NYSE : RACE
Ferrari N.V. — Financial statements
Consumer Discretionary · Auto Manufacturers · Italy
Last price 399.77 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 76.76B
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Financial statements
Ferrari N.V. (RACE) reported revenue of 7.35B EUR (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 7.21B | 7.00B | 6.55B | 5.87B | 5.03B | 4.27B |
| Other Revenue | 144.28M | 141.94M | 130.41M | 99.66M | 69.39M | |
| Revenue | 7.35B | 7.15B | 6.68B | 5.97B | 5.10B | 4.27B |
| Cost of Revenue | 3.46B | 3.35B | 3.24B | 2.94B | 2.62B | 2.08B |
| Gross Profit | 3.80B | 3.69B | 3.35B | 2.97B | 2.45B | 2.19B |
| Selling, General & Admin | 682.10M | 642.49M | 561.14M | 462.58M | 427.97M | 348.02M |
| Research & Development | 923.76M | 918.86M | 894.09M | 881.56M | 775.57M | 768.10M |
| Other Operating Expenses | 27.34M | 27.48M | 12.44M | 18.90M | 21.55M | 5.56M |
| Operating Expenses | 1.63B | 1.59B | 1.47B | 1.36B | 1.23B | 1.12B |
| Operating Income | 2.16B | 2.10B | 1.88B | 1.61B | 1.22B | 1.07B |
| Interest Expense | -33.86M | -41.17M | -40.05M | -29.26M | -25.49M | -23.67M |
| Interest & Investment Income | 15.05M | 20.42M | 31.49M | 25.81M | 4.15M | 1.58M |
| Currency Exchange Gain (Loss) | -30.15M | -38.16M | -7.04M | -20.20M | -25.92M | -11.41M |
| Other Non Operating Income (Expenses) | 8.98M | 12.83M | 16.81M | 8.63M | -2.35M | 240.00K |
| EBT Excluding Unusual Items | 2.12B | 2.06B | 1.88B | 1.60B | 1.17B | 1.04B |
| Gain (Loss) on Sale of Investments | 13.50M | 12.57M | 8.24M | 6.14M | 6.17M | 6.90M |
| Legal Settlements | -7.73M | -6.82M | ||||
| Pretax Income | 2.13B | 2.06B | 1.89B | 1.60B | 1.18B | 1.04B |
| Income Tax Expense | 489.71M | 464.12M | 363.04M | 344.90M | 238.47M | 209.09M |
| Earnings From Continuing Operations | 1.64B | 1.60B | 1.53B | 1.26B | 939.29M | 833.14M |
| Minority Interest in Earnings | -2.40M | -2.60M | -4.04M | -5.41M | -6.68M | -2.37M |
| Net Income | 1.64B | 1.60B | 1.52B | 1.25B | 932.61M | 830.77M |
| Net Income to Common | 1.64B | 1.60B | 1.52B | 1.25B | 932.61M | 830.77M |
| Shares Outstanding (Basic) | 177.21M | 178.12M | 179.74M | 181.22M | 182.84M | 184.45M |
| Shares Outstanding (Diluted) | 177.40M | 178.32M | 179.99M | 181.51M | 183.12M | 184.77M |
| EPS (Basic) | 9.23 | 8.97 | 8.47 | 6.91 | 5.10 | 4.50 |
| EPS (Diluted) | 9.23 | 8.96 | 8.46 | 6.90 | 5.09 | 4.50 |
| Free Cash Flow | 1.91B | 1.86B | 1.44B | 1.33B | 1.06B | 930.41M |
| Free Cash Flow Per Share | 10.77 | 10.45 | 8.03 | 7.35 | 5.76 | 5.04 |
| Dividend Per Share | 3.62 | 3.62 | 2.99 | 2.44 | 1.81 | 1.36 |
