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$408.64
Market Capi
€69B
Growth-adj P/E (3-yr hist)i
1.8x
Growth-adj P/E (3-yr proj)i
3.7x
P/S 26Ei
9.0x
P/S 28Ei
7.8x
EV/EBIT 26Ei
31x
EV/EBIT 28Ei
26x
P/E 26Ei
36x
P/E 28Ei
30x
P/S 26Ei
9.0x
EV/EBIT 26Ei
31x
P/E 26Ei
36x
P/S 28Ei
7.8x
EV/EBIT 28Ei
26x
P/E 28Ei
30x
Revenue
2026E
€7.6B
Gross Margini
52%
Hist. CAGRi
12%
Proj. CAGRi
7.2%
EBIT
2026E
€2.3B
Op. Margini
29%
Hist. CAGRi
20%
Proj. CAGRi
8.8%
Net profit
2026E
€1.7B
Net Margini
22%
Hist. CAGRi
20%
Proj. CAGRi
8.2%
Business Model
Recent Developments
Average Targeti
€386.49+8%
Consensusi
Buy
19 analysts covering
Net debti
€1.2B
Div. Yieldi
1.1%
Buyback Yldi
1.0%
Market Capi
€69B
P/E 26Ei
36x
Adj. P/E (fwd.)i
3.7x
Revenue 26E
€7.6B
Proj. CAGRi
7.2%
Gross Margini
52%
EBIT 26E
€2.3B
Proj. CAGRi
8.8%
Op. Margini
29%
Net Profit 26E
€1.7B
Proj. CAGRi
8.2%
Net Margini
22%
Average Targeti
€386.49+8%
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 executive 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
Second-quarter 2026 net revenue came in at €1.94 billion, up 8% year over year and above analyst expectations of roughly €1.87 billion.
Diluted earnings per share reached €2.62, up from €2.38 in the same quarter last year and ahead of the roughly €2.47 consensus estimate.
The beat was driven largely by stronger-than-expected personalization revenue, the high-margin options and bespoke customization business that continues to outgrow core car shipments.
Management raised full-year 2026 guidance, lifting net revenue guidance to approximately €7.6 billion, adjusted EBITDA to at least €2.97 billion, and adjusted diluted EPS to at least €9.68, citing the personalization mix and a smaller-than-assumed currency headwind.
Recent developments
Ferrari's first fully electric model, the Luce, sold out its entire 2026 production allocation of just under 500 units within about two months of opening orders, with the order book now extending into late 2027.
Customer deliveries of the Luce are set to begin in October 2026, several months after the order book closed for the model year.
The company continued executing its €3.5 billion multi-year share buyback program launched in January 2026, having repurchased roughly 1.62 million shares for about €483 million as of late July 2026.
Debate & sentiment
Bulls point to order book visibility extending into 2027 and Ferrari's demonstrated pricing power, arguing the brand's exclusivity lets it pass through tariffs and cost inflation without denting demand.
Skeptics flag U.S. tariff exposure, since roughly a quarter of shipments and over a quarter of Cars & Spare Parts revenue are U.S.-linked, with an estimated €60-80 million EBIT hit at current tariff rates.
A reduction in China shipments has some investors watching for demand softness, though management attributes it to an internal ERP transition and a deliberate allocation choice rather than weakening appetite.
Others note stretched valuation multiples leave little room for error, and question whether the Luce's polarizing design will sustain demand once the initial order backlog is delivered.
Consensusi
Buy
Average targeti
€386.49+8%
Highest targeti
€430.40+21%
Lowest targeti
€330.00-8%
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