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

RACE •

Consumer CyclicalAuto ManufacturersLuxury and performance car makers

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 $7.15B +7.0%
EBITDA $2.4B -6.4%
Net Income $1.6B +5.1%
EPS (Diluted) 8.96 +5.9%
Gross Margin 51.68% +3.1%
EBITDA Margin 33.52% -12.5%
Operating Margin 29.53% +4.2%
Net Margin 22.39% -1.8%
ROE 43.7% -5.1%
ROIC 35.43% +19.6%
Debt/Equity -
Interest Coverage 45.89 +13.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 44.6%
✓Strong 5Y profit CAGR of 21.4%
✓Strong 5Y sales CAGR of 15.6%
✓Healthy 5Y average net margin of 20.8%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Expensive at 15.2x book value
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.61%

5Y15.61%

3Y11.93%

TTM7.04%

Profit (Net Income) CAGR

10Y18.71%

5Y21.36%

3Y19.71%

TTM4.98%

EPS CAGR

10Y19.41%

5Y22.26%

3Y20.74%

TTM6.04%

ROCE

10Y Avg22.99%

5Y Avg25.4%

3Y Avg28.88%

Latest35.43%

Peer Comparison

Luxury and performance car makers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE
RACEFerrari N.V.	67.26B	379.92	35.95	7.03%	22.36%	42.28%
LOTWWLotus Technology Inc. Warrants	47.38M	0.07	-0.04	35.95%	-45.57%
LOTLotus Technology Inc. American Depositary Shares	778.35M	1.15	-0.67	36.13%	-119.22%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	3.11B	3.42B	3.42B	3.77B	3.46B	4.27B	5.1B	5.97B	6.68B	7.15B
Revenue Growth %	8.78%	10.04%	0.1%	10.12%	-8.15%	23.44%	19.3%	17.17%	11.83%	7.03%
Cost of Goods Sold+	1.58B	1.65B	1.62B	1.81B	1.69B	2.08B	2.65B	3B	3.33B	3.45B
COGS % of Revenue	50.87%	48.31%	47.45%	47.93%	48.74%	48.72%	51.99%	50.18%	49.87%	48.32%
Gross Profit+	1.53B	1.77B	1.8B	1.96B	1.77B	2.19B	2.45B	2.97B	3.35B	3.69B
Gross Margin %	49.13%	51.69%	52.55%	52.07%	51.26%	51.28%	48.01%	49.82%	50.13%	51.68%
Gross Profit Growth %	12.53%	15.78%	1.78%	9.12%	-9.58%	23.5%	11.69%	21.58%	12.54%	10.33%
Operating Expenses+	929.97M	991.78M	970.38M	1.04B	1.04B	1.12B	1.2B	1.34B	1.46B	1.56B
OpEx % of Revenue	29.95%	29.03%	28.37%	27.67%	30.16%	26.13%	23.62%	22.51%	21.8%	21.84%
Selling, General & Admin	295.24M	329.06M	327.34M	343.18M	336.13M	348.02M	427.97M	462.58M	561.14M	642M
SG&A % of Revenue	9.51%	9.63%	9.57%	9.11%	9.72%	8.15%	8.4%	7.75%	8.4%	8.98%
Research & Development	613.63M	657.12M	643.04M	699.21M	707.38M	768.1M	775.57M	881.56M	894.09M	919M
R&D % of Revenue	19.76%	19.23%	18.8%	18.56%	20.45%	17.98%	15.22%	14.77%	13.39%	12.86%
Other Operating Expenses	21.1M	5.59M	0	0	0	0	0	0	0	-584.66K
Operating Income+	595.42M	774.25M	827.04M	918.91M	729.96M	1.07B	1.24B	1.63B	1.89B	2.11B
Operating Margin %	19.18%	22.66%	24.18%	24.4%	21.1%	25.15%	24.39%	27.3%	28.34%	29.53%
Operating Income Growth %	26.17%	30.03%	6.82%	11.11%	-20.56%	47.15%	15.7%	31.17%	16.06%	11.53%
EBITDA+	739.08M	934.36M	1.12B	1.27B	1.16B	1.53B	1.79B	2.29B	2.56B	2.4B
EBITDA Margin %	23.8%	27.35%	32.62%	33.74%	33.43%	35.83%	35.11%	38.4%	38.32%	33.52%
EBITDA Growth %	-1.02%	26.42%	19.42%	13.9%	-8.99%	32.3%	16.92%	28.14%	11.62%	-6.38%
