Start here if you're new
what it is
Ferrari builds ultra-premium sports cars and sells the brand around them through licensing and stores.
how it gets paid
Last year Ferrari N.V made $8.3B in revenue. EMEA was the main engine at $3.1B, or 45% of sales.
what just happened
Ferrari's last reported EPS came in at $2.14, below the $2.45 estimate by 12.65%.
At a glance
A balance sheet — strong enough to weather a downturn
80/100 earnings predictability — you can trust these numbers
32.6x trailing p/e — you're paying up for this one
1.0% dividend yield — cash in your pocket every quarter
18.5% return on capital — nothing to write home about
xvary composite: 68/100 — average
What they do
Ferrari builds ultra-premium sports cars and sells the brand around them through licensing and stores.
Ferrari sells desire at industrial scale. Operating margin → money left after building and selling cars → 38.0%, so what: Ferrari keeps an absurd share of each sale. You are not buying transportation here; you are buying scarcity, and that shows up in a 23.3% net profit margin across more than 60 markets.
How they make money
$8.3B
annual revenue
EMEA
$3.1B
Americas
$2.0B
China
$0.6B
Rest of Asia/Pacific
$1.2B
The products that matter
designs and sells performance cars
High-performance sports cars
$8.3B annual revenue · 38.0% operating margin
The page does not break out segments. What you can say with confidence is that the core business produced $8.3B in revenue with a 38.0% operating margin — exceptional economics for a company that still has to manufacture physical products.
core
Key numbers
38.0%
operating margin
Operating margin → profit left after running the business → 38.0%, so what: Ferrari keeps luxury-level economics in a car business.
32.6x
trailing p/e
You are paying 32.6 years of trailing earnings for the stock, which means the market already expects near-flawless execution.
18.5%
return on capital
Return on capital → profit from each dollar invested → 18.5%, so what: Ferrari turns investment into earnings better than most manufacturers.
$2.3B
long-term debt
Debt is only 4% of capital, which gives Ferrari balance-sheet room if the economy gets weird.
Financial health
A
strength
- balance sheet grade A — very strong financial position
- risk rank 3 — safer than 50% of stocks
- price stability 65 / 100
- long-term debt $2.3B (4% of capital)
- net profit margin 23.3% — keeps 23 cents of every dollar in revenue
- return on equity 23% — $0.23 profit for every $1 investors have put in
A with balance sheet grade and net profit margin standing out. your money faces less risk here than at most public companies.
Total return vs. market
You invested $10,000 in RACE 3 years ago → it's now worth $14,030.
The index would have given you $14,770.
source: institutional data · total return
What just happened
missed estimates
Ferrari's last reported EPS came in at $2.14, below the $2.45 estimate by 12.65%.
One quarter missed the script. The bigger picture still looks stronger: full-year 2025 EPS was $10.45 versus $8.80 in 2024, up about 18.8% based on the quarterly history provided.
$2.14
last eps
12.65%
vs estimate
$10.45
fy2025 eps
the number that mattered
The key number is $10.45 in full-year 2025 EPS, because one-quarter noise matters less than a full-year jump from $8.80.
-
ferrari n.v. probably wrapped up 2025 in strong form.
-
through the first nine months of last year, earnings surged 22%, to $8.00 per share, off of an equivalent jump in revenues. (note: the results were amplified for u.s. investors due to the dollar’s weakness against the euro.
-
on an as-reported basis, sales and diluted earnings were both up 8% for the period.) the gains were impressive, considering that shipments increased less than 1%, to 10,488 units.a richer product mix and increased demand for personalizations contributed to the sales and earnings advance.
-
we reckon that sales were up about 15% for the final stanza, while earnings rose about 10%. (fourth-quarter and full-year results were due to be released shortly after we went to press with this report.) the outlook for this year and the next remains generally favorable.
-
we expect the company to continue to focus on optimizing its product mix.this should be achieved through an emphasis on highermargin cars, such as its ultra-luxury f80 hypercar which, despite a starting price of about $3.9 million, sold out its limited run of 799 units, with deliveries set to ramp up throughout 2026.
source: company earnings report, 2026
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What could go wrong
The top threat is multiple compression on a 32.6x earnings stock.
med
premium multiple, ordinary disappointment
At 32.6x trailing earnings, Ferrari does not need bad numbers to fall. It just needs numbers that are less perfect than the market hoped for.
At 32.6x trailing earnings, Ferrari does not need bad numbers to fall. It just needs numbers that are less perfect than the market hoped for.
med
margin slippage hits the whole story
The bull case leans hard on a 38.0% operating margin and 23.3% net margin. If those start slipping, the luxury-premium narrative loses its cleanest proof point.
The bull case leans hard on a 38.0% operating margin and 23.3% net margin. If those start slipping, the luxury-premium narrative loses its cleanest proof point.
med
future estimates are doing a lot of work
The stock is being framed around $12.00 in fiscal 2027 EPS and $11B in fiscal 2029 revenue. If those numbers drift down, the valuation math gets tighter fast.
The stock is being framed around $12.00 in fiscal 2027 EPS and $11B in fiscal 2029 revenue. If those numbers drift down, the valuation math gets tighter fast.
med
quality has not guaranteed outperformance
The last 3 years produced $14,030 from a $10,000 investment here versus $14,770 in the index. A great company can still be a mediocre stock when you overpay.
The last 3 years produced $14,030 from a $10,000 investment here versus $14,770 in the index. A great company can still be a mediocre stock when you overpay.
The business looks elite, but the stock still has 19% downside to the low end of the published 18-month range.
source: institutional data · regulatory filings · risk analysis
Pay attention to
metric
operating margin is the cleanest tell
38.0% is the number separating Ferrari from normal automakers. If that stays intact, the premium story stays alive.
trend
institutions kept buying through 3q2025
401 buyers versus 300 sellers and 62.5M shares held says the smart-money vote has been positive so far.
risk
the multiple still does most of the emotional work
32.6x trailing earnings is rich for any manufacturer. You are betting that Ferrari keeps earning the exception.
calendar
watch the path to $12 EPS and $11B revenue
Those fiscal 2027 and fiscal 2029 estimates are the roadmap behind the valuation. The next few updates need to keep pointing that way.
Analyst rankings
earnings predictability
80 / 100
Management tends to deliver numbers close to expectations. In human-speak, analysts trust Ferrari more than most consumer names.
risk rank
3
This is a middling risk score, not a stress case. You get quality, but not zero volatility.
price stability
65 / 100
The stock has been steadier than many growth names, but the 52-week range of $333–$380 says this is still a premium asset that moves.
source: institutional data
Institutional activity
institutions have been net buying for 3 consecutive quarters — 401 buyers vs. 300 sellers in 3q2025. total institutional holdings: 62.5M shares. net buying for 3 quarters.
source: institutional data
Price targets
3-5 year target range
$275
$570
$340
current price
$423
target midpoint · +24% from current · 3-5yr high: $765 (+125% · 23% ann'l return)
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