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Ferrari N.V. (RACE)

Ferrari designs, engineers and produces luxury sports cars from its home in Maranello, Italy, and also designs personal luxury goods, collectibles and experiences under the brand. It is a Dutch public company with limited liability, and its manufacturing sits in Maranello and Modena. The cars are sold in over 60 markets through a network of 181 authorised dealers operating 195 points of sale as of the end of 2025. Figures in the filing are stated in euro.

Ferrari N.V.

Ferrari designs, engineers and produces luxury sports cars from its home in Maranello, Italy, and also designs personal luxury goods, collectibles and experiences under the brand. It is a Dutch public company with limited liability, and its manufacturing sits in Maranello and Modena. The cars are sold in over 60 markets through a network of 181 authorised dealers operating 195 points of sale as of the end of 2025. Figures in the filing are stated in euro.

What shipped

Shipments were 13,640 cars in 2025, 112 fewer than the 13,752 of 2024, which followed 13,663 in 2023. Annual shipments have risen from 7,255 units in 2014, the year before the initial public offering, under what the company calls a controlled volume strategy. The 2025 portfolio was seven internal combustion engine models and six hybrid models, at 58 percent and 42 percent of shipments. Volumes were driven by the 296 GTS, the Purosangue and the Roma Spider, along with the 12Cilindri family reaching global distribution and the SF90 XX special series family, partly offset by the phase-out of the SF90 Spider and the 812 Competizione A and the completion of the Daytona SP3 Icona series. The first units of the F80 supercar were delivered in the fourth quarter of 2025.

The current range

The portfolio, including cars presented in 2025 whose shipments start later, is nine Range models: the Roma Spider and Amalfi on a V8 combustion engine, the Purosangue, 12Cilindri and 12Cilindri Spider on a V12, the 296 GTB and 296 GTS as V6 hybrids, and the 849 Testarossa and 849 Testarossa Spider as V8 hybrids. Above them sit four Special Series models, the SF90 XX Stradale, SF90 XX Spider, 296 Speciale and 296 Speciale A, and one Supercar, the F80. Special Series and limited edition models, including the Icona limited editions and supercars, are typically priced higher than the range models.

Track cars and one-offs

The company also develops special track racing cars based on its range and special series models, which are not registered for road use and run only at track events, including the XX Programme, Ferrari Challenge, F1 Clienti and Sport Prototipi. One-Off cars are built from time to time for the most loyal clients, and special sales include prototypes and avanseries sold to selected clients.

Making them

Body shells are made at the body shop in Modena, Carrozzeria Scaglietti, which runs two lines for aluminium bodies, one for V6 and V8 and one for V12, plus a dedicated line for the carbon fibre body of the F80. The main components of the body shells are not produced internally but bought from manufacturers of chassis, bodies and carbon fibre parts, and assembly combines high-precision robots with hand craftsmanship.

Racing

Scuderia Ferrari has claimed 16 Constructors' and 15 Drivers' world titles since the inaugural World Championship in 1950, and Ferrari won the 24 Hours of Le Mans in the FIA World Endurance Championship. The 2025 driver line-up was Charles Leclerc, the first graduate of the Ferrari Driver Academy to race for the team, and Lewis Hamilton, whom the filing calls the most successful active driver in history with 7 Driver World Championships. FIA financial regulations that came into force in 2021, as updated in 2025, cap certain expenses and investments related to operations and the chassis.

The dealers

In some markets the cars go to a single importer or dealer. The company does not presently own dealerships and states that its strategy does not structurally contemplate owning them, while keeping flexibility to adapt to market requirements, and it regularly reassesses the composition of the network.

From Ferrari's annual report on Form 20-F for the year ended 31 December 2025. That filing carries no Item 4 or Item 5 heading in its body, using a cross-reference index at the back instead, so the annual report is read as one whole document rather than from separately located sections. The filing

Compare with another name

Ferrari N.V. files a 20-F with the SEC once a year, in euros. In the year to 31 December 2025 it reported revenue of EUR 7,146 million ($8.1 billion at the year's average rate), up 7.0% on the year before. Its profit attributable to shareholders was EUR 1,597 million, up 4.9%, and diluted earnings per share EUR 8.96.

