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Ferrari N.V. (RACE) 10-Year Financial Performance & Capital Metrics

RACE • • Industrial / General
Consumer CyclicalAuto ManufacturersPremium/Luxury Electric VehiclesElectric Sports & Performance
AboutFerrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars. In addition, the company licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods; Ferrari World, a theme park in Abu Dhabi, the United Arab Emirates; and Ferrari Land Portaventura, a theme park in Europe. Further, it provides direct or indirect finance and leasing services to retail clients and dealers; manages racetracks, as well as owns and manages two museums in Maranello and Modena, Italy; and develops and sells a line of apparel and accessories through its monobrand stores. As of December 31, 2021, it had a total of 30 retail Ferrari stores, including 14 franchised stores and 16 owned stores. The company also sells its products through a network of 172 authorized dealers operating 191 points of sale worldwide, as well as through its website, store.ferrari.com. Ferrari N.V. was founded in 1947 and is headquartered in Maranello, Italy.Show more
  • Revenue $6.68B +11.8%
  • EBITDA $2.56B +11.6%
  • Net Income $1.52B +21.6%
  • EPS (Diluted) 8.46 +22.6%
  • Gross Margin 50.13% +0.6%
  • EBITDA Margin 38.32% -0.2%
  • Operating Margin 28.34% +3.8%
  • Net Margin 22.79% +8.7%
  • ROE 46.02% +4.3%
  • ROIC 29.63% +2.4%
  • Debt/Equity 0.95 +17.3%
  • Interest Coverage 40.42 -10.4%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 43.0%
  • ✓Strong 5Y profit CAGR of 16.9%
  • ✓Strong Piotroski F-Score: 7/9
  • ✓High quality earnings: Operating CF exceeds net income
  • ✓Strong 5Y sales CAGR of 12.1%
  • ✓Healthy 5Y average net margin of 19.8%

✗Weaknesses

  • ✗Weak momentum: RS Rating 17 (bottom 17%)
  • ✗Trading more than 30% below 52-week high
  • ✗Expensive at 18.0x book value

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.23%
5Y12.13%
3Y16.06%
TTM9.53%

Profit (Net Income) CAGR

10Y19.26%
5Y16.94%
3Y22.36%
TTM11.93%

EPS CAGR

10Y19.88%
5Y17.92%
3Y23.42%
TTM12.72%

ROCE

10Y Avg21.11%
5Y Avg21.17%
3Y Avg24.04%
Latest25.97%

Peer Comparison

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Sector-Specific
NameMarket CapCurrent PriceP/E RatioRevenue Growth 1YNet MarginROEFCF YieldDebt/Equity
RACEFerrari N.V.62.84B354.5741.9111.83%22.63%42.38%1.49%0.95
SEVAptera Motors Corp.71.2M4.531.20
LOTWWLotus Technology Inc. Warrants52.39M0.08-0.0535.95%-45.57%
LOTLotus Technology Inc. American Depositary Shares963.76M1.42-0.8336.13%-119.22%

