Bayer Aktiengesellschaft (BAYRY)
Valor JustoFundamental
60
Preço
$44.98
Capitalização de Mercado
$48.51B
Parte 1 · Quanto vale a empresa
Visão Geral
Bayer runs three separate businesses under one roof: seeds and crop-protection chemicals sold to farmers, prescription drugs sold through healthcare systems, and over-the-counter health products such as vitamins and pain relievers sold directly to consumers. The three have little in common operationally — different customers, regulators and sales channels — and are grouped together mainly for historical reasons, which is why Bayer has repeatedly weighed splitting them apart.
Como gera receita
Crop Science sells seeds and chemicals to farmers and distributors on a seasonal cycle tied to planting calendars, so revenue is lumpy through the year and sensitive to weather and crop prices. Pharmaceuticals earns money when hospitals, pharmacies and health insurers buy prescription drugs, with prices and volumes shaped by each country's reimbursement system rather than by open retail pricing. Consumer Health sells packaged over-the-counter products through retailers at ordinary retail margins, the most straightforward of the three revenue streams.
Receita por segmento
Seeds, herbicides, fungicides and other crop-protection products sold to farmers worldwide; the largest of Bayer's three divisions.
Prescription drugs sold through healthcare systems, covering areas including cardiology, oncology and women's health.
Over-the-counter brands such as vitamins, allergy and pain-relief products sold directly to consumers through retailers.
Vantagem competitiva
Patentes e licenças · EstreitaPatented seed traits and drugs under patent protection give temporary pricing power in Crop Science and Pharmaceuticals, but that protection expires and competitors sell generic or biosimilar equivalents once it does. Consumer Health brands carry some loyalty but compete against store brands and other established names, so none of the three divisions has a durable, wide advantage on its own.
O que impulsiona a procura
Moderadamente cíclicoCrop Science demand depends on farmers' planting decisions, which swing with crop prices and weather and can be genuinely cyclical in a bad year. Pharmaceuticals and Consumer Health are steadier, since people keep taking prescribed medicines and buying basic health products in most economic conditions, which offsets some of the agricultural volatility at the group level.
Principais riscos
- Glyphosate litigation — Bayer carries billions of euros in provisions for lawsuits alleging its glyphosate-based Roundup herbicide causes cancer, and paid roughly $1.3 billion in settlements and judgments in 2025 alone; the final cost of resolving remaining and future claims is still uncertain.
- Patent expirations — Both Crop Science and Pharmaceuticals rely on patent-protected products for their best margins, and once a patent expires generic or biosimilar competitors typically erode price and volume quickly.
- Regulatory and reimbursement risk — Crop-protection products face ongoing regulatory review that can restrict or ban active ingredients in some markets, while pharmaceutical prices depend on reimbursement decisions by governments and insurers that can change with little notice.
Os argumentos a favor
Buyers argue that the glyphosate litigation is closer to its end than its beginning after large settlements were reached, that the pharmaceutical pipeline can refill as older drugs lose patent protection, and that the sum of three global, essential businesses is worth more than the market allows while the legal overhang lasts.
Os argumentos contra
Sellers worry that litigation costs and provisions could keep growing beyond what has already been set aside, that key drugs face patent cliffs without fully proven replacements, and that running three unrelated global businesses under one roof dilutes management focus compared with more focused pure-play competitors.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users
Corteva competes head-to-head with Bayer in seeds and traits for corn and soybeans, above all in North and South America where both sell genetically modified seed together with the herbicides it tolerates.
BASF's Agricultural Solutions unit offers a crop protection and seeds portfolio that overlaps with Bayer's on the same crops and the same distribution channels, and the two German groups also bought parts of each other's divested businesses after the Monsanto deal.
Syngenta sells crop protection chemicals and seeds to the same farmers Bayer's Crop Science division serves, and the two are the largest suppliers of herbicides, fungicides and insecticides worldwide.
Roche's Vabysmo competes directly with Bayer's Eylea for the same retinal-disease patients and the same ophthalmologists, on dosing intervals between injections.
Novartis competes with Bayer's Pharmaceuticals division in cardiovascular medicine and ophthalmology, selling to the same hospital systems and payers in Europe and the United States.
Sanofi competes with Bayer on two fronts at once: prescription medicines in Europe, and over-the-counter consumer health brands sold in the same pharmacies and supermarkets.
Balanço & Liquidez
Receita
$45.38B
Últimos 12 meses (até 30/06/2026)
Resultado Líquido
$-1.74B
Últimos 12 meses (até 30/06/2026)
Fluxo de Caixa Livre
$6.56B
Capital Próprio Total
$29.58B
Passivo Total
$38.43B
Rácio de Liquidez
1.04
Cobertura de Juros
-
Dívida/EBITDA
3.79
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$57.23
Preço Atual
$44.98
Margem de Segurança
+21.4%
Intervalo de Valor Justo
$37.20 - $77.25
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
-
ROE
-5.7%
Rácio P/B
1.64
P/FCF
7.39
Margem Bruta
60.5%
ROIC
4.8%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
4.8%
WACC
6.2%
ROIC − WACC
-1.4 pp
O ROIC está abaixo do custo do capital — a empresa está a destruir valor a cada dólar investido.
Critérios de Análise Fundamental
Aprovado (10)
- Gross Margin 60.5%
- P/FCF 7.39
- P/B Ratio 1.64
- Debt/Equity ratio
- Positive Free Cash Flow
- Current Ratio
- Debt/EBITDA
- DCF valuation (Undervalued)
- Analyst Consensus 83% Buy
- Earnings Surprise avg 28.3%
Reprovado (7)
- Price CAGR -6.89%
- ROIC 4.8%
- CapEx intensity
- ROE -6.1%
- Revenue Growth 5Y 1.9%
- Net Margin Trend -7.9% vs -5.5%
- Piotroski F-Score 2/9
Indisponível (10)
- EPS data insufficient
- Dividend Payout NaN%
- Operating Margin NaN%
- Interest Coverage
- Return on Tangible Assets
- Low reliance on intangibles
- Price below Graham Number
- PEG Ratio (need PE > 0 and growth > 0)
- Earnings Quality (OCF/Net Income)
- Share Dilution (missing shares data)
Piotroski F-Score
Preocupações financeiras graves
Qualidade dos Resultados
Baixa qualidade: investigar a contabilidade
Diluição de Ações
A recomprar ações. Favorável ao acionista
Participações institucionais
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. William N. Anderson | Chairman of the Management Board & CEO | 59 |
| Mr. Stefan Oelrich | President of the Pharmaceuticals Division & Member of the Board of Management | 57 |
| Ms. Heike Prinz | Chief Talent Officer, Labor Director & Member of Management Board | 61 |
| Dr. Judith Hartmann | CFO & Member of Management Board | 56 |
| Mr. Rodrigo Santos | Member of Management Board, Head of the Crop Science Division & President of Crop Science Division | 52 |
| Mr. Julio Triana | Member of Management Board & President of Consumer Health Division | 60 |
| Mr. Alex Buschermohle | Chief Information Officer, Head-Digital Transformation & IT-Crop Science Division | - |
| Ms. Jana Marlen Ackermann | Head of the Investor Relations | 41 |
| Mr. Bill Dodero | General Counsel and Senior VP of Law Patents & Compliance | - |
| Mr. Michael Preuss | Head of Communications, Government Relations and Corporate Brand | - |
Risco de Auditoria
6
Risco do Conselho
2
Risco de Remuneração
2
Risco dos Direitos dos Acionistas
1
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Latest News
Recent headlines for BAYRY, sourced from Markets Gazette.