Bayer vs Target: Revenue, Profit and Business Model
Bayer reported ~$51.5B of revenue in FY2025 and a net loss of ~$4.1B. Target reported $104.8B of revenue in FY2025 and $3.7B 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.
Target
Target's revenue fell three years in a row, from $109.1 billion in fiscal 2022 to $104.8 billion in fiscal 2025, while FY2025 net income was $3.705 billion. Fiscal 2026 has reversed the trend so far. Q2 FY2026 net sales rose 5.3% to $26.5 billion, comparable sales grew 3.8% on a 3.6% traffic gain, and digital comparable sales rose 8.7% with same-day delivery up more than 25%. Q2 GAAP EPS was $4.11 versus $2.05 a year earlier, but $1.65 of that came from $994 million of pretax tariff refunds; excluding refunds, EPS grew about 20%. Management now guides to roughly 5% net sales growth for fiscal 2026 and EPS of $9.90 to $10.90.
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 |
Target
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $104.8B | $3.7B | 3.5% | -1.7% | Source |
| FY2024 | $106.6B | $4.1B | 3.8% | -0.8% | Source |
| FY2023 | $107.4B | $4.1B | 3.9% | -1.6% | Source |
| FY2022 | $109.1B | $2.8B | 2.5% | +2.9% | Source |
| FY2021 | $106B | $6.9B | 6.6% | +13.3% | Source |
| FY2020 | $93.6B | $4.4B | 4.7% | +19.8% | Source |
| FY2019 | $78.1B | $3.3B | 4.2% | +3.7% | Source |
| FY2018 | $75.4B | $2.9B | 3.9% | +3.6% | Source |
| FY2017 | $72.7B | $2.9B | 4.0% | +3.5% | Source |
| FY2016 | $70.3B | $2.7B | 3.9% | — | 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.
Target
- Stores and digital merchandise
Primary revenue source
Sales of food, essentials, apparel, beauty, home, electronics, toys and seasonal products through stores and digital channels.
- Owned brands
Strategic margin driver
Target-owned and exclusive brands that support margin and differentiation.
- Same-day services and Shipt
Growth and retention stream
Delivery, pickup, Drive Up and Target Circle 360 services that deepen loyalty.
- Roundel retail media
High-margin supplemental stream
Advertising revenue from brands using Target's retail media network.
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.
Target
How it makes money
Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Growth strategy
Target is focusing on merchandising authority, guest experience, technology acceleration, team and community strength, stores-as-hubs, same-day fulfillment, retail media and owned-brand renewal.
Competitive advantage
Target's advantage is the mix of curated merchandise, owned brands, convenient stores, same-day fulfillment and a brand position between discount utility and design-led retail.
Questions about Bayer vs Target
Which company has higher revenue — Bayer AG or Target Corporation?
Bayer AG reported ~$51.5B (FY2025), while Target Corporation reported $104.8B (FY2025). By last reported revenue, Target Corporation is the larger business, with Bayer AG reporting a smaller revenue base.
What is the market cap of Bayer AG vs Target Corporation?
Bayer AG's market capitalisation stands at $47.1B, while Target Corporation's is $72.0B. Target Corporation 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 Target Corporation?
Bayer AG generates $585k / employee in revenue per employee, while Target Corporation generates $252k / employee. Bayer AG 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 Target Corporation make money?
Bayer AG and Target Corporation generate revenue in fundamentally different ways. Bayer AG: Bayer runs two very different businesses plus a consumer brand portfolio. Target Corporation: Target runs a general-merchandise, big-box retail model that pairs low-margin essentials (groceries, household basics) to drive store traffic with higher-margin discretionary categories (apparel, home decor, and private-label brands) to drive profit -- the classic 'basket size' strategy.
Which company is valued higher relative to revenue — Bayer AG or Target Corporation?
On a price-to-sales (P/S) basis, Bayer AG trades at 0.9x P/S and Target Corporation at 0.7x P/S. Bayer AG commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to Target Corporation. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is Bayer AG bigger than Target Corporation?
By last reported revenue, Target Corporation ($104.8B (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 Target overview