D&A (Non-Cash Add-back)	143.66M	160.1M	288.75M	351.95M	426.64M	455.99M	546.23M	662.3M	666.78M	285.37M
EBIT	596.85M	779.42M	825.96M	919.73M	712.61M	1.07B	1.23B	1.63B	1.93B	2.1B
Net Interest Income+	-27.73M	-29.26M	-23.56M	-42.08M	-49.09M	-33.26M	-49.62M	-10.3M	-15.32M	-46M
Interest Income	2.68M	6.44M	2.12M	5.81M	1.13M	5.14M	4.58M	25.81M	31.49M	0
Interest Expense	30.41M	35.7M	25.68M	47.89M	50.22M	38.4M	54.2M	36.12M	46.81M	45.98M
Other Income/Expense	-28.07M	-28.1M	-24.09M	-43.55M	-62.92M	-31.92M	-64.99M	-27.78M	-2.99M	-46M
Pretax Income+	567.35M	746.16M	802.94M	875.36M	667.03M	1.04B	1.18B	1.6B	1.89B	2.06B
Pretax Margin %	18.27%	21.84%	23.48%	23.24%	19.28%	24.4%	23.11%	26.84%	28.29%	28.88%
Income Tax+	167.63M	208.76M	16.32M	176.66M	58.16M	209.09M	238.47M	344.9M	363.04M	464M
Effective Tax Rate %	70.28%	71.75%	97.73%	79.49%	91.12%	79.71%	79.19%	78.14%	80.57%	77.52%
Net Income+	398.76M	535.39M	784.68M	695.82M	607.82M	830.77M	932.61M	1.25B	1.52B	1.6B
Net Margin %	12.84%	15.67%	22.94%	18.47%	17.57%	19.45%	18.3%	20.97%	22.79%	22.39%
Net Income Growth %	38.55%	34.26%	46.56%	-11.32%	-12.65%	36.68%	12.26%	34.25%	21.55%	5.13%
Net Income (Continuing)	399.72M	537.4M	786.63M	698.71M	608.88M	833.14M	939.29M	1.26B	1.53B	1.6B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	4.81M	5.26M	5.12M	6.73M	4.92M	5.52M	9.63M	9.73M	9.29M	0
EPS (Diluted)+	2.11	2.82	4.14	3.71	3.28	4.50	5.09	6.90	8.46	8.96
EPS Growth %	38.82%	33.65%	46.81%	-10.39%	-11.59%	37.2%	13.11%	35.56%	22.61%	5.91%
EPS (Basic)	2.11	2.83	4.16	3.73	3.29	4.50	5.10	6.91	8.47	8.97
Diluted Shares Outstanding	188.95M	189.76M	189.39M	187.53M	185.38M	184.72M	183.07M	181.51M	179.99M	178.32M
Basic Shares Outstanding	188.92M	188.61M	188.61M	186.77M	184.81M	184.45M	182.84M	181.22M	179.74M	178.57M
Dividend Payout Ratio	21.79%	22.41%	16.96%	27.69%	34.24%	19.27%	26.76%	26.25%	28.91%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.89B	2.08B	2.48B	2.19B	2.82B	3.36B	3.95B	3.99B	5.02B	0
Cash & Short-Term Investments	463.67M	651.7M	797.05M	1.02B	1.71B	1.35B	1.4B	1.13B	1.75B	1.38B
Cash Only	457.78M	647.71M	793.66M	1.01B	1.67B	1.34B	1.39B	1.12B	1.74B	0
Short-Term Investments	5.89M	4M	3.39M	10.58M	47.27M	1.94M	7.07M	5.57M	5.66M	0
Accounts Receivable	252.38M	242.91M	217.86M	588.91M	417.72M	1.4B	1.73B	1.79B	2.08B	0
Days Sales Outstanding	29.67	25.95	23.25	57.07	44.07	120.04	123.81	109.42	113.9	-
Inventory	324M	393.76M	391.06M	471.51M	563.59M	540.58M	674.66M	948.51M	1.09B	0
Days Inventory Outstanding	74.86	87.06	87.95	95.33	121.99	94.83	92.96	115.56	119.3	-
Other Current Assets	10.39M	11.69M	14.86M	71.26M	78.9M	36.43M	110.65M	66.42M	36.29M	-1.38B
Total Non-Current Assets+	1.96B	2.06B	2.37B	3.92B	4.84B	3.5B	3.81B	4.07B	4.48B	0
Property, Plant & Equipment	669.28M	710.26M	850.55M	1.2B	1.5B	1.35B	1.46B	1.58B	1.83B	0
Fixed Asset Turnover	4.64x	4.81x	4.02x	3.14x	2.31x	3.16x	3.50x	3.79x	3.65x	-
Goodwill	785.18M	785.18M	785.18M	881.37M	960.71M	785.18M	785.18M	785.18M	785.18M	0
Intangible Assets	354.39M	440.46M	645.8M	940.58M	1.2B	1.14B	1.31B	1.42B	1.55B	0
