Latest Ratios: P/E Ratio 39.0x · EV/EBITDA 22.8x · ROE 42.8%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $73.2B | $65.9B | $76.5B | $61.4B | $39.2B | $47.8B | $42.5B | $31.0B | $18.8B | $19.9B | $11.0B |
| Enterprise Value | $74.8B | $67.3B | $78.1B | $62.8B | $40.6B | $49.1B | $44.2B | $32.4B | $20.0B | $21.1B | $12.4B |
| P/E Ratio → | 38.99 | 41.25 | 50.22 | 49.05 | 42.09 | 57.52 | 69.98 | 44.62 | 24.02 | 37.18 | 27.55 |
| P/S Ratio | 8.78 | 9.22 | 11.45 | 10.29 | 7.70 | 11.19 | 12.30 | 8.24 | 5.51 | 5.82 | 3.54 |
| P/B Ratio | 17.00 | 16.83 | 21.58 | 20.01 | 15.07 | 21.62 | 19.44 | 18.60 | 13.91 | 25.38 | 33.31 |
| P/FCF | 22.05 | 24.80 | 81.57 | 72.46 | 65.50 | 87.63 | 329.28 | 32.54 | 63.69 | 73.31 | 16.56 |
| P/OCF | 15.71 | 15.77 | 39.69 | 35.78 | 27.95 | 37.27 | 50.76 | 23.77 | 20.16 | 30.02 | 10.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.42 | 11.69 | 10.52 | 7.98 | 11.50 | 12.78 | 8.60 | 5.84 | 6.16 | 3.99 |
| EV / EBITDA | 22.84 | 24.40 | 30.51 | 27.39 | 22.72 | 32.09 | 38.23 | 25.48 | 17.89 | 20.34 | 14.68 |
| EV / EBIT | 31.99 | 31.98 | 40.51 | 38.46 | 33.15 | 45.72 | 62.05 | 35.21 | 24.17 | 27.01 | 20.73 |
| EV / FCF | — | 25.33 | 83.28 | 74.06 | 67.88 | 89.99 | 342.18 | 33.95 | 67.52 | 77.57 | 18.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.7% | 51.7% | 50.1% | 49.8% | 48.0% | 51.3% | 51.3% | 52.1% | 52.6% | 51.7% | 49.1% |
| Operating Margin | 29.3% | 29.3% | 28.3% | 27.3% | 24.4% | 25.2% | 21.1% | 24.4% | 24.2% | 22.7% | 19.2% |
| Net Profit Margin | 22.3% | 22.3% | 22.8% | 21.0% | 18.3% | 19.5% | 17.6% | 18.5% | 22.9% | 15.7% | 12.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 42.8% | 42.8% | 46.0% | 44.1% | 38.7% | 37.8% | 31.5% | 46.0% | 73.4% | 96.1% | 256.9% |
| ROA | 16.7% | 16.7% | 17.3% | 15.8% | 12.7% | 11.4% | 8.8% | 12.7% | 17.5% | 13.4% | 10.3% |
| ROIC | 30.0% | 30.0% | 29.6% | 28.9% | 24.8% | 21.9% | 16.0% | 25.1% | 28.0% | 31.7% | 23.6% |
| ROCE | 27.5% | 27.5% | 26.0% | 25.2% | 20.9% | 19.4% | 14.3% | 20.9% | 21.9% | 23.6% | 22.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.74 | 0.74 | 0.95 | 0.81 | 1.08 | 1.19 | 1.52 | 1.41 | 1.42 | 2.30 | 5.60 |
| Debt / EBITDA | 1.05 | 1.05 | 1.31 | 1.08 | 1.57 | 1.72 | 2.88 | 1.85 | 1.73 | 1.75 | 2.19 |
| Net Debt / Equity | — | 0.36 | 0.45 | 0.44 | 0.55 | 0.58 | 0.76 | 0.80 | 0.84 | 1.48 | 4.22 |
| Net Debt / EBITDA | 0.51 | 0.51 | 0.63 | 0.59 | 0.80 | 0.84 | 1.44 | 1.05 | 1.02 | 1.12 | 1.65 |
| Debt / FCF | — | 0.53 | 1.72 | 1.60 | 2.38 | 2.36 | 12.90 | 1.40 | 3.83 | 4.27 | 2.10 |
| Interest Coverage | 51.13 | 51.13 | 41.18 | 45.19 | 22.62 | 27.96 | 14.19 | 19.21 | 32.16 | 21.83 | 19.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.02 | 2.02 | 3.37 | 2.68 | 2.80 | 2.54 | 1.32 | 1.53 | 3.34 | 2.92 | 2.63 |
| Quick Ratio | 1.55 | 1.55 | 2.64 | 2.04 | 2.32 | 2.13 | 1.05 | 1.20 | 2.81 | 2.36 | 2.18 |
| Cash Ratio | 0.62 | 0.62 | 1.17 | 0.76 | 0.99 | 1.02 | 0.80 | 0.71 | 1.07 | 0.91 | 0.65 |
| Asset Turnover | — | 0.74 | 0.70 | 0.74 | 0.66 | 0.62 | 0.45 | 0.62 | 0.70 | 0.83 | 0.81 |
| Inventory Turnover | 3.10 | 3.10 | 3.06 | 3.16 | 3.93 | 3.85 | 2.99 | 3.83 | 4.15 | 4.19 | 4.88 |
| Days Sales Outstanding | — | 102.44 | 113.90 | 109.42 | 123.81 | 120.04 | 44.07 | 57.07 | 23.25 | 25.95 | 29.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.6% | 1.6% | 0.6% | 0.5% | 0.6% | 0.3% | 0.5% | 0.6% | 0.7% | 0.6% | 0.8% |
| Payout Ratio | 66.3% | 66.3% | 28.9% | 26.2% | 26.8% | 19.3% | 34.2% | 27.7% | 17.0% | 22.4% | 21.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 2.4% | 2.0% | 2.0% | 2.4% | 1.7% | 1.4% | 2.2% | 4.2% | 2.7% | 3.6% |
| FCF Yield | 4.5% | 4.0% | 1.2% | 1.4% | 1.5% | 1.1% | 0.3% | 3.1% | 1.6% | 1.4% | 6.0% |
| Buyback Yield | 2.0% | 2.0% | 0.8% | 0.7% | 1.0% | 0.5% | 0.3% | 1.2% | 0.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.6% | 3.6% | 1.3% | 1.3% | 1.6% | 0.8% | 0.8% | 1.9% | 1.2% | 0.6% | 0.8% |
| Shares Outstanding | — | $178M | $180M | $182M | $183M | $185M | $185M | $188M | $189M | $190M | $189M |
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying RACE stock.