Ferrari (RACE) in brief

Ferrari (RACE) reported revenue of EUR 7.1 billion for the year to 31 December 2025, up 7.0% on the year before.
Read moreProfit attributable to shareholders was EUR 1.6 billion and diluted earnings per share EUR 8.96. Revenue was EUR 6.7 billion in 2024, EUR 6.0 billion in 2023, EUR 5.1 billion in 2022 and EUR 4.3 billion in 2021. Profit attributable to shareholders in the same years was EUR 1.5 billion, EUR 1.3 billion, EUR 933 million and EUR 831 million. Revenue grew 15.6% a year, compounded, over the five years to 2025. At the close of 10 November 2026 the market cap of Ferrari was $73.7 billion, 41.6 times its earnings for 2025.

The share in the US

Last close$415.78 on 10 November 2026
52-week range$314.63 (20 March 2026) to $436.54 (21 August 2026)
Over one yearup 1.1%
Market cap$73.7 billion: 177,278,893 shares outstanding at 31 December 2025 (20-F), each US share standing for one ordinary share
P/E, latest fiscal year41.6: the last close over diluted EPS for the year to Dec 2025, EUR 8.96 per ordinary share, $9.99 at 1.1154 US dollars per EUR on 6 November 2026 (FRED DEXUSEU). The company reports once a year, so this is the latest fiscal year, not the last four quarters.

US dollars per share as it trades in the US; the market cap and the P/E are worked out here, not filed. Prices from IEX, for splits.

Ratios

From the latest annual report, the year to Dec 2025, in dollars

ROE40.9%
ROCE31.1%
Operating margin29.5%
Net margin22.3%
FCF margin26.1%
Interest cover9.85
Debt to equity0.74
Cash conversion1.47
Share count, last 12 months-0.9%
Sales CAGR, 3 years11.9%
Profit CAGR, 3 years19.6%
EPS$9.99

At the close of 10 November 2026

Price$415.78
Market cap$73.7 billion
Stock P/E41.60
Price to book16.91
EV / EBITDAn/a
Dividend yield0.8%
Market cap / sales9.25
52-week high$436.54
52-week low$314.63
Price, 1 year1.1%
Price CAGR, 3 yearsn/a
Price CAGR, 5 yearsn/a
Worked from the filed figures; hover a name for the formula.
Read moreThe priced ones use the latest price, the last regular-hours trade on IEX. Debt to equity here stands on the borrowings total Ferrari N.V. states in its annual report, never added up from its parts; lease liabilities are a separate line. Nothing here is a valuation or a view.
RACEgreeksoup.ai
Daily prices to 10 November 2026, adjusted for splits; from 28 September 2026 each day's price is the last regular-hours trade on IEX.
Read moreData provided for free by IEX. By accessing or using IEX Historical Data, you agree to the IEX Historical Data Terms of Use. Day by day for the last three years; before that one point a week, carrying the week's last close and its average daily volume, so a volume bar means the same thing across the whole series; the bars sit under the price on their own scale, on the right. The moving averages need consecutive days and are drawn from the daily part. This company reports once a year, so every view here moves once a year, on the day each annual report was filed, and holds until the next. P/E is the close over the year's EPS per US share: the EPS as filed, in dollars at the year's average exchange rate (Federal Reserve, from FRED). Sales and margin are each year's revenue in dollars and its operating margin. EV/EBITDA, price to book and market cap to sales set the close against that year's balance sheet in dollars at its year-end rate and its share count per US share. The dashed line is the median over the range shown. The P/E above uses today's exchange rate, so the latest point here can differ from it a little. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on RACE