Profit & Loss

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+2.85B3.11B3.42B3.42B3.77B3.46B4.27B5.1B5.97B6.68B
Revenue Growth %0.03%0.09%0.1%0%0.1%-0.08%0.23%0.19%0.17%0.12%
Cost of Goods Sold+1.5B1.58B1.65B1.62B1.81B1.69B2.08B2.65B3B3.33B
COGS % of Revenue0.53%0.51%0.48%0.47%0.48%0.49%0.49%0.52%0.5%0.5%
Gross Profit+1.36B1.53B1.77B1.8B1.96B1.77B2.19B2.45B2.97B3.35B
Gross Margin %0.47%0.49%0.52%0.53%0.52%0.51%0.51%0.48%0.5%0.5%
Gross Profit Growth %0.08%0.13%0.16%0.02%0.09%-0.1%0.24%0.12%0.22%0.13%
Operating Expenses+883.63M929.97M991.78M970.38M1.04B1.04B1.12B1.2B1.34B1.46B
OpEx % of Revenue0.31%0.3%0.29%0.28%0.28%0.3%0.26%0.24%0.23%0.22%
Selling, General & Admin338.63M295.24M329.06M327.34M343.18M336.13M348.02M427.97M462.58M561.14M
SG&A % of Revenue0.12%0.1%0.1%0.1%0.09%0.1%0.08%0.08%0.08%0.08%
Research & Development561.58M613.63M657.12M643.04M699.21M707.38M768.1M775.57M881.56M894.09M
R&D % of Revenue0.2%0.2%0.19%0.19%0.19%0.2%0.18%0.15%0.15%0.13%
Other Operating Expenses-18.32M21.1M5.59M0000000
Operating Income+471.94M595.42M774.25M827.04M918.91M729.96M1.07B1.24B1.63B1.89B
Operating Margin %0.17%0.19%0.23%0.24%0.24%0.21%0.25%0.24%0.27%0.28%
Operating Income Growth %0.19%0.26%0.3%0.07%0.11%-0.21%0.47%0.16%0.31%0.16%
EBITDA+746.69M739.08M934.36M1.12B1.27B1.16B1.53B1.79B2.29B2.56B
EBITDA Margin %0.26%0.24%0.27%0.33%0.34%0.33%0.36%0.35%0.38%0.38%
EBITDA Growth %0.09%-0.01%0.26%0.19%0.14%-0.09%0.32%0.17%0.28%0.12%
D&A (Non-Cash Add-back)274.76M143.66M160.1M288.75M351.95M426.64M455.99M546.23M662.3M666.78M
EBIT450.85M596.85M779.42M825.96M919.73M712.61M1.07B1.23B1.63B1.93B
Net Interest Income+-10.15M-27.73M-29.26M-23.56M-42.08M-49.09M-33.26M-49.62M-10.3M-15.32M
Interest Income6.53M2.68M6.44M2.12M5.81M1.13M5.14M4.58M25.81M31.49M
Interest Expense16.68M30.41M35.7M25.68M47.89M50.22M38.4M54.2M36.12M46.81M
Other Income/Expense-37.77M-28.07M-28.1M-24.09M-43.55M-62.92M-31.92M-64.99M-27.78M-2.99M
Pretax Income+434.17M567.35M746.16M802.94M875.36M667.03M1.04B1.18B1.6B1.89B
Pretax Margin %0.15%0.18%0.22%0.23%0.23%0.19%0.24%0.23%0.27%0.28%
Income Tax+144.12M167.63M208.76M16.32M176.66M58.16M209.09M238.47M344.9M363.04M
Effective Tax Rate %0.66%0.7%0.72%0.98%0.79%0.91%0.8%0.79%0.78%0.81%
Net Income+287.82M398.76M535.39M784.68M695.82M607.82M830.77M932.61M1.25B1.52B
Net Margin %0.1%0.13%0.16%0.23%0.18%0.18%0.19%0.18%0.21%0.23%
Net Income Growth %0.1%0.39%0.34%0.47%-0.11%-0.13%0.37%0.12%0.34%0.22%
Net Income (Continuing)290.05M399.72M537.4M786.63M698.71M608.88M833.14M939.29M1.26B1.53B
Discontinued Operations0000000000
Minority Interest5.72M4.81M5.26M5.12M6.73M4.92M5.52M9.63M9.73M9.29M
EPS (Diluted)+1.522.112.824.143.713.284.505.096.908.46
EPS Growth %0.1%0.39%0.34%0.47%-0.1%-0.12%0.37%0.13%0.36%0.23%
EPS (Basic)1.522.112.834.163.733.294.505.106.918.47
Diluted Shares Outstanding188.92M188.95M189.76M189.39M187.53M185.38M184.72M183.07M181.51M179.99M
Basic Shares Outstanding188.92M188.92M188.61M188.61M186.77M184.81M184.45M182.84M181.22M179.74M
Dividend Payout Ratio-0.22%0.22%0.17%0.28%0.34%0.19%0.27%0.26%0.29%