| Gross Margin | 51.62% | 51.68% | 50.13% | 49.82% | 48.01% | 51.28% |
| Operating Margin | 29.41% | 29.44% | 28.15% | 26.99% | 23.97% | 25.02% |
| Profit Margin | 22.25% | 22.35% | 22.79% | 20.97% | 18.30% | 19.45% |
| Free Cash Flow Margin | 25.98% | 26.09% | 21.63% | 22.36% | 20.72% | 21.79% |
| EBITDA | 2.47B | 2.41B | 2.19B | 1.91B | 1.49B | 1.31B |
| EBITDA Margin | 33.60% | 33.68% | 32.78% | 32.01% | 29.30% | 30.78% |
| D&A For EBITDA | 308.18M | 302.92M | 309.21M | 299.72M | 271.66M | 246.17M |
| EBIT | 2.16B | 2.10B | 1.88B | 1.61B | 1.22B | 1.07B |
| EBIT Margin | 29.41% | 29.44% | 28.15% | 26.99% | 23.97% | 25.02% |
| Effective Tax Rate | 23.01% | 22.49% | 19.22% | 21.52% | 20.25% | 20.06% |
Balance sheet
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 1.42B | 1.41B | 1.69B | 1.12B | 1.39B | 1.34B |
| Short-Term Investments | 4.60M | 4.42M | 5.66M | 5.57M | 7.07M | 1.94M |
| Trading Asset Securities | 6.15M | 1.49M | 5.55M | 17.41M | 36.77M | 6.05M |
| Cash & Short-Term Investments | 1.43B | 1.42B | 1.70B | 1.14B | 1.43B | 1.35B |
| Accounts Receivable | 464.17M | 360.34M | 349.18M | 261.38M | 232.41M | 185.00M |
| Other Receivables | 16.65M | 131.31M | 72.75M | 77.14M | 95.91M | 75.58M |
| Receivables | 480.82M | 491.65M | 421.93M | 338.52M | 328.33M | 260.58M |
| Inventory | 1.24B | 1.11B | 1.09B | 948.51M | 674.66M | 540.58M |
| Finance Div. Loans and Leases | 1.80B | 1.61B | 1.66B | 1.45B | 1.40B | 1.14B |
| Finance Div. Other Current Assets | 65.00M | 57.00M | 55.00M | |||
| Prepaid Expenses | 51.86M | 63.98M | 53.85M | 42.91M | 36.08M | |
| Other Current Assets | 200.47M | 79.94M | 30.75M | 49.01M | 73.88M | 30.37M |
| Total Current Assets | 5.22B | 4.82B | 5.02B | 3.99B | 3.95B | 3.36B |
| Property, Plant & Equipment | 2.15B | 1.55B | 1.33B | 1.18B | 1.22B | 1.03B |
| Long-Term Investments | 103.73M | 96.44M | 80.82M | 67.67M | 59.53M | 54.51M |
| Goodwill | 785.18M | 785.18M | 785.18M | 785.18M | 785.18M | 785.18M |
| Other Intangible Assets | 1.71B | 42.67M | 42.77M | 49.80M | 42.92M | 31.03M |
| Long-Term Deferred Tax Assets | 255.22M | 226.00M | 236.79M | 217.55M | 203.38M | 168.76M |
| Long-Term Deferred Charges | 1.60B | 1.50B | 1.37B | 1.26B | 1.11B | |
| Other Long-Term Assets | 503.44M | 499.13M | 391.79M | 238.61M | 318.90M | |
| Total Assets | 10.21B | 9.63B | 9.50B | 8.05B | 7.77B | 6.86B |
| Accounts Payable | 991.20M | 841.26M | 945.66M | 930.56M | 902.97M | 797.83M |
| Accrued Expenses | 185.29M | 285.33M | 288.63M | 276.08M | 273.29M | 159.16M |
| Current Portion of Long-Term Debt | 8.03M | 12.37M | 459.06M | 394.63M | 501.34M | |
| Current Portion of Leases | 31.85M | 31.35M | 26.49M | 16.45M | 15.92M | 14.78M |
