Recent News
On October 9, 2025 Ferrari raised annual guidance and set a 2030 revenue target of about €9.0 billion, and reported upgraded short‑term revenue guidance for 2025; shares halted and later traded down following the announcement. On October 2, 2025 Charles Leclerc said Ferrari looks unlikely to win a race during the remainder of the 2025 F1 season, citing competitor strength and track conditions.
Technical Analysis
ADX / DI+ / DI-: ADX at 30.9 signals a strong directional environment. DI+ at 21.07 is decreasing, a bearish reading. DI- at 47.46 shows a peak-and-reversal, indicating DI- recently rolled over, which suggests easing of prior negative pressure. Together these directional reads point to a strong trend environment with recent weakening of the prior downside momentum.
MACD: MACD at -20.94 and declining, with the MACD below its signal line (-14.48), denotes bearish momentum. That negative and falling MACD aligns with near‑term downward price bias and reinforces caution about momentum sustaining higher levels.
MRO: MRO equals -36.16 (negative), indicating price sits below the WMDST target and implies potential for upward mean reversion. The MRO trend decreasing suggests that mean‑reversion potential remains present but not accelerating.
RSI: RSI at 41.73 with a dip-and-reversal pattern reads as bullish momentum emerging from oversold pressure; this implies scope for short‑term retracement against the larger bearish momentum backdrop.
Price vs Moving Averages & Bands: Last close $400.46 sits below the 50‑day average $462.78 and the 200‑day average $461.39; the 12‑day EMA (price12dayEMA $415.29) trends downward. Price trades nearer the lower Bollinger band ($372.99 lower 1σ) than the upper band, and below the superTrend upper level ($412.00). These levels frame resistance near $412–$438 and show price below multiple trend anchors, supporting downward bias unless momentum indicators reverse.
Fundamental Analysis
Profitability: EBIT of $557,184,000 produces an EBIT margin of 31.17%, and operating margin of 30.74%. Gross margin registers 52.64%. EBIT margin improved QoQ by about 3.16% and improved YoY by about 2.24%. Return on equity equals 11.98% while return on assets equals 4.34%. The company’s EBIT margin sits well above the industry peer range high of 11.89%, reflecting premium pricing and high product margins.
Revenue & Earnings: Total revenue reached $1,787,553,000 with net income $424,266,000. Reported revenue growth stands near flat at -0.18%. EPS actual equaled $2.38 versus an estimate of $2.31, producing an EPS surprise of +3.03%.
Cash Flow & Liquidity: Operating cash flow measured $394,897,000 and free cash flow $155,911,000, yielding a free cash flow yield of roughly 0.19%. Cash and short‑term investments total $1,526,350,000 and the cash conversion ratio sits near 88.97%. Current ratio equals 1.68 and quick ratio 1.30, indicating adequate near‑term liquidity.
Leverage & Coverage: Total debt stands at $3,157,902,000 with net debt $1,471,732,000; debt to assets equals 32.72% and debt to equity equals 0.8916 (89.16%). Interest coverage ratio is 45.72x. Debt metrics remain serviceable given earnings and coverage.
Efficiency & Capital: Asset turnover registers 0.1827 and inventory turnover 0.7625; days inventory outstanding about 118. Days sales outstanding 21.1 and days payables outstanding 97.8. Capital expenditures show an outflow of $238,986,000 while research & development expense equals $224,991,000.
Valuation Summary: Price multiples sit at elevated levels: P/E ~203.57, EV/Revenue ~48.03 (EVR 48.03), price-to-sales ~47.11 and enterprise multiple ~120.28. WMDST values the stock as over‑valued given stretched multiples and comparatively low free cash flow yield despite strong margins and returns.
