Ferrari N.V. Company Analysis & Research
Ferrari reported 2025 revenues of €7.1 billion (up 7%), with an EBIT margin of 29.5% and industrial free cash flow surpassing €1.5 billion. Demand remains very solid with an order book extending towards the end of 2027. Ferrari is a luxury sports car manufacturer executing a carefully-managed exclusivity strategy.
Ferrari manages significant model changeovers while maintaining a capacity-constrained luxury positioning, absorbing currency volatility and regulatory uncertainty while continuing to invest in racing, lifestyle and client experience. 2026 priorities focus on Racing (competing under new F1 regulations), Sports Cars (four new launches plus Ferrari Luce electric vehicle reveal), and Lifestyle (high-profile openings in London and NYC).
Company Overview
Founded: 1947. Headquarters: Maranello, Italy. Revenue: $7.1B (€7.146B). Employees: 4,500. Market Cap: $57.3B. Ticker: RACE (NYSE).
Industry
Ultra-Luxury Automotive / Sports Cars
Cyborg Score: 8/10 — Strong
Premium capacity-constrained luxury automaker with exceptional margins, strong cash generation, and order visibility extending into 2027 positions it well for continued value creation.
Ferrari achieved 29.5% EBIT margins with 7% revenue growth and €1.5B+ industrial free cash flow in 2025. 2026 guidance projects €7.5B revenues, ≥39% EBITDA margins, and strong ≥€1.5B free cash flow, demonstrating pricing power and operational excellence despite FX headwinds.
Key Strategic Insights for Ferrari N.V.
- Ferrari met 2026 financial targets one year early despite macroeconomic headwinds and US tariffs on EU cars, with 2026 guidance of ~€7.5B revenue and 39% EBITDA margin
- New model launches in 2025 included 12Cilindri, SF90 XX, F80, and six additional models (296 Speciale variants, Amalfi, Testarossa variants, Ferrari Luce reveal)
- €3.5B multi-year buyback program underway with 8.6% of shares held as treasury stock as of January 2026
- Faces €200M FX headwind in 2026 primarily from USD and JPY depreciation, but maintains contractual flexibility to adjust pricing if needed
Recent Developments
- (February 2026) Ferrari announced FY 2025 results with €7.146B revenue (+7%) and €1.6B net profit (+5%)
- (January 2026) Repurchased 84,500 shares for €26.6M under €3.5B multi-year buyback program, holding 8.6% treasury stock
- (July 2025) Unveiled Ferrari Hypersail sailing project and Ferrari Amalfi front-mid-engine V8 coupé
Competitors & Competitive Landscape
- Audi — Italian luxury supercar manufacturer
- Porsche — German performance sports cars
- McLaren — British ultra-luxury hypercars
Ferrari operates in the ultra-luxury sports car segment with extremely limited competition due to capacity constraints and brand exclusivity. Direct competitors include Lamborghini (Audi), Porsche (VW Group), and McLaren (Bahrain Sovereign Wealth Fund), but Ferrari's heritage, margins, and brand cachet create a differentiated positioning.
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