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Ferrari N.V.

RACE.MI
77
Auto - Manufacturers · Consumer Cyclical
Price
€353.20
-4.50 (-1.26%)
Market Cap
€62.08B
Exchange
Italian Stock Exchange
Winston Score
77
Winston is happy
A high-quality business with solid fundamentals.
Data as of Sep 5, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Exceptional
Growth
Strong
Cash Flow
Exceptional
Stability
Strong
Valuation
Good
Dividends
Good
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Share count falling — buybacks

−3.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 184.7M (2021) → 178.3M (2025)

§Winston Score History

The full picture

Ferrari designs and builds luxury sports cars and supercars, selling them to wealthy buyers around the world. Its lineup includes models like the 296 GTB, SF90, and the Purosangue SUV, along with limited-edition hypercars. Ferrari is one of the most recognized luxury brands on the planet and also runs a famous Formula 1 racing team.

The company makes money by selling a deliberately limited number of cars each year, along with engines, spare parts, and branded merchandise. It operates globally, with key markets in Europe, the Americas, and Asia-Pacific, and generates over €6 billion in annual revenue. Ferrari's strategy of restricting supply keeps demand high and protects its pricing power, giving it profit margins far above typical automakers. A key growth driver is expanding its product range — including its first fully electric model — while the main risk is maintaining brand exclusivity as it broadens its customer base.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+8.4% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+10.1% YoY

YoY Growth Rate

Steady EPS growth

R&D Spend

€919M/ year

→ Flat (+3% vs prior year)

12.9% of revenue

3.2x the sector average (4%)

Steady R&D investment year-over-year

Insider Activity

29.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

€1.6B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Ferrari N.V. is growing revenue at 8% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale
Gross Margin
52.6%
Healthy — 52.6% gross margin
Profit after running costs
Operating Margin
31.7%
Excellent — 31.7% operating margin
Return on the money invested
ROCE
32.7%
Exceptional — 32.7% return on capital

ROIC above 25%. Every dollar invested in the business earns more than 25 cents back per year.

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Growth

Sales growth
Sales YoY
+5.7%
Slow sales growth (+5.7% YoY)
Profit growth
EPS YoY
+3.8%
Modest earnings growth (+3.8% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
8/8 quarters
Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash
Cash Conversion
147%
Turns 147% of profit into real cash
Spare cash per sale
FCF Margin
22.8%
Converts sales into free cash efficiently (22.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.83
Moderate — manageable debt (0.83)
Covers its interest
Interest Cover
51.94x
Comfortably covers interest (51.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
38.2x
Pricey — P/E 38.2

P/E over 35. The market is pricing in heavy, sustained growth.

Cheaper or dearer next year
P/E vs Forward
+8.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (38.2 → 29.7)

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Dividends

Dividend
Dividend Yield
1.02%
Small dividend — 1.02% yield

Modest yield. The bulk of any return needs to come from price appreciation.

Dividend record
Dividend Growth
+147.3%
Dividend growing fast (147.3% YoY)

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