MOST-RECENT QUARTERLY REPORT
| REPORT PERIOD ENDING: | 2025-06-30 |
| REPORT DATE: | 2025-07-31 |
| NEXT REPORT DATE: | 2025-10-30 |
| CASH FLOW | Begin Period Cash Flow | $ 1.9 B |
| Operating Cash Flow | $ 394.9 M | |
| Capital Expenditures | $ -238.99 M | |
| Change In Working Capital | $ -133.79 M | |
| Dividends Paid | — | |
| Cash Flow Delta | $ -396.33 M | |
| End Period Cash Flow | $ 1.5 B | |
| INCOME STATEMENT | REVENUE | |
| Total Revenue | $ 1.8 B | |
| Forward Revenue | $ 447.2 M | |
| COSTS | ||
| Cost Of Revenue | $ 846.6 M | |
| Depreciation | $ 94.2 M | |
| Depreciation and Amortization | $ 156.6 M | |
| Research and Development | $ 225.0 M | |
| Total Operating Expenses | $ 1.2 B | |
| PROFITABILITY | ||
| Gross Profit | $ 941.0 M | |
| EBITDA | $ 713.8 M | |
| EBIT | $ 557.2 M | |
| Operating Income | $ 549.5 M | |
| Interest Income | $ 5.1 M | |
| Interest Expense | $ 12.2 M | |
| Net Interest Income | $ 86.0 K | |
| Income Before Tax | $ 545.0 M | |
| Tax Provision | $ 119.9 M | |
| Tax Rate | 19.1 % | |
| Net Income | $ 424.3 M | |
| Net Income From Continuing Operations | $ 425.1 M | |
| EARNINGS | ||
| EPS Estimate | $ 2.31 | |
| EPS Actual | $ 2.38 | |
| EPS Difference | $ 0.07 | |
| EPS Surprise | 3.03 % | |
| Forward EPS | $ 2.38 | |
| BALANCE SHEET | ASSETS | |
| Total Assets | $ 9.7 B | |
| Intangible Assets | $ 2.4 B | |
| Net Tangible Assets | $ 1.1 B | |
| Total Current Assets | $ 5.0 B | |
| Cash and Short-Term Investments | $ 1.5 B | |
| Cash | $ 1.5 B | |
| Net Receivables | $ 416.8 M | |
| Inventory | $ 1.1 B | |
| Long-Term Investments | — | |
| LIABILITIES | ||
| Accounts Payable | $ 931.0 M | |
| Short-Term Debt | $ 1.2 B | |
| Total Current Liabilities | $ 2.9 B | |
| Net Debt | $ 1.5 B | |
| Total Debt | $ 3.2 B | |
| Total Liabilities | $ 6.1 B | |
| EQUITY | ||
| Total Equity | $ 3.5 B | |
| Retained Earnings | $ 3.4 B | |
| VALUATION & PER-SHARE METRICS | EQUITY & PER-SHARE METRICS | |
| Book Value Per-Share | $ 19.87 | |
| Shares Outstanding | 178.218 M | |
| Revenue Per-Share | $ 10.03 | |
| VALUATION | Market Capitalization | $ 84.2 B |
| Enterprise Value | $ 85.9 B | |
| Enterprise Multiple | 120.276 | |
| Enterprise Multiple QoQ | 2.924 % | |
| Enterprise Multiple YoY | 9.655 % | |
| Enterprise Multiple IPRWA | RACE: 120.276 high: 73.332 median: 13.755 mean: 12.596 low: -76.086 |
|
| EV/R | 48.028 | |
| CAPITAL STRUCTURE | ||
| Asset To Equity | 2.725 | |
| Asset To Liability | 1.581 | |
| Debt To Capital | 0.471 | |
| Debt To Assets | 0.327 | |
| Debt To Assets QoQ | -2.72 % | |
| Debt To Assets YoY | 146.962 % | |
| Debt To Assets IPRWA | high: 0.75 median: 0.406 RACE: 0.327 mean: 0.323 low: 0.009 |
|
| Debt To Equity | 0.892 | |
| Debt To Equity QoQ | -4.541 % | |
| Debt To Equity YoY | 134.665 % | |
| Debt To Equity IPRWA | high: 3.556 median: 1.044 RACE: 0.892 mean: 0.805 low: -2.058 |
