The share-count cross-check uses third-party data retrieved 2026-11-02. Each calculator shows the count it actually uses. Historical statements retain their reported share counts.
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Funds315 adding, 335 cuttingOf 75 active managers that changed their stake, 30 added; quarter to June 30, 2026Fund buyers and sellers→
Revenue for the twelve months was $8.08bn, up 11.8% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin rose to 26.1% from 21.8% a year earlier. Operating margin widened to 29.5% from 25.2%. Against its peers on growth, profitability, cash generation and balance sheet, it grades A. It passes 1 of our 1 financial-health checks. Our cash-flow model value is $338 a share, against a share price of $396. At that price, our model says the market is pricing in about 16.0% a year of cash-flow growth for five years, close to the 15.4% a year revenue growth it has delivered.
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are
as published at the time. Not investment advice.
The Fundamentalytics view
Next results ~November 3, 2026 (estimated)
Ferrari N.V.'s trailing-twelve-month revenue grew 11.8% year on year, with a free-cash-flow margin of 26.1%. Where it stands out: operating margin of 29.5% ranks 1 of 22 automobile manufacturers companies we cover.
Our discounted-cash-flow model values the business at ~$340 per share in the base case (~$250–$450 across growth scenarios) — model values under stated assumptions, not a price target.
Current signal Free cash flow diverging from earnings: TTM free cash flow grew 34.9% while net income grew 9.6%: a 25pp divergence.
Assembled from SEC-filed figures — the full workings are on this page and in our
methodology. Observations, not recommendations.
High operating margin. 29.5% of revenue is left as operating profit, against a median of -16.0% for automobile manufacturers companies we cover.
Strong cash generation. 26.1% of revenue turned into free cash flow, against a median of 2.4% for automobile manufacturers companies we cover.
Net cash. Cash exceeds long-term debt by $1.7bn.
Things to watch
Missing expectations. Earnings per share fell short of the consensus estimate in 2 of the last four quarters.
Latest results
Earnings per share
$2.62 against an average estimate of $2.51: beat by 4.4%
Next report
November 3, 2026
Ferrari's figures from its SEC filings and results release; estimates are the analysts' average. Not a
recommendation.
Price chart
1 day+1.8%
1 week+2.6%
Closing prices to 2026-11-02. Price change only, dividends excluded.
Loading chart…
Third-party market data · may be delayed
At a glance
Trailing twelve months, from SEC filings
Profitability
Revenue (TTM)
$8.1B
Operating margin
29.5%
Net margin
22.3%
EPS (TTM, diluted)
$10.13
Growth
Revenue growth
+11.8%
Change in growth rate
−0.0 pts
Share count change
−0.9%
Cash
Free cash flow (TTM)
$2.1B
FCF margin
26.1%
News & updates
Updated November 2, 2026
Company announcements, filed results and changes that matter to shareholders.
No recent updates are available for RACE from the sources we follow. See filings →
Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.
The share price implies about 16.7% a year of cash-flow growth for five years.That is close to the 15.4% a year revenue growth Ferrari has delivered.
Priced in16.7%
Last 12 months11.8%
3 years a year14.6%
5 years a year15.4%
Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which
the model value equals the share price ($412.31, Nov 3, 2026). Cash-flow growth then fades to 2.5% a
year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies
How we got here: a discounted-cash-flow model of Ferrari N.V.'s free cash flow after
stock-based pay with after-tax interest added back ($2B, FY2025 Q4
TTM), growing 13.2% a year for five years and fading to 2.5%, discounted at 8.5%. Lower
and higher growth cases span ~$250–~$450
; that spread sets a 25% margin before we rate Buy or Sell.
Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating
meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General
research, not personal advice — it does not consider your circumstances. Prices can
fall as well as rise.
Our value per share comes from a discounted-cash-flow model of Ferrari N.V.'s free cash
flow after stock-based pay (
$2B, FY2025 Q4 TTM, with after-tax interest added back): growth for
five years as below (the first two years from forecasts, guidance and the company's
record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims
subtracted. These are model values under
stated assumptions, not price targets or recommendations.
Valuation models
We value Ferrari N.V. as an operating company, with every model that fits that kind of
business.
Cost of equity 10.5%: the 10-year Treasury yield (4.9%) plus a
beta of 1.23 times a 4.5% equity risk premium.
Value per share by model
Model
Value per share
In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims.
