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Bayer Aktiengesellschaft (BAYN) Fair Value & Analysis

Healthcare · DE · Market cap €46.5B

BA Bayer Aktiengesellschaft BAYN · XETRA
Price€49.40
Fair Value€49.39
Upside0.0%
Quality55/100
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Weak Growth
Loss-making · -4.8% net margin
Moderate debt · generates free cash flow
0.23% dividend yield
Trails peers (5/14)
Narrow moat 36/100
Evidence: High Range €38.43 – €88.24 Share as image

Fair value as of: Jul 16, 2026

From 15 valuation models · updated 22 days ago

Fair value updated Jul 16, 2026, revised from €49.26 to €49.39 (+0.3%) since Jul 14, 2026. Share price −2.8% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • A fairly wide model range (€38.43 to €88.24) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

€63.20 €18.73 Fair Value €49.39 Jun 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.

How to read this chart

60‑month range €18.73 – €63.20 · fair‑value band €38.43 – €88.24 · the €49.40 price screens above the €49.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 16, 2026.

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Analysis

Bayer Aktiengesellschaft (BAYN) currently trades at €49.40, while our model-based Fair Value estimate is €49.39, implying the stock looks roughly 0.0% fairly valued today. We read business quality at 55/100 (solid quality), in the Healthcare sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Bayer Aktiengesellschaft generated revenue of €45.2B at a net margin of -4.8%. Revenue declined 2.4% year over year. It earns a return on equity of -6.9%. Net debt stands at €30.8B. Fundamentals as of Jul 16, 2026

Our scenario range runs from €38.43 (bear case) to €88.24 (bull case); at €49.40, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 101% above its 52-week low, currently above its 200-day average. For context, the median of 10 Healthcare peers we cover trades at -25% fair-value upside, at 0%, BAYN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Growth DCF €5.58 €18.33 80
Rev-Margin DCF €20.94 €48.28 €80.40 74
ROIC Compounder €36.84 €49.09 €61.77 72
All 15 models by family
DCF Models
FCF DCF €5.01 €19.16 38
5Y Revenue Exit €20.94 €48.13 €86.32 39
5Y EBITDA Exit €42.75 €85.50 €139.85 41
10Y Revenue Exit €9.81 €32.27 €59.02 36
10Y EBITDA Exit €25.02 €57.05 €94.92 37
Earnings-Based
EPV €36.13 €46.24 €55.09 59
Dividend Discount
Gordon GGM €1.19 €1.55 €1.92 70
DDM Multi-Stage €1.19 €1.62 €2.14 61
Multiples
EV/EBIT €71.02 €102.87 €134.72 53
EV/EBITDA €84.72 €121.14 €157.56 54
EV/Revenue €39.87 €67.48 €95.09 43
Asset-Based
NCAV (Graham) €13.21 €17.70 €26.41 50
Growth DCF
Growth DCF €5.58 €18.33 80
Rev-Margin DCF €20.94 €48.28 €80.40 74
Economic Profit
ROIC Compounder €36.84 €49.09 €61.77 72

Widest divergence: Multiples (€102.87) versus Dividend Discount (€1.55). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) €45.2B
Revenue growth (YoY) -2.4%
Net margin -4.8%
Return on equity -6.9%
Free cash flow €2.1B FY2025
Operating margin 26.3%
More key figures
EPS (TTM) €-2.19
Dividend yield 0.2%
EPS growth (YoY) +113%
Net debt €30.8B FY2025

Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 55/100

Of which business quality 43 · Market factors (momentum, volatility) 77

Profitability 15
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 31
Earnings quality: real cash, not paper profit
Fin. Strength 21
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 80
Price trend over the last 3–12 months (market factor)
52W Momentum 92
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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 was founded in 1863 and is based in Leverkusen, Germany.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Bayer Aktiengesellschaft reported revenue of €45.6B in FY2025 versus €44.1B in FY2021, a compound +0.8%/yr. Reported net income was −€3.6B in FY2025.

Growth Quality 27/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€45.6B
Latest YoY
−2.2%
Avg. growth/yr (3Y)
−3.5%
Avg. growth/yr (5Y)
+1.9%
Avg. growth/yr (27Y)
+1.8%
Revenue +0.8%/yr
FY21 €44.1B
FY22 €50.7B
FY23 €47.6B
FY24 €46.6B
FY25 €45.6B
Net income
FY21 €1.0B
FY22 €4.2B
FY23 −€2.9B
FY24 −€2.6B
FY25 −€3.6B

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Cite: Fair Value Calculator (2026). "Bayer Aktiengesellschaft Fair Value". https://www.fairvalue-calculator.com/stock/BAYN

Peer Group

Drug Manufacturers - General · 75 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 55 · Below median
Fair Value upside +0% · Above median
Return on assets 4% · Below median
Net margin (TTM) -5% · Bottom 25%
Operating margin (TTM) 26% · Above median
Revenue growth -2% · Below median
Dividend yield (TTM) 0.2% · Bottom 25%
Debt / equity 1.19× · Higher than 75% of peers

Valuation Multiples vs Drug Manufacturers - General median · lower = cheaper

P/B 2.07× · Cheaper than median
P/S (TTM) 1.19× · Cheaper than 75% of peers
P/FCF 25.7× · Pricier than 75% of peers
EV/EBITDA 7.7× · Cheaper than 75% of peers
PEG 4.72× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 33 · sector 0
FUTURE 0 · sector 25
PAST 0 · sector 52
HEALTH 41 · sector 94
DIVIDEND 5 · sector 48

Insider activity: 25/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Drug Manufacturers - General stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).

Stock Price Fair Value vs Fair Value
Eli Lilly and Company LLY $1,182 $396.77 -66%
Johnson & Johnson, JNJ $257.59 $169.04 -34%
AbbVie Inc ABBV $254.49 $67.72 -73%
Roche Holding 1RO €377.80 €280.03 -26%
Merck & Co MRK €108.08 €121.54 +12%
Novartis AG NVSN 2,742 MXN 2,379 MXN -13%
AstraZeneca PLC AZN $171.61 $129.54 -25%
Novo Nordisk A/S NOVOB kr 329.90 kr 409.46 +24%
Amgen Inc AMGN $363.39 $252.02 -31%
Gilead Sciences, Inc GILD $134.28 $146.50 +9%

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Frequently asked questions

Is Bayer Aktiengesellschaft (BAYN) overvalued or undervalued?
As of Jul 16, 2026, our model estimates a fair value of €49.39 versus a price of €49.40, about −0% (fairly valued).
What is the fair value of BAYN?
Our model-based fair value for Bayer Aktiengesellschaft is €49.39 (as of Jul 16, 2026), built from audited fundamentals. The current price is €49.40.
What is the quality score of BAYN?
Bayer Aktiengesellschaft has a Quality Score of 55/100. It combines two groups: business quality (profitability, growth, cash flow, balance-sheet strength) and market factors (price momentum, distance to the 52-week high, volatility). Both subtotals are shown separately in the detail view.
What is the revenue of Bayer Aktiengesellschaft (BAYN)?
Bayer Aktiengesellschaft reported trailing-twelve-month revenue of about €45.2B (latest available figure, as of Jul 16, 2026).
What is the net profit margin of BAYN?
The net profit margin of Bayer Aktiengesellschaft is about -4.8%, meaning it is currently running at a net loss. Based on the latest reported figures.
Does Bayer Aktiengesellschaft pay a dividend?
Bayer Aktiengesellschaft currently shows a dividend yield of about 0.29% relative to its recent price (as of Jul 16, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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