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olivLaw · US equity research

Ferrari N.V. RACE

Motor Vehicles & Passenger Car Bodies · SIC 3711 · Vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)

432.45USD+4.26% · 1 dayClose 04 Nov 2026

Ferrari N.V. is a high-end luxury brand operating in three areas: high-performance sports cars, Formula 1 racing and a lifestyle division. For investors and the public, its relevance comes from the effort to transition to electric technology, regulatory pressure and the aim to restore the sporting prestige of Scuderia Ferrari.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, Ferrari N.V. (RACE) stock was 432.45 USD (+4.26% on the day), with beta 0.79, 52-week range 314.63–436.54 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
unavailable
shares as of 31 Dec 2020
P/E (TTM)
unavailable
Diluted EPS TTM 8.96 · TTM to 31 Dec 2025
E/P (TTM)
unavailable
TTM to 31 Dec 2025
Dividend yield
unavailable
Beta (2y)
0.79
Volatility (1y) 31%
52-week range
314.63436.54

Price history

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Technical reading

RSI (14)
72.3
overbought (≥ 70)
Bollinger (20, 2)
377.16 – 417.55
above the upper band · %B 1.37 · band width 10.2%
SMA 50 / 200
402.77 / 370.26
uptrend (price > SMA50 > SMA200)
MACD (12, 26, 9)
3.54 / -0.34
MACD above signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month+12.8%−1.1%+13.9 pp—
3 months+6.3%−0.5%+6.8 pp—
6 months+28.6%+4.4%+24.2 pp—
Year to date+17.0%+12.3%+4.7 pp—
1 year+8.3%+13.5%−5.3 pp−40.0%
3 years+30.5%+76.4%−45.9 pp−57.7%
5 years+64.7%+63.7%+1.1 pp—
Max drawdown (1y)
−25.5%
11 Nov 2025 → 20 Mar 2026
Max drawdown (5y)
−39.2%
25 Jul 2025 → 20 Mar 2026
Compound annual growth (5y)
+10.5%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

the price (USD) and the reports are in different currencies

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenue3.4 bn3.8 bn3.5 bn4.3 bn5.1 bn6.0 bn6.7 bn7.1 bn
Revenue YoY+0.1%+10.1%−8.1%+23.4%+19.3%+17.2%+11.8%+7.0%
Net income784.7 m695.8 m607.8 m830.8 m932.6 m1.3 bn1.5 bn1.6 bn
Net income YoY+46.6%−11.3%−12.6%+36.7%+12.3%+34.3%+21.6%+4.9%
Diluted EPS4.143.713.284.505.096.908.468.96
Diluted EPS YoY+46.8%−10.4%−11.6%+37.2%+13.1%+35.6%+22.6%+5.9%
net %22.9%18.5%17.6%19.5%18.3%21.0%22.8%22.3%
Free cash flow633.2 m953.9 m481.2 m930.4 m1.1 bn1.3 bn1.4 bn1.9 bn

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
1.5 bn EUR
Financial debt
unavailable EUR
Net debt
unavailable EUR
Equity
3.9 bn EUR
Total assets
9.6 bn EUR
Debt / equity
unavailable
Current ratio
unavailable
ROE
42.8%
ROA
16.7%
FCF margin
26.1%

Financial statements (source on every figure)

Revenue and net income (EUR)

