# Ferrari (RACE.MI)

Canonical: https://gigainvestors.com/s/RACE.MI

Analysis as of: 2026-10-16T08:06:01.692Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

A wonderful business at too high a price

Quality tests for Buy: pass (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 348.30 per share; close as of 2026-10-14.

Estimated value: low EUR 119.92 per share, central EUR 168.07 per share, high EUR 196.11 per share. Buy at or below the central value EUR 168.07 per share. Valuation as of 2026-10-16T08:06:01.692Z; scenarios are not confidence intervals.

Expected annual return: 6.4% at the stated quote. About 6.4% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; IT 10-year bond 4.5% + 4 points).

## Checklist

### understandable: pass

- 1 revenue decline in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 1

- Years with a net loss: 0

- Operating margin variation: 0.12×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.19×

- FY2017: 0.23×

- FY2018: 0.24×

- FY2019: 0.24×

- FY2020: 0.21×

- FY2021: 0.25×

- FY2022: 0.24×

- FY2023: 0.27×

- FY2024: 0.28×

- FY2025: 0.30×

### moat: pass

- ROIC, median of available years: 35.5%

- ROIC, second-lowest year: 30.3%

- Typical minus recent gross margin: 1.1 pp

- Typical gross margin (annual median): 51.3%

- Recent gross margin (lower of latest and 3-year median): 50.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 14.7%

- ROIC including acquisitions, ten-year median: 26.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 45.1%

- FY2017: 48.5%

- FY2018: 46.1%

- FY2019: 38.7%

- FY2020: 27.6%

- FY2021: 31.7%

- FY2022: 30.3%

- FY2023: 35.0%

- FY2024: 35.0%

- FY2025: 36.0%

### economics: pass

- Owner earnings / net income, 5-yr: 0.95×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 5.8B

- Net income, five-year total: EUR 6.1B

- Working capital / revenue, final three-year average: 32.3%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.94×

- FY2022: 0.99×

- FY2023: 1.00×

- FY2024: 0.93×

- FY2025: 0.91×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 46.1% vs 35.0%

- Per-share earnings: 2.11 to 8.46 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -0.6%

- Ordinary dilution, 5-year annual growth: -0.8%

- Market cap gain: EUR 46B

- Cumulative retained earnings: EUR 4.9B

- Diluted shares, 10-year annual growth: -0.6%

- Diluted shares, 5-year annual growth: -0.8%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 18.9%

- Per-share value change: EUR 6.34

- Per-share value, starting three-year median: EUR 2.11

- Per-share value, ending three-year median: EUR 8.46

- Buybacks concentrated in cheaper years (correlation): 0.57

- Average buyback yield: 0.9%

- Buyback history: 8 years

- Debt-funded buybacks: No

- Cumulative net income, 10 years: EUR 9.2B

- ROIC, first three-year median: 46.1%

- ROIC, last three-year median: 35.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 2.11

- FY2017: EUR 2.82

- FY2018: EUR 4.14

- FY2019: EUR 3.71

- FY2020: EUR 3.28

- FY2021: EUR 4.50

- FY2022: EUR 5.09

- FY2023: EUR 6.90

- FY2024: EUR 8.46

- FY2025: EUR 8.96

### accounting: pass

- Sloan accruals: -7.8%

- Receivables to sales index (DSRI): 0.94×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.47×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.62×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -15.8%

- FY2017: -3.1%

- FY2018: -3.1%

- FY2019: -11.2%

- FY2020: -3.7%

- FY2021: -6.6%

- FY2022: -6.1%

- FY2023: -5.8%

- FY2024: -4.3%

- FY2025: -7.8%

## Holders

- [Nicolai Tangen](https://gigainvestors.com/AKO): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Allen Bond](https://gigainvestors.com/JIM): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Guy Spier](https://gigainvestors.com/aq): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Andreas Halvorsen](https://gigainvestors.com/vg): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 23% since Feb 2025 · "Changes in tax, tariff or fiscal policies could adversely affect demand for our products." (RACE filing, Mar 2026) · sales +7%

Story as of 2026-10-16T10:00:14.965Z; price observation 2026-10-14.

Price needs cash profits to grow 16.1% a year for ten years

### Sales · FY2024–2025

sales +7%; source https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: EUR 3.1B 

- FY2017: EUR 3.4B 

- FY2018: EUR 3.4B 

- FY2019: EUR 3.8B 

- FY2020: EUR 3.5B 

- FY2021: EUR 4.3B 

- FY2022: EUR 5.1B 

- FY2023: EUR 6.0B 

- FY2024: EUR 6.7B 

- FY2025: EUR 7.1B 

### Gross margin · FY2025

gross margin 51.7%; source https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml; observed 2026-03-04.

