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$360.14
Market Capi
€61B
Growth-adj P/E (3-yr hist)i
1.8x
Growth-adj P/E (3-yr proj)i
3.8x
P/S 26Ei
8.1x
P/S 28Ei
7.0x
EV/EBIT 26Ei
28x
EV/EBIT 28Ei
24x
P/E 26Ei
33x
P/E 28Ei
28x
P/S 26Ei
8.1x
EV/EBIT 26Ei
28x
P/E 26Ei
33x
P/S 28Ei
7.0x
EV/EBIT 28Ei
24x
P/E 28Ei
28x
Revenue
2026E
€7.6B
Gross Margini
52%
Hist. CAGRi
12%
Proj. CAGRi
6.5%
EBIT
2026E
€2.2B
Op. Margini
29%
Hist. CAGRi
20%
Proj. CAGRi
7.7%
Net profit
2026E
€1.7B
Net Margini
22%
Hist. CAGRi
20%
Proj. CAGRi
7.3%
Business Model
Recent Developments
Average Targeti
€374.25+14%
Consensusi
Buy
19 analysts covering
Net debti
€1.2B
Div. Yieldi
1.2%
Buyback Yldi
1.0%
Market Capi
€61B
P/E 26Ei
33x
Adj. P/E (fwd.)i
3.8x
Revenue 26E
€7.6B
Proj. CAGRi
6.5%
Gross Margini
52%
EBIT 26E
€2.2B
Proj. CAGRi
7.7%
Op. Margini
29%
Net Profit 26E
€1.7B
Proj. CAGRi
7.3%
Net Margini
22%
Average Targeti
€374.25+14%
Consensusi
Buy
19 analysts covering
Profile
Ferrari designs, engineers, and sells ultra-premium sports cars and grand tourers under a single, tightly controlled brand. Revenue flows through two main reported lines:
Industry
Ferrari sells exclusively to individual ultra-high-net-worth buyers — typically collectors and enthusiasts rather than purely status-driven purchasers. The US is the single largest market at roughly 28% of sales, followed by the UK, Germany, and broader EMEA. China/HK/Taiwan represents roughly 7% of deliveries, a deliberate underweight versus peers. The market is not cyclical in the traditional sense: Ferrari manages a waiting list and caps annual volumes deliberately, meaning demand consistently exceeds supply and the company never discounts.
Key metrics
Economic moat
Ferrari's moat is almost entirely brand-derived pricing power, reinforced by deliberate supply constraint. No other carmaker can sustain comparable EBITDA margins at this scale while capping output — the scarcity is structural, not accidental. F1 participation acts as a perpetual brand investment: global race weekends keep the Prancing Horse in front of aspirational buyers who will eventually enter the waiting list. Switching costs are unconventional but real — long-standing clients receive allocation priority for limited-edition and special-series models, creating a loyalty ladder that competitors cannot replicate by price or performance alone.
Benedetto Vigna
Vigna spent over 26 years at STMicroelectronics, rising to lead its Analog, MEMS and Sensors group — a semiconductor and sensors background that is unusual for a luxury carmaker CEO but deliberately chosen to steer Ferrari's electrification and digital transformation. His tenure has been marked by accelerating the EV roadmap, launching the Purosangue SUV, and delivering consistent margin expansion. The 2026 Luce EV unveiling is the most consequential strategic bet of his time at the helm.
John Elkann
Elkann is the grandson of Gianni Agnelli and heir to the Agnelli/Exor dynasty, which remains Ferrari's largest shareholder. He has served on Ferrari's board since 2015 and became chairman at the time of the Fiat Chrysler restructuring. His role is primarily governance and long-term strategic oversight; he ensures the founding family's vision and brand standards are preserved across management transitions.
Piero Ferrari
Piero Ferrari is the son of founder Enzo Ferrari and a direct link to the company's origin. He holds approximately 10% of Ferrari N.V. and has been a board member since 1987, providing continuity on product philosophy and brand integrity. His vocal criticism of the Luce EV following its May 2026 unveiling underscored the internal tension between electrification strategy and traditional brand identity.
Antonio Picca Piccon
Picca Piccon has served as Ferrari's finance director through several major capital allocation cycles, including the share buyback programs and the significant increase in R&D spending for electrification. His tenure provides continuity on financial discipline as the company invests heavily in platform development for electric models.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of EUR.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of EUR.
Margins
Rentability
Balance sheet
Values in billions of EUR.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Ferrari reported Q1 2026 net revenues of €1,848 million, up 3% year-over-year (up 6% at constant currency), reflecting continued strength in personalization demand despite a stronger euro headwind.
EBITDA margin expanded to 39.1%, up roughly 4 percentage points at constant currency, as richer model mix and personalization attach rates more than offset FX drag.
Diluted EPS came in at €2.33, with management confirming 2026 guidance unchanged — order book visibility extends toward the end of 2027, signaling no demand softness. Industrial free cash flow of €653 million was up 5% versus the prior year.
Recent developments
On May 26, 2026, Ferrari unveiled the Luce, its first fully electric vehicle — a five-seater priced at approximately €550,000. The unveiling triggered a sharp single-day stock decline, with shares falling more than 8% amid vocal criticism from some long-time brand loyalists and Italian officials.
The F80 hypercar, priced at roughly $3.9 million, is fully sold out and is expected to generate significant revenue over its delivery cycle, reinforcing Ferrari's position at the ultra-premium end of the market.
The Purosangue SUV continues to exceed supply, with demand running well ahead of production capacity — a pattern that historically repeats itself when Ferrari enters new body-style segments.
Debate & sentiment
Bulls point to the order book extending through end-2027 as evidence that near-term demand is insulated from macro volatility, and that personalization revenue (which carries structurally higher margins) is still growing faster than unit volume.
Skeptics argue the Luce EV launch exposes brand risk — whether Ferrari's identity can absorb a fully electric five-seater without diluting the desirability premium that underpins its pricing power. The stock's sharp reaction to the reveal reflects genuine uncertainty.
The 1-year drawdown reflects broader luxury goods de-rating rather than company-specific deterioration, leaving consensus analysts cautiously constructive — most maintain outperform ratings with price targets above current levels, but conviction is tempered by EV execution risk and elevated valuation multiples relative to recent history.
Consensusi
Buy
Average targeti
€374.25+14%
Highest targeti
€430.00+31%
Lowest targeti
€290.00-12%
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