Long-Term Investments	21.97M	30.04M	32.13M	877.52M	1.06B	54.51M	59.53M	67.67M	80.82M	0
Other Non-Current Assets	11.97M	0	0	0	0	0	0	0	0	0
Total Assets+	3.85B	4.14B	4.85B	6.11B	7.66B	6.86B	7.77B	8.05B	9.5B	0
Asset Turnover	0.81x	0.83x	0.70x	0.62x	0.45x	0.62x	0.66x	0.74x	0.70x	-
Asset Growth %	-0.67%	7.57%	17.16%	26.01%	25.33%	-10.42%	13.15%	3.68%	17.96%	-100%
Total Current Liabilities+	717.89M	713.69M	742.79M	1.43B	2.15B	1.33B	1.41B	1.49B	1.49B	0
Accounts Payable	614.89M	607.5M	653.75M	798.7M	873.38M	797.83M	902.97M	930.56M	945.66M	0
Days Payables Outstanding	142.07	134.32	147.03	161.48	189.04	139.96	124.42	113.37	103.67	-
Short-Term Debt	399.88M	0	0	472.93M	1.09B	0	0	0	0	0
Deferred Revenue (Current)	-399.88M	-306.03M	-352.41M	0	0	256.21M	270.35M	295.68M	335.52M	0
Other Current Liabilities	-28.39M	130.51M	327.32M	119.32M	102.84M	0	0	0	0	0
Current Ratio	2.63x	2.92x	3.34x	1.53x	1.32x	2.54x	2.80x	2.68x	3.37x	-
Quick Ratio	2.18x	2.36x	2.81x	1.20x	1.05x	2.13x	2.32x	2.04x	2.64x	-
Cash Conversion Cycle	-37.54	-21.31	-35.83	-9.09	-22.98	74.91	92.35	111.6	129.53	-
Total Non-Current Liabilities+	2.8B	2.64B	2.76B	3.01B	3.33B	3.33B	3.75B	3.49B	4.46B	-3.78B
Long-Term Debt	1.45B	1.5B	1.57B	1.83B	2.19B	2.57B	2.75B	2.4B	3.23B	0
Capital Lease Obligations	-125.66M	124.66M	673K	45.24M	56.18M	56.21M	57.42M	73.05M	126.27M	0
Deferred Tax Liabilities	13.11M	10.98M	39.14M	92.28M	117.68M	95.97M	126.51M	136.85M	110.02M	0
Other Non-Current Liabilities	608.09M	492M	327.26M	739.15M	632.48M	343.79M	541.99M	584.42M	1B	-3.78B
Total Liabilities	3.52B	3.36B	3.5B	4.44B	5.47B	4.65B	5.16B	4.98B	5.95B	-3.78B
Total Debt+	1.85B	1.81B	1.93B	2.35B	3.33B	2.63B	2.81B	2.48B	3.35B	0
Net Debt	1.39B	1.16B	1.13B	1.34B	1.67B	1.29B	1.42B	1.36B	1.61B	0
Debt / Equity	5.60x	2.30x	1.42x	1.41x	1.52x	1.19x	1.08x	0.81x	0.95x	-
Debt / EBITDA	2.50x	1.93x	1.73x	1.85x	2.88x	1.72x	1.57x	1.08x	1.31x	-
Net Debt / EBITDA	1.88x	1.24x	1.02x	1.05x	1.44x	0.84x	0.80x	0.59x	0.63x	-
Interest Coverage	19.58x	21.69x	32.20x	19.19x	14.54x	27.97x	22.93x	45.13x	40.42x	45.89x
Total Equity+	329.81M	783.94M	1.35B	1.67B	2.19B	2.21B	2.6B	3.07B	3.54B	3.78B
Equity Growth %	1799.76%	137.7%	72.7%	23.31%	31.13%	1.02%	17.68%	17.99%	15.39%	6.68%
Book Value per Share	1.75	4.13	7.15	8.90	11.81	11.97	14.22	16.92	19.69	21.20
Total Shareholders' Equity	325M	778.68M	1.35B	1.66B	2.18B	2.21B	2.59B	3.06B	3.53B	3.78B
Common Stock	2.5M	2.5M	2.5M	2.89M	3.15M	2.57M	2.57M	2.57M	2.57M	0
Retained Earnings	302.34M	746.34M	1.32B	-5.39B	-5.68B	2.19B	2.5B	2.99B	3.52B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	20.16M	29.83M	26.74M	575.79M	807.4M	10.87M	90.51M	64.89M	13.12M	3.77B
Minority Interest	4.81M	5.26M	5.12M	6.73M	4.92M	5.52M	9.63M	9.73M	9.29M	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.01B	662.8M	934.04M	1.31B	838.21M	1.28B	1.4B	1.72B	1.93B	0
Operating CF Margin %	32.38%	19.4%	27.31%	34.68%	24.23%	30.03%	27.54%	28.75%	28.86%	-
Operating CF Growth %	42.14%	-34.07%	40.92%	39.83%	-35.82%	53.03%	9.4%	22.33%	12.23%	-100%
