Ferrari N.V. key statistics and ratios

In fiscal 2025, Ferrari N.V. had return on equity of 43.8%, an operating margin of 29.5% and debt equal to 73.8% of equity. Each ratio below is calculated from the figures on its income statement, balance sheet and cash flow pages.

Financial ratios

US$ thousands unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ferrari N.V.: financial ratios, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Gross margin	47.5%	49.1%	51.7%	52.6%	52.1%	51.3%	51.3%	48.0%	49.8%	50.1%	51.7%
Operating margin	15.6%	19.2%	22.7%	24.2%	24.4%	20.7%	25.2%	24.1%	27.1%	28.3%	29.5%
Net margin	10.1%	12.8%	15.7%	22.9%	18.5%	17.6%	19.5%	18.3%	21.0%	22.8%	22.3%
Free-cash-flow margin	18.3%	26.7%	13.9%	18.5%	25.3%	13.9%	21.8%	20.7%	22.4%	21.6%	26.1%
Return on equity	—	—	94.6%	74.7%	48.6%	36.1%	42.0%	37.3%	44.0%	46.8%	43.8%
Return on assets	—	10.9%	13.4%	17.6%	13.3%	10.1%	12.7%	12.2%	15.7%	17.6%	17.1%
Asset turnover	—	0.85	0.85	0.77	0.72	0.57	0.66	0.67	0.75	0.77	0.76
Debt to equity	—	568.6%	232.0%	142.9%	141.1%	152.6%	119.2%	108.4%	80.9%	94.8%	73.8%
Interest cover (operating income ÷ interest)	18.7x	27.9x	25.1x	24.4x	20.4x	19.6x	64.6x	45.2x	26.6x	21.4x	21.3x
Effective tax rate	33.2%	29.5%	28.0%	2.0%	20.2%	8.7%	20.1%	20.2%	21.5%	19.2%	22.5%
R&D as % of revenue	19.7%	19.8%	19.2%	18.8%	18.6%	20.4%	18.0%	15.2%	14.8%	13.4%	12.9%
Capital spending as % of revenue	6.5%	5.7%	5.5%	8.8%	9.3%	10.3%	8.2%	6.8%	6.4%	7.2%	6.8%
Free cash flow ÷ net income	181.5%	208.1%	88.5%	80.7%	137.1%	79.2%	112.0%	113.2%	106.6%	94.9%	116.7%

Returns use average equity or assets over the year. Return on equity is left blank when equity is negative or so small that the ratio says nothing (above ±200%); interest cover is left blank above 200 times. Price-based ratios such as P/E are on the valuation page.

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.

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.

Compare with peers

Head to head: RACE vs THO RACE vs RIVN RACE vs XPEV

More: Automobile Manufacturers stocks compared, Consumer Discretionary sector, rankings of US companies

Figures from Ferrari N.V.'s SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ferrari N.V.