Latest Ratios: P/E Ratio 40.5x · EV/EBITDA 23.6x · 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 | $72.7B | $65.9B | $76.5B | $61.4B | $39.2B | $47.8B | $42.5B | $31.0B | $18.8B | $19.9B | $11.0B |
| Enterprise Value | $74.3B | $67.3B | $78.1B | $62.8B | $40.6B | $49.1B | $44.2B | $32.4B | $20.0B | $21.1B | $12.4B |
| P/E Ratio → | 40.49 | 41.25 | 50.22 | 49.05 | 42.09 | 57.52 | 69.98 | 44.62 | 24.02 | 37.18 | 27.55 |
| P/S Ratio | 8.93 | 9.22 | 11.45 | 10.29 | 7.70 | 11.19 | 12.30 | 8.24 | 5.51 | 5.82 | 3.54 |
| P/B Ratio | 16.53 | 16.83 | 21.58 | 20.01 | 15.07 | 21.62 | 19.44 | 18.60 | 13.91 | 25.38 | 33.31 |
| P/FCF | 24.02 | 24.80 | 81.57 | 72.46 | 65.50 | 87.63 | 329.28 | 32.54 | 63.69 | 73.31 | 16.56 |
| P/OCF | 15.27 | 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 | 23.65 | 24.40 | 30.51 | 27.39 | 22.72 | 32.09 | 38.23 | 25.48 | 17.89 | 22.53 | 16.74 |
| EV / EBIT | 31.11 | 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 | 1.93 | 2.50 |
| 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 | 1.24 | 1.88 |
| 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 | 2.5% | 2.4% | 2.0% | 2.0% | 2.4% | 1.7% | 1.4% | 2.2% | 4.2% | 2.7% | 3.6% |
| FCF Yield | 4.2% | 4.0% | 1.2% | 1.4% | 1.5% | 1.1% | 0.3% | 3.1% | 1.6% | 1.4% | 6.0% |
| Buyback Yield | 2.1% | 2.0% | 0.8% | 0.7% | 1.0% | 0.5% | 0.3% | 1.2% | 0.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 3.7% | 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 40.5x. 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 23.6x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.8x.
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 40.5x. 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 1.64% 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
Revenue growth deceleration risk
Pricing Power Sustains Margins
Ferrari's gross margin held near 52% in 2026Q2, with operating margin expanding to 31.7%, reflecting premium pricing and mix, as per quarterly financials.
The stability of gross margin around 50-52% over ten quarters, despite revenue growth deceleration, underscores Ferrari's ability to maintain pricing power. Operating margin expansion from 26.9% in 2024Q4 to 31.7% in 2026Q2 indicates operating leverage, with costs growing slower than revenue. Net margin of 23.9% in 2026Q2 remains robust, suggesting that profitability is not solely dependent on volume growth but on brand strength and product mix.
Stable Returns on Invested Capital
ROIC has remained in a tight 6.9%-8.8% band over ten quarters, with 2026Q2 at 8.8%, indicating consistent capital efficiency, as per reported figures.
ROIC's narrow range suggests Ferrari is not experiencing significant decay or improvement in capital efficiency, despite increased capex. The slight uptick to 8.8% in 2026Q2 may reflect improved margins offsetting a larger capital base. ROE, though volatile quarterly, averaged around 11%, indicating that shareholder returns are being maintained, but the modest ROIC relative to margins suggests a capital-intensive model with high asset base.
Working Capital Drag Persists
Cash conversion cycle lengthened to 126 days in 2026Q2, driven by DIO of 119 days and DSO of 103 days, indicating slower cash recovery, as per financial statements.
The CCC has expanded from 112 days in 2024Q2 to 126 days in 2026Q2, primarily due to rising inventory days (DIO up from 110 to 119) and stable DSO. This suggests Ferrari is holding more inventory, possibly for customization or supply chain reasons, which ties up cash. DPO has remained around 96-100 days, indicating stable supplier terms, but the overall working capital cycle is absorbing more cash, which may pressure free cash flow if not managed.
Leverage Creeping Higher
Debt-to-equity rose to 0.86 in 2026Q2 from 0.80 in 2024Q1, while interest coverage remains high at 59.6x, indicating manageable debt service, as per balance sheet data.
Although leverage has increased gradually, interest coverage of 59.6x in 2026Q2 suggests Ferrari can comfortably service its debt. The D/EBITDA ratio of 4.14x is elevated but stable, and given the company's strong cash generation, this appears manageable. However, the rising debt trend warrants monitoring, especially if cash flow becomes more volatile due to working capital swings.
Liquidity Buffer Strengthens
Current ratio improved to 2.37 in 2026Q2 from 1.60 in 2024Q2, with quick ratio at 1.81, indicating ample short-term coverage, as per reported figures.
The improvement in current and quick ratios suggests Ferrari has built a stronger liquidity cushion, partly due to increased cash and deferred revenue. The quick ratio of 1.81 indicates that even without selling inventory, Ferrari can cover short-term liabilities. This provides resilience against potential demand shocks, though the working capital volatility seen in cash flow statements could still cause temporary liquidity fluctuations.
Misapplied P/E in Cyclical Context
Ferrari's trailing P/E of 39.3 may mislead investors because it ignores the company's asset-light model and cash generation, as per valuation multiples.
The P/E ratio is often misapplied to Ferrari because it fails to account for the company's substantial cash flow generation and low capital intensity relative to peers. A more appropriate metric is EV/EBITDA, which at 22.98x better captures the enterprise value relative to operating cash flow, adjusting for debt and cash. Additionally, P/FCF of 23.32x provides a clearer picture of valuation against actual cash returns, which is more relevant for a company with Ferrari's cash conversion characteristics.