Net Income	567.35M	746.16M	802.94M	695.82M	667.03M	833.14M	939.29M	1.25B	1.53B	1.6B
Depreciation & Amortization	247.72M	260.61M	288.75M	351.95M	426.64M	455.99M	546.23M	662.3M	666.78M	0
Stock-Based Compensation	1.11M	28.6M	22.49M	17.48M	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	209.09M	238.47M	344.9M	363.04M	0
Other Non-Cash Items	-205.62M	-166.14M	-29.85M	235M	-34.05M	-55.94M	-174.46M	-184.34M	-246.46M	-1.6B
Working Capital Changes	395.85M	-177.82M	-127.8M	5.85M	-221.41M	-159.56M	-146.19M	-358.27M	-382.62M	0
Change in Receivables	-88.85M	-1.75M	26.89M	-22.38M	-24.9M	-120.97M	-236.29M	-33.38M	-212.72M	0
Change in Inventory	-33.19M	-88.48M	-4.64M	-40.63M	-67.8M	-81.31M	-153.89M	-309.56M	-157.53M	0
Change in Payables	106.16M	29.33M	40.32M	0	8.59M	72.57M	103.98M	43.28M	7.67M	0
Cash from Investing+	-320.46M	-379.44M	-636.94M	-701.07M	-708.03M	-732.74M	-805.41M	-866.45M	-987.11M	0
Capital Expenditures	-341.99M	-391.41M	-638.34M	-352.15M	-357.02M	-352.32M	-347.73M	-381.76M	-482.28M	0
CapEx % of Revenue	11.01%	11.46%	18.66%	9.35%	10.32%	8.25%	6.82%	6.39%	7.22%	-
Acquisitions	18.59M	3.66M	1.39M	0	0	0	-1.37M	0	2.04M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.93M	3.66M	1.39M	-348.92M	-351.01M	-380.42M	-456.32M	-484.69M	-506.87M	0
Cash from Financing+	-411.04M	-85.06M	-152.09M	-501.53M	339.68M	-579.67M	-553.56M	-1.11B	-324.76M	0
Debt Issued (Net)	-308.31M	36.14M	83.14M	80M	680.5M	-187.32M	94.75M	-315.26M	701.03M	0
Equity Issued (Net)	1000K	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	-86.91M	-119.98M	-133.09M	-192.66M	-208.1M	-160.1M	-249.52M	-328.63M	-439.92M	0
Share Repurchases	0	0	-100.09M	-386.75M	-129.79M	-230.9M	-396.52M	-460.63M	-581.08M	0
Other Financing	-17.21M	-1.22M	-2.04M	-2.12M	-2.93M	-1.35M	-2.27M	-4.89M	-4.79M	0
Net Change in Cash	275.03M	189.92M	145.96M	104.28M	464.46M	-18.26M	44.76M	-266.92M	620.23M	-1.74B
Free Cash Flow+	663.31M	271.39M	295.7M	953.94M	129.22M	545.58M	598.72M	847.73M	937.5M	0
FCF Margin %	21.36%	7.94%	8.65%	25.33%	3.73%	12.77%	11.75%	14.2%	14.04%	-
FCF Growth %	88.8%	-59.09%	8.96%	222.6%	-86.45%	322.23%	9.74%	41.59%	10.59%	-100%
FCF per Share	3.51	1.43	1.56	5.09	0.70	2.95	3.27	4.67	5.21	-
FCF Conversion (FCF/Net Income)	2.52x	1.24x	1.19x	1.88x	1.38x	1.54x	1.50x	1.37x	1.27x	-
Interest Paid	0	0	0	42.6M	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	256.93%	96.14%	73.41%	46.03%	31.5%	37.76%	38.75%	44.14%	46.02%	43.7%
Return on Invested Capital (ROIC)	23.64%	31.71%	28.01%	25.09%	15.95%	21.91%	24.78%	28.93%	29.63%	35.43%
Gross Margin	49.13%	51.69%	52.55%	52.07%	51.26%	51.28%	48.01%	49.82%	50.13%	51.68%
Net Margin	12.84%	15.67%	22.94%	18.47%	17.57%	19.45%	18.3%	20.97%	22.79%	22.39%
Debt / Equity	5.60x	2.30x	1.42x	1.41x	1.52x	1.19x	1.08x	0.81x	0.95x	-
Interest Coverage	19.58x	21.69x	32.20x	19.19x	14.54x	27.97x	22.93x	45.13x	40.42x	45.89x
FCF Conversion	2.52x	1.24x	1.19x	1.88x	1.38x	1.54x	1.50x	1.37x	1.27x	-
Revenue Growth	8.78%	10.04%	0.1%	10.12%	-8.15%	23.44%	19.3%	17.17%	11.83%	7.03%