DividendsEUR 530 million paid in cash dividends in FY2025
Filings69 in twelve months: 66 reports on Form 6-K, most often ferrari N.V.: PERIODIC REPORT ON THE BUYBACK PROGRAM (42); interim Report (2); strong MIX and personalizations sustain q3 growth and further 2026 guidance upgrade (1); ferrari to announce third quarter 2026 financial results on November 3 (1); ferrari to partner with rakuten (1)
Planned insider salesno Form 144 notice in twelve months
Options tapeput/call 1.32 by open interest at the 10 November 2026 close; the straddle prices a 2.5% move to 13 November 2026
13F holders720 funds reported a position for the quarter to 30 June 2026; largest Baillie Gifford & Co.
Congress0 House trades disclosed in six months
Short interest3.1 million shares short, 8.54 days to cover at 30 October 2026

Income statement (profit and loss), 11 fiscal years

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022 †Dec 2023Dec 2024Dec 2025
Revenue2,8543,1053,4173,4203,7673,4604,2715,0955,9706,6777,146
Cost of sales1,4991,5801,6511,6231,8051,6862,0812,6492,9963,3293,453
Research and development562614657643699707768776882894919
Selling, general and administrative339295329327343336348428463561642
Operating profit4445957758279177161,0751,2271,6171,8882,110
Finance costs35.546.650.043.966.659.276.3133147146214
Profit before tax4345677468038756671,0421,1781,6021,8892,064
Income tax14416820916.317758.2209238345363464
Profit for the year2904005377876996098339391,2571,5261,600
Profit attributable to shareholders2883995357856966088319331,2521,5221,597
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
EUR million, from each year's annual report on the SEC's EDGAR, linked in the last row, on the IFRS tags the company filed.
Read moreA line the company does not file under the standard tag is left out rather than estimated. A year marked † shows the figure as the company restated it in a later annual report (Dec 2021, Dec 2022); the first-filed figure is in the CSV. Profit for the year includes the part that belongs to minority shareholders; profit attributable to shareholders is the part EPS is struck on. Each year links to its own page.
Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022 †Dec 2023Dec 2024Dec 2025
Diluted EPS1.522.112.824.143.713.284.505.096.908.468.96
Basic EPS1.522.112.834.163.733.294.505.116.918.478.97
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

EUR per ordinary share, as filed. One US-listed share can stand for more or fewer ordinary shares; the P/E above puts the two on the same basis.

Revenue by product or service

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Cars and spare parts2,0802,1802,4562,5352,9262,8353,5534,3215,1195,7286,00584.0%
Sponsorship, commercial and brand44148949450653839045149957267082011.5%
Other11498.693.594.810484.077.82752792793214.5%
Engines219338373285198151189n/an/an/an/an/a
Cars and spare partsSponsorship, commercial and brandOtherEngines FY2015 to FY2021
2,854Dec 20153,417Dec 20173,767Dec 20194,271Dec 20215,970Dec 20237,146Dec 2025

EUR million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

EUR million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Revenue by region

Dec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024Dec 2025Share
of the parts, latest year
Americas8858359219231,0108571,0981,4081,7632,1832,25331.5%
United Statesn/an/an/an/an/an/an/an/an/an/a1,98127.7%
Rest of APAC26429634137440543156064075280087712.3%
United Kingdomn/an/an/an/an/an/an/an/an/an/a6178.6%
Germanyn/an/an/an/an/an/an/an/an/an/a5768.1%
Italy2393875644493643604103804434635287.4%
China257272283274350191n/an/an/an/a3124.4%
Mainland China, Hong Kong and Taiwann/an/an/an/an/an/a333621584540n/an/a
Rest of EMEA1,2101,3151,3081,4001,6371,6211,8702,0462,4292,691n/an/a
AmericasUnited States FY2025Rest of APACUnited Kingdom FY2025Germany FY2025ItalyChina FY2015 to FY2025Rest of EMEA FY2015 to FY2024Mainland China, Hong Kong and Taiwan FY2021 to FY2024
2,854Dec 20153,417Dec 20173,767Dec 20194,271Dec 20215,970Dec 20237,145Dec 2025

EUR million; hover a block for its figure and share; a part named with years is one the company split its revenue into only then

EUR million, from the latest 20-F, in the company's own words. A year is shown only where the parts add up to the revenue above.