Margins

Income statement · EUR

Revenue
2023
6.0 bn
2024
6.7 bn
2025
7.1 bn

SEC (XBRL)· 19 Feb 2026verified

Cost of revenue
2023
3.0 bn
2024
3.3 bn
2025
3.5 bn

SEC (XBRL)· 19 Feb 2026verified

Gross profit
2023
3.0 bn ≈
2024
3.3 bn ≈
2025
3.7 bn ≈

SEC (XBRL)· 19 Feb 2026derived

Research & development
2023
881.6 m
2024
894.1 m
2025
918.9 m

SEC (XBRL)· 19 Feb 2026verified

Operating income
2023
1.6 bn
2024
1.9 bn
2025
2.1 bn

SEC (XBRL)· 19 Feb 2026verified

Interest expense
2023
147.3 m
2024
145.9 m
2025
214.2 m

SEC (XBRL)· 19 Feb 2026verified

Pre-tax income
2023
1.6 bn
2024
1.9 bn
2025
2.1 bn

SEC (XBRL)· 19 Feb 2026verified

Income tax
2023
344.9 m
2024
363.0 m
2025
464.1 m

SEC (XBRL)· 19 Feb 2026verified

Net income
2023
1.3 bn
2024
1.5 bn
2025
1.6 bn

SEC (XBRL)· 19 Feb 2026verified

Diluted EPS
2023
6.90
2024
8.46
2025
8.96

SEC (XBRL)· 19 Feb 2026verified

Weighted average diluted shares
2023
181.5 m
2024
180.0 m
2025
178.3 m

SEC (XBRL)· 19 Feb 2026verified

Balance sheet · EUR

Cash
2023
1.1 bn
2024
1.7 bn
2025
1.5 bn

SEC (XBRL)· 19 Feb 2026verified

Inventories
2023
948.5 m
2024
1.1 bn
2025
1.1 bn

SEC (XBRL)· 19 Feb 2026verified

Current assets
2023
4.0 bn
2024
5.0 bn
2025
4.8 bn

SEC (XBRL)· 19 Feb 2026verified

Property, plant & equipment, net
2023
1.6 bn
2024
1.8 bn
2025
2.1 bn

SEC (XBRL)· 19 Feb 2026verified

Goodwill
2023
785.2 m
2024
785.2 m
2025
785.2 m

SEC (XBRL)· 19 Feb 2026verified

Intangibles (excl. goodwill)
2023
1.4 bn
2024
1.5 bn
2025
1.6 bn

SEC (XBRL)· 19 Feb 2026verified

Total assets
2023
8.1 bn
2024
9.5 bn
2025
9.6 bn

SEC (XBRL)· 19 Feb 2026verified

Equity
2023
3.1 bn
2024
3.5 bn
2025
3.9 bn

SEC (XBRL)· 19 Feb 2026verified

Shares outstanding at year end
2023
—
2024
—
2025
—

SEC (XBRL)· 26 Feb 2021verified

Cash flow · EUR

Operating cash flow
2023
1.7 bn
2024
1.9 bn
2025
2.3 bn

SEC (XBRL)· 19 Feb 2026verified

Capex
2023
381.8 m
2024
482.3 m
2025
485.2 m

SEC (XBRL)· 19 Feb 2026verified

Free cash flow
2023
1.3 bn ≈
2024
1.4 bn ≈
2025
1.9 bn ≈

SEC (XBRL)· 19 Feb 2026derived

Investing cash flow
2023
-866.5 m
2024
-987.1 m
2025
-944.1 m

SEC (XBRL)· 19 Feb 2026verified

Financing cash flow
2023
-1.1 bn
2024
-324.8 m
2025
-1.7 bn

SEC (XBRL)· 19 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
7.0%
computed by olivLawFY 2025
Revenue CAGR 3Y
11.9%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
15.6%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
11.8%
computed by olivLawFY 2025
Net income growth (YoY)
4.9%
computed by olivLawFY 2025
Net income CAGR 3Y
19.6%
computed by olivLawFY 2022 → FY 2025
Net income CAGR 5Y
21.3%
computed by olivLawFY 2020 → FY 2025
EPS growth (YoY)
5.9%
computed by olivLawFY 2025
EPS CAGR 3Y
20.7%
computed by olivLawFY 2022 → FY 2025
EPS CAGR 5Y
22.3%
computed by olivLawFY 2020 → FY 2025
FCF growth (YoY)
29.1%
computed by olivLawFY 2025

Profitability

Gross margin
51.7%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
29.5%
computed by olivLawFY 2025
Net margin
22.3%
computed by olivLawFY 2025
FCF margin
26.1%
computed by olivLawFY 2025

Returns

ROE
42.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
16.7%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
unavailable
input data missing
ROCE
unavailable
input data missing
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
9.8x
computed by olivLawFY 2025

Liquidity

Current ratio
unavailable
input data missing
Quick ratio
unavailable
input data missing
Cash ratio
unavailable
input data missing

Cash

Operating cash flow
2.3 bn EUR
computed by olivLawFY 2025
Capital expenditure
485.2 m EUR
computed by olivLawFY 2025
Free cash flow
1.9 bn EUR
computed by olivLawFY 2025
FCF conversion
116.7%
computed by olivLawFY 2025
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
116 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
unavailable
input data missing
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
Earnings yield
unavailable
input data missing
P/B
unavailable
input data missing
P/S
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
unavailable
input data missing
Shareholder yield (distributions)
unavailable
input data missing

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 5 of at least 6
  • score weight coverage: 35.4% of at least 60%

A scoring methodology on indicators and valuation, not investment advice.