| Finance Div. Debt Current | 668.42M | 669.18M | 649.17M | 514.60M | 422.74M | |
| Current Income Taxes Payable | 84.22M | 4.95M | 37.87M | 89.27M | 58.56M | 112.91M |
| Other Current Liabilities | 178.99M | 144.20M | 214.07M | 144.04M | 146.06M | 145.29M |
| Total Current Liabilities | 2.15B | 2.10B | 2.65B | 2.01B | 2.25B | 1.75B |
| Long-Term Debt | 1.47B | 1.27B | 1.28B | 1.11B | 1.10B | 2.07B |
| Finance Div. Debt Long-Term | 858.05M | 772.82M | 835.83M | 775.40M | 841.26M | |
| Long-Term Leases | 125.26M | 130.80M | 99.78M | 56.60M | 41.51M | 41.43M |
| Long-Term Unearned Revenue | 700.82M | 1.19B | 882.87M | 806.31M | 270.35M | 256.21M |
| Pension & Post-Retirement Benefits | 89.84M | 16.64M | 17.48M | 18.00M | 15.14M | 18.43M |
| Long-Term Deferred Tax Liabilities | 282.57M | 146.46M | 82.43M | 100.86M | 86.16M | 78.50M |
| Other Long-Term Liabilities | 871.24M | 89.38M | 105.43M | 102.39M | 558.68M | 436.28M |
| Total Liabilities | 6.55B | 5.71B | 5.95B | 4.98B | 5.16B | 4.65B |
| Common Stock | 2.57M | 2.57M | 2.57M | 2.57M | 2.57M | 2.57M |
| Additional Paid-In Capital | 5.77B | 5.77B | 5.77B | 5.77B | 5.77B | |
| Retained Earnings | 3.64B | -5.06B | -4.58B | -4.52B | -4.54B | -4.45B |
| Comprehensive Income & Other | 13.10M | 3.19B | 2.34B | 1.81B | 1.36B | 886.78M |
| Total Common Equity | 3.66B | 3.91B | 3.53B | 3.06B | 2.59B | 2.21B |
| Minority Interest | 6.24M | 7.85M | 9.29M | 9.73M | 9.63M | 5.52M |
| Shareholders' Equity | 3.66B | 3.91B | 3.54B | 3.07B | 2.60B | 2.21B |
| Total Liabilities & Equity | 10.21B | 9.63B | 9.50B | 8.05B | 7.77B | 6.86B |
| Total Debt | 3.17B | 2.88B | 3.35B | 2.48B | 2.81B | 2.63B |
| Net Cash (Debt) | -1.73B | -1.47B | -1.65B | -1.33B | -1.38B | -1.28B |
| Net Cash Per Share | -9.78 | -8.23 | -9.19 | -7.34 | -7.53 | -6.92 |
| Filing Date Shares Outstanding | 175.92M | 177.28M | 178.88M | 180.30M | 181.95M | 183.84M |
| Total Common Shares Outstanding | 175.92M | 177.28M | 179.04M | 180.42M | 181.95M | 183.84M |
| Working Capital | 3.07B | 2.73B | 2.37B | 1.98B | 1.70B | 1.61B |
| Book Value Per Share | 20.80 | 22.04 | 19.74 | 16.97 | 14.25 | 12.00 |
| Tangible Book Value | 1.17B | 3.08B | 2.71B | 2.23B | 1.76B | 1.39B |
| Tangible Book Value Per Share | 6.64 | 17.37 | 15.11 | 12.34 | 9.70 | 7.56 |
| Land | 158.13M | 152.81M | 151.23M | 131.99M | 50.06M | |
| Buildings | 693.25M | 657.43M | 523.15M | 498.05M | 486.68M | |
| Machinery | 3.68B | 3.35B | 3.21B | 3.07B | 2.77B |
Cash flow statement
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 1.64B | 1.60B | 1.52B | 1.25B | 932.61M | 830.77M |
