Operational efficiency remains high, evidenced by an OCF/NI ratio of 6.19 in 2025Q4, supporting significant capital deployment including $785.3M in share repurchases during that same period.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 |
|---|
| Cash from Operations | 4.2B | 4.18B | 1.93B | 1.72B | 1.4B | 1.28B | 838.21M | 1.31B | 934.04M | 662.8M | 1.01B | 707.27M | 426.07M | 454.01M |
| Operating CF Margin % | - | 58.49% | 28.86% | 28.75% | 27.54% | 30.03% | 24.23% | 34.68% | 27.31% | 19.4% | 32.38% | 24.78% | 15.42% | 19.44% |
| Operating CF Growth % | 398.26% | 116.93% | 12.23% | 22.33% | 9.4% | 53.03% | -35.82% | 39.83% | 40.92% | -34.07% | 42.14% | 66% | -6.16% | - |
| Net Income | 1.6B | 2.82B | 1.53B | 1.25B | 939.29M | 833.14M | 667.03M | 695.82M | 802.94M | 746.16M | 567.35M | 434.17M | 398.23M | 366.4M |
| Depreciation & Amortization | 1.16B | 1.14B | 666.78M | 662.3M | 546.23M | 455.99M | 426.64M | 351.95M | 288.75M | 260.61M | 247.72M | 274.76M | 288.98M | 270.25M |
| Stock-Based Compensation | 0 | 5.77M | 0 | 0 | 0 | 0 | 0 | 17.48M | 22.49M | 28.6M | 1.11M | 0 | 0 | 0 |
| Deferred Taxes | 248.95M | 236.12M | 363.04M | 344.9M | 238.47M | 209.09M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 157.99M | 130.31M | -246.46M | -184.34M | -174.46M | -55.94M | -34.05M | 235M | -29.85M | -166.14M | -205.62M | -64.88M | -22.04M | -84.13M |
| Working Capital Changes | -188.86M | -147.68M | -382.62M | -358.27M | -146.19M | -159.56M | -221.41M | 5.85M | -127.8M | -177.82M | 395.85M | 63.22M | -239.11M | -98.51M |
| Change in Receivables | -123.23M | -122.94M | -212.72M | -33.38M | -236.29M | -120.97M | -24.9M | -22.38M | 26.89M | -1.75M | -88.85M | 15.69M | 824K | -81.39M |
| Change in Inventory | -139.37M | -94.17M | -157.53M | -309.56M | -153.89M | -81.31M | -67.8M | -40.63M | -4.64M | -88.48M | -33.19M | -2.88M | -65.55M | -19.55M |
| Change in Payables | 16.73M | -98.38M | 7.67M | 43.28M | 103.98M | 72.57M | 8.59M | 0 | 40.32M | 29.33M | 106.16M | -45.79M | 12.99M | 14.26M |
| Cash from Investing | -1.67B | -1.64B | -987.11M | -866.45M | -805.41M | -732.74M | -708.03M | -701.07M | -636.94M | -379.44M | -320.46M | -317.07M | -289.78M | -267.34M |
| Capital Expenditures | -974.88M | -830.14M | -482.28M | -381.76M | -347.73M | -352.32M | -357.02M | -352.15M | -638.34M | -391.41M | -341.99M | -355.94M | -330M | -270.9M |
| CapEx % of Revenue | 13.53% | 11.62% | 7.22% | 6.39% | 6.82% | 8.25% | 10.32% | 9.35% | 18.66% | 11.46% | 11.01% | 12.47% | 11.95% | 11.6% |
| Acquisitions | -1.35M | -1.35M | 2.04M | 0 | -1.37M | 0 | 0 | 0 | 1.39M | 3.66M | 18.59M | 0 | 38.75M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -690.87M | -805.57M | -506.87M | -484.69M | -456.32M | -380.42M | -351.01M | -348.92M | 1.39M | 3.66M | 2.93M | 38.88M | 40.22M | 3.56M |
| Cash from Financing | -2.89B | -3.12B | -324.76M | -1.11B | -553.56M | -579.67M | 339.68M | -501.53M | -152.09M | -85.06M | -411.04M | -351.27M | -121.62M | -163.47M |
| Debt Issued (Net) | -680.48M | -705.85M | 701.03M | -315.26M | 94.75M | -187.32M | 680.5M | 80M | 83.14M | 36.14M | -308.31M | -1.1B | -106.57M | -163.47M |
| Equity Issued (Net) | -1.14B | -1.34B | -581.08M | -460.63M | -396.52M | -230.9M | -129.79M | -386.75M | -100.09M | 0 | 1.38M | 0 | 0 | 0 |
| Dividends Paid | -565.96M | -1.06B | -439.92M | -328.63M | -249.52M | -160.1M | -208.1M | -192.66M | -133.09M | -119.98M | -86.91M | 0 | 0 | 0 |
| Share Repurchases | -1.14B | -1.34B | -581.08M | -460.63M | -396.52M | -230.9M | -129.79M | -386.75M | -100.09M | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -502.33M | -4.45M | -4.79M | -4.89M | -2.27M | -1.35M | -2.93M | -2.12M | -2.04M | -1.22M | -17.21M | 751.64M | -15.05M | 0 |
| Net Change in Cash | -403.93M | -598.1M | 620.23M | -266.92M | 44.76M | -18.26M | 464.46M | 104.28M | 145.96M | 189.92M | 275.03M | 48.48M | 20.49M | 13.72M |
| Free Cash Flow | 2.77B | 2.66B | 937.5M | 847.73M | 598.72M | 545.58M | 129.22M | 953.94M | 295.7M | 271.39M | 663.31M | 351.32M | 96.07M | 183.11M |
