Ferrari N.V.
RACENYSEUSD
- Source valuation snapshot. Not a live recalculation.
- Latest filed annual earnings; price snapshot date unavailable. Not forward P/E.
- Diluted earnings per share from the latest filed annual.
- $415.73 Prior regular-session close from the quote source.
- $415.57–$420.12 Regular-session low and high so far today.
- 286.6K Regular-session shares traded · Nov 11, 4:00 PM ET.
- Not yet confirmed The company has not confirmed its next report date. Reported quarters are available in the chart’s Earnings view.
- $312.51–$437.15 52-week trading low and high returned by the quote source.
Understand the Business
Why the Stock Moved
Period-matched expectations history is not yet available. Current metrics are not a substitute for a historical explanation.
The core investment thesis
Own RACE if exclusivity, pricing and mix survive electrification.
RACE price history
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Investment thesis
What must happen next
Ferrari’s deliberate scarcity and client allocation keep demand above supply, allowing price and mix to expand gross profit instead of requiring mass-market volume growth.StrengtheningMateriality: High
IFRS annual FY2025 gross_profit was €3.69 billion, up from €3.35 billion in FY2024 and €2.19 billion in FY2021. If scarcity continues to govern demand, Ferrari can compound like a luxury house; if it must chase units, the economics should converge toward lower-margin automakers.
Watch: Ferrari expands production materially faster than high-end demand and dealer waitlists shorten or disappear.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual FY2025 gross_profit was €3.69 billion, up from €3.35 billion in FY2024 and €2.19 billion in FY2021.
Open source ↗Ferrari’s brand, racing heritage and collector ecosystem should keep wealthy-client demand converting into revenue even as absolute unit growth remains intentionally limited.StrengtheningMateriality: High
IFRS annual revenue increased from €4.27 billion in FY2021 to €7.15 billion in FY2025. The owner needs evidence that revenue growth comes from durable desirability, not a temporary product cycle or overproduction.
Watch: A wealth-cycle shock in the U.S., Europe, China or the Middle East causes cancellations or weaker order intake among ultra-high-net-worth buyers.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual revenue increased from €4.27 billion in FY2021 to €7.15 billion in FY2025.
Open source ↗Ferrari’s pricing power and manufacturing discipline should absorb hybrid/electric investment without causing auto-industry-style operating margin compression.StrengtheningMateriality: Medium
IFRS annual operating_income rose to €2.11 billion in FY2025 from €1.89 billion in FY2024 and €1.08 billion in FY2021. Electrification is the key test of whether Ferrari is a luxury brand with engineering capabilities or a high-margin combustion niche facing structural margin reset.
Watch: Ferrari’s first electric or next hybrid platforms suffer battery, warranty or software issues that require costly remediation.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating_income rose to €2.11 billion in FY2025 from €1.89 billion in FY2024 and €1.08 billion in FY2021.
Open source ↗Ferrari’s high-margin order book should continue converting into operating cash flow sufficient to fund new platforms, racing/brand investment and shareholder value creation without stressing the balance sheet.StrengtheningMateriality: Medium
IFRS annual operating_cash_flow was €2.35 billion in FY2025, up from €1.93 billion in FY2024 and €1.40 billion in FY2022. If cash conversion holds, Ferrari can finance the transition from strength; if working capital or capex absorbs the economics, reported earnings overstate owner value.
Watch: Electric-platform capex, supplier prepayments or inventory build consume cash faster than customer advances and earnings replenish it.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual operating_cash_flow was €2.35 billion in FY2025, up from €1.93 billion in FY2024 and €1.40 billion in FY2022.
Open source ↗Per-share value should keep compounding if Ferrari’s price/mix gains flow through to earnings rather than being offset by transition costs, taxes, financing costs or dilution.StrengtheningMateriality: Medium
IFRS annual diluted EPS increased to €8.96 in FY2025 from €8.46 in FY2024 and €5.09 in FY2022. The stock owner ultimately needs the luxury economics to reach each share, not merely lift brand revenue.
Watch: Hybrid/electric development costs or product launch costs absorb incremental gross profit before it reaches shareholders.
Supporting sources
Source notes are factual paraphrases; read the original disclosures below.
IFRS annual diluted EPS increased to €8.96 in FY2025 from €8.46 in FY2024 and €5.09 in FY2022.
Open source ↗
Full investment case & evidence
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Original research
Ferrari’s deliberate scarcity and client allocation keep demand above supply, allowing price and mix to expand gross profit instead of requiring mass-market volume growth. If scarcity continues to govern demand, Ferrari can compound like a luxury house; if it must chase units, the economics should converge toward lower-margin automakers.