Cash flow statement

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022 †Dec 2023Dec 2024Dec 2025
Cash from operations7071,0056639341,3068381,2831,4031,7171,9272,349
Purchase of property, plant and equipment185176189301352357352348382482485
Free cash flow5228304746339544819301,0561,3351,4441,864
Cash from investing-317-320-379-637-701-708-733-805-866-987-944
Cash from financing-351-411-85.1-152-502340-580-554-1,109-325-1,667
Depreciation and amortisation275248261289352427456546662667662
Dividends paidn/a0.00.0133193208160250329440530
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
EUR million, from the cash flow statement as filed.
Read morePurchase of property, plant and equipment is the cash line as filed; purchases of intangible assets and acquisitions are not in it. Free cash flow is cash from operations less that purchase, arithmetic on the two filed lines. Cash from investing and from financing are the company's own section totals, below zero where cash went out. Buybacks are the cash paid for the company's own shares.

Balance sheet at year end

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022 †Dec 2023Dec 2024Dec 2025
Funded by
Equity attributable to shareholders-19.43257791,3491,4811,7852,2062,5933,0613,5343,907
Non-controlling interestsn/a4.85.35.16.04.05.59.69.79.37.8
Borrowings, as filedn/a1,8481,8061,9272,0902,7252,6302,8122,4773,3522,884
Lease liabilitiesn/an/an/a61.0n/an/an/an/an/an/an/a
Other liabilitiesn/a1,6721,5511,5101,8691,7482,0222,3522,5042,6022,829
Total equity and liabilitiesn/a3,8504,1414,8525,4466,2626,8647,7668,0519,4979,628
Owned
Property, plant and equipment6266697108511,0701,2271,3531,4581,5751,8292,058
Goodwilln/a785785785785785785785785785785
Other intangible assets3083544406468389791,1381,3071,4201,5461,638
Cash and cash equivalents1834586487948981,3621,3441,3891,1221,7421,468
Inventoriesn/a3243943914204615416759491,0881,114
Other assetsn/a1,2591,1641,3851,4361,4481,7022,1522,2012,5072,565
Total assetsn/a3,8504,1414,8525,4466,2626,8647,7668,0519,4979,628
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F
EUR million, at each fiscal year end.
Read moreBoth totals are the company's own; other liabilities and other assets are each total less the rows shown. Borrowings is the company's own stated total where it files one; it is never added up from its parts here.

Ratios on the filed lines

Year toDec 2015Dec 2016Dec 2017Dec 2018Dec 2019Dec 2020Dec 2021 †Dec 2022 †Dec 2023Dec 2024Dec 2025
Operating margin15.6%19.2%22.7%24.2%24.4%20.7%25.2%24.1%27.1%28.3%29.5%
Net margin10.1%12.8%15.7%22.9%18.5%17.6%19.5%18.3%21.0%22.8%22.3%
Free cash flow margin18.3%26.7%13.9%18.5%25.3%13.9%21.8%20.7%22.4%21.6%26.1%
Return on year-end equityn/a122.7%68.8%58.2%47.0%34.0%37.7%36.0%40.9%43.1%40.9%
Effective tax rate33.2%29.5%28.0%2.0%20.2%8.7%20.1%20.2%21.5%19.2%22.5%
Filing20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F20-F

Arithmetic on the filed lines of the same year: margins over revenue, return on equity as profit attributable to shareholders over year-end equity, tax over profit before tax.

Questions

What was Ferrari's revenue in 2025?

Ferrari (RACE) reported revenue of EUR 7.1 billion for the year to 31 December 2025, up 7.0% on the year before.

How much did Ferrari earn in 2025?

Profit attributable to shareholders was EUR 1.6 billion for the year to 31 December 2025, and diluted earnings per share EUR 8.96.

What is Ferrari's P/E ratio?