| Depreciation & Amortization | 341.20M | 335.77M | 336.00M | 319.31M | 288.50M | 261.52M |
| Other Amortization | 337.46M | 326.17M | 330.78M | 343.00M | 257.73M | 194.47M |
| Loss (Gain) on Equity Investments | -13.50M | -12.57M | -8.24M | -6.14M | -6.17M | -6.90M |
| Other Operating Activities | 319.65M | 191.66M | 128.86M | 166.69M | 76.87M | 162.42M |
| Change in Accounts Receivable | -50.63M | -20.62M | -94.03M | -33.38M | -48.40M | 1.77M |
| Change in Inventory | -144.57M | -76.68M | -157.53M | -309.56M | -153.89M | -81.31M |
| Change in Accounts Payable | 52.74M | -59.13M | 7.67M | 43.28M | 103.98M | 72.57M |
| Change in Other Net Operating Assets | -71.30M | 67.80M | -138.73M | -58.60M | -47.88M | -152.59M |
| Operating Cash Flow | 2.41B | 2.35B | 1.93B | 1.72B | 1.40B | 1.28B |
| Capital Expenditures | -496.75M | -485.21M | -482.28M | -381.76M | -347.73M | -352.32M |
| Sale of Property, Plant & Equipment | 983.00K | 400.00K | 2.04M | 2.46M | 578.00K | 4.41M |
| Cash Acquisitions | -1.35M | -1.35M | ||||
| Sale (Purchase) of Intangibles | -472.38M | -457.98M | -506.87M | -487.15M | -456.89M | -384.83M |
| Investment in Securities | 398.00K | -1.37M | ||||
| Investing Cash Flow | -969.10M | -944.14M | -987.11M | -866.45M | -805.41M | -732.74M |
| Long-Term Debt Issued | 584.90M | 1.11B | 435.81M | 262.29M | 557.82M | |
| Long-Term Debt Repaid | -932.58M | -411.64M | -751.07M | -167.54M | -745.14M | |
| Lease Payments | -27.06M | -23.82M | -22.00M | -17.69M | -16.50M | -21.61M |
| Total Debt Repaid | -606.07M | -932.58M | -411.64M | -751.07M | -167.54M | -745.14M |
| Net Debt Issued (Repaid) | -47.12M | -347.67M | 701.03M | -315.26M | 94.75M | -187.32M |
| Repurchase of Common Stock | -796.41M | -785.33M | -581.08M | -460.63M | -396.52M | -230.90M |
| Common Dividends Paid | -630.67M | -529.71M | -439.92M | -328.63M | -249.52M | -160.10M |
| Other Financing Activities | -4.45M | -4.79M | -4.89M | -2.27M | -1.35M | |
| Financing Cash Flow | -1.47B | -1.67B | -324.76M | -1.11B | -553.56M | -579.67M |
| Foreign Exchange Rate Adjustments | 3.44M | -12.51M | 5.45M | -7.70M | 383.00K | 11.42M |
| Net Cash Flow | -32.69M | -274.50M | 620.23M | -266.92M | 44.76M | -18.26M |
| Free Cash Flow | 1.91B | 1.86B | 1.44B | 1.33B | 1.06B | 930.41M |
| Free Cash Flow Margin | 25.98% | 26.09% | 21.63% | 22.36% | 20.72% | 21.79% |
| Free Cash Flow Per Share | 10.77 | 10.45 | 8.03 | 7.35 | 5.76 | 5.04 |
| Levered Free Cash Flow | 1.00B | 839.14M | 543.27M | 637.36M | 612.90M | 345.17M |
| Unlevered Free Cash Flow | 1.02B | 864.87M | 568.31M | 655.64M | 628.83M | 359.97M |
| Free Cash Flow After Leases | 1.88B | 1.84B | 1.42B | 1.32B | 1.04B | 908.80M |