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

RACE •

Consumer CyclicalAuto ManufacturersLuxury and performance car makers

Revenue $7.15B +7.0%
EBITDA $2.4B -6.4%
Net Income $1.6B +5.1%
EPS (Diluted) 8.96 +5.9%
Gross Margin 51.68% +3.1%
EBITDA Margin 33.52% -12.5%
Operating Margin 29.53% +4.2%
Net Margin 22.39% -1.8%
ROE 43.7% -5.1%
ROIC 35.43% +19.6%
Debt/Equity -
Interest Coverage 45.89 +13.5%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 44.6%
✓Strong 5Y profit CAGR of 21.4%
✓Strong 5Y sales CAGR of 15.6%
✓Healthy 5Y average net margin of 20.8%

✗Weaknesses

✗Weak Piotroski F-Score: 2/9
✗Expensive at 15.2x book value
✗Low asset turnover indicates capital-intensive operations

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.61%

5Y15.61%

3Y11.93%

TTM7.04%

Profit (Net Income) CAGR

10Y18.71%

5Y21.36%

3Y19.71%

TTM4.98%

EPS CAGR

10Y19.41%

5Y22.26%

3Y20.74%

TTM6.04%

ROCE

10Y Avg22.99%

5Y Avg25.4%

3Y Avg28.88%

Latest35.43%

Peer Comparison

Luxury and performance car makers

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE
RACEFerrari N.V.	67.26B	379.92	35.95	7.03%	22.36%	42.28%
LOTWWLotus Technology Inc. Warrants	47.38M	0.07	-0.04	35.95%	-45.57%
LOTLotus Technology Inc. American Depositary Shares	778.35M	1.15	-0.67	36.13%	-119.22%

Profit & Loss

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Sales/Revenue+	3.11B	3.42B	3.42B	3.77B	3.46B	4.27B	5.1B	5.97B	6.68B	7.15B
Revenue Growth %	8.78%	10.04%	0.1%	10.12%	-8.15%	23.44%	19.3%	17.17%	11.83%	7.03%
Cost of Goods Sold+	1.58B	1.65B	1.62B	1.81B	1.69B	2.08B	2.65B	3B	3.33B	3.45B
COGS % of Revenue	50.87%	48.31%	47.45%	47.93%	48.74%	48.72%	51.99%	50.18%	49.87%	48.32%
Gross Profit+	1.53B	1.77B	1.8B	1.96B	1.77B	2.19B	2.45B	2.97B	3.35B	3.69B
Gross Margin %	49.13%	51.69%	52.55%	52.07%	51.26%	51.28%	48.01%	49.82%	50.13%	51.68%
Gross Profit Growth %	12.53%	15.78%	1.78%	9.12%	-9.58%	23.5%	11.69%	21.58%	12.54%	10.33%
Operating Expenses+	929.97M	991.78M	970.38M	1.04B	1.04B	1.12B	1.2B	1.34B	1.46B	1.56B
OpEx % of Revenue	29.95%	29.03%	28.37%	27.67%	30.16%	26.13%	23.62%	22.51%	21.8%	21.84%
Selling, General & Admin	295.24M	329.06M	327.34M	343.18M	336.13M	348.02M	427.97M	462.58M	561.14M	642M
SG&A % of Revenue	9.51%	9.63%	9.57%	9.11%	9.72%	8.15%	8.4%	7.75%	8.4%	8.98%
Research & Development	613.63M	657.12M	643.04M	699.21M	707.38M	768.1M	775.57M	881.56M	894.09M	919M
R&D % of Revenue	19.76%	19.23%	18.8%	18.56%	20.45%	17.98%	15.22%	14.77%	13.39%	12.86%