Closing price

432.45 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: unavailable

Price and reporting are in different currencies; market indicators are unavailable.

Key indicators

Market capitalisation
unavailable
input data missing
P/E (TTM)
unavailable
input data missing
P/B
unavailable
input data missing
EV/EBITDA
unavailable
input data missing
ROE
42.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
22.3%
computed by olivLawFY 2025
Revenue growth (YoY)
7.0%
computed by olivLawFY 2025
Dividend yield
unavailable
input data missing

Coverage and freshness

25/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2020
Source: SEC (XBRL)published 19 Feb 2026
verified 265

Score by group

35% · Insufficient data

Estimated value range

Low
175.25
EUR per share
Mid
182.99
EUR per share
High
193.34
EUR per share
Price: unavailable
Potential to the central value: unavailable (value / price − 1)
Margin of safety: unavailable (1 − price / value)
Agreement between methods: single method · 1 methods used · 1 independent bases

The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 175.25 – 193.34 EUR.

Valuation assumptions are editorial choices, not measured; beta is not measured.

Method ranges (EUR per share)

— — Mid · ▏ Price

Valuation methods

  • DCF (discounted cash flow)unavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/E175.25 – 193.34 (Mid 182.99)
    4 companies used · median multiple 20.4x · quartiles 19.6x – 21.6x
    FSS, GM, OSK, PCAR
  • Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Multiple comparisons use the SIC vertical: Motor Vehicles & Passenger Car Bodies (SIC 3711)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
3.0%
Equity risk premium
5.5%
Beta (default)
1.00
Cost of equity
8.5%
Terminal growth
2.0%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality22.3%100 (vs peers)18%
FCF conversion · Quality116.7%100 (on a fixed band)18%
Revenue CAGR 3Y · Growth11.9%99 (on a fixed band)24%
EPS CAGR 3Y · Growth20.7%100 (on a fixed band)24%
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet9.8x100 (on a fixed band)18%
Current ratio · Balance sheetunavailableunavailable—
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returnsunavailableunavailable—
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial100/100 · 1/3 factors with a value
  • Growth100/100 · 2/2 factors with a value
  • Quality100/100 · 2/3 factors with a value
  • Returns· partialunavailable · 0/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

Ferrari N.V. (RACE). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 7.1 bn EUR in 2025; YoY growth 7.0%; net margin 22.3%; ROE 42.9%.

The estimated value range is 175.25–193.34 EUR per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.

Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Net margin: 22.3%
  • FCF conversion: 116.7%
  • Revenue CAGR 3Y: 11.9%
  • EPS CAGR 3Y: 20.7%
  • Interest coverage: 9.8x

What contradicts it

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

Not assessed (insufficient data or a ratio without meaning): ROIC, Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).

Versus the vertical median

Motor Vehicles & Passenger Car Bodies (SIC 3711) · same industry (4-digit SIC) · compared with 25 companies

Multiples and returns vs the median

P/E
—
vertical median 22.5x
EV/EBITDA
—
vertical median 19.0x
P/S
—
vertical median 1.2x
P/B
—
vertical median 2.1x
ROE
42.9%
vertical median -7.9%
above median
Net margin
22.3%
vertical median -28.4%
above median
EBIT margin
29.5%
vertical median -38.7%
above median
Revenue YoY
7.0%
vertical median -1.7%
above median
Net debt/EBITDA
—
vertical median 1.5x
Dividend yield
—
vertical median 1.1%