|
| PRICE-BASED VALUATION | ||
| Price To Book (P/B) | 23.779 | |
| Price To Book QoQ | 6.819 % | |
| Price To Book YoY | -1.434 % | |
| Price To Book IPRWA | RACE: 23.779 high: 9.538 mean: 0.113 median: 0.067 low: -8.763 |
|
| Price To Earnings (P/E) | 203.565 | |
| Price To Earnings QoQ | 4.997 % | |
| Price To Earnings YoY | 12.052 % | |
| Price To Earnings IPRWA | RACE: 203.565 high: 142.819 median: 40.911 mean: 37.126 low: -46.537 |
|
| PE/G Ratio | 58.529 | |
| Price To Sales (P/S) | 47.115 | |
| Price To Sales QoQ | 6.175 % | |
| Price To Sales YoY | 7.862 % | |
| Price To Sales IPRWA | RACE: 47.115 high: 46.437 mean: 12.924 median: 0.198 low: 0.001 |
|
| FORWARD MULTIPLES | ||
| Forward P/E | 196.498 | |
| Forward PE/G | 56.497 | |
| Forward P/S | 188.309 | |
| EFFICIENCY | OPERATIONAL | |
| Operating Leverage | -16.669 | |
| ASSET & SALES | ||
| Asset Turnover Ratio | 0.183 | |
| Asset Turnover Ratio QoQ | -0.965 % | |
| Asset Turnover Ratio YoY | -6.407 % | |
| Asset Turnover Ratio IPRWA | high: 0.499 RACE: 0.183 mean: 0.141 median: 0.131 low: 0.004 |
|
| Receivables Turnover | 4.317 | |
| Receivables Turnover Ratio QoQ | -8.336 % | |
| Receivables Turnover Ratio YoY | -12.423 % | |
| Receivables Turnover Ratio IPRWA | high: 15.67 RACE: 4.317 mean: 2.408 median: 0.845 low: 0.517 |
|
| Inventory Turnover | 0.762 | |
| Inventory Turnover Ratio QoQ | -2.964 % | |
| Inventory Turnover Ratio YoY | -7.669 % | |
| Inventory Turnover Ratio IPRWA | high: 2.791 median: 2.02 mean: 1.868 RACE: 0.762 low: 0.035 |
|
| Days Sales Outstanding (DSO) | 21.135 | |
| CASH CYCLE | ||
| Cash Conversion Cycle Days (CCC) | 41.534 | |
| Cash Conversion Cycle Days QoQ | 12.768 % | |
| Cash Conversion Cycle Days YoY | 29.648 % | |
| Cash Conversion Cycle Days IPRWA | high: 281.771 median: 97.798 mean: 77.36 RACE: 41.534 low: -195.852 |
|
| CAPITAL DEPLOYMENT | ||
| Cash Conversion Ratio | 0.89 | |
| CapEx To Revenue | -0.134 | |
| CapEx To Depreciation | -2.537 | |
| CAPITAL, LIQUIDITY & COVERAGE | CAPITAL STRUCTURE | |
| Total Capital | $ 5.3 B | |
| Net Invested Capital | $ 6.5 B | |
| Invested Capital | $ 6.5 B | |
| Net Tangible Assets | $ 1.1 B | |
| Net Working Capital | $ 2.0 B | |
| LIQUIDITY | ||
| Cash Ratio | 0.518 | |
| Current Ratio | 1.682 | |
| Current Ratio QoQ | -43.034 % | |
| Current Ratio YoY | 5.055 % | |
| Current Ratio IPRWA | high: 4.557 RACE: 1.682 mean: 1.465 median: 1.218 low: 0.057 |
|
| Quick Ratio | 1.3 | |
| Quick Ratio QoQ | -44.516 % | |
| Quick Ratio YoY | 6.194 % | |
| Quick Ratio IPRWA | high: 4.421 RACE: 1.3 mean: 1.209 median: 1.054 low: 0.076 |
|
| COVERAGE & LEVERAGE | ||
| Debt To EBITDA | 4.424 | |
| Cost Of Debt | 0.293 % | |
| Interest Coverage Ratio | 45.716 | |
| Interest Coverage Ratio QoQ | 8.248 % | |
| Interest Coverage Ratio YoY | -0.918 % | |