- FY2016: 49.1% 

- FY2017: 51.7% 

- FY2018: 52.6% 

- FY2019: 52.1% 

- FY2020: 51.3% 

- FY2021: 51.3% 

- FY2022: 48.0% 

- FY2023: 49.8% 

- FY2024: 50.1% 

- FY2025: 51.7% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Gets 84% of sales from Cars and spare parts; keeps 51.7 cents per sales dollar after product costs.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001648416.json#0001648416-26-000024 (filed 2026-03-04); FY2025: revenue 7145768000; grossProfit 3692797000; margin = grossProfit / revenue.

- Source: https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml (filed 2026-03-04); s are presented below and are not considered to be significant to the Group. At December 31, 2025 2024 (€ thousand) Equity attributable to non-controlling interests 7,849 9,292 For the years ended December 31, 2025 2024 2023 (€ thousand) Net profit attributable to non-controlling interests 2,597 4,036 5,409 4. NET REVENUES A breakdown of n et revenues is presented below. For the years ended December 31, 2025 2024 2023 (€ thousand) Revenues from: Cars and spare parts 6,005,243 5,727,688 5,119,181 Sponsorship, commercial and brand 819,551 669,776 571,759 Other (1) 320,974 279,204 279,206 Total net revenues 7,145,768 6,676,668 5,970,146 _____________________________ (1) Primarily includes net revenues from financial services activities, the management of the Mugello racetrack and other sports-related activities, as well as net revenues generated from the rental of engines to other Formula 1 teams and, for the years ended December 31, 2024 and 2023 only, from the sale of engines to Maserati. Interest and other financial income from financial services activities included within other net revenues in 2025 , 2024 and 2023 amounte

### Why customers stay

Margins ranged from 49.8% to 51.7% during 2023–25; it earns 35.5% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2023: grossProfit / revenue = 49.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2024: grossProfit / revenue = 50.1%.

- Source: https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml (filed 2026-03-04); FY2025: grossProfit / revenue = 51.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); 10-year return on capital observations [[2016,0.4507767705927505],[2017,0.484794859071855],[2018,0.4605752904070294],[2019,0.3866617295942865],[2020,0.27624354307705856],[2021,0.3169946588085592],[2022,0.3030019439670482],[2023,0.3495651951068624],[2024,0.34988213480384656],[2025,0.360324800446361]]; median 0.3551034676251038. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 9.3% of cash earnings; paid dividends in 7 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2016: growth capex 0; upkeep 0; owner earnings 646479000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2017: growth capex 0; upkeep 0; owner earnings 795999000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2018: growth capex 0; upkeep 0; owner earnings 1073426000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2019: growth capex 81408725.42075539; upkeep 624203274.5792446; owner earnings 423560725.4207554. Growth capex / owner earnings = 0.1922008357594672.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2020: growth capex 0; upkeep 708996000; owner earnings 325458000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); FY2021: growth capex 229039251.1845764; upkeep 508103748.8154236; owner earnings 778652251.1845764. Growth capex / owner earnings = 0.2941483195304903.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/RACE.MI (filed 2026-03-04); FY2022: growth capex 245683199.44671047; upkeep 558935800.5532895; cash acquisitions 1367000; owner earnings 919903199.4467105. Growth capex plus acquisitions / owner earnings = 0.26856108294362113.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/RACE.MI (filed 2026-03-04); FY2023: growth capex 206605000; upkeep 662305000; cash acquisitions 0; owner earnings 1252048000. Growth capex plus acquisitions / owner earnings = 0.16501364164952143.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/RACE.MI (filed 2026-03-04); FY2024: growth capex 211284007.39778638; upkeep 777866992.6022136; cash acquisitions 0; owner earnings 1410787007.3977864. Growth capex plus acquisitions / owner earnings = 0.14976322172650447.

- Source: https://query2.finance.yahoo.com/ws/fundamentals-timeseries/v1/finance/timeseries/RACE.MI (filed 2026-03-04); FY2025: growth capex 134039567.80491555; upkeep 809146432.1950845; cash acquisitions 1352000; owner earnings 1449709567.8049154. Growth capex plus acquisitions / owner earnings = 0.09339220131513605.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Dividend observations: [[2016,0],[2017,0],[2018,0],[2019,192664000],[2020,208100000],[2021,160101000],[2022,249522000],[2023,328631000],[2024,439918000],[2025,529707000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001648416.json#0001648416-26-000024 (filed 2026-03-04); FY2025: cash repurchases 785329000 EUR.

### Are managers owners

Insiders own 32.3% of the company; Exor holds 32.3% of votes.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); RACE.US SharesStats.PercentInsiders = 32.278 percentage points; cache date 2026-10-16.