~$340 ~$250–$450
Primary model, counts double
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings.
—
Does not apply: fewer than 5 peers with a usable multiple
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years.
—
Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns.
~$95 ~$83–$110
Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out.
~$260 ~$95–$340
2 models
Different models fail in different ways, so where several apply we average them rather than
trust one. Peer-based models compare Ferrari N.V. with Automobile Manufacturers in our coverage, using
third-party market data. Model values are estimates under stated assumptions, updated as new
filings arrive; not price targets or investment advice. How each model works.
What moves the value
Revenue growth 5 points lower ▼ −25%
Revenue growth 5 points higher ▲ +33%
Free-cash-flow margin 1 point lower ▼ −4%
Last year's free-cash-flow margin change, if it persists ▲ +20%
Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth →
−5% growth
0% growth
5% growth
10% growth
15% growth
20% growth
7%
$151
$208
$284
$384
$514
$683
8.5%
$113
$155
$209
$281
$374
$494
10%
$91
$123
$165
$220
$290
$381
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.
Forecasts and guidance
Next results: November 3, 2026, before the open.
Analysts' consensus
No analyst estimates are published for Ferrari N.V.: too few analysts cover it.
Earnings against estimates
Ferrari N.V.: reported EPS against the consensus estimate
Quarter to
Estimate
Actual
Surprise
Jun 2026
$2.51
$2.62
+4.4%
Mar 2026
$2.37
$2.33
−1.8%
Dec 2025
$2.20
$2.14
−2.6%
Sept 2025
$2.04
$2.14
+4.8%
Adjusted EPS as companies report it, against the average analyst estimate.
Analyst recommendations
12 analysts, Nov 2026
Buy1192%
Hold18%
Sell00%
Monthly trend
Strong buy
Buy
Hold
Sell
Strong sell
Nov 202647112
Oct 202649114
Sep 202649114
Counts of recommendations published by analysts covering Ferrari N.V., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or
price target, and these are not Fundamentalytics ratings.
Positioning
Short interest
2.8%
of tradable shares
Days to cover
7.66
at average volume
Short interest, 1 month
−4%
to October 15, 2026
Held by institutions
46%
of shares
Held by insiders
32.3%
of shares
Employees
5,743
full time
Consensus figures average analysts' published estimates (third-party data); guidance is the company's own.
Neither is our forecast. Short
interest is reported twice a month and lags. Market data may be delayed.
This section is general information, not investment advice or a personal recommendation, and it does not
take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies
miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose
money. See our disclaimer.
Share-price performance
Market data may be delayed
Recent prices are available. Older price history and the statistics that need it are being loaded in the background.
Price behaviour
52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—
Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares
typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.
How Ferrari N.V.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are
delayed, read November 2, 2026. Check the live chain at your broker before trading.
Implied vs realised volatility
Not enough history
There is not enough price history to measure realised volatility.
Implied (30 days)37%
Realised, last 20 days—
Realised, last 60 days—
Realised, last year—
Puts and calls are priced at about the same implied volatility.
Why: not enough price history to measure realised volatility.
Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above
1-year realised (not just a calm spell), and in the top 20% of our
coverage that day. Never with results inside the option’s life. These are our conventions, built on research
showing option prices usually imply more movement than follows, most when the gap is wide.
How we judge this.
Cash-secured put
Not offered: no liquid put with an effective price at or below fair value.
We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.
Own 100 shares, sell the $420 call expiring December 18, 2026 (46 days) for $11.20 a share — $1,120 per contract.
Previous session ·
Bid $11.20, ask $14.20, quoted Mon 2 Nov, 17:34 New York time with RACE at $401.77.
Option prices move with the shares: check the live chain at your broker before trading.
If RACE ends below $420: you keep your shares and the $1,120 — 2.8% extra on the position, 22.1% a year at that pace.
If it ends above $420: your shares are sold at $420, a total return of 7.3% including the premium — at or above our value of ~$340.
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$1,120
Annualised
22.1%
Break-even
$390.57
Max gain
$2,943.5
Chance of selling
~41%
Collar
Own the shares, buy the $390 put and sell the $420 call, both
expiring December 18, 2026 (46 days).
Net cost of $3.40 a share ($340 per contract of 100 shares).
Worst case at expiry: -3.8%, if the shares fall below $390 (-2.9% from today).
