Bayer AG NA
5-year stock timeline
Bayer AG (BAYN.XETRA) is priced at 38.275 as of 2026-03-27. The timeline below captures the material company, market and technical events that shaped the stock's path between 2020 and 2026.
Major events
In June 2020 Bayer announced agreements to resolve the bulk of legacy Monsanto litigation—including Roundup™, dicamba and PCB matters—with multi-billion dollar settlements that materially reduced headline legal uncertainty for the group.
Leadership shifted in 2023 when Bill Anderson was appointed CEO (effective June 1, 2023) and launched a multi-year restructuring aimed at simplifying the company, cutting costs and reviving the pharmaceuticals pipeline, including significant headcount reductions.
By 2025 management upgraded guidance after product and pipeline momentum delivered improved full-year results while continuing deleveraging and legal containment. The stock rebounded strongly over 2025 following these operational and legal developments.
Perception and narrative
From 2020 into the early 2020s, the prevailing narrative centered on Monsanto acquisition fallout: litigation risk and debt cast Bayer as a value trap after substantial share losses and subsequent court defeats.
Anderson's external appointment and the explicit three-year turnaround program shifted market sentiment toward an active turnaround story focused on structural cost cuts, portfolio rejuvenation and pipeline re-acceleration.
By 2025 the narrative moved toward cautious optimism as upgraded guidance, late-stage clinical wins and litigation progress lifted investor sentiment and analyst targets, positioning the stock in a recovery and reshaping phase.
Technical phases
The stock endured a protracted depressed phase driven by litigation and takeover fallout, producing major drawdowns in the early 2020s as legal overhangs weighed on valuation and appetite.
A pronounced low appeared around year-end 2024 (c. €19.31), followed by a strong rebound through 2025 into year-end where the share closed materially higher (c. €37.01), reflecting upgraded guidance and operational progress.
Short-term shocks also occurred around earnings and guidance misses—notably a sharp move after Q3 2024 results—while 2025 showed a breakout and retest pattern as the market repriced Bayer on improving fundamentals and reduced headline legal risk.
Key catalysts
Litigation outcomes and settlement programs that removed or reduced headline tail-risk. CEO change and restructuring execution that signalled a clear strategic reset and cost savings trajectory. Clinical and commercial progress in Pharmaceuticals and guidance revisions in 2025 that materially improved growth expectations.
Key risks and downside factors
Bayer operates across pharmaceuticals, consumer health, and crop science, competing with large diversified life-sciences and agrochemical groups. Major rivals include pharmaceutical firms like Novartis and Roche, alongside chemical peers such as BASF, with whom Bayer overlaps in drugs, diagnostics, and crop protection. The company's risk profile centers on regulatory and pricing pressures in healthcare, cyclical demand and margin swings in crop science, plus execution risk tied to its substantial M&A activity and ongoing portfolio reshaping.
- Legacy product-liability and post-acquisition exposure tied to Monsanto's M&A history and related legal contingencies.
- Regulatory scrutiny and drug-pricing pressure in major markets pose a real constraint on pharmaceutical margins, with downstream effects on product launches and reimbursement timelines.
- Cyclical demand for crop science and volatile agrochemical pricing create unpredictable revenue streams and earnings that are difficult to forecast [1].
- Intense competition from large integrated peers—major pharmaceutical and chemical companies—creates sustained pressure on R&D spending and commercialization efforts, with meaningful risk to market share [1][page:2][16].
Competitive landscape
Bayer operates across two distinctly different competitive arenas. In crop science, it squares off against specialized powerhouses like Corteva and BASF while navigating tightening regulatory scrutiny around specific crop protection chemicals. The pharmaceutical side presents its own pressures—intense R&D spending and pricing constraints from global competitors like Novartis create ongoing headwinds for margins and pipeline economics alike.
Private competitors
- Syngenta Group [web:5]
- Valent BioSciences LLC [web:4]
- Koppert Biological Systems B.V. [web:4]
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Start Free TrialPerformance Figures of Bayer AG NA
Relative Performance vs Benchmarks
| Period | Bayer AG NA | vs DAX | vs S&P 500 (SPY) |
|---|---|---|---|
| 1M | -3.02% | +2.95% | +1.97% |
| 3M | +6.42% | +11.82% | +10.79% |
| 6M | +36.52% | +41.49% | +38.79% |
| 1Y | +77.34% | +74.56% | +60.08% |
| 3Y | -29.37% | -77.60% | -94.45% |
| 5Y | -16.45% | -69.80% | -90.27% |
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Start Free TrialHistorical valuation trends
How the company’s key valuation ratios (P/E, P/S, P/B and P/CF) have evolved over time compared to today.
| Period | P/E Ratio | P/S Ratio | P/B Ratio | P/CF Ratio |
|---|---|---|---|---|
| Current | -10.7 | 0.8 | 1.5 | 7.1 |
| 1Y ago | -6.7 | 0.5 | 0.7 | 2.6 |
| 3Y ago | 18.9 | 1.1 | 1.4 | 13.5 |
| 5Y ago | -5.4 | 1.3 | 1.5 | 22.4 |
Key Metrics
Valuation Metrics
Profitability Metrics
Growth Metrics
Dividend history
Long-term record of paid dividends (amount per share and dividend yield at the time of payment).
| Year | Dividend | Yield at payment | Avg. yield |
|---|---|---|---|
| 2026 | 0.11 EUR | — | 2.46% |
| 2025 | 0.11 EUR | 0.48% | |
| 2024 | 0.11 EUR | 0.40% | |
| 2023 | 2.40 EUR | 4.02% | |
| 2022 | 2.00 EUR | 3.18% | |
| 2021 | 2.00 EUR | 3.68% | |
| 2020 | 2.80 EUR | 4.44% | |
| 2019 | 2.80 EUR | 4.55% | |
| 2018 | 2.76 EUR | 2.73% | |
| 2017 | 2.66 EUR | 2.38% | |
| 2017 | 0.03 EUR | 0.03% | |
| 2016 | 2.46 EUR | 2.48% | |
| 2015 | 2.21 EUR | 1.64% | |
| 2014 | 2.07 EUR | 2.07% | |
| 2013 | 1.87 EUR | 2.34% |
Earnings history & estimates
Historical earnings performance shows how consistently the company meets or exceeds analyst expectations. Forward estimates provide insight into expected profitability and growth trajectory.
Historical earnings performance
Upcoming earnings report
Analyst estimates for upcoming periods
Key financial figures
Selected income statement, balance sheet and cash flow figures. Annual and quarterly, based on reported IFRS/GAAP financials.
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Revenue | 45.58B | 46.61B | 47.64B | 50.74B | 44.08B |
| Operating income (EBIT) | 6.95B | 4.48B | 8.41B | 8.24B | 7.93B |
| Net income | -3.62B | -2.55B | -2.94B | 4.15B | 1.00B |
| Free cash flow | 2.08B | 4.59B | 2.37B | 4.14B | 2.48B |
| Total assets | 110.61B | 110.85B | 116.26B | 124.88B | 120.24B |
| Equity | 25.95B | 31.91B | 32.93B | 38.77B | 33.02B |
| Net debt | 30.77B | 34.62B | 38.88B | 36.48B | 34.97B |
PWP Leeway UG (haftungsbeschränkt)
