Bayer vs Samsung: Revenue, Profit and Business Model
Bayer reported ~$51.5B of revenue in FY2025 and a net loss of ~$4.1B. Samsung reported ~$236.9B of revenue in FY2025 and ~$31.4B of net income.
Latest financial snapshot
Financial summary
Bayer
Bayer's accounts still carry the 2018 Monsanto acquisition. FY2025 sales were ~$51.5 billion (EUR 45,575 million), down 2.2 percent as reported and up 1.1 percent adjusted for currency and portfolio. EBITDA before special items was ~$11 billion (EUR 9.7 billion) and free cash flow ~$2.35 billion (EUR 2,084 million), yet the group reported an EBIT of minus ~$1.22 billion (EUR 1,077 million) and a net loss of ~$4.09 billion (EUR 3,620 million), because other operating expenses net of income reached minus ~$8.34 billion (EUR 7,377 million), mainly litigation provisions. Net financial debt fell 8.5 percent to ~$33.7 billion (EUR 29,843 million). The dividend has stayed at the legally required minimum of EUR 0.11 per share since 2023, so cash goes to debt and settlements rather than shareholders.
Samsung
Samsung's earnings follow the memory cycle. Revenue fell from ~$215 billion (KRW 302.2 trillion) in 2022 to ~$184 billion (KRW 258.9 trillion) in 2023 during a chip downturn, then recovered to ~$214 billion (KRW 300.9 trillion) in 2024 and ~$237 billion (KRW 333.6 trillion) in 2025, when net income reached about $31.5 billion (KRW 44.3 trillion). In 2026, AI server demand created a memory shortage. Q1 operating profit of ~$40.6 billion (KRW 57.2 trillion) exceeded the full-year 2025 total, and Q2 reached ~$63.5 billion (KRW 89.5 trillion) on ~$122 billion (KRW 171.5 trillion) revenue. Higher memory costs also squeezed Samsung's own devices: the MX and Networks unit lost ~$497 million (KRW 0.7 trillion) in Q2 2026 on ~$23.6 billion (KRW 33.2 trillion) revenue.
Revenue and profit by year
Bayer
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$51.5B | ~-$4.1B | -7.9% | -2.2% | Source |
| FY2024 | ~$52.7B | ~-$2.9B | -5.5% | -2.2% | Source |
| FY2023 | ~$53.8B | ~-$3.3B | -6.2% | -6.1% | Source |
| FY2022 | ~$57.3B | ~$4.7B | 8.2% | +15.1% | Source |
| FY2021 | ~$49.8B | ~$1.1B | 2.3% | +6.5% | Source |
| FY2020 | ~$46.8B | ~-$11.9B | -25.4% | -4.9% | Source |
| FY2019 | ~$49.2B | ~$4.6B | 9.4% | +10.0% | Source |
| FY2018 | ~$44.7B | ~$1.9B | 4.3% | +13.1% | Source |
| FY2017 | ~$39.6B | ~$8.3B | 21.0% | — | Source |
Samsung
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | ~$236.9B | ~$31.4B | 13.3% | +10.9% | Source |
| FY2024 | ~$213.6B | ~$23.9B | 11.2% | +16.2% | Source |
| FY2023 | ~$183.8B | ~$10.3B | 5.6% | -14.3% | Source |
| FY2022 | ~$214.6B | ~$38.9B | 18.1% | +8.1% | Source |
| FY2021 | ~$198.5B | ~$27.9B | 14.0% | — | Source |
Where the revenue comes from
Bayer
- Crop Science
about 47%
Seeds, biotech traits, crop protection chemicals and digital farming produced ~$24.4 billion (EUR 21,622 million) of 2025 sales, led by Corn Seed and Traits at ~$8.08 billion (EUR 7,149 million).
- Pharmaceuticals
about 39%
Prescription medicines produced ~$20.1 billion (EUR 17,829 million) of 2025 sales, with Eylea at ~$3.51 billion (EUR 3,110 million), Nubeqa at ~$2.7 billion (EUR 2,385 million), Xarelto at ~$2.65 billion (EUR 2,344 million) and the Mirena family at ~$1.54 billion (EUR 1,366 million).