Other Operating Expenses	21.1M	5.59M	0	0	0	0	0	0	0	-584.66K
Operating Income+	595.42M	774.25M	827.04M	918.91M	729.96M	1.07B	1.24B	1.63B	1.89B	2.11B
Operating Margin %	19.18%	22.66%	24.18%	24.4%	21.1%	25.15%	24.39%	27.3%	28.34%	29.53%
Operating Income Growth %	26.17%	30.03%	6.82%	11.11%	-20.56%	47.15%	15.7%	31.17%	16.06%	11.53%
EBITDA+	739.08M	934.36M	1.12B	1.27B	1.16B	1.53B	1.79B	2.29B	2.56B	2.4B
EBITDA Margin %	23.8%	27.35%	32.62%	33.74%	33.43%	35.83%	35.11%	38.4%	38.32%	33.52%
EBITDA Growth %	-1.02%	26.42%	19.42%	13.9%	-8.99%	32.3%	16.92%	28.14%	11.62%	-6.38%
D&A (Non-Cash Add-back)	143.66M	160.1M	288.75M	351.95M	426.64M	455.99M	546.23M	662.3M	666.78M	285.37M
EBIT	596.85M	779.42M	825.96M	919.73M	712.61M	1.07B	1.23B	1.63B	1.93B	2.1B
Net Interest Income+	-27.73M	-29.26M	-23.56M	-42.08M	-49.09M	-33.26M	-49.62M	-10.3M	-15.32M	-46M
Interest Income	2.68M	6.44M	2.12M	5.81M	1.13M	5.14M	4.58M	25.81M	31.49M	0
Interest Expense	30.41M	35.7M	25.68M	47.89M	50.22M	38.4M	54.2M	36.12M	46.81M	45.98M
Other Income/Expense	-28.07M	-28.1M	-24.09M	-43.55M	-62.92M	-31.92M	-64.99M	-27.78M	-2.99M	-46M
Pretax Income+	567.35M	746.16M	802.94M	875.36M	667.03M	1.04B	1.18B	1.6B	1.89B	2.06B
Pretax Margin %	18.27%	21.84%	23.48%	23.24%	19.28%	24.4%	23.11%	26.84%	28.29%	28.88%
Income Tax+	167.63M	208.76M	16.32M	176.66M	58.16M	209.09M	238.47M	344.9M	363.04M	464M
Effective Tax Rate %	70.28%	71.75%	97.73%	79.49%	91.12%	79.71%	79.19%	78.14%	80.57%	77.52%
Net Income+	398.76M	535.39M	784.68M	695.82M	607.82M	830.77M	932.61M	1.25B	1.52B	1.6B
Net Margin %	12.84%	15.67%	22.94%	18.47%	17.57%	19.45%	18.3%	20.97%	22.79%	22.39%
Net Income Growth %	38.55%	34.26%	46.56%	-11.32%	-12.65%	36.68%	12.26%	34.25%	21.55%	5.13%
Net Income (Continuing)	399.72M	537.4M	786.63M	698.71M	608.88M	833.14M	939.29M	1.26B	1.53B	1.6B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	4.81M	5.26M	5.12M	6.73M	4.92M	5.52M	9.63M	9.73M	9.29M	0
EPS (Diluted)+	2.11	2.82	4.14	3.71	3.28	4.50	5.09	6.90	8.46	8.96
EPS Growth %	38.82%	33.65%	46.81%	-10.39%	-11.59%	37.2%	13.11%	35.56%	22.61%	5.91%
EPS (Basic)	2.11	2.83	4.16	3.73	3.29	4.50	5.10	6.91	8.47	8.97
Diluted Shares Outstanding	188.95M	189.76M	189.39M	187.53M	185.38M	184.72M	183.07M	181.51M	179.99M	178.32M
Basic Shares Outstanding	188.92M	188.61M	188.61M	186.77M	184.81M	184.45M	182.84M	181.22M	179.74M	178.57M
Dividend Payout Ratio	21.79%	22.41%	16.96%	27.69%	34.24%	19.27%	26.76%	26.25%	28.91%	-