Ferrari’s brand, racing heritage and collector ecosystem should keep wealthy-client demand converting into revenue even as absolute unit growth remains intentionally limited. The owner needs evidence that revenue growth comes from durable desirability, not a temporary product cycle or overproduction.
Ferrari’s pricing power and manufacturing discipline should absorb hybrid/electric investment without causing auto-industry-style operating margin compression. Electrification is the key test of whether Ferrari is a luxury brand with engineering capabilities or a high-margin combustion niche facing structural margin reset.
Ferrari’s high-margin order book should continue converting into operating cash flow sufficient to fund new platforms, racing/brand investment and shareholder value creation without stressing the balance sheet. If cash conversion holds, Ferrari can finance the transition from strength; if working capital or capex absorbs the economics, reported earnings overstate owner value.
Per-share value should keep compounding if Ferrari’s price/mix gains flow through to earnings rather than being offset by transition costs, taxes, financing costs or dilution. The stock owner ultimately needs the luxury economics to reach each share, not merely lift brand revenue.
All standing thesis claims
Original report summary
exclusivity, pricing and mix survive electrification.
Bull case and bear case
Bull case and bear case for Ferrari N.V.
Where the evidence on Ferrari N.V. stands: Strengthening on the latest evidence (Oct 17, 2026). Of its 5 thesis points, 5 strengthening.
Bull case: what the evidence supports
Ferrari’s deliberate scarcity and client allocation keep demand above supply, allowing price and mix to expand gross profit instead of requiring mass-market volume growth.
Ferrari’s brand, racing heritage and collector ecosystem should keep wealthy-client demand converting into revenue even as absolute unit growth remains intentionally limited.
Ferrari’s pricing power and manufacturing discipline should absorb hybrid/electric investment without causing auto-industry-style operating margin compression.
Ferrari’s high-margin order book should continue converting into operating cash flow sufficient to fund new platforms, racing/brand investment and shareholder value creation without stressing the balance sheet.
Per-share value should keep compounding if Ferrari’s price/mix gains flow through to earnings rather than being offset by transition costs, taxes, financing costs or dilution.
Bear case: what would count against it
Ferrari expands production materially faster than high-end demand and dealer waitlists shorten or disappear.
A wealth-cycle shock in the U.S., Europe, China or the Middle East causes cancellations or weaker order intake among ultra-high-net-worth buyers.
Ferrari’s first electric or next hybrid platforms suffer battery, warranty or software issues that require costly remediation.
Thesis-Break Engine
Thesis-break watch · Ferrari N.V.
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MARKET + FINANCIAL SNAPSHOT
The numbers behind the thesis
What Changed
- MixedForeign issuer material report (6-K).
Ferrari N.V. filed an SEC report on 2026-10-16: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Ferrari N.V. filed an SEC report on 2026-10-13: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
- MixedForeign issuer material report (6-K).
Ferrari N.V. filed an SEC report on 2026-10-05: Foreign issuer material report (6-K). It is a dated development that tests the current thesis.
Risks / falsifiers
What could break the thesis
- Ferrari expands production materially faster than high-end demand and dealer waitlists shorten or disappear.
- A wealth-cycle shock in the U.S., Europe, China or the Middle East causes cancellations or weaker order intake among ultra-high-net-worth buyers.
- Ferrari’s first electric or next hybrid platforms suffer battery, warranty or software issues that require costly remediation.
- Electric-platform capex, supplier prepayments or inventory build consume cash faster than customer advances and earnings replenish it.
- Hybrid/electric development costs or product launch costs absorb incremental gross profit before it reaches shareholders.
RACE news
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Financial statements
RACE income statement
Annual filed results · USD · Oldest to newest. Margins are calculated from the reported figures.
RACE: quick answers
- Have members of Congress traded RACE?
- 10 trades in RACE have been disclosed under the STOCK Act by members of Congress, the President or senior officials, none in reports made public in the last 90 days. Every disclosed RACE trade
- Which well-known investors own RACE?
- 1 of the 37 well-known funds tracked here reported RACE shares in their latest 13F filing. By share of the fund's portfolio: Viking Global Investors (Andreas Halvorsen), 2.3%. Fund portfolios
RACE in well-known investors’ portfolios
1 of 37 funds reported RACE shares in their latest 13F filing. A 13F shows quarter-end positions and arrives up to 45 days later.
| Fund | Of its portfolio | Value | Change | Quarter |
|---|---|---|---|---|
| Andreas HalvorsenViking Global Investors | 2.3% | $817M | New | Q2 2026 |