Bayer Aktiengesellschaft (BAYN.DE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-73.9%

€13.50

vs €51.66 price

Levered DCF

€22.01

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.87

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-10.06×	-7.43×	-11.25×	11.45×	46.08×	-4.51×	17.46×	33.81×
P/B	1.4×	0.59×	1×	1.22×	1.4×	1.55×	1.51×	1.25×
P/S	0.8×	0.41×	0.69×	0.94×	1.05×	1.14×	1.64×	1.56×
EV / EBITDA	25.35×	14.56×	17.77×	8.16×	11.56×	6.38×	10.13×	21.94×
Gross margin	59.2%	54.4%	58.5%	60.8%	61.9%	53.8%	59.6%	58.1%
Operating margin	15.3%	9.6%	17.7%	16.2%	18.0%	0.0%	12.0%	3.8%
Net margin	-7.9%	-5.5%	-6.2%	8.2%	2.3%	-25.4%	9.4%	4.6%
Current ratio	1×	1.19×	1.27×	1.08×	1.11×	0.97×	1.4×	1.36×
Debt / equity	1.44×	1.28×	1.36×	1.07×	1.2×	1.36×	0.82×	0.88×
Interest coverage	4.04×	2.29×	4.85×	4.92×	6.44×	0.01×	3.19×	0.9×
Dividend yield	0.3%	0.7%	7.2%	4.1%	4.3%	5.8%	3.7%	4.2%
Payout ratio	-3.5%	-5.1%	-80.9%	47.3%	196.3%	-26.2%	63.8%	142.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-14.0%	-8.0%	-8.9%	10.7%	3.0%	-34.4%	8.6%	3.7%
Return on invested capital	8.3%	5.1%	8.3%	7.5%	4.2%	0.0%	4.2%	1.0%
Return on assets	-3.3%	-2.3%	-2.5%	3.3%	0.8%	-9.0%	3.2%	1.3%
Free cash flow yield	5.7%	24.2%	7.2%	8.7%	5.4%	5.3%	7.8%	9.3%
Earnings yield	-10.0%	-13.5%	-8.9%	8.7%	2.2%	-22.2%	5.7%	3.0%
Enterprise value	€67.1B	€53.5B	€71.9B	€84B	€81.1B	€84.7B	€107.2B	€93.9B
Net debt / EBITDA	11.62×	9.4×	9.61×	3.54×	4.98×	2.82×	3.37×	8.56×
Cash conversion cycle (days)	202	172	192	185	180	185	188	206