Ferrari N.V.

RACE

Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. It offers sports, track, one-off, and road cars, as well as supercars. The company also provides spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods. In addition, it operates Ferrari museums in Modena and Maranello; Il Cavallino restaurant in Maranello; and theme parks in Abu Dhabi and Spain.

About the company

Country: ItalyPrice: $411.13Market Cap: $72.0B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

5 / 7

NEUTRAL / FAIL

Median fair value

$134.83

-67.2% vs price

Models with upside

1 / 17

Positive margin of safety

Strongest signal

5 of 8 pass — Lynch, Sleep and Neff object

Key risk

All 13 investors flag RACE's valuation

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	PASS	FAIL	Not ranked	NEUTRAL	PASS	PASS	FAIL	BUY	FAIL	NEUTRAL	NEUTRAL	NEUTRAL	FAIL	FAIL	FAIL	NEUTRAL
Score
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Intrinsic Value (annual)					N/A								N/A	N/A	N/A	N/A	N/A
Margin of Safety	-426.3%	-72.0%	-79.4%	-346.2%	N/A	-204.9%	-103.5%	-225.0%	-48.1%	-389.8%	+6.6%	-265.5%	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Market data at 2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Qualitative assessment Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 Latest source filing: 2026-02-19 Score computed: 2026-11-14	Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 Latest source filing: 2026-02-19 Score computed: 2026-11-14