| Interest Coverage Ratio IPRWA | RACE: 45.716 high: 37.093 median: 17.914 mean: 13.951 low: -100.099 |
|
| Operating Cash Flow Ratio | 0.193 | |
| TIMING / LIQUIDITY | ||
| Days Payables Outstanding (DPO) | 97.752 | |
| DIVIDENDS | ||
| Dividend Coverage Ratio | — | |
| Dividend Payout Ratio | — | |
| Dividend Rate | — | |
| Dividend Yield | — | |
| PERFORMANCE | GROWTH | |
| Asset Growth Rate | -2.635 % | |
| Revenue Growth | -0.179 % | |
| Revenue Growth QoQ | -105.627 % | |
| Revenue Growth YoY | -102.226 % | |
| Revenue Growth IPRWA | high: 171.227 % mean: 1.693 % RACE: -0.179 % median: -0.888 % low: -100.0 % |
|
| Earnings Growth | 3.478 % | |
| Earnings Growth QoQ | -53.484 % | |
| Earnings Growth YoY | -80.053 % | |
| Earnings Growth IPRWA | high: 164.286 % median: 48.148 % mean: 45.803 % RACE: 3.478 % low: -66.667 % |
|
| MARGINS | ||
| Gross Margin | 52.64 % | |
| Gross Margin QoQ | 1.005 % | |
| Gross Margin YoY | 5.345 % | |
| Gross Margin IPRWA | RACE: 52.64 % high: 43.198 % median: 17.92 % mean: 17.307 % low: -41.091 % |
|
| EBIT Margin | 31.17 % | |
| EBIT Margin QoQ | 3.161 % | |
| EBIT Margin YoY | 2.237 % | |
| EBIT Margin IPRWA | RACE: 31.17 % high: 11.89 % median: 8.49 % mean: 4.405 % low: -544.208 % |
|
| Return On Sales (ROS) | 30.743 % | |
| Return On Sales QoQ | 1.747 % | |
| Return On Sales YoY | 0.836 % | |
| Return On Sales IPRWA | RACE: 30.743 % high: 11.89 % median: 8.602 % mean: 0.977 % low: -550.805 % |
|
| CASH FLOW | ||
| Free Cash Flow (FCF) | $ 155.9 M | |
| Free Cash Flow Yield | 0.185 % | |
| Free Cash Flow Yield QoQ | -76.403 % | |
| Free Cash Flow Yield YoY | 193.651 % | |
| Free Cash Flow Yield IPRWA | high: 26.113 % median: 26.113 % mean: 13.067 % RACE: 0.185 % low: -88.246 % |
|
| Free Cash Growth | -74.979 % | |
| Free Cash Growth QoQ | -140.329 % | |
| Free Cash Growth YoY | -11.514 % | |
| Free Cash Growth IPRWA | high: 570.241 % median: 570.241 % mean: 335.929 % RACE: -74.979 % low: -102.201 % |
|
| Free Cash To Net Income | 0.367 | |
| Cash Flow Margin | 31.783 % | |
| Cash Flow To Earnings | 1.339 | |
| VALUE & RETURNS | ||
| Economic Value Added | $ 0.04 | |
| Return On Assets (ROA) | 4.337 % | |
| Return On Assets QoQ | 2.24 % | |
| Return On Assets YoY | -7.723 % | |
| Return On Assets IPRWA | RACE: 4.337 % high: 2.377 % median: 0.881 % mean: 0.664 % low: -27.076 % |
|
| Return On Capital Employed (ROCE) | 8.308 % | |
| Return On Equity (ROE) | 0.12 | |
| Return On Equity QoQ | 3.876 % | |
| Return On Equity YoY | -9.898 % | |
| Return On Equity IPRWA | high: 1.202 RACE: 0.12 mean: 0.051 median: 0.017 low: -0.423 |
|
| DuPont ROE | 11.932 % | |
| Return On Invested Capital (ROIC) | 6.653 % | |
| Return On Invested Capital QoQ | 6.024 % | |
| Return On Invested Capital YoY | -102.566 % | |
| Return On Invested Capital IPRWA | high: 11.036 % RACE: 6.653 % median: 1.101 % mean: 0.948 % low: -25.139 % |
|