Balance Sheet

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+2.02B1.89B2.08B2.48B2.19B2.82B3.36B3.95B3.99B5.02B
Cash & Short-Term Investments191.38M463.67M651.7M797.05M1.02B1.71B1.35B1.4B1.13B1.75B
Cash Only182.75M457.78M647.71M793.66M1.01B1.67B1.34B1.39B1.12B1.74B
Short-Term Investments8.63M5.89M4M3.39M10.58M47.27M1.94M7.07M5.57M5.66M
Accounts Receivable173.83M252.38M242.91M217.86M588.91M417.72M1.4B1.73B1.79B2.08B
Days Sales Outstanding22.2329.6725.9523.2557.0744.07120.04123.81109.42113.9
Inventory295.44M324M393.76M391.06M471.51M563.59M540.58M674.66M948.51M1.09B
Days Inventory Outstanding71.9574.8687.0687.9595.33121.9994.8392.96115.56119.3
Other Current Assets5.07M10.39M11.69M14.86M71.26M78.9M36.43M110.65M66.42M36.29M
Total Non-Current Assets+1.86B1.96B2.06B2.37B3.92B4.84B3.5B3.81B4.07B4.48B
Property, Plant & Equipment626.13M669.28M710.26M850.55M1.2B1.5B1.35B1.46B1.58B1.83B
Fixed Asset Turnover4.56x4.64x4.81x4.02x3.14x2.31x3.16x3.50x3.79x3.65x
Goodwill787.18M785.18M785.18M785.18M881.37M960.71M785.18M785.18M785.18M785.18M
Intangible Assets307.81M354.39M440.46M645.8M940.58M1.2B1.14B1.31B1.42B1.55B
Long-Term Investments978K21.97M30.04M32.13M877.52M1.06B54.51M59.53M67.67M80.82M
Other Non-Current Assets10.86M11.97M00000000
Total Assets+3.88B3.85B4.14B4.85B6.11B7.66B6.86B7.77B8.05B9.5B
Asset Turnover0.74x0.81x0.83x0.70x0.62x0.45x0.62x0.66x0.74x0.70x
Asset Growth %-0.17%-0.01%0.08%0.17%0.26%0.25%-0.1%0.13%0.04%0.18%
Total Current Liabilities+1.63B717.89M713.69M742.79M1.43B2.15B1.33B1.41B1.49B1.49B
Accounts Payable507.5M614.89M607.5M653.75M798.7M873.38M797.83M902.97M930.56M945.66M
Days Payables Outstanding123.59142.07134.32147.03161.48189.04139.96124.42113.37103.67
Short-Term Debt919.41M399.88M00472.93M1.09B0000
Deferred Revenue (Current)1000K-1000K-1000K-1000K001000K1000K1000K1000K
Other Current Liabilities178.98M-28.39M130.51M327.32M119.32M102.84M0000
Current Ratio1.24x2.63x2.92x3.34x1.53x1.32x2.54x2.80x2.68x3.37x
Quick Ratio1.06x2.18x2.36x2.81x1.20x1.05x2.13x2.32x2.04x2.64x
Cash Conversion Cycle-29.41-37.54-21.31-35.83-9.09-22.9874.9192.35111.6129.53
Total Non-Current Liabilities+2.27B2.8B2.64B2.76B3.01B3.33B3.33B3.75B3.49B4.46B
Long-Term Debt1.34B1.45B1.5B1.57B1.83B2.19B2.57B2.75B2.4B3.23B
Capital Lease Obligations-1.16B-125.66M124.66M673K45.24M56.18M56.21M57.42M73.05M126.27M
Deferred Tax Liabilities23.34M13.11M10.98M39.14M92.28M117.68M95.97M126.51M136.85M110.02M
Other Non-Current Liabilities388.52M608.09M492M327.26M739.15M632.48M343.79M541.99M584.42M1B
Total Liabilities3.89B3.52B3.36B3.5B4.44B5.47B4.65B5.16B4.98B5.95B
Total Debt+2.26B1.85B1.81B1.93B2.35B3.33B2.63B2.81B2.48B3.35B
Net Debt2.08B1.39B1.16B1.13B1.34B1.67B1.29B1.42B1.36B1.61B
Debt / Equity-5.60x2.30x1.42x1.41x1.52x1.19x1.08x0.81x0.95x
Debt / EBITDA3.03x2.50x1.93x1.73x1.85x2.88x1.72x1.57x1.08x1.31x
Net Debt / EBITDA2.78x1.88x1.24x1.02x1.05x1.44x0.84x0.80x0.59x0.63x
Interest Coverage28.30x19.58x21.69x32.20x19.19x14.54x27.97x22.93x45.13x40.42x
Total Equity+-19.4M329.81M783.94M1.35B1.67B2.19B2.21B2.6B3.07B3.54B
Equity Growth %-1.01%18%1.38%0.73%0.23%0.31%0.01%0.18%0.18%0.15%
Book Value per Share-0.101.754.137.158.9011.8111.9714.2216.9219.69
Total Shareholders' Equity-25.12M325M778.68M1.35B1.66B2.18B2.21B2.59B3.06B3.53B
Common Stock3.78M2.5M2.5M2.5M2.89M3.15M2.57M2.57M2.57M2.57M
Retained Earnings-12.13M302.34M746.34M1.32B-5.39B-5.68B2.19B2.5B2.99B3.52B
Treasury Stock0000000000
Accumulated OCI-16.77M20.16M29.83M26.74M575.79M807.4M10.87M90.51M64.89M13.12M
Minority Interest5.72M4.81M5.26M5.12M6.73M4.92M5.52M9.63M9.73M9.29M