Where It Passes

Growth63% pass✓ 10✗ 3▾
5 of 8 pass — Lynch, Sleep and Neff object
EPS Growth (3-yr avg, 10-yr window)343.7%
✓Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)1.79
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR21.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: 15.6% vs Rev: 20.8%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$1.69 (2015) -> $10.53 (2025)
✓DremanPositive over recent years
EPS CAGR20.0% CAGR over 10 years
✓Dreman> 5% annualized
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth20.8%
✓Ackman>= 5%
Positive EPS Growth Frequency5/5 years with positive EPS growth
✓AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR21.8% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 49.8% -> 51.7%, operating margin 27.1% -> 29.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR15.1%
✓SleepCAGR > 7%
3-5 Year Diluted EPS CAGR21.8% over 5 years
✗Neff7%-20% annualized
Cash Flow60% pass✓ 7✗ 5▾
6 of 10 pass — Dreman, Pabrai, Ackman +1 more object
Free Cash Flow Proxy$2.1B
✓BuffettPositive and growing
FCF Positive and Growing$2.2B
✓LynchPositive and growing
Operating Cash Flow$2.8B
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=24.40%, ROA=16.59%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)26.5x
✗Dreman< 8x
P/E or FCF YieldP/E=39.1x, FCF Yield=3.0%
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive11/11 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap3.0%
✗Ackman>= 4%
Price / FCF per Share33.4x
✗Ackman<= 25
Positive Operating Cash Flow frequency11/11 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures$2.2B
✓Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization+3.04%; #2036/4519 (top 45.1%)
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Valuation0% pass✗ 28▾
All 13 investors flag RACE's valuation
Price / 3-yr avg EPS45.7x
✗Graham<= 15x
Price-to-Book Ratio16.0x
✗Graham<= 1.5x
P/E x P/B729.80
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)1.79
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value3.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=3.4%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS39.1x
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)26.5x
✗Dreman< 8x
Price / Book Value per Share16.0x
✗Dreman< 1.2x✗Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Valuation ReasonablenessP/E=39.1x, OE Yield=2.8%
✗MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF YieldP/E=39.1x, FCF Yield=3.0%
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/E=39.1x, P/B=16.0x
✗MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value-204.9% (IV=$134.83 vs Price=$411.13)
✗Marks>= 20% below intrinsic value
Price / FCF per Share33.4x
✗Ackman<= 25
Price vs. Trailing Low123% of trailing low ($333.17)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Net income / market capitalization+2.60%; #2510/6340 (top 39.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive book equity / market capitalization+0.0637; #4926/6449 (top 76.4%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS39.1x
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E0.58
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share42.03x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.1165; #4245/5247 (top 80.9%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization+3.04%; #2036/4519 (top 45.1%)
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date+16.83%; #1506/6202 (top 24.3%)
✗OshaughnessyTop 10% of eligible cross-section
Valuation models9% pass✓ 1✗ 10▾
Models split on RACE at $411.13 — fair values range $78.12–$440.41
Graham fair value$78.12
✗Graham-426.3% margin vs $411.13
Buffett fair value$239.00
✗Buffett-72.0% margin vs $411.13
Lynch fair value$229.14
✗Lynch-79.4% margin vs $411.13
Greenblatt fair value$92.14
✗Greenblatt-346.2% margin vs $411.13
Dreman fair value$134.83
✗Dreman-204.9% margin vs $411.13
Munger fair value$202.06
✗Munger-103.5% margin vs $411.13
Pabrai fair value$126.52
✗Pabrai-225.0% margin vs $411.13
Akre fair value$277.55
✗Akre-48.1% margin vs $411.13
Marks fair value$83.94
✗Marks-389.8% margin vs $411.13
Ackman fair value$440.41
✓Ackman+6.6% margin vs $411.13
Templeton fair value$112.47
✗Templeton-265.5% margin vs $411.13
Debt & Leverage33% pass✓ 6✗ 9▾
8 of 12 flag RACE's debt & leverage — Graham, Buffett, Lynch +5 more
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.74, IC: 21.3x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.74
✗Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.74
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.74
✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=21.3x, D/EBITDA=1.0x
✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.74
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.7382; #2906/4210 (top 69.0%)
✗AsnessTop 30% of eligible cross-section
Verdicts36% pass✓ 4✗ 7▾
Split decision: 7 FAIL · 5 NEUTRAL · 3 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (2/9)✓BuffettPASS (5/9)✗LynchFAIL (4/7)•GreenblattNot ranked•PiotroskiNEUTRAL (F-Score 7)✓DremanPASS (6/11)✓MungerPASS (2/4)✗PabraiFAIL (1/3)✓AkreBUY (5/6)✗MarksFAIL (3/5)•AckmanNEUTRAL (7/9)•TempletonNEUTRAL (5/8)•SleepNEUTRAL (4/6)✗AsnessFAIL (Rank #1086/2370 (Top 45.8%))✗NeffFAIL (3/6)✗SchlossFAIL (3/7)•OshaughnessyNEUTRAL (Not ranked)
Profitability38% pass✓ 22✗ 13▾
10 of 16 flag RACE's profitability — Graham, Buffett, Lynch +7 more
Positive EPS (10 years)11/12 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)343.7%
✓Graham>= 33% growth
Net Income Positive (10+ years)11/12 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)39.7%
✓Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)29.5% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$2.1B
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)0.49
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)1.79
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR21.8%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE40.9%
✓Lynch> 15%
EBIT / Enterprise Value3.4%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=3.4%, ROC=None
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets16.59%
✓PiotroskiROA > 0
ROA Change YoY16.02% -> 16.59% (delta: +0.56%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=24.40%, ROA=16.59%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY50.1% -> 51.7%
✓PiotroskiImproved YoY
Pre-Tax Income / Revenue28.9%
✓Dreman>= 8%
Net Income / Shareholders' Equity40.9%
✓Dreman> 12%
Margin of SafetyP/E=39.1x, P/B=16.0x
✗PabraiP/B < 1.5 or P/E < 15
Return on Equity41.6% (3-yr avg)
✓AkreROE > 20% (3-year avg)
Discount to Intrinsic Value-204.9% (IV=$134.83 vs Price=$411.13)
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency11/11 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue29.5%
✓Ackman>= 15%
Net Income / Shareholders Equity40.9%
✓Ackman>= 15%
5-Year EPS CAGR21.8% CAGR over 5 years
✓Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend27.1% (2023) -> 29.5% (2025)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 49.8% -> 51.7%, operating margin 27.1% -> 29.5%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Net income / market capitalization+2.60%; #2510/6340 (top 39.6%)
✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Gross profit / total assets+38.35%; #1014/3702 (top 27.4%)
✓AsnessTop 30% of eligible cross-section
Net income / positive book equity+40.87%; #279/5226 (top 5.3%)
✓AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0199; #1430/5884 (top 24.3%)
✓AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR21.8% over 5 years
✗Neff7%-20% annualized
Positive Diluted-EPS Years10/10 years positive
✓Schloss>= 70% positive over 5-10 observed years (app rule)
Efficiency50% pass✓ 7✗ 4▾
4 of 8 pass — Graham, Greenblatt, Piotroski +1 more object
Current Ratio
✗Graham>= 2.0
ROIC (3-5 yr avg)27.5%
✓Buffett> 10%
ROIC - WACC+17.5%
✓BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)
✗Greenblatt> 25%
Current Ratio Change YoY
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.70x -> 0.74x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities
✗Dreman> 1.5
Return on Invested Capital24.5%
✓Munger> 15%
ROIC (high and growing)FY2023: ROIC=23.1%; FY2024: ROIC=21.7%; FY2025: ROIC=24.5%
✓AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC16.4% (RR=67% x ROIC=24.5%)
✓AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)5/5 years above 12% (latest 24.5%)
✓SleepROIC > 12% in a majority of years