At the close of 10 November 2026, Ferrari traded at 41.6 times its earnings for 2025.

What is Ferrari's market cap?

The market cap of Ferrari was $73.7 billion at the close of 10 November 2026.

Peers: Automobiles and Trucks

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.50 trillion417.293.6%3.3%8.3%0.11n/a
Toyota Motor Corp. TM *$254.4 billion11.519.6%7.4%5.5%1.083.2%
General Motors Co. GM$75.3 billion20.346.3%2.3%-0.3%2.050.6%
Ferrari N.V. RACE *$73.7 billion41.6040.9%29.5%7.0%0.740.8%
Paccar Inc. PCAR$55.6 billion20.1113.2%n/a-1.5%0.712.6%
Ford Motor Co. F$50.1 billionn/a-21.1%-3.8%-1.4%4.424.9%
Honda Motor Co. Ltd. HMC *$45.3 billionn/a-3.6%-1.9%0.5%1.144.2%
Rivian Automotive, Inc. RIVN$20.0 billionn/a-52.0%-52.9%11.1%0.78n/a
Li Auto Inc. LI *$12.7 billion77.211.5%-0.5%-22.3%0.13n/a
Stellantis N.V. STLA *$12.3 billionn/a-41.8%-17.1%-2.1%0.8618.0%
XPeng Inc. XPEV *$9.7 billionn/a-3.8%-3.6%87.7%0.42n/a
Oshkosh Corp. OSK$8.6 billion17.6811.0%6.8%4.2%0.241.6%
All 51 in Automobiles and Trucks
CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Tesla, Inc. TSLA$1.50 trillion417.293.6%3.3%8.3%0.11n/a
Toyota Motor Corp. TM *$254.4 billion11.519.6%7.4%5.5%1.083.2%
General Motors Co. GM$75.3 billion20.346.3%2.3%-0.3%2.050.6%
Ferrari N.V. RACE *$73.7 billion41.6040.9%29.5%7.0%0.740.8%
Paccar Inc. PCAR$55.6 billion20.1113.2%n/a-1.5%0.712.6%
Ford Motor Co. F$50.1 billionn/a-21.1%-3.8%-1.4%4.424.9%
Honda Motor Co. Ltd. HMC *$45.3 billionn/a-3.6%-1.9%0.5%1.144.2%
Rivian Automotive, Inc. RIVN$20.0 billionn/a-52.0%-52.9%11.1%0.78n/a
Li Auto Inc. LI *$12.7 billion77.211.5%-0.5%-22.3%0.13n/a
Stellantis N.V. STLA *$12.3 billionn/a-41.8%-17.1%-2.1%0.8618.0%
Allison Transmission Holdings Inc. ALSN$10.3 billion18.0428.0%18.3%70.8%1.920.9%
Borgwarner Inc. BWA$10.1 billion21.478.4%5.4%0.4%0.531.3%
XPeng Inc. XPEV *$9.7 billionn/a-3.8%-3.6%87.7%0.42n/a
Autoliv Inc. ALV$8.7 billion14.5025.3%9.1%4.3%0.792.9%
Oshkosh Corp. OSK$8.6 billion17.6811.0%6.8%4.2%0.241.6%
NIO Inc. NIO *$8.2 billionn/a-374.3%-16.0%33.1%3.36n/a
Aptiv plc APTV$8.1 billion10.908.8%8.7%-17.1%0.61n/a
Federal Signal Corp. FSS$7.0 billion23.8818.8%16.2%24.0%0.270.5%
Terex Corp. TEX$6.4 billion28.824.0%5.7%40.1%0.521.2%
Modine Manufacturing Co. MOD$5.5 billion43.0210.5%10.1%35.1%0.59n/a
Lear Corp. LEA$5.3 billion9.5711.7%3.7%3.5%0.552.8%
Atmus Filtration Technologies Inc. ATMU$4.5 billion20.5643.8%17.1%13.8%1.880.4%
Thor Industries Inc. THO$4.1 billion23.464.2%n/a0.3%0.222.6%
Dorman Products, Inc. DORM$4.0 billion20.2312.9%13.3%2.2%0.28n/a
Gentex Corp. GNTX$4.0 billion10.4416.0%19.1%7.7%0.002.5%