Cash Flow

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+707.27M1.01B662.8M934.04M1.31B838.21M1.28B1.4B1.72B1.93B
Operating CF Margin %0.25%0.32%0.19%0.27%0.35%0.24%0.3%0.28%0.29%0.29%
Operating CF Growth %0.66%0.42%-0.34%0.41%0.4%-0.36%0.53%0.09%0.22%0.12%
Net Income434.17M567.35M746.16M802.94M695.82M667.03M833.14M939.29M1.25B1.53B
Depreciation & Amortization274.76M247.72M260.61M288.75M351.95M426.64M455.99M546.23M662.3M666.78M
Stock-Based Compensation01.11M28.6M22.49M17.48M00000
Deferred Taxes000000209.09M238.47M344.9M363.04M
Other Non-Cash Items-64.88M-205.62M-166.14M-29.85M235M-34.05M-55.94M-174.46M-184.34M-246.46M
Working Capital Changes63.22M395.85M-177.82M-127.8M5.85M-221.41M-159.56M-146.19M-358.27M-382.62M
Change in Receivables15.69M-88.85M-1.75M26.89M-22.38M-24.9M-120.97M-236.29M-33.38M-212.72M
Change in Inventory-2.88M-33.19M-88.48M-4.64M-40.63M-67.8M-81.31M-153.89M-309.56M-157.53M
Change in Payables-45.79M106.16M29.33M40.32M08.59M72.57M103.98M43.28M7.67M
Cash from Investing+-317.07M-320.46M-379.44M-636.94M-701.07M-708.03M-732.74M-805.41M-866.45M-987.11M
Capital Expenditures-355.94M-341.99M-391.41M-638.34M-352.15M-357.02M-352.32M-347.73M-381.76M-482.28M
CapEx % of Revenue0.12%0.11%0.11%0.19%0.09%0.1%0.08%0.07%0.06%0.07%
Acquisitions----------
Investments----------
Other Investing38.88M2.93M3.66M1.39M-348.92M-351.01M-380.42M-456.32M-484.69M-506.87M
Cash from Financing+-351.27M-411.04M-85.06M-152.09M-501.53M339.68M-579.67M-553.56M-1.11B-324.76M
Debt Issued (Net)----------
Equity Issued (Net)----------
Dividends Paid0-86.91M-119.98M-133.09M-192.66M-208.1M-160.1M-249.52M-328.63M-439.92M
Share Repurchases----------
Other Financing751.64M-17.21M-1.22M-2.04M-2.12M-2.93M-1.35M-2.27M-4.89M-4.79M
Net Change in Cash----------
Free Cash Flow+351.32M663.31M271.39M295.7M953.94M129.22M545.58M598.72M847.73M937.5M
FCF Margin %0.12%0.21%0.08%0.09%0.25%0.04%0.13%0.12%0.14%0.14%
FCF Growth %2.66%0.89%-0.59%0.09%2.23%-0.86%3.22%0.1%0.42%0.11%
FCF per Share1.863.511.431.565.090.702.953.274.675.21
FCF Conversion (FCF/Net Income)2.46x2.52x1.24x1.19x1.88x1.38x1.54x1.50x1.37x1.27x
Interest Paid000042.6M00000
Taxes Paid0000000000