| Cash Interest Paid | 98.09M | 126.26M | 50.35M | 83.24M | 37.35M | 29.20M |
| Cash Income Tax Paid | 332.56M | 385.55M | 409.79M | 292.46M | 304.69M | |
| Change in Working Capital | -213.76M | -88.63M | -382.62M | -358.27M | -146.19M | -159.56M |
Ratios
Fiscal year January - December; amounts in EUR.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 78.54B | 66.34B | 76.44B | 60.86B | 38.93B | 47.57B |
| Enterprise Value | 80.49B | 68.09B | 78.10B | 62.49B | 40.53B | 49.07B |
| Last Close Price | 395.99 | 365.34 | 416.77 | 329.88 | 207.32 | 248.81 |
| PE Ratio | 39.02 | 35.38 | 48.52 | 43.98 | 39.06 | 50.34 |
| PS Ratio | 9.18 | 7.91 | 11.06 | 9.22 | 7.15 | 9.79 |
| PB Ratio | 18.43 | 14.43 | 20.84 | 17.93 | 14.00 | 18.91 |
| P/TBV Ratio | 57.84 | 18.35 | 27.29 | 24.74 | 20.64 | 30.10 |
| P/FCF Ratio | 36.07 | 30.31 | 51.12 | 41.25 | 34.51 | 44.95 |
| P/OCF Ratio | 28.63 | 24.05 | 38.32 | 32.08 | 25.96 | 32.61 |
| EV/Sales Ratio | 9.42 | 8.12 | 11.30 | 9.47 | 7.44 | 10.10 |
| EV/EBITDA Ratio | 28.03 | 24.09 | 34.47 | 29.59 | 25.40 | 32.81 |
| EV/EBIT Ratio | 32.02 | 27.56 | 40.14 | 35.09 | 31.06 | 40.37 |
| EV/FCF Ratio | 36.98 | 31.11 | 52.23 | 42.35 | 35.93 | 46.37 |
| Debt / Equity Ratio | 0.86 | 0.74 | 0.95 | 0.81 | 1.08 | 1.19 |
| Debt / EBITDA Ratio | 1.26 | 1.18 | 1.51 | 1.28 | 1.86 | 1.98 |
| Debt / FCF Ratio | 1.66 | 1.55 | 2.32 | 1.86 | 2.66 | 2.83 |
| Net Debt / Equity Ratio | 0.47 | 0.38 | 0.47 | 0.43 | 0.53 | 0.58 |
| Net Debt / EBITDA Ratio | 0.70 | 0.61 | 0.76 | 0.70 | 0.92 | 0.97 |
| Net Debt / FCF Ratio | 0.91 | 0.79 | 1.15 | 1.00 | 1.31 | 1.37 |
| Asset Turnover | 0.74 | 0.75 | 0.76 | 0.76 | 0.70 | 0.65 |
| Inventory Turnover | 2.93 | 3.05 | 3.18 | 3.62 | 4.32 | 4.16 |
| Quick Ratio | 1.76 | 1.71 | 1.45 | 1.46 | 1.40 | 1.58 |
| Current Ratio | 2.43 | 2.30 | 1.90 | 1.99 | 1.75 | 1.92 |
| Return on Equity (ROE) | 45.44% | 42.89% | 46.14% | 44.33% | 39.02% | 41.65% |
| Return on Assets (ROA) | 13.61% | 13.75% | 13.39% | 12.73% | 10.44% | 10.18% |
| Return on Invested Capital (ROIC) | 31.51% | 30.83% | 31.63% | 30.16% | 26.07% | 25.73% |
| Return on Capital Employed (ROCE) | 26.80% | 27.90% | 27.40% | 26.70% | 22.20% | 20.90% |
| Earnings Yield | 2.56% | 2.83% | 2.06% | 2.27% | 2.56% | 1.99% |
| FCF Yield | 2.77% | 3.30% | 1.96% | 2.42% | 2.90% | 2.23% |
| Dividend Yield | 1.06% | 1.13% | 0.72% | 0.80% | 0.90% | 0.60% |
| Payout Ratio | 41.46% | 33.17% | 28.91% | 26.25% | 26.76% | 19.27% |
| Buyback Yield / Dilution | 0.97% | 0.93% | 0.84% | 0.88% | 0.89% | 0.33% |
| Total Shareholder Return | 2.03% | 2.06% | 1.56% | 1.68% | 1.80% | 0.93% |