- Consumer Health
about 13%
Over-the-counter brands produced ~$6.56 billion (EUR 5,802 million) of 2025 sales across nutritionals, allergy and cold, pain and cardio, digestive health and dermatology.
Samsung
- Memory semiconductors
- Foundry and system LSI
- Galaxy smartphones and mobile devices
- Display panels
- TVs and appliances
- Network equipment
- Harman automotive and audio
Business model and strategy
Bayer
How it makes money
Bayer runs two very different businesses plus a consumer brand portfolio. Pharmaceuticals spent ~$3.91 billion (EUR 3,456 million) on research and development in 2025 to develop and launch patented specialty medicines in oncology, cardiovascular and renal disease, women's health and radiology, and sells them to hospitals and specialist prescribers at high gross margins.
Growth strategy
After a strategic review in March 2024 Bayer decided not to break itself up, keeping the three divisions together while it works on litigation and debt. Growth therefore has to come from inside: scaling Nubeqa, which reached ~$2.7 billion (EUR 2,385 million) of sales in 2025, and Kerendia at ~$937 million (EUR 829 million); launching Lynkuet, Beyonttra and Hyrnuo; filing gadoquatrane in radiology;
Competitive advantage
Bayer's strongest position is in seeds and traits. Corn Seed and Traits alone generated ~$8.08 billion (EUR 7,149 million) of sales in 2025, up 9.0 percent as reported, because growers buy hybrid seed together with the trait packages licensed into it and then buy matching crop protection chemistry. Changing seed supplier means changing agronomic practice mid-rotation, which slows share loss.
Samsung
How it makes money
Samsung earns money from two groups of businesses. Device Solutions (DS) makes and sells memory (DRAM, HBM, NAND), System LSI chips such as Exynos processors and ISOCELL image sensors, and contract foundry manufacturing.
Growth strategy
Samsung's growth plan centers on AI memory: ramping HBM4 for Nvidia and AMD accelerators, developing HBM4E, and adding DRAM capacity at Pyeongtaek. In foundry it is pursuing 2nm gate-all-around production and building its Taylor, Texas fab to win customers from TSMC. On the device side it relies on Galaxy AI features, foldables and premium TVs to defend share against Apple and Chinese brands.
Competitive advantage
Samsung's edge is manufacturing scale and breadth. It is the largest memory producer and one of only three major DRAM makers, alongside SK hynix and Micron. That lets it capture pricing upswings like the 2026 AI-driven shortage.
Questions about Bayer vs Samsung
Which company has higher revenue — Bayer AG or Samsung Electronics Co., Ltd.?
Bayer AG reported ~$51.5B (FY2025), while Samsung Electronics Co., Ltd. reported ~$236.9B (FY2025). By last reported revenue, Samsung Electronics Co., Ltd. is the larger business, with Bayer AG reporting a smaller revenue base.
What is the market cap of Bayer AG vs Samsung Electronics Co., Ltd.?
Bayer AG's market capitalisation stands at $47.1B, while Samsung Electronics Co., Ltd.'s is $1.33T. Samsung Electronics Co., Ltd. carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to Bayer AG.
Which is more financially efficient — Bayer AG or Samsung Electronics Co., Ltd.?
Bayer AG generates $585k / employee in revenue per employee, while Samsung Electronics Co., Ltd. generates $914k / employee. Samsung Electronics Co., Ltd. shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do Bayer AG and Samsung Electronics Co., Ltd. make money?
Bayer AG and Samsung Electronics Co., Ltd. generate revenue in fundamentally different ways. Bayer AG: Bayer runs two very different businesses plus a consumer brand portfolio. Samsung Electronics Co., Ltd.: Samsung earns money from two groups of businesses.
Which company is valued higher relative to revenue — Bayer AG or Samsung Electronics Co., Ltd.?
On a price-to-sales (P/S) basis, Bayer AG trades at 0.9x P/S and Samsung Electronics Co., Ltd. at 5.6x P/S. Samsung Electronics Co., Ltd. commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Bayer AG. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bayer AG bigger than Samsung Electronics Co., Ltd.?
By last reported revenue, Samsung Electronics Co., Ltd. (~$236.9B (FY2025)) is the larger company compared to Bayer AG (~$51.5B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Bayer vs Samsung overview