Ferrari
Company Overview
Sector : Consumer Discretionary
Industry : Automobiles
Headquarter : Maranello, Italy
Description : Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. It offers sports, track, one-off, and road cars, as well as supercars. The company also provides spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods. In addition, it operates Ferrari museums in Modena and Maranello; Il Cavallino restaurant in Maranello; and theme parks in Abu Dhabi and Spain. Further, the company provides direct or indirect finance and leasing services; range of financial and ancillary services; special financing arrangements; and operates franchised and owned Ferrari stores. The company was founded in 1947 and is headquartered in Maranello, Italy.
CRIF Credit Rating
BBB+
CEO
Benedetto Vigna
No. of Employees
5,718
Website
www.ferrari.com
Ferrari N.V. | Key Metrics
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||||
| Revenue | 3,110 | 3,420 | 3,420 | 3,770 | 3,460 | 4,270 | 5,100 | 5,970 | 6,680 | 7,150 |
| Revenue Growth % | 8.78% | 10.04% | 0.10% | 10.12% | (8.15%) | 23.44% | 19.30% | 17.17% | 11.83% | 7.03% |
| Gross Profit | 1,530 | 1,770 | 1,800 | 1,960 | 1,770 | 2,190 | 2,450 | 2,970 | 3,350 | 3,690 |
| Gross Margin % | 49.13% | 51.69% | 52.55% | 52.07% | 51.26% | 51.28% | 48.01% | 49.82% | 50.13% | 51.68% |
| Operating Income | 620 | 780 | 830 | 920 | 730 | 1,070 | 1,240 | 1,610 | 1,880 | 2,100 |
| Operating Margin % | 19.86% | 22.82% | 24.18% | 24.40% | 21.10% | 25.15% | 24.39% | 26.99% | 28.15% | 29.35% |
| EBIT | 560 | 740 | 800 | 870 | 720 | 1,080 | 1,230 | 1,610 | 1,900 | 2,080 |
| EBIT Margin % | 18.19% | 21.65% | 23.41% | 23.09% | 20.70% | 25.18% | 24.09% | 26.90% | 28.42% | 29.17% |
| EBITDA | 810 | 1,000 | 1,090 | 1,220 | 1,140 | 1,530 | 1,770 | 2,270 | 2,560 | 2,750 |
| EBITDA Margin % | 26.16% | 29.28% | 31.86% | 32.43% | 33.03% | 35.86% | 34.81% | 37.99% | 38.41% | 38.43% |
| Net Income | 400 | 540 | 780 | 700 | 610 | 830 | 930 | 1,250 | 1,520 | 1,600 |
| Net Margin % | 12.87% | 15.73% | 23.00% | 18.55% | 17.60% | 19.51% | 18.43% | 21.06% | 22.85% | 22.38% |
| Diluted EPS (€) | 2.11 | 2.82 | 4.14 | 3.71 | 3.28 | 4.50 | 5.09 | 6.90 | 8.46 | 8.96 |
| Dividend Per Share (€) | 0.46 | 0.64 | 0.71 | 1.03 | 1.13 | 0.87 | 1.36 | 1.81 | 2.44 | 2.99 |
| Balance Sheet | ||||||||||
| Total Assets | 3,850 | 4,140 | 4,850 | 5,450 | 6,260 | 6,860 | 7,770 | 8,050 | 9,500 | 9,630 |
| Total Liabilities | 3,520 | 3,360 | 3,500 | 3,960 | 4,470 | 4,650 | 5,160 | 4,980 | 5,950 | 5,710 |
| Total Equity | 330 | 780 | 1,350 | 1,490 | 1,790 | 2,210 | 2,600 | 3,070 | 3,540 | 3,910 |
| Cash & Equivalents | 460 | 650 | 790 | 900 | 1,360 | 1,340 | 1,390 | 1,120 | 1,740 | 1,470 |
| Working Capital | 840 | 1,030 | 1,420 | 1,510 | 1,960 | 2,040 | 2,540 | 2,500 | 3,530 | 3,400 |
| Book Value Per Share (€) | 1.32 | 4.12 | 7.18 | 7.99 | 9.66 | 12.00 | 14.25 | 16.97 | 19.74 | 22.04 |
| Total Debt / Equity | 5.60 | 2.30 | 1.42 | 1.41 | 1.52 | 1.19 | 1.08 | 0.81 | 0.95 | 0.74 |
| Cash Flow | ||||||||||
| Operating Cash Flow | 1,005 | 663 | 934 | 1,306 | 838 | 1,283 | 1,403 | 1,717 | 1,927 | 2,349 |