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
TSLATesla, Inc.1,522.6 bn424.63.8%3.1%−2.9%−10% / +60%
GMGeneral Motors Company78.0 bn20.66.1%2.1%−1.3%+26% / +192%
PCARPACCAR Inc55.9 bn20.213.7%9.5%−15.5%+1% / +16%
LILi Auto Inc.23.5 bn144.81.6%1.0%−18.8%−37% / −69%
RIVNRivian Automotive, Inc.20.5 bn—-55.0%-45.9%+8.4%−17% / −16%
OSKOshkosh Corporation8.7 bn17.511.0%4.6%−2.9%+12% / +47%
NIONIO Inc.8.2 bn—-302.6%-17.1%+38.9%−40% / −55%
VFSVinFast Auto Ltd.7.8 bn——-175.5%+54.7%+2% / −61%
FSSFederal Signal Corporation7.2 bn24.520.5%11.7%+17.1%+3% / +71%
LCIDLucid Group, Inc.1.3 bn—-571.4%-249.2%+67.6%−75% / −92%
LOTLotus Technology Inc.217.2 m——-89.4%−43.8%−75% / −97%
NIUNiu Technologies115.3 m—-4.4%-0.9%+36.7%−49% / −24%
GGRGogoro Inc.45.7 m—-56.2%-28.4%−9.4%−23% / −94%
WKHSWorkhorse Group Inc.36.2 m——-301.5%+201.1%−69% / −100%
DCXDigital Currency X Technology Inc.21.5 m——-434.9%−27.1%−100% / −100%
FFAIFaraday Future Intelligent Electric Inc.12.2 m—-2,030.5%-21,838.0%−0.6%−100% / −100%
FLYEFly-E Group, Inc.2.8 m—-82.2%-67.9%−25.0%−62% / unavailable
CENNCenntro Inc.434.8 k—-126.6%-423.9%−42.2%−98% / −100%
FFord Motor Co——-18.4%-4.2%+1.2%−5% / +23%
XPEVXpeng Inc.——-7.9%-46.7%unavailable−55% / −41%
HMCHonda Motor Co., Ltd.——6.7%3.9%+6.2%+16% / +15%
RACEFerrari N.V.——42.9%22.3%+7.0%+8% / +30%
STLAStellantis N.V.——-33.0%-14.5%−2.1%−56% / −79%
TMToyota Motor Corp——13.6%9.9%+6.5%−1% / +5%
AIIORobo.ai Inc.———-17,614.9%−92.1%−96% / −100%

1- and 3-year price returns: for RACE from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Scenarios are not available. input data missing

AI analysis

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 19 Feb 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (26 Oct 2026), 6-K (19 Oct 2026), 6-K (16 Oct 2026).

In brief

Ferrari N.V. is a high-end luxury brand operating in three areas: high-performance sports cars, Formula 1 racing and a lifestyle division. For investors and the public, its relevance comes from the effort to transition to electric technology, regulatory pressure and the aim to restore the sporting prestige of Scuderia Ferrari 1.

SWOT

Strengths

  • A globally recognised brand with a loyal client community and an image of exclusivity that is hard to replicate 1.
  • A controlled-volume strategy that protects the rarity of the cars and supports premium prices 1.
  • In-house design and technical expertise built over time, with continuing investment in research and development 1.

Weaknesses

  • Dependence on the sporting image of the Formula 1 team, which has not yet regained its historical level of performance 1.
  • High costs of the transition to electric technology, with uncertainty about recovering the investments at the desired margins 1.
  • Exposure to product defects and recalls, which can affect reputation and generate warranty costs 1.

Opportunities

  • Expansion into lifestyle and brand experiences, if the strategy keeps the brand exclusive 1.
  • Development of hybrid and electric models that may attract high-income sports car buyers 1.
  • Growing presence in growth markets, within the limits of the controlled-volume strategy 1.

Threats

  • Increasingly strict emissions and safety regulations, with legislative uncertainty in the United States 1.
  • Intense competition in luxury cars and the risk of rapid shifts in client preferences 1.
  • Volatility of demand for luxury goods amid economic and geopolitical tensions 1.

Risks

  • Brand reputationhigh

    If the brand loses its exclusivity or image, its ability to sell at premium prices could decline, and the lifestyle expansion could be adversely affected 1.

  • Electric technologyhigh

    If electric models are not accepted by clients or do not recover their costs, financial results could be significantly affected 1.

  • Emissions regulationmedium

    Legislative changes in Europe and the United States could alter the model range and compliance costs, and losing small-volume manufacturer status could have a financial impact 1.

  • Formula 1 performancemedium

    A prolonged period without sporting success could weaken the brand's appeal and client enthusiasm, and spending caps could limit the team's recovery 1.

  • Defects and recallsmedium

    Production or design defects could lead to recalls, litigation and warranty costs, affecting reputation and results 1.

Investment thesis

What would need to be true (bull case)

  • If brand exclusivity and demand from loyal clients hold, the company could keep premium pricing and high margins even during periods of economic uncertainty 1.
  • If the transition to electric technology succeeds without diminishing the sporting character of the cars, the company could attract new generations of clients 1.
  • A lifestyle strategy that stays faithful to quality standards could add diversified revenue and strengthen the brand 1.

