Ferrari

FERGR.AS

Integrated Freight & Logistics · Industrials

Price

€7.86

+0.11 (+1.42%)

Market Cap

€717.6M

Exchange

Euronext Amsterdam

Winston Score

Winston is happy

A high-quality business with solid fundamentals.

Data as of Aug 23, 2026 · filings through Dec 31, 2025

How the score breaks down

Quality

Good

Growth

Mixed

Cash Flow

Exceptional

Stability

Exceptional

Valuation

Strong

Dividends

Good

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Winston Score History

The full picture

Ferrari Group is a logistics and freight company based in the Netherlands that moves goods for businesses across Europe. It provides transportation, warehousing, and distribution services, primarily serving industrial and commercial customers who need to ship products across borders. The company operates in the integrated freight and logistics industry, acting as a middleman that coordinates the movement of cargo by road and other modes of transport.

The company earns revenue by charging fees for each shipment, storage contract, or logistics service it provides to clients. It operates mainly across European markets, and with a market cap of roughly $0.7 billion, it is a mid-sized regional player in a fragmented industry. Its relatively high operating margin of around 19% suggests some pricing power or operational efficiency compared to typical logistics peers, though its main risk is exposure to slowing European industrial activity and freight volume declines, which can quickly compress earnings when economic conditions weaken.

Growth Profile

For growth stock investors

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

Revenue Growth

-5.1% YoY

YoY Growth Rate

Revenue declining

EPS Growth

+75.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (4%)

Research and development spending

Insider Activity

96.6%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€153M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

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

Revenue declining

Ferrari's revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

−0.9% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 91.3M (2021) → 90.5M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale

Gross Margin

24.4%

Thin — 24.4% gross margin

Profit after running costs

Operating Margin

25.1%

Excellent — 25.1% operating margin

Return on the money invested

ROCE

31.4%

Exceptional — 31.4% 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

+3.0%

Slow sales growth (+3.0% YoY)

Profit growth

EPS YoY

+32.2%

Earnings growing fast (+32.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

How steady the profit is

EPS Consistency

2/7 quarters

Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash

Cash Conversion

238%

Turns 238% of profit into real cash

Spare cash per sale

FCF Margin

29.0%

Converts sales into free cash efficiently (29.0%)

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

0.01

Conservative — low debt load (0.01)

Covers its interest

Interest Cover

100.00x

Comfortably covers interest (100.0x)

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

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Valuation

Price vs profit

P/E Ratio (TTM)

14.2x

Attractive valuation — P/E 14.2

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year

P/E vs Forward

+3.2

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (14.2 → 11.0)

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Dividends

Dividend

Dividend Yield

4.20%

Healthy income — 4.20% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

Data not available

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