- Source: https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml (filed 2026-03-04);  the Consolidated Financial Statements. Based on the information in Ferrari’s shareholder register, regulatory filings with the AFM and the SEC and other sources available to us, the following shareholders owned, directly or indirectly, in excess of three percent of the common shares holding voting rights of Ferrari, as of February 4, 2026: Shareholder Number of common shares Number of special voting shares Percentage owned (1) Voting rights (2) Exor N.V. (3) 37,768,613 37,768,613 21.33% 32.32% Trust Piero Ferrari (3) 18,894,295 18,892,160 10.67% 16.17% BlackRock, Inc. (4) 6,734,854 — 3.80% 3.38% Other public shareholders 113,676,931 2,268 64.20% 48.13% _____________________________ (1) The percentages of share capital set out in this table are calculated as the ratio of (i) the aggregate number of outstanding common shares beneficially owned by the shareholder to (ii) the total number of outstanding common shares (net of treasury shares) of Ferrari. These percentages may slightly differ from the percentages of share capital included in the public register held by the AFM of all notifications made pursuant to the disclosure obligat

### What could break it

Depends on the US for 28% of car and spare-parts sales.

- Source: https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml (filed 2026-03-04); additional 25% ad valorem tariff on imported automobiles and certain automobile parts, resulting in a combined tariff rate of 27.5%. Subsequently, from August 1, 2025, the overall tariff level applicable to imported automobiles was reduced to 15%. The administration has also 22 announced its intention to conduct systematic reviews of existing tariffs and other trade measures. In 2025, the United States represented 25 percent of our shipments and 28 percent of our revenues from cars and spare parts. Trade and tariff discussions are ongoing and the result remains uncertain. Protectionist industrial policies may negatively impact global trade and macroeconomic conditions and increase costs for producers and consumers. It is unknown whether and to what extent other new tariffs (or other new laws or regulations) will be adopted, or the effect that any such actions would have on us, our business, financial condition and results of operations, as well as on our industry, or on the purchase ability of consumers globally. In addition, although Mainland China, Hong Kong and Taiwan only represented 7 percent of our net revenues in 2025 and are ex [Separate filing excerpt] es and certain automobile parts, resulting in a combined tariff rate of 27.5%. Subsequently, from August 1, 2025, the overall tariff level applicable to imported automobiles was reduced to 15%. The administration has also 22 announced its intention to conduct systematic reviews of existing tariffs and other trade measures. In 2025, the United States represented 25 percent of our shipments and 28 percent of our revenues from cars and spare parts. Trade and tariff discussions are ongoing and the result remains uncertain. Protectionist industrial policies may negatively impact global trade and macroeconomic conditions and increase costs for producers and consumers. It is unknown whether and to what extent other new tariffs (or other new laws or regulations) will be adopted, or the effect that any such actions would have on us, our business, financial condition and results of operations, as well as on our industry, or on the purchase ability of consumers globally. In addition, although Mainland China, Hong Kong and Taiwan only represented 7 percent of our net revenues in 2025 and are expected to represent a limited proportion 

### What the price says

The price assumes cash profits grow 16.1% yearly over ten years; actual growth was 10.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-03-04); Ten-year compound average after fade. Initial solved rate 0.21999329134556567. Price 348.29998779296875; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 2.977789893236927 → FY2025 8.129774775853184. Closing-price date 2026-10-14.