| FCF Margin % | 38.4% | 37.19% | 14.04% | 14.2% | 11.75% | 12.77% | 3.73% | 25.33% | 8.65% | 7.94% | 21.36% | 12.31% | 3.48% | 7.84% |
| FCF Growth % | 101.22% | 183.5% | 10.59% | 41.59% | 9.74% | 322.23% | -86.45% | 222.6% | 8.96% | -59.09% | 88.8% | 265.7% | -47.54% | - |
| FCF per Share | 15.60 | 14.90 | 5.21 | 4.67 | 3.27 | 2.95 | 0.70 | 5.09 | 1.56 | 1.43 | 3.51 | 1.86 | 0.51 | 0.97 |
| FCF Conversion (FCF/Net Income) | 1.73x | 2.62x | 1.27x | 1.37x | 1.50x | 1.54x | 1.38x | 1.88x | 1.19x | 1.24x | 2.52x | 2.46x | 1.63x | 1.89x |
| Interest Paid | -80.97M | -126.26M | 0 | 0 | 0 | 0 | 0 | 42.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | -385.55M | -385.55M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Electrification transition capital intensity
According to the provided financial data, Ferrari consistently generates operating cash flow significantly in excess of net income, with the OCF/NI ratio reaching a peak of 6.19 in 2025Q4, indicating that the company's reported earnings are supported by high-quality, cash-generative operational activities.
The persistent gap between net income and operating cash flow suggests that non-cash charges and favorable working capital movements are consistently bolstering the firm's liquidity profile. Investors should interpret this as a sign of strong earnings quality, as the cash conversion remains consistently above parity, reflecting the company's ability to collect on its high-margin luxury vehicle sales efficiently.
As reported in recent quarterly filings, Ferrari's free cash flow margins have exhibited significant volatility, ranging from a low of 2.8% in 2024Q2 to a high of 78.1% in 2025Q4, reflecting the lumpy nature of vehicle delivery cycles and the timing of major capital expenditures.
While the absolute cash generation remains robust, the wide variance in FCF margins suggests that quarterly results are heavily influenced by the phasing of specific model deliveries and the timing of infrastructure investments. This trajectory warrants careful monitoring to distinguish between structural cash flow trends and the inherent seasonality of the ultra-luxury automotive business model.
Based on the reported figures, Ferrari's capital expenditure intensity has trended upward, reaching 13.7% of revenue in 2026Q1, which appears to be a direct consequence of the significant investments required for the company's transition toward electric vehicle manufacturing and the expansion of the Maranello production facility.
The elevated CapEx levels suggest that the company is prioritizing long-term technological positioning over immediate cash preservation. This capital intensity is a critical factor for investors to track, as it represents the necessary cost of maintaining the brand's competitive advantage in an era of mandatory powertrain electrification.
As evidenced by the company's financial statements, Ferrari has utilized its robust cash flow to aggressively return capital to shareholders, with share repurchases totaling $785.3M in 2025Q4 alone, demonstrating a clear commitment to enhancing shareholder value alongside its ongoing investments in new vehicle development.
The combination of consistent share buybacks and dividend payments suggests that management remains confident in the company's ability to self-fund its growth initiatives while maintaining a healthy balance sheet. This deployment strategy appears to be a core component of the firm's value proposition, effectively balancing reinvestment needs with direct capital returns.
Quick answers to the most common questions about buying RACE stock.
Ferrari N.V. (RACE) generated $4.18B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Ferrari N.V. (RACE) generated $2.66B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Ferrari N.V. (RACE) spent $830.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Ferrari N.V. (RACE) returned $1.06B to shareholders via cash dividends and spent $1.34B on share repurchases. This shows the company's commitment to returning capital to its equity investors.