Ferrari N.V.'s current P/E ratio is 39.0x. The historical average is 43.2x. This places it at the 36th percentile of its historical range.
Ferrari N.V.'s current EV/EBITDA is 22.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.4x.
Ferrari N.V.'s return on equity (ROE) is 42.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 58.3%.
Based on historical data, Ferrari N.V. is trading at a P/E of 39.0x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ferrari N.V.'s current dividend yield is 1.59% with a payout ratio of 66.3%.
Ferrari N.V. has 51.7% gross margin and 29.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ferrari N.V.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.
Key Metrics
Top Statement Risk
Margin compression from cost pressure
Premium Multiples Price in Sustained Growth
Based on Ferrari's reported figures, the trailing P/E of 42.18 and EV/EBITDA of 24.61 sit at a steep premium that assumes durable pricing power and sustained high-margin growth from a luxury brand franchise.
A PEG of 1.90 implies the market is paying for expected earnings growth well above what recent revenue deceleration from 16.2% to 7.4% would suggest on its own. The forward P/E of 43.02 barely differs from the trailing figure, which indicates analysts do not expect a meaningful earnings step-up, so the premium rests on margin durability rather than acceleration. Investors should monitor whether the operating margin decline from 31.7% to 29.7% in a single quarter persists, since the valuation has little room for earnings disappointment.
Operating Margin Peaked and Is Easing
As reported in the quarterly data, Ferrari's operating margin climbed to 31.7% in 2026Q2 before slipping to 29.7% in 2026Q3, while gross margin held a tight 50% to 53% band across ten quarters.
Gross margin stability points to strong pricing discipline and limited sensitivity to input costs, which is consistent with a scarcity-driven luxury model. The narrower question is the operating line, where R&D growth of roughly 16% between the last two quarters absorbed part of the gross profit gain. This suggests the margin ceiling may be set by deliberate reinvestment rather than cost inflation, though the distinction is not fully resolvable from the reported data.
ROIC Recovering but Below Mid-Cycle Peak
Based on reported figures, ROIC rebounded to 7.9% in 2026Q3 from 7.2% a year earlier, yet remains below the 8.8% and 8.2% levels reached in 2026Q2 and 2025Q2.
Returns on invested capital are being driven mainly by margin movement rather than asset efficiency, since asset turnover stayed close to 0.18 to 0.19 throughout the period. ROE of 11.3% against ROA of 4.2% reflects leverage of roughly 2.7 times in equity multiplier terms, which amplifies returns but also shows that the equity base is carrying much of the earnings power. Compared with the 2024Q2 peak ROE of 12.9%, returns appear to be drifting lower rather than compounding.
Debt Burden Easing but Coverage Thinning
According to the reported ratios, debt-to-equity improved from 1.01 in 2024Q2 to 0.80 in 2026Q3, while interest coverage fell from 65.83 to a lower but still very strong level across recent quarters.
Coverage above 40 times remains far beyond any stress threshold, so near-term debt service does not appear constrained. The trend is nonetheless more informative than the level, as the decline in D/EBITDA from 5.23 to 4.15 reflects earnings growth more than debt paydown. Investors should monitor whether deleveraging continues if operating margins keep easing, since the current EBITDA-based leverage of over four times is elevated for an industrial name.
Liquidity Buffer Narrowing from Peak
As reported in the balance sheet data, the current ratio fell from 3.37 in 2024Q4 to 1.44 in 2026Q3, and the quick ratio followed a similar path to 1.11, reflecting a shift in the asset mix rather than a clear liquidity crisis.
The decline in current ratio appears driven by growth in short-term obligations and deferred revenue rather than a depletion of cash, which remains a meaningful buffer. A quick ratio above 1.0 indicates the company can cover current liabilities without relying on inventory, which is a comfortable position under moderate stress. The trajectory warrants monitoring, but the reported figures do not by themselves suggest a near-term liquidity problem.
P/FCF Flatters Lumpy Cash Generation
The price-to-FCF multiple of 25.02 may appear reasonable, but reported free cash flow margin swung from 2.8% to 78.1% across ten quarters, so a single period's figure is a poor basis for valuation.
Free cash flow in this period was dominated by a single large operating inflow in 2025Q4, which appears non-recurring in scale and would overstate run-rate cash generation if extrapolated. Earnings-based and EBITDA-based multiples are therefore more stable reference points than P/FCF for this business. Investors should normalize cash flow over multiple years before relying on any FCF-yield comparison.