Bayer AG ADR

BAYRY: OTCM (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Bayer Remains Leader in Crop Sciences and Shows Burgeoning Innovation in Pharmaceuticals

Jay Lee

Aug 31, 2026

Business Strategy and Outlook

We believe Bayer has a Morningstar economic moat rating of none. 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 remain below the cost of capital over the next 10 years or so.

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Bayer AG ADR

Bayer Remains Leader in Crop Sciences and Shows Burgeoning Innovation in Pharmaceuticals

Business Strategy and Outlook

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