Balance Sheet

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Total Current Assets+	1.89B	2.08B	2.48B	2.19B	2.82B	3.36B	3.95B	3.99B	5.02B	0
Cash & Short-Term Investments	463.67M	651.7M	797.05M	1.02B	1.71B	1.35B	1.4B	1.13B	1.75B	1.38B
Cash Only	457.78M	647.71M	793.66M	1.01B	1.67B	1.34B	1.39B	1.12B	1.74B	0
Short-Term Investments	5.89M	4M	3.39M	10.58M	47.27M	1.94M	7.07M	5.57M	5.66M	0
Accounts Receivable	252.38M	242.91M	217.86M	588.91M	417.72M	1.4B	1.73B	1.79B	2.08B	0
Days Sales Outstanding	29.67	25.95	23.25	57.07	44.07	120.04	123.81	109.42	113.9	-
Inventory	324M	393.76M	391.06M	471.51M	563.59M	540.58M	674.66M	948.51M	1.09B	0
Days Inventory Outstanding	74.86	87.06	87.95	95.33	121.99	94.83	92.96	115.56	119.3	-
Other Current Assets	10.39M	11.69M	14.86M	71.26M	78.9M	36.43M	110.65M	66.42M	36.29M	-1.38B
Total Non-Current Assets+	1.96B	2.06B	2.37B	3.92B	4.84B	3.5B	3.81B	4.07B	4.48B	0
Property, Plant & Equipment	669.28M	710.26M	850.55M	1.2B	1.5B	1.35B	1.46B	1.58B	1.83B	0
Fixed Asset Turnover	4.64x	4.81x	4.02x	3.14x	2.31x	3.16x	3.50x	3.79x	3.65x	-
Goodwill	785.18M	785.18M	785.18M	881.37M	960.71M	785.18M	785.18M	785.18M	785.18M	0
Intangible Assets	354.39M	440.46M	645.8M	940.58M	1.2B	1.14B	1.31B	1.42B	1.55B	0
Long-Term Investments	21.97M	30.04M	32.13M	877.52M	1.06B	54.51M	59.53M	67.67M	80.82M	0
Other Non-Current Assets	11.97M	0	0	0	0	0	0	0	0	0
Total Assets+	3.85B	4.14B	4.85B	6.11B	7.66B	6.86B	7.77B	8.05B	9.5B	0
Asset Turnover	0.81x	0.83x	0.70x	0.62x	0.45x	0.62x	0.66x	0.74x	0.70x	-
Asset Growth %	-0.67%	7.57%	17.16%	26.01%	25.33%	-10.42%	13.15%	3.68%	17.96%	-100%
Total Current Liabilities+	717.89M	713.69M	742.79M	1.43B	2.15B	1.33B	1.41B	1.49B	1.49B	0
Accounts Payable	614.89M	607.5M	653.75M	798.7M	873.38M	797.83M	902.97M	930.56M	945.66M	0
Days Payables Outstanding	142.07	134.32	147.03	161.48	189.04	139.96	124.42	113.37	103.67	-
Short-Term Debt	399.88M	0	0	472.93M	1.09B	0	0	0	0	0
Deferred Revenue (Current)	-399.88M	-306.03M	-352.41M	0	0	256.21M	270.35M	295.68M	335.52M	0
Other Current Liabilities	-28.39M	130.51M	327.32M	119.32M	102.84M	0	0	0	0	0
Current Ratio	2.63x	2.92x	3.34x	1.53x	1.32x	2.54x	2.80x	2.68x	3.37x	-
Quick Ratio	2.18x	2.36x	2.81x	1.20x	1.05x	2.13x	2.32x	2.04x	2.64x	-
Cash Conversion Cycle	-37.54	-21.31	-35.83	-9.09	-22.98	74.91	92.35	111.6	129.53	-
Total Non-Current Liabilities+	2.8B	2.64B	2.76B	3.01B	3.33B	3.33B	3.75B	3.49B	4.46B	-3.78B
Long-Term Debt	1.45B	1.5B	1.57B	1.83B	2.19B	2.57B	2.75B	2.4B	3.23B	0
Capital Lease Obligations	-125.66M	124.66M	673K	45.24M	56.18M	56.21M	57.42M	73.05M	126.27M	0
Deferred Tax Liabilities	13.11M	10.98M	39.14M	92.28M	117.68M	95.97M	126.51M	136.85M	110.02M	0
Other Non-Current Liabilities	608.09M	492M	327.26M	739.15M	632.48M	343.79M	541.99M	584.42M	1B	-3.78B
Total Liabilities	3.52B	3.36B	3.5B	4.44B	5.47B	4.65B	5.16B	4.98B	5.95B	-3.78B
Total Debt+	1.85B	1.81B	1.93B	2.35B	3.33B	2.63B	2.81B	2.48B	3.35B	0
Net Debt	1.39B	1.16B	1.13B	1.34B	1.67B	1.29B	1.42B	1.36B	1.61B	0
Debt / Equity	5.60x	2.30x	1.42x	1.41x	1.52x	1.19x	1.08x	0.81x	0.95x	-
Debt / EBITDA	2.50x	1.93x	1.73x	1.85x	2.88x	1.72x	1.57x	1.08x	1.31x	-
Net Debt / EBITDA	1.88x	1.24x	1.02x	1.05x	1.44x	0.84x	0.80x	0.59x	0.63x	-
Interest Coverage	19.58x	21.69x	32.20x	19.19x	14.54x	27.97x	22.93x	45.13x	40.42x	45.89x
Total Equity+	329.81M	783.94M	1.35B	1.67B	2.19B	2.21B	2.6B	3.07B	3.54B	3.78B
Equity Growth %	1799.76%	137.7%	72.7%	23.31%	31.13%	1.02%	17.68%	17.99%	15.39%	6.68%
Book Value per Share	1.75	4.13	7.15	8.90	11.81	11.97	14.22	16.92	19.69	21.20
Total Shareholders' Equity	325M	778.68M	1.35B	1.66B	2.18B	2.21B	2.59B	3.06B	3.53B	3.78B
Common Stock	2.5M	2.5M	2.5M	2.89M	3.15M	2.57M	2.57M	2.57M	2.57M	0
Retained Earnings	302.34M	746.34M	1.32B	-5.39B	-5.68B	2.19B	2.5B	2.99B	3.52B	0
Treasury Stock	0	0	0	0	0	0	0	0	0	0
Accumulated OCI	20.16M	29.83M	26.74M	575.79M	807.4M	10.87M	90.51M	64.89M	13.12M	3.77B
Minority Interest	4.81M	5.26M	5.12M	6.73M	4.92M	5.52M	9.63M	9.73M	9.29M	0

