Ferrari NV

Financial Performance

5Y price score: 132

10Y return: 802.5%

DATE RANGE:

US$ Per
Share

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312.5

52-week range

504.4

421.85

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Required return / cost of capital

FCFF terminal growth rate

Your fair value & Margin of safety

To calculate fair value based on cost of capital and terminal growth assumptions above, please select free cash flow forecast.

Forecast:

Valuation

Free Cash Flow Yield

4.6 %

Dividend Yield TTM

1 %

Market cap $

$ 74,210

Price / Earnings TTM

39.2

Price / Book TTM

17.4

PEG TTM

4.1

Earnings growth and return

LTM

5YR

10YR

Total return (price & dividends)

(9) %

98.3 %

802.5 %

Free cash flow per share growth

113.8 %

2,038.3 %

701.5 %

Earnings per share growth

9.7 %

173.2 %

489.5 %

Founded: 1,939

Employees: 5,465

Business Summary:Ferrari N.V., through its subsidiaries, designs, engineers, produces, and sells luxury performance sports cars. The company offers sports, GT, and special series cars; limited edition hyper cars; one-off and track cars; and Icona cars. It also provides racing cars, and spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars. In addition, the company licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods; Ferrari World, a theme park in Abu Dhabi, the United Arab Emirates; and Ferrari Land Portaventura, a theme park in Europe. Further, it provides direct or indirect finance and leasing services to retail clients and dealers; manages racetracks, as well as owns and manages two museums in Maranello and Modena, Italy; and develops and sells a line of apparel and accessories through its monobrand stores. As of December 31, 2021, it had a total of 30 retail Ferrari stores, including 14 franchised stores and 16 owned stores. The company also sells its products through a network of 172 authorized dealers operating 191 points of sale worldwide, as well as through its website, store.ferrari.com. Ferrari N.V. was founded in 1947 and is headquartered in Maranello, Italy.

Fair Value Reference Estimate

Latest Earnings Call Takeaways

2026 Q2 (Jul 30, 2026)

1) Financial Performance Highlights
- Q2 2026 revenues reached EUR 1.94 billion, with an EBITDA of EUR 755 million.
- Industrial free cash flow generation was EUR 275 million.
- Personalization accounted for 20% of total revenues from cars and spare parts, exceeding expectations.
- Net revenues grew 11% at constant currency and 8% including currency headwinds.
- EBIT margin stood at 31.2%, slightly up YoY, while EBITDA margin was 39%, slightly down due to better Formula 1 rankings.

2) Strong Demand and Order Book
- The order book covers the entire year of 2027, indicating strong demand across all geographies.
- Models like the 296 Speciale and 12Cilindri are sold out for their production runs.
- The launch of the Ferrari Luce, the first electric model, has received positive initial orders from both repeat and new clients.
- The company is committed to a strategy of emotion-driven innovation, blending heritage with modern technology.

3) Product Innovation and Launches
- Q2 saw the unveiling of several new models, including the Amalfi Spider, Purosangue Handling Speciale, and the 12Cilindri Manuale.
- The 12Cilindri Manuale is a limited edition with 1,499 units fully allocated, showcasing a return to manual transmission technology.
- The product lineup now includes combustion, hybrid, and electric models, emphasizing Ferrari's commitment to technology neutrality.

4) Operational Challenges and Strategic Focus
- The company is managing a significant model changeover, impacting delivery volumes, particularly in the U.S. market.
- There were no supply chain issues reported; the decrease in U.S. shipments was attributed to the ramp-up of new models and high personalization levels.
- Ferrari is focused on maintaining scarcity and exclusivity in its offerings, which is central to its brand strategy.

5) Guidance and Future Outlook
- Full-year guidance has been raised, reflecting strong personalization trends and a favorable FX environment.
- The company expects personalization to account for over 20% of revenues from cars and spare parts.
- Future product launches are planned, with two more models expected by the end of the year, further enhancing the product portfolio.

Bottom line: Ferrari's strong Q2 results, driven by robust demand and innovative product launches, position the company well for continued growth. The focus on personalization and a diversified product lineup, including the introduction of electric vehicles, supports a positive outlook for shareholders.

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