| Cash from Investing | (320) | (379) | (637) | (701) | (708) | (733) | (805) | (866) | (987) | (944) |
| Cash from Financing | (411) | (85) | (152) | (502) | 340 | (580) | (554) | (1,109) | (325) | (1,667) |
| Capital Expenditure | 342 | 391 | 638 | 706 | 709 | 737 | 805 | 869 | 989 | 943 |
| Free Cash Flow | 267 | 449 | 424 | 541 | 351 | 705 | 745 | 1,206 | 1,320 | 1,495 |
| Change in Cash | 274 | 198 | 145 | 103 | 470 | (30) | 44 | (259) | 615 | (262) |
| Period ending Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue % | ||||||||||
| Year Over Year | 8.78% | 10.04% | 0.10% | 10.12% | (8.15%) | 23.44% | 19.30% | 17.17% | 11.83% | 7.03% |
| 3-Year Average | 9.96% | 7.35% | 6.21% | 6.65% | 0.42% | 7.68% | 10.60% | 19.94% | 16.06% | 11.93% |
| 5-Year Average | — | 8.96% | 7.93% | 6.40% | 3.92% | 6.58% | 8.32% | 11.79% | 12.13% | 15.61% |
| 10-Year Average | — | — | — | — | — | — | 8.64% | 9.84% | 9.23% | 9.61% |
| Operating Income % | ||||||||||
| Year Over Year | 35.39% | 26.49% | 6.05% | 11.11% | (20.56%) | 47.15% | 15.70% | 29.65% | 16.65% | 11.58% |
| 3-Year Average | 19.48% | 23.35% | 22.01% | 14.23% | (2.18%) | 9.11% | 10.59% | 30.20% | 20.50% | 19.06% |
| 5-Year Average | — | 17.24% | 18.00% | 17.20% | 9.90% | 11.74% | 9.77% | 14.27% | 15.39% | 23.50% |
| 10-Year Average | — | — | — | — | — | — | 13.44% | 16.12% | 16.29% | 16.50% |
| Net Income % | ||||||||||
| Year Over Year | 38.55% | 34.26% | 46.56% | (11.32%) | (12.65%) | 36.68% | 12.26% | 34.25% | 21.55% | 4.93% |
| 3-Year Average | 18.31% | 27.00% | 39.70% | 20.39% | 4.32% | 1.92% | 10.26% | 27.24% | 22.36% | 19.64% |
| 5-Year Average | — | 18.89% | 26.65% | 21.63% | 16.13% | 15.81% | 11.74% | 9.80% | 16.94% | 21.31% |
| 10-Year Average | — | — | — | — | — | — | 15.26% | 17.92% | 19.26% | 18.69% |
| EPS % | ||||||||||
| Year Over Year | 38.82% | 33.65% | 46.81% | (10.39%) | (11.59%) | 37.20% | 13.11% | 35.56% | 22.61% | 5.91% |
| 3-Year Average | 18.30% | 26.90% | 39.65% | 20.70% | 5.17% | 2.82% | 11.12% | 28.13% | 23.42% | 20.74% |
| 5-Year Average | — | 18.77% | 26.57% | 21.87% | 16.63% | 16.36% | 12.54% | 10.76% | 17.92% | 22.26% |
| 10-Year Average | — | — | — | — | — | — | 15.61% | 18.40% | 19.88% | 19.41% |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns | ||||||||||
| Return on Assets % | 10.32% | 13.40% | 17.45% | 13.51% | 10.38% | 12.66% | 12.75% | 15.83% | 17.34% | 16.70% |
| Return on Equity % | 265.95% | 97.02% | 73.77% | 49.17% | 37.22% | 41.63% | 38.87% | 44.29% | 46.15% | 42.92% |
| Return on Invested Capital % | 22.74% | 22.30% | 26.71% | 20.19% | 16.15% | 18.35% | 18.99% | 22.93% | 24.61% | 23.59% |
| Working Capital Efficiency | ||||||||||
| Days Sales Outstanding | 23.64 | 25.82 | 24.05 | 21.46 | 21.93 | 15.78 | 14.95 | 15.09 | 16.69 | 18.12 |
| Days Inventory | 71.56 | 79.35 | 88.26 | 82.00 | 95.31 | 87.82 | 83.72 | 98.88 | 111.64 | 116.39 |
| Payables Period | 129.67 | 135.13 | 141.83 | 138.02 | 154.26 | 132.59 | 117.18 | 111.69 | 102.84 | 94.44 |
| Cash Conversion Cycle | (34.47) | (29.97) | (29.52) | (34.57) | (37.02) | (28.99) | (18.50) | 2.28 | 25.49 | 40.06 |