Best case at expiry: +3.7%, if the shares rise above $420 (+4.5%); gains beyond that go to the call buyer.
Offered because the shares trade at or above our fair value of $340: a way to hold on with a floor
under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its
ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.
General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone:
put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or
news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early
assignment are not modelled.
Growth, profitability, cash generation and balance sheet are percentiles against the
companies we cover in the same industry, from SEC filings (100 = best). Value compares the
share price with our modelled value range (50 = at our base value; higher = cheaper).
A description of reported data and our model — not a quality score or advice.
Fundamentals
Revenue (TTM)Ferrari N.V.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Revenue (TTM)
FY15 Q4
$3.2B
FY16 Q4
$3.4B
FY17 Q4
$3.9B
FY18 Q4
$4B
FY19 Q4
$4.2B
FY20 Q4
$3.9B
FY21 Q4
$5.1B
FY22 Q4
$5.4B
FY23 Q4
$6.5B
FY24 Q4
$7.2B
FY25 Q4
$8.1B
Revenue growth, TTM YoYFerrari N.V.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Revenue growth, TTM YoY
FY16 Q4
8.5%
FY17 Q4
12.3%
FY18 Q4
4.7%
FY19 Q4
4.3%
FY20 Q4
-6.4%
FY21 Q4
28.0%
FY22 Q4
6.2%
FY23 Q4
20.3%
FY24 Q4
11.9%
FY25 Q4
11.8%
Operating margin (TTM)Ferrari N.V.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
Operating margin (TTM)
FY15 Q4
15.6%
FY16 Q4
19.2%
FY17 Q4
22.7%
FY18 Q4
24.2%
FY19 Q4
24.4%
FY20 Q4
20.7%
FY21 Q4
25.2%
FY22 Q4
24.1%
FY23 Q4
27.1%
FY24 Q4
28.3%
FY25 Q4
29.5%
FCF margin (TTM)Ferrari N.V.
Source: SEC EDGAR filings. Retrieved November 1, 2026.
View chart data
Period
FCF margin (TTM)
FY15 Q4
18.3%
FY16 Q4
26.7%
FY17 Q4
13.9%
FY18 Q4
18.5%
FY19 Q4
25.3%
FY20 Q4
13.9%
FY21 Q4
21.8%
FY22 Q4
20.7%
FY23 Q4
22.4%
FY24 Q4
21.6%
FY25 Q4
26.1%
Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 20-F. Generated November 3, 2026. Definitions in our methodology.
Where the money goes
FY2025, from the 10-K
Each dollar Ferrari took in during FY2025, followed through to profit: what it cost to make, what went on research and running the business, and what was left after tax.
Revenue $8.1B
Cost of revenue $3.9B · 48.3%
Gross profit $4.2B · 51.7%
Research and development $1B · 12.9%
Selling, general and admin $331M · 4.1%
Other operating costs $420M · 5.2%
Operating income $2.4B · 29.5%
Income tax $525M · 6.5%
Interest and other $55M · 0.7%
Net income $1.8B · 22.3%
Where Ferrari's revenue went, FY2025
Revenue
$8.1B
Cost of revenue
$3.9B
48.3% of revenue
Gross profit
$4.2B
51.7% of revenue
Research and development
$1B
12.9% of revenue
Selling, general and admin
$331M
4.1% of revenue
Other operating costs
$420M
5.2% of revenue
Operating income
$2.4B
29.5% of revenue
Income tax
$525M
6.5% of revenue
Interest and other
$55M
0.7% of revenue
Net income
$1.8B
22.3% of revenue
Shares of revenue. Source: Ferrari's 10-K for FY2025, as filed with the SEC.
"Other" lines are what the reported lines leave unexplained.
Financial statements
US$ millions unless shown otherwise.
Fiscal years, plus the last twelve months (LTM) when newer.
Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income
plus depreciation and amortisation. Free cash flow is cash from operations minus capital
spending. Growth is left blank when last year's figure was a loss or under 2% of revenue.
Share counts and EPS are restated for stock splits. A dash means the company didn't report
the figure.
Financial health
1 of 1 checks passed · December 31, 2025
What it owns · $11.3bn
Short-term assets $5.7bnLonger-term assets $5.6bn
What it owes, and who funded it · $4.6bn
Shareholders' equity $4.6bn
·Short-term assets cover short-term liabilities The company doesn't report a short-term split. Not assessable.
·Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
·More cash than debt Cash or debt not separately reported. Not assessable.
·Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
·Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
·A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
✓Operating profit covers interest at least five times over Operating income of $2.4bn against $112m of interest.
From Ferrari N.V.'s latest balance sheet as filed. Checks are fixed, documented rules
(methodology), counted only where the company reports
the figures — a dot means the filing doesn't break the item out. Descriptions of reported
data, not advice.
Median of all 23 companies we cover in automobile manufacturers. Shaded:
best of the six on that line (lowest for stock pay and share-count growth). 3-year figures
average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.
Peer comparison
23 automobile manufacturers companies
Measures ranked against peers
Measure
Company
Peer median
Rank
Revenue growth Growth
11.8%
1.7%
7 of 23
Change in growth rate Growth
-0.0pp
-2.1pp
11 of 23
Gross margin Profitability
51.7%
13.0%
2 of 21
Operating margin Profitability
29.5%
-16.0%
1 of 22
Net margin Profitability
22.3%
-14.5%
1 of 23
Free-cash-flow margin Cash generation
26.1%
2.4%
2 of 22
Change in share count Balance sheet
-0.9%
0.5%
7 of 21
Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).
Top buyers and sellers, Q2 2026: 315 institutions
bought and 335 sold
; the biggest buyer was Viking Global Investors LP (+2.2M shares) and the biggest seller Goldman Sachs Group Inc (−579K). See which funds bought and sold →
Largest reported holders, June 30, 2026
Manager
Value
Shares
Share of 13F value
Shares QoQ
Baillie Gifford & Co
$1.3B
3.6M
5.9%
▼ 7.9%
Vanguard Capital Management LLC
$1.3B
3.5M
5.8%
▼ 1.2%
Morgan Stanley
$1.2B
3.2M
5.3%
▲ 14.3%
Amundi
$1.1B
3.1M
5.1%
▲ 3.4%
Bank Of New York Mellon Corp
$953M
2.6M
4.2%
▼ 8.9%
Bank Of Italy
$896M
2.4M
4.0%
0.0%
Jpmorgan Chase & Co
$888M
2.4M
3.9%
▲ 100.3%
Viking Global Investors LP
$817M
2.2M
3.6%
New
Norges Bank
$782M
2.1M
3.5%
—
Alliancebernstein L.P.
$577M
1.7M
2.6%
▼ 3.3%
UBS Group AG
$513M
1.4M
2.3%
▲ 9.3%
Deutsche Bank Ag\
$413M
1.1M
1.8%
▲ 18.8%
From Form 13F filings with the SEC (
quarterly data sets), as reported by each
manager for June 30, 2026 and filed up to 45 days later. 13F reports cover
long US-listed positions of managers above $100M only, so this is not Ferrari N.V.'s complete
shareholder register. Values are as reported by the filers
; 2 inconsistently scaled filing rows were excluded.
No open-market insider trades reported in the last 12 months.
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares
withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule
10b5-1 plan. See every insider trade since five years ago, on a price chart.
Ferrari N.V. is a US-listed company in the automobile manufacturers industry. Its financial year ends in December.
What is Ferrari N.V.'s stock ticker?
Ferrari N.V. trades under the ticker RACE on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Ferrari N.V.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Ferrari N.V. reported revenue of $8.1B, 11.8% higher than a year earlier, according to its SEC filings.
What is Ferrari N.V.'s free cash flow?
Ferrari N.V.'s free-cash-flow margin is 26.1% of revenue over the trailing twelve months, ranking 2 of the 22 automobile manufacturers companies we cover.
What is Ferrari N.V.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Ferrari N.V.'s free cash flow after stock-based pay gives ~$340 per share in the base case, and ~$250–$450 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Ferrari N.V.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Baillie Gifford & Co, Vanguard Capital Management LLC and Morgan Stanley. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Who are Ferrari N.V.'s competitors?
In our Automobile Manufacturers peer group, the companies closest to Ferrari N.V. are Thor Industries Inc, Rivian Automotive, Inc. / DE, Xpeng Inc., NIO Inc. and Li Auto Inc. The side-by-side comparison below sets their revenue, margins and growth against Ferrari N.V.'s.
When is Ferrari N.V.'s next earnings date?
Around November 3, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Ferrari N.V. announces its own schedule.
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