Ferrari N.V. (RACE)

Price$413.21Cached quoteAs of 2026-09-23 15:04 UTC

AI: Overvalued

Price checkFerrari's exceptional business quality is already reflected in a valuation that leaves little room for disappointment.

The market values Ferrari at roughly 45 times recent earnings and about 37 times free cash flow, meaning cash left after running and investing in the business. Those are demanding multiples for a company whose first-half 2026 net profit grew only 5% and whose 2026 profit guidance implies high-single-digit growth. Ferrari deserves a premium because of its scarcity and pricing power, but a value investor receives little margin of safety unless earnings compound at a strong rate for many years.

Big pictureFerrari has steadily converted controlled sales growth into faster profits and increasingly durable cash generation.

The supplied history shows revenue rising from €3.46 billion in 2020 to €7.15 billion in 2025, while net income increased from €608 million to €1.60 billion. Operating profit margin expanded from about 21% to nearly 30%. Operating cash flow reached €2.35 billion in 2025; after €485 million of capital spending, roughly €1.86 billion remained. That cash generation has proved durable because Ferrari controls production, raises prices through model mix and personalization, and sells into a wealthy customer base, although luxury demand is not completely recession-proof.

Business strengthScarcity, customization and loyal repeat buyers give Ferrari unusually strong pricing power and financial resilience.

Second-quarter shipments fell to 3,366 cars, yet revenue rose 8% and operating profit rose 10% because richer model mix and personalization increased revenue per vehicle. Ferrari says its order book already covers all of 2027. The balance sheet also offers protection: despite €3.17 billion of total debt in June, most financing relates to financial services, leaving industrial operations with only €131 million of net debt. Ferrari returned €1.32 billion through dividends and buybacks in 2025, while stock compensation was only €28 million, limiting dilution pressure.

What could change the storyFaster personalization growth could justify the premium, while slower expansion would make today's price difficult to defend.

The strongest bull case is that Ferrari keeps selling scarcity rather than volume: personalization already contributes more than 20% of revenue, the F80 supports richer mix, and management targets roughly €9 billion of revenue and at least €3.6 billion of adjusted operating cash earnings by 2030. The bear case is mathematical: today's valuation requires years of dependable growth from already exceptional margins. Evidence would turn more favorable if earnings accelerate into the low teens without weakening exclusivity; sustained mid-single-digit growth would make roughly forty-plus times earnings difficult to justify.

AI: News

Guidance raisedStrong customization demand lifted second-quarter profits and prompted Ferrari to raise its full-year expectations.

On July 30, Ferrari reported €605 million of operating profit, up 10%, while revenue increased 8% despite fewer vehicle shipments. Adjusted operating cash earnings reached €755 million, beating the Reuters analyst consensus of €729 million. Ferrari raised its 2026 revenue, profit and cash-flow forecasts, largely because customers kept spending heavily on personalization. Milan shares rose as much as 4.8% before finishing the reported session about 1.2% higher, consistent with improved earnings expectations.

Electric launch backlashFerrari's first electric car drew a cool reception, raising questions about extending the brand beyond traditional sports cars.

On May 26, the market reacted sharply after criticism of the newly unveiled Ferrari Luce, a five-seat electric model priced around €550,000. Reuters reported Ferrari's Milan shares falling 8.4% and its New York shares declining 5.1%. The reaction cannot prove that design criticism alone caused the decline, but investors were clearly reassessing whether Ferrari can enter electric luxury without weakening its exclusivity. Ferrari later said client interest remained strong, so actual order quality will matter more than launch-day commentary.

Guidance disappointsFirst-quarter earnings grew, but unchanged forecasts disappointed investors expecting stronger profit upgrades.