What would break the thesis

  • If electric models do not sell at the expected level, costly investments could reduce margins and weigh on long-term results 1.
  • If regulations in the United States and Europe become stricter or more uncertain, compliance costs could rise and limit the product range 1.
  • If the Formula 1 team does not regain sporting success, the brand's image could suffer and its appeal to clients could decline 1.

What to watch

  • Sales and deliveries of the electric Ferrari Luce model2027
  • Results of the Scuderia Ferrari team in Formula 12027 season
  • Changes to US emissions regulation and small-volume manufacturer statusnext 10-K
  • Growth pace of the lifestyle division and maintenance of licensing standards2027

Products, market & competition

AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

Possibly outdated: the newest document it read is from 19 Feb 2026; since then the company filed 6-K (03 Nov 2026), 6-K (02 Nov 2026), 6-K (26 Oct 2026), 6-K (19 Oct 2026), 6-K (16 Oct 2026).

The business

Ferrari describes its activity as one of the most important luxury brands in the world, combining racing, sports cars and lifestyle. In sports cars, the company focuses on product exclusivity and on a community of loyal clients who receive preferential access to new models 1. In racing it aims to compete at the pinnacle of motorsport, and in lifestyle it designs personal luxury goods, collectibles and experiences that carry the brand's style 1.

The company states that brand value is central to its ability to sell cars at premium prices and to extend the brand into other activities 1. Its lifestyle strategy involves using the brand in non-car products, and licensing to third parties requires strict quality standards so the brand is not diluted 1.

Ferrari says it is gradually integrating electric technology into its portfolio, with the launch of its first full electric model, the Ferrari Luce, whose first phase was announced in October 2025 1. The company believes combustion engines will remain fundamental to the Ferrari driver experience for the foreseeable future 1.

Segments

Sports cars

The sports car segment relies on product exclusivity and on design, performance and cutting-edge technology. The company stresses that clients buy its cars for their appearance as well as their performance, and design is developed in-house by the Ferrari Design Centre 1.

Racing

The racing division includes the Scuderia Ferrari Formula 1 team, and the company says it aims to restore its historical position as the premier racing team. Its most recent Drivers' and Constructors' Championships were in 2007 and 2008, making sporting success a strategic priority for the brand's image 1.

Lifestyle

Lifestyle covers personal luxury goods, accessories, apparel and experiences marked by the brand. The company warns that developing this strategy must not undermine the perception of exclusivity, which is key to the brand's value 1.

Market context

The market for high-performance luxury automobiles is described by the company as highly competitive and sensitive to shifts in client preferences, which can occur rapidly 1. Demand for luxury goods is volatile and depends on general economic conditions in the markets where the company operates 1.

Emissions and vehicle safety regulations are constantly changing in Europe and the United States, which may alter costs and the range of models available in each market 1. The company explicitly flags regulatory uncertainty in the US in its annual report 1.

Trends

  • Shift to electricmixed

    The company is integrating electric and hybrid technology to maintain performance and meet emissions requirements, but the investments are costly. If electric models do not sell well, the impact on results could be significant 1.

  • Emissions regulationheadwind

    Stricter standards for emissions and fuel economy and legislative changes in the US could raise compliance costs, but may also leave room for the derogations available to small-volume manufacturers 1.

  • Demand for luxury and collectorstailwind

    Demand for rare and exclusive cars could support premium prices, especially among the collector community and loyal clients 1.

  • Pressure on technology costsheadwind

    Developing new automotive technologies is costly and may become more expensive as competition rises, which could affect profitability if performance gains are not achieved 1.

Competitive position

The company describes competition in the luxury performance car industry as intense, and rivals may be more successful in implementing electric technology 1. The risk is heightened by the fact that other luxury brands may attract clients with new technologies and models 1.

In Formula 1, competition from top teams limits Ferrari's ability to restore its dominant position, and the spending caps imposed by the governing body may restrict the resources available 1.

  • Other luxury performance car makers

    Named generically in the source as possibly more advanced in some cases in implementing electric technology for luxury sports cars 1.

  • Top Formula 1 teams

    Sporting rivals of Scuderia Ferrari, whose performance influences the brand's image in competition 1.

  • Luxury goods producers

    Competitors in the lifestyle and personal luxury goods segment, where the brand must keep its exclusivity 1.

  • High-performance electric car makers

    Competitors rapidly developing electric models that may influence the preferences of luxury clients 1.

News & filings

In the press

Sources

  1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Ferrari N.V. · 19 Feb 2026

Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.

Ferrari N.V. (RACE): stock, results, valuation and forecast · olivLaw