| Asset Turnover | ||||||||||
| Receivables Turnover | 15.44 | 14.14 | 15.17 | 17.01 | 16.65 | 23.13 | 24.41 | 24.18 | 21.87 | 20.14 |
| Inventory Turnover | 5.10 | 4.60 | 4.14 | 4.45 | 3.83 | 4.16 | 4.36 | 3.69 | 3.27 | 3.14 |
| Fixed Assets Turnover | 4.79 | 4.95 | 4.38 | 3.92 | 3.01 | 3.31 | 3.63 | 3.94 | 3.92 | 3.68 |
| Asset Turnover | 0.80 | 0.86 | 0.76 | 0.73 | 0.59 | 0.65 | 0.70 | 0.75 | 0.76 | 0.75 |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Liquidity | ||||||||||
| Current Ratio | 1.80 | 1.99 | 2.34 | 2.34 | 2.75 | 2.54 | 2.80 | 2.68 | 3.37 | 3.38 |
| Quick Ratio | 1.45 | 1.57 | 1.93 | 1.92 | 2.27 | 2.07 | 2.21 | 1.96 | 2.57 | 2.51 |
| Leverage & Solvency | ||||||||||
| Interest Coverage | — | — | — | — | 14.28 | 28.14 | 22.73 | 55.77 | 48.16 | 51.13 |
| Financial Leverage | 11.85 | 5.32 | 3.60 | 3.68 | 3.51 | 3.11 | 3.00 | 2.63 | 2.69 | 2.46 |
| Debt / Equity | 5.69 | 2.32 | 1.43 | 1.41 | 1.53 | 1.19 | 1.08 | 0.81 | 0.95 | 0.74 |
| Per Share | ||||||||||
| Book Value Per Share (€) | 1.32 | 4.12 | 7.18 | 7.99 | 9.66 | 12.00 | 14.25 | 16.97 | 19.74 | 22.04 |
| Cash Value Per Share (€) | — | — | — | 4.84 | 7.56 | 7.35 | 8.06 | 6.52 | 9.82 | 8.67 |
| Capital Expenditure | ||||||||||
| Capex as % of Sales | 11.01% | 11.46% | 18.66% | 18.73% | 20.49% | 17.26% | 15.79% | 14.55% | 14.82% | 13.20% |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash Flow Growth | ||||||||||
| Operating CF Growth % YoY | 42.14% | (34.07%) | 40.92% | 39.83% | (35.82%) | 53.03% | 9.40% | 22.33% | 12.23% | 21.94% |
| Free Cash Flow Growth % YoY | 88.80% | (59.09%) | 8.96% | 103.07% | (78.48%) | 322.23% | 9.74% | 41.59% | 10.59% | 49.99% |
| Cash Flow Margins & Quality | ||||||||||
| Free Cash Flow / Sales % | 21.36% | 7.94% | 8.65% | 15.94% | 3.73% | 12.77% | 11.75% | 14.20% | 14.04% | 19.68% |
| Free Cash Flow / Net Income | 1.66 | 0.51 | 0.38 | 0.86 | 0.21 | 0.66 | 0.64 | 0.68 | 0.62 | 0.88 |
| Free Cash Flow Per Share (€) | 1.56 | 3.11 | 1.21 | 3.06 | 0.36 | 3.18 | 3.28 | 4.17 | 5.16 | 7.58 |
| Fiscal Year End Dec | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Price Multiples | ||||||||||
| Price / Sales | 3.47 | 4.86 | — | 7.56 | 10.55 | 10.10 | 7.50 | 9.54 | 11.51 | 8.05 |
| Price / Earnings | 30.66 | 32.39 | — | 38.82 | 68.35 | 47.89 | 39.64 | 47.03 | 52.01 | 35.53 |
| Price / Forward Earnings | — | — | — | 34.72 | 45.20 | 46.19 | 32.83 | 39.59 | 45.86 | 33.06 |
| Price / Cash Flow | 16.58 | 23.05 | — | 23.16 | 32.50 | 29.78 | 24.24 | 27.71 | 33.07 | 23.76 |
| Price / Book | 59.26 | 25.58 | — | 19.82 | 22.97 | 20.38 | 15.20 | 19.45 | 22.17 | 15.02 |
| PEG Ratio | 3.65 | 1.77 | — | 1.46 | 6.32 | 2.24 | 2.97 | 4.27 | 3.29 | 1.34 |
| Earnings & Enterprise Value | ||||||||||
| Earnings Yield % | 3.26% | 3.09% | — | 2.58% | 1.46% | 2.09% | 2.52% | 2.13% | 1.92% | 2.81% |
| Enterprise Value (€ Bil) | 12.16 | 17.70 | — | 28.73 | 36.42 | 43.15 | 38.06 | 56.57 | 75.40 | 57.94 |
| EV / EBIT | 24.78 | 25.19 | — | 31.65 | 57.16 | 40.66 | 31.89 | 36.64 | 42.21 | 28.21 |
| EV / EBITDA | 16.36 | 18.31 | — | 23.47 | 34.43 | 28.67 | 22.37 | 25.82 | 30.59 | 21.43 |