Cash Flow

	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024	Dec 2025
Cash from Operations+	1.01B	662.8M	934.04M	1.31B	838.21M	1.28B	1.4B	1.72B	1.93B	0
Operating CF Margin %	32.38%	19.4%	27.31%	34.68%	24.23%	30.03%	27.54%	28.75%	28.86%	-
Operating CF Growth %	42.14%	-34.07%	40.92%	39.83%	-35.82%	53.03%	9.4%	22.33%	12.23%	-100%
Net Income	567.35M	746.16M	802.94M	695.82M	667.03M	833.14M	939.29M	1.25B	1.53B	1.6B
Depreciation & Amortization	247.72M	260.61M	288.75M	351.95M	426.64M	455.99M	546.23M	662.3M	666.78M	0
Stock-Based Compensation	1.11M	28.6M	22.49M	17.48M	0	0	0	0	0	0
Deferred Taxes	0	0	0	0	0	209.09M	238.47M	344.9M	363.04M	0
Other Non-Cash Items	-205.62M	-166.14M	-29.85M	235M	-34.05M	-55.94M	-174.46M	-184.34M	-246.46M	-1.6B
Working Capital Changes	395.85M	-177.82M	-127.8M	5.85M	-221.41M	-159.56M	-146.19M	-358.27M	-382.62M	0
Change in Receivables	-88.85M	-1.75M	26.89M	-22.38M	-24.9M	-120.97M	-236.29M	-33.38M	-212.72M	0
Change in Inventory	-33.19M	-88.48M	-4.64M	-40.63M	-67.8M	-81.31M	-153.89M	-309.56M	-157.53M	0
Change in Payables	106.16M	29.33M	40.32M	0	8.59M	72.57M	103.98M	43.28M	7.67M	0
Cash from Investing+	-320.46M	-379.44M	-636.94M	-701.07M	-708.03M	-732.74M	-805.41M	-866.45M	-987.11M	0
Capital Expenditures	-341.99M	-391.41M	-638.34M	-352.15M	-357.02M	-352.32M	-347.73M	-381.76M	-482.28M	0
CapEx % of Revenue	11.01%	11.46%	18.66%	9.35%	10.32%	8.25%	6.82%	6.39%	7.22%	-
Acquisitions	18.59M	3.66M	1.39M	0	0	0	-1.37M	0	2.04M	0
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	2.93M	3.66M	1.39M	-348.92M	-351.01M	-380.42M	-456.32M	-484.69M	-506.87M	0
Cash from Financing+	-411.04M	-85.06M	-152.09M	-501.53M	339.68M	-579.67M	-553.56M	-1.11B	-324.76M	0
Debt Issued (Net)	-308.31M	36.14M	83.14M	80M	680.5M	-187.32M	94.75M	-315.26M	701.03M	0
Equity Issued (Net)	1000K	0	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	-1000K	0
Dividends Paid	-86.91M	-119.98M	-133.09M	-192.66M	-208.1M	-160.1M	-249.52M	-328.63M	-439.92M	0
Share Repurchases	0	0	-100.09M	-386.75M	-129.79M	-230.9M	-396.52M	-460.63M	-581.08M	0
Other Financing	-17.21M	-1.22M	-2.04M	-2.12M	-2.93M	-1.35M	-2.27M	-4.89M	-4.79M	0
Net Change in Cash	275.03M	189.92M	145.96M	104.28M	464.46M	-18.26M	44.76M	-266.92M	620.23M	-1.74B
Free Cash Flow+	663.31M	271.39M	295.7M	953.94M	129.22M	545.58M	598.72M	847.73M	937.5M	0
FCF Margin %	21.36%	7.94%	8.65%	25.33%	3.73%	12.77%	11.75%	14.2%	14.04%	-
FCF Growth %	88.8%	-59.09%	8.96%	222.6%	-86.45%	322.23%	9.74%	41.59%	10.59%	-100%
FCF per Share	3.51	1.43	1.56	5.09	0.70	2.95	3.27	4.67	5.21	-
FCF Conversion (FCF/Net Income)	2.52x	1.24x	1.19x	1.88x	1.38x	1.54x	1.50x	1.37x	1.27x	-
Interest Paid	0	0	0	42.6M	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	256.93%	96.14%	73.41%	46.03%	31.5%	37.76%	38.75%	44.14%	46.02%	43.7%
Return on Invested Capital (ROIC)	23.64%	31.71%	28.01%	25.09%	15.95%	21.91%	24.78%	28.93%	29.63%	35.43%
Gross Margin	49.13%	51.69%	52.55%	52.07%	51.26%	51.28%	48.01%	49.82%	50.13%	51.68%
Net Margin	12.84%	15.67%	22.94%	18.47%	17.57%	19.45%	18.3%	20.97%	22.79%	22.39%
Debt / Equity	5.60x	2.30x	1.42x	1.41x	1.52x	1.19x	1.08x	0.81x	0.95x	-
Interest Coverage	19.58x	21.69x	32.20x	19.19x	14.54x	27.97x	22.93x	45.13x	40.42x	45.89x
FCF Conversion	2.52x	1.24x	1.19x	1.88x	1.38x	1.54x	1.50x	1.37x	1.27x	-
Revenue Growth	8.78%	10.04%	0.1%	10.12%	-8.15%	23.44%	19.3%	17.17%	11.83%	7.03%

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare RACE vs Peers

vs LOT

vs LOTWW

Compare Top 3

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios

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

Key Insights

✓Strengths

✗Weaknesses

Price & Volume

Growth Metrics

Revenue CAGR

Profit (Net Income) CAGR

EPS CAGR

ROCE

Peer Comparison

Compare RACE vs Peers

vs LOT

vs LOTWW

Compare Top 3

Profit & Loss

Balance Sheet

Cash Flow

Key Ratios

Deep Dive Analysis

Valuation Overview

Total Return Calculator

Dividend History

Earnings History

Price History

Revenue History

Financial Ratios