Key Ratios

Metric2015201620172018201920202021202220232024
Return on Equity (ROE)23.41%256.93%96.14%73.41%46.03%31.5%37.76%38.75%44.14%46.02%
Return on Invested Capital (ROIC)14.41%23.64%31.71%28.01%25.09%15.95%21.91%24.78%28.93%29.63%
Gross Margin47.49%49.13%51.69%52.55%52.07%51.26%51.28%48.01%49.82%50.13%
Net Margin10.08%12.84%15.67%22.94%18.47%17.57%19.45%18.3%20.97%22.79%
Debt / Equity-5.60x2.30x1.42x1.41x1.52x1.19x1.08x0.81x0.95x
Interest Coverage28.30x19.58x21.69x32.20x19.19x14.54x27.97x22.93x45.13x40.42x
FCF Conversion2.46x2.52x1.24x1.19x1.88x1.38x1.54x1.50x1.37x1.27x
Revenue Growth3.33%8.78%10.04%0.1%10.12%-8.15%23.44%19.3%17.17%11.83%

Revenue by Segment

20172018201920202021202220232024
Cars and Spare Parts2.46B2.54B2.93B2.83B3.57B4.32B5.12B5.73B
Cars and Spare Parts Growth-3.23%15.40%-3.10%26.04%20.93%18.47%11.89%
Sponsorship, Commercial and Brand494.08M505.7M538.24M390M430.58M498.86M571.76M669.78M
Sponsorship, Commercial and Brand Growth-2.35%6.43%-27.54%10.40%15.86%14.61%17.14%
Other Revenues93.54M94.83M104.35M84M77.76M275.27M152.46M279.2M
Other Revenues Growth-1.38%10.04%-19.50%-7.42%253.99%-44.62%83.14%
Engines373.31M284.55M198.31M151M189.43M-126.75M-
Engines Growth--23.78%-30.31%-23.86%25.45%---

Revenue by Geography

20172018201920202021202220232024
EMEA Excluding Italy1.31B1.4B1.64B1.62B1.87B2.05B2.43B2.69B
EMEA Excluding Italy Growth-7.05%16.88%-1.00%15.39%9.41%18.72%10.78%
Americas-922.64M1.01B856.55M1.1B1.41B1.76B2.18B
Americas Growth--9.49%-15.21%28.18%28.23%25.20%23.88%
APAC Excluding China341.3M373.66M405.47M431.32M560.16M640.27M752.31M800.29M
APAC Excluding China Growth-9.48%8.51%6.37%29.87%14.30%17.50%6.38%
Mainland China, Hong Kong And Taiwan-----621.41M583.76M539.5M
Mainland China, Hong Kong And Taiwan Growth-------6.06%-7.58%
ITALY563.92M449.31M363.78M360.5M409.99M379.9M442.76M462.83M
ITALY Growth--20.32%-19.04%-0.90%13.73%-7.34%16.55%4.53%
CHINA282.55M274.27M350.33M190.91M332.97M---
CHINA Growth--2.93%27.73%-45.51%74.41%---
AMERICAS920.86M-------
AMERICAS Growth--------

Frequently Asked Questions

Valuation & Price

Ferrari N.V. (RACE) has a price-to-earnings (P/E) ratio of 41.9x. This suggests investors expect higher future growth.

Growth & Financials

Ferrari N.V. (RACE) reported $7.08B in revenue for fiscal year 2024. This represents a 203% increase from $2.34B in 2013.

Ferrari N.V. (RACE) grew revenue by 11.8% over the past year. This is steady growth.

Yes, Ferrari N.V. (RACE) is profitable, generating $1.60B in net income for fiscal year 2024 (22.8% net margin).

Dividend & Returns

Yes, Ferrari N.V. (RACE) pays a dividend with a yield of 0.69%. This makes it attractive for income-focused investors.

Ferrari N.V. (RACE) has a return on equity (ROE) of 46.0%. This is excellent, indicating efficient use of shareholder capital.

Ferrari N.V. (RACE) generated $1.47B in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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