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Italian maker of ultra-luxury, high-performance sports cars sold in strictly limited volumes, plus Formula 1 racing.
Italian maker of ultra-luxury, high-performance sports cars sold in strictly limited volumes, plus Formula 1 racing.
Sells a limited number of cars, built to order and allocated to chosen customers, who often pay for extensive personalisation, so price and mix matter more than volume. Cars and spares are the bulk of sales, with sponsorship and brand revenue from Formula 1 and licensing adding to it. Exor, the Agnelli family's holding company, is the largest shareholder.
Moat: wide (brand, scale, installed base). Scarcity-by-design production and a century-old racing heritage brand command waiting lists and pricing power few rivals match.
Headquarters: Maranello, Italy · Founded: 1939 · Employees: 5,718
Size Ferrari (RACE.MI) is an Italy Consumer Discretionary company (Motor Vehicles) with a market value of $92.2B, the 4th largest of 123 Italy companies the cockpit tracks. Shares closed at €373.85 on 6 Nov 2026.
Performance Over six months the shares gained 30.3%, against -0.6% for the median peer and +3.1% for the Italy market (cap-weighted) — 2nd highest of 16 in its peer set.
Growth Revenue grew 5.7% over the last twelve months (peer median +0.6%); the operating margin is 30.2% (peer median 6.3%).
Valuation It trades at 37.7× forward earnings against a peer median of 9.7× (most expensive of 16).
Price implies For today's price to make sense, revenue must grow about 23% a year for seven years (Req g). Recent delivered growth is +16%, so the hurdle is +7 pp: the price needs faster growth than the company has been delivering — of companies that just grew 25–50% a year, 93.8% slowed down over the next four years.
Capital Return on invested capital runs 21.4 points above its cost of capital (9.4% WACC).
Credit Ferrari has 1 bond outstanding ($557M) and trading like AAA at a weighted spread of 22 bp.
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €7.48B | €7.15B | €6.68B | €5.97B | €5.10B |
| Revenue growth | — | +7% | +12% | +17% | — |
| Gross profit | €3.92B | €3.75B | €3.35B | €2.97B | €2.45B |
| EBITDA | €2.96B | €2.79B | €2.56B | €2.29B | €1.79B |
| Net income | €1.68B | €1.60B | €1.52B | €1.25B | €933M |
| Free cash flow | €2.07B | €1.86B | €1.44B | €1.33B | €1.06B |
| Capital expenditure | €965M | €943M | €989M | €869M | €805M |
| Total debt | €3.12B | €2.88B | €3.35B | €2.48B | €2.81B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Ferrari RACE.MI | $92.2B | +30% | +6% | 30% | 37.7× | 22.8% |
| Porsche P911.DE | $47.8B | 0% | -10% | 6% | 22.9× | 17.3% |
| Aston Martin Lagonda Global AML.L | $474M | -26% | 0% | -12% | n/a | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | RACE.MI | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +9.1% | +8.5% | 8th highest of 16 |
| 6-month return | +30.3% | -0.6% | 2nd highest of 16 |
| Distance from 52-week high | -4.3% | -19.1% | highest of 16 |
| Revenue growth (TTM) | +5.7% | +0.6% | 7th highest of 16 |
| Operating margin | 30.2% | 6.3% | highest of 16 |
| Forward P/E | 37.7× | 9.7× | most expensive of 16 |
| Growth the price implies (Req g, 7 yrs) | 22.8% | 17.3% | 5th most demanding of 12 |
| Growth delivered (Del g) | +15.6% | +10.6% | 4th highest of 12 |
| Hurdle (Req g minus delivered) | +7.2 pp | +6.7 pp | 6th most demanding of 12 |
| ROIC minus cost of capital | +21.4 pp | -2.2 pp | highest of 16 |
| EV / EBITDA | 28.2× | 10.5× | most expensive of 14 |
| Net debt / EBITDA | 0.5× | 5.5× | 3rd least indebted of 14 |
| Bond spread | 22 bp | 100 bp | tightest of 10 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Ferrari RACE.MI | Italy | $92.2B | +30% | +6% | 30% | 37.7× | 22.8% | +15.6% |
| General Motors GM | United States | $72.7B | +10% | 0% | 2% | 6.1× | 23.9% | +8.6% |
| Ford Motor F | United States | $48.8B | +2% | -1% | 2% | 7.0× | 25.6% | +8.1% |
| Porsche P911.DE | Germany | $47.8B | 0% | -10% | 6% | 22.9× | 17.3% | +4.8% |
| HyundaiMtr 005380.KS | South Korea | $47.5B | -47% | +1% | 5% | 7.3× | n/a | n/a |
| Honda Motor 7267.T | Japan | $45.2B | +45% | +4% | -1% | 11.7× | 18.2% | +10.6% |
| Mercedes-Benz MBG.DE | Germany | $44.9B | -19% | -7% | 5% | 7.9× | 4.5% | +1.7% |
| Mahindra & Mahindra M&M.NS | India | $43.1B | -2% | +26% | 15% | 24.0× | 13.6% | +21.5% |
| Maruti Suzuki India MARUTI.NS | India | $42.3B | -7% | +30% | 7% | 30.1× | 27.7% | +21.1% |
| Bayerische Motoren Werke BMW.DE | Germany | $40.3B | -22% | -6% | 6% | 9.7× | n/a | n/a |
| Volkswagen VOW.DE | Germany | $39.1B | -24% | -3% | 7% | 5.5× | n/a | n/a |
| Daimler Truck DTG.DE | Germany | $34.7B | -1% | -14% | 5% | 10.6× | 9.8% | +4.8% |
| Toyota Motor 7203.T | Japan | $251B | +10% | +7% | 7% | 10.6× | n/a | n/a |
| Bajaj Auto BAJAJ-AUTO.NS | India | $31.7B | +3% | +48% | 19% | 24.0× | 27.3% | +17.4% |
| Kia 000270.KS | South Korea | $28.3B | -34% | +8% | 7% | 5.4× | -12.9% | +14.0% |
| Suzuki Motor 7269.T | Japan | $27.3B | +26% | +14% | 9% | 9.1× | -0.8% | +14.6% |
Ferrari has 1 bond outstanding with $557M face value. Weighted yield 3.79%, a spread of 22 bp over government bonds.