Bayer AG

BAYN: XETR (DEU)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bayer's Near-Term Returns Pressured by Generic Entries and Crop Science Uncertainty

Jay Lee

Jul 28, 2025

Business Strategy and Outlook

We believe Bayer has no moat. Despite some competitive advantages in its healthcare and crop science businesses when analyzed in isolation, we think the company's returns on invested capital have been weighed down by its $63 billion acquisition of Monsanto in 2018 and will continue to be below cost of capital over the next five years or so.

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Bayer AG

Bayer's Near-Term Returns Pressured by Generic Entries and Crop Science Uncertainty

Business Strategy and Outlook

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