On May 5, Ferrari reported first-quarter adjusted operating cash earnings of €722 million, about 4% above the prior year, while deliveries declined to 3,436 during planned model changes. Management kept its full-year forecast unchanged ahead of the Luce launch and amid tariff uncertainty. Reuters reported Ferrari shares falling roughly 4% after the release. The timing suggests investors wanted faster upgrades from a highly valued company, although market movements can reflect other factors and should not be attributed solely to guidance.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Revenue	€7.15B	€6.68B	€5.97B	€5.10B	€4.27B	€3.46B	€3.77B	€3.42B	€3.42B	€3.11B	€2.85B
Gross profit	€3.69B	€3.35B	€2.97B	€2.45B	€2.19B	€1.77B	€1.96B	€1.80B	€1.77B	€1.53B	€1.36B
Gross margin	51.68%	50.13%	49.82%	48.01%	51.28%	51.26%	52.07%	52.55%	51.69%	49.13%	47.49%
Research & development	€918.9M	€894.1M	€881.6M	€775.6M	€768.1M	€707.4M	€699.2M	€643.0M	€657.1M	€613.6M	€561.6M
Operating expenses	€1.58B	€1.46B	€1.36B	€1.22B	€1.11B	€1.06B	€1.04B	€970.9M	€990.6M	€930.3M	€911.2M
Operating income	€2.11B	€1.89B	€1.62B	€1.23B	€1.08B	€716.1M	€917.4M	€826.5M	€775.4M	€595.1M	€444.3M
Operating margin	29.52%	28.27%	27.09%	24.09%	25.18%	20.70%	24.36%	24.16%	22.69%	19.16%	15.57%
EBITDA	€2.77B	€2.55B	€2.28B	€1.77B	€1.53B	€1.14B	€1.27B	€1.12B	€1.04B	€842.8M	€719.1M
EBITDA margin	38.79%	38.26%	38.18%	34.81%	35.86%	33.03%	33.70%	32.61%	30.32%	27.14%	25.19%
Net income	€1.60B	€1.53B	€1.26B	€939.3M	€833.1M	€608.9M	€698.7M	€786.6M	€537.4M	€399.7M	€290.1M
Net profit margin	22.38%	22.85%	21.06%	18.43%	19.51%	17.60%	18.55%	23.00%	15.73%	12.87%	10.16%
Basic EPSper basic share	€8.97	€8.47	€6.91	€5.11	€4.50	€3.29	€3.73	€4.16	€2.83	€2.11	€1.52
Diluted EPSper diluted share	€8.96	€8.46	€6.90	€5.09	€4.50	€3.28	€3.71	€4.14	€2.82	€2.11	€1.52

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

Reported holdings Number of shares

View holders

Top 20 reported holders of RACE
Holder	Shares held
BAILLIE GIFFORD & CO	3.57M
VANGUARD CAPITAL MANAGEMENT LLC	3.54M
MORGAN STANLEY	3.2M
Amundi	3.06M
Bank of New York Mellon Corp	2.56M
Bank of Italy	2.42M
JPMORGAN CHASE & CO	2.41M
VIKING GLOBAL INVESTORS LP	2.2M
NORGES BANK	2.11M
ALLIANCEBERNSTEIN L.P.	1.7M
UBS Group AG	1.38M
DEUTSCHE BANK AG\	1.11M
BNP PARIBAS ASSET MANAGEMENT Holding S.A.	1.06M
MANUFACTURERS LIFE INSURANCE COMPANY, THE	1.04M
VANGUARD FIDUCIARY TRUST CO	1.04M
GOLDMAN SACHS GROUP INC	979.52K
Capital International Investors	941.9K
AKO CAPITAL LLP	886.36K
Legal & General Group Plc	868.83K
Ninety One UK Ltd	838.31K

Bars compare reported share counts. A matching total for this share class and reporting period is unavailable, so percentages are not shown.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)0$0.00 disclosed value

No insider transactions transactions were reported in the stored SEC coverage.

Review ownership filings at SEC.gov ↗

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Ferrari N.V. (RACE)

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