## Monthly share-price history (EUR per share)

- 2016-11: EUR 51.70 per share

- 2016-12: EUR 55.30 per share

- 2017-01: EUR 57.70 per share

- 2017-02: EUR 61.50 per share

- 2017-03: EUR 69.75 per share

- 2017-04: EUR 69.05 per share

- 2017-05: EUR 77.00 per share

- 2017-06: EUR 75.15 per share

- 2017-07: EUR 89.10 per share

- 2017-08: EUR 96.10 per share

- 2017-09: EUR 93.50 per share

- 2017-10: EUR 102.90 per share

- 2017-11: EUR 91.20 per share

- 2017-12: EUR 87.45 per share

- 2018-01: EUR 96.04 per share

- 2018-02: EUR 102.50 per share

- 2018-03: EUR 97.54 per share

- 2018-04: EUR 102.05 per share

- 2018-05: EUR 111.50 per share

- 2018-06: EUR 116.50 per share

- 2018-07: EUR 113.80 per share

- 2018-08: EUR 112.70 per share

- 2018-09: EUR 118.60 per share

- 2018-10: EUR 103.50 per share

- 2018-11: EUR 96.54 per share

- 2018-12: EUR 86.78 per share

- 2019-01: EUR 108.60 per share

- 2019-02: EUR 113.15 per share

- 2019-03: EUR 119.50 per share

- 2019-04: EUR 120.75 per share

- 2019-05: EUR 127.60 per share

- 2019-06: EUR 142.80 per share

- 2019-07: EUR 145.65 per share

- 2019-08: EUR 143.20 per share

- 2019-09: EUR 141.55 per share

- 2019-10: EUR 143.45 per share

- 2019-11: EUR 153.40 per share

- 2019-12: EUR 147.90 per share

- 2020-01: EUR 152.50 per share

- 2020-02: EUR 141.55 per share

- 2020-03: EUR 141.55 per share

- 2020-04: EUR 143.40 per share

- 2020-05: EUR 151.90 per share

- 2020-06: EUR 151.85 per share

- 2020-07: EUR 151.35 per share

- 2020-08: EUR 163.20 per share

- 2020-09: EUR 156.65 per share

- 2020-10: EUR 153.15 per share

- 2020-11: EUR 176.80 per share

- 2020-12: EUR 188.65 per share

- 2021-01: EUR 172.25 per share

- 2021-02: EUR 161.50 per share

- 2021-03: EUR 178.35 per share

- 2021-04: EUR 178.15 per share

- 2021-05: EUR 172.95 per share

- 2021-06: EUR 174.00 per share

- 2021-07: EUR 183.85 per share

- 2021-08: EUR 183.70 per share

- 2021-09: EUR 180.95 per share

- 2021-10: EUR 205.00 per share

- 2021-11: EUR 231.70 per share

- 2021-12: EUR 227.50 per share

- 2022-01: EUR 202.90 per share

- 2022-02: EUR 192.75 per share

- 2022-03: EUR 198.70 per share

- 2022-04: EUR 203.00 per share

- 2022-05: EUR 181.40 per share

- 2022-06: EUR 175.20 per share

- 2022-07: EUR 206.20 per share

- 2022-08: EUR 193.20 per share

- 2022-09: EUR 191.70 per share

- 2022-10: EUR 199.50 per share

- 2022-11: EUR 211.90 per share

- 2022-12: EUR 200.20 per share

- 2023-01: EUR 228.90 per share

- 2023-02: EUR 245.30 per share

- 2023-03: EUR 249.30 per share

- 2023-04: EUR 252.30 per share

- 2023-05: EUR 266.60 per share

- 2023-06: EUR 299.50 per share

- 2023-07: EUR 291.40 per share

- 2023-08: EUR 293.00 per share

- 2023-09: EUR 279.70 per share

- 2023-10: EUR 285.50 per share

- 2023-11: EUR 330.60 per share

- 2023-12: EUR 305.20 per share

- 2024-01: EUR 323.70 per share

- 2024-02: EUR 389.90 per share

- 2024-03: EUR 404.00 per share

- 2024-04: EUR 387.20 per share

- 2024-05: EUR 377.40 per share

- 2024-06: EUR 380.70 per share

- 2024-07: EUR 380.40 per share

- 2024-08: EUR 447.20 per share

- 2024-09: EUR 419.70 per share

- 2024-10: EUR 439.80 per share

- 2024-11: EUR 411.70 per share

- 2024-12: EUR 412.40 per share

- 2025-01: EUR 416.60 per share

- 2025-02: EUR 450.00 per share

- 2025-03: EUR 392.20 per share

- 2025-04: EUR 401.60 per share

- 2025-05: EUR 421.40 per share

- 2025-06: EUR 416.10 per share

- 2025-07: EUR 385.30 per share

- 2025-08: EUR 406.70 per share

- 2025-09: EUR 411.60 per share

- 2025-10: EUR 346.50 per share

- 2025-11: EUR 337.80 per share

- 2025-12: EUR 318.70 per share

- 2026-01: EUR 280.80 per share

- 2026-02: EUR 321.40 per share

- 2026-03: EUR 289.00 per share

- 2026-04: EUR 293.35 per share

- 2026-05: EUR 295.20 per share

- 2026-06: EUR 324.35 per share

- 2026-07: EUR 340.10 per share

- 2026-08: EUR 364.50 per share

- 2026-09: EUR 346.40 per share

- 2026-10: EUR 352.80 per share

## Annual estimated value (EUR per share)

- FY2023: low EUR 70.43 per share, central EUR 79.38 per share, high EUR 91.29 per share

- FY2024: low EUR 82.86 per share, central EUR 93.05 per share, high EUR 106.62 per share

- FY2025: low EUR 117.95 per share, central EUR 165.32 per share, high EUR 192.90 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original ESEF filing](https://filings.xbrl.org/549300RIVY5EX8RCON76/2025-12-31/ESEF/NL/0/race-2025-12-31-1-en/reports/race-2025-12-31-1-en.xhtml); period 2025-12-31, filed 2026-03-04.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.