.7% of revenue

Below sector average (18%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

0.0%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€5.1B 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.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 982.4M (2021) → 982.4M (2025)

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

17.2%

Strong — 17.2% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales growth

Sales YoY

-1.7%

Shrinking sales (-1.7% 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

N/A

Data not available

Covers its interest

Interest Cover

2.00x

Dangerous — barely covers interest (2.0x)

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

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

0.22%

Small dividend — 0.22% yield

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

Dividend record

Dividend Growth

-72.7%

Dividend cut (-72.7% YoY) — warning sign

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