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Automobiles and Trucks

SIC Sector: Transportation Equipment

Size: Large Cap($72.0B)

Revenue: $8.4B+20.8% YoY

Net Income: $1.9B+18.5% YoY

Financial Snapshot

Operating Margin29.5%

Return on Equity40.9%

Debt / Equity0.74

Current Ratio--

EPS (Diluted)$10.53+19.6% 1y

Buybacks (1y)$922.5M

Buybacks (2y)$1.5B

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Shareholder Return

Fiscal 2025

Share retirement not available for this company.

Buybacks: $922.5M
Dividends: $625.1M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22

6.5% = 5.7% + 0.8%

FY23

40.7% = 39.4% + 1.0%

FY24

15.3% = 14.3% + 0.9%

FY25

19.6% = 18.5% + 0.9%

Earnings Fewer shares More shares

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2025 Sources 20-F · 2026-02-19	FY 2024 Sources 20-F · 2025-02-21	FY 2023 Sources 20-F · 2024-02-22	FY 2022 Sources 20-F · 2023-02-24	FY 2021 Sources 20-F · 2022-02-25
Market Cap	$72.0Bcurrent	$103.0Best.	$83.1Best.	$45.0Best.	$41.4Best.
Revenue	$8.4B↑21%	$6.9B↑5%	$6.6B↑22%	$5.4B↑12%	$4.8B
Operating Income	$2.5B↑26%	$2.0B↑10%	$1.8B↑37%	$1.3B↑7%	$1.2B
Net Income	$1.9B↑18%	$1.6B↑14%	$1.4B↑39%	$994.2M↑6%	$940.8M
EPS (Diluted)	$10.53↑20%	$8.80↑15%	$7.64↑41%	$5.43↑6%	$5.10
Gross Margin	51.7%↑3%	50.1%↑1%	49.8%↑4%	48.0%↓6%	51.3%
Operating Margin	29.5%↑4%	28.3%↑4%	27.1%↑12%	24.1%↓4%	25.2%
ROE	40.9%↓5%	43.1%↑5%	40.9%↑14%	36.0%↓4%	37.7%
Total Debt	$3.4B↓3%	$3.5B↑27%	$2.7B↓9%	$3.0B↑1%	$3.0B
Shareholders' Equity	$4.6B↑25%	$3.7B↑9%	$3.4B↑23%	$2.8B↑11%	$2.5B
Current Ratio	—	—	—	—	—
Debt / Equity	0.74↓22%	0.95↑17%	0.81↓25%	1.08↓9%	1.19
Operating Cash Flow	$2.8B↑38%	$2.0B↑6%	$1.9B↑27%	$1.5B↑3%	$1.5B
Free Cash Flow	$2.2B↑46%	$1.5B↑2%	$1.5B↑31%	$1.1B↑7%	$1.1B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Automobiles and Trucks

RACE vs Peers — Financial Grading

Revenue$8.4BBottom 25%

Net Income$1.9BMedian

ROE40.9%Top 25%

D/E0.74Bottom 25%

Op. Margin29.5%Top 25%

Curr. Ratio—

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