Garrett Motion Inc. GTX$3.8 billion10.62n/an/a6.9%n/a1.5%
Polaris Inc. PII$3.8 billionn/a-24.4%-1.8%9.5%1.934.1%
Versigent plc VGNT$3.0 billionn/an/an/an/a13.79n/a
Patrick Industries Inc. PATK$2.6 billion20.7011.6%6.3%1.7%1.21n/a
Phinia Inc. PHIN$2.6 billion14.3412.4%8.3%5.6%0.721.6%
Dana Inc. DAN$2.4 billion2.5061.0%3.2%5.1%0.921.9%
LCI Industries LCII$2.4 billion12.0913.6%7.6%-0.2%0.584.7%
Visteon Corp. VC$2.0 billion13.8711.3%n/a1.9%0.230.5%
Blue Bird Corp. BLBD$1.8 billion6.9743.0%11.8%13.5%0.13n/a
Lucid Group, Inc. LCID$1.5 billionn/an/a-255.9%46.5%n/an/a
Adient plc ADNT$1.2 billion26.882.8%n/a5.0%1.38n/a
Goodyear Tire & Rubber Co. GT$1.2 billionn/a-22.2%n/a-3.9%2.800.0%
Dauch Corp. DCH$1.1 billionn/a-14.6%1.1%65.0%3.32n/a
Standard Motor Products, Inc. SMP$998 million14.659.6%8.5%5.5%0.672.9%
Gentherm Inc. THRM$916 million99.401.3%3.4%8.8%0.44n/a
Winnebago Industries Inc. WGO$887 million25.772.8%2.4%-3.4%0.364.5%
Aeva Technologies, Inc. AEVA$856 millionn/a-313.2%-558.6%62.9%2.24n/a
Miller Industries Inc. MLR$542 million31.974.1%n/a-4.2%0.011.7%
Hyliion Holdings Corp. HYLN$538 millionn/a-31.2%-350.5%273.1%0.00n/a
Hyster-Yale, Inc. HY$503 millionn/a-34.9%-2.8%-14.2%1.315.2%
Wabash National Corp. WNC$471 millionn/a-51.2%-10.4%-7.3%2.032.8%
Cooper-Standard Holdings Inc. CPS$351 millionn/an/a1.7%2.2%n/an/a
Holley Inc. HLLY$315 million17.404.1%9.7%3.0%1.09n/a
Strattec Security Corp. STRT$246 million14.847.1%3.9%-0.7%0.00n/a
Motorcar Parts of America Inc. MPAA$141 millionn/a-0.2%6.0%-9.1%0.65n/a
Commercial Vehicle Group, Inc. CVGI$121 millionn/a-7.4%3.0%11.0%0.68n/a
14 companies share its SEC industry code (Motor Vehicles & Passenger Car Bodies); the rest are the names nearest in size in its wider industry, Automobiles and Trucks, one of the Fama-French 48 industries, a published grouping of SEC industry codes.
Read moreBy market capitalisation; a click on a heading sorts by it, largest first, and a second click turns it round. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close; a name marked * is a foreign company that files once a year, on its latest fiscal year.

Annual reports on EDGAR

FormYear toFiled
20-F31 December 202519 February 2026EDGAR
20-F31 December 202421 February 2025EDGAR
20-F31 December 202322 February 2024EDGAR
20-F31 December 202224 February 2023EDGAR
20-F31 December 202125 February 2022EDGAR
20-F31 December 202026 February 2021EDGAR
20-F31 December 201918 February 2020EDGAR
20-F31 December 201826 February 2019EDGAR
20-F31 December 201723 February 2018EDGAR
20-F30 December 20163 March 2017EDGAR
20-F31 December 201525 February 2016EDGAR