Ferrari N.V. (RACE.MI) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-37.6%

€222.70

vs €356.75 price

Levered DCF

€232.57

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

8.23

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	35.49×	48.69×	44.17×	39.25×	50.56×	57.34×	39.65×	20.8×
P/B	14.53×	20.98×	18.07×	14.12×	19.02×	19.53×	18.65×	12.1×
P/S	7.94×	11.1×	9.26×	7.18×	9.82×	10.08×	7.33×	4.77×
EV / EBITDA	20.99×	29.19×	24.69×	21.46×	28.27×	31.8×	22.66×	15.66×
Gross margin	51.7%	50.1%	49.8%	48.0%	51.3%	51.3%	52.1%	52.6%
Operating margin	29.8%	28.3%	27.3%	24.4%	25.2%	21.1%	24.4%	24.2%
Net margin	22.4%	22.8%	21.0%	18.3%	19.5%	17.6%	18.5%	22.9%
Current ratio	1.69×	3.37×	1.75×	3.73×	3.39×	3.89×	3.28×	3.34×
Debt / equity	0.74×	0.95×	0.81×	1.08×	1.19×	1.53×	1.41×	1.43×
Interest coverage	45.37×	40.42×	45.13×	22.93×	27.97×	14.54×	19.19×	32.2×
Dividend yield	0.9%	0.6%	0.6%	0.7%	0.4%	0.6%	0.7%	0.8%
Payout ratio	33.1%	28.9%	26.2%	26.8%	19.3%	34.2%	27.7%	17.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	41.0%	43.1%	40.9%	36.0%	37.7%	34.0%	47.0%	58.2%
Return on invested capital	18.9%	19.1%	19.7%	12.9%	13.5%	10.5%	15.8%	19.7%
Return on assets	16.2%	16.0%	15.6%	12.0%	12.1%	9.7%	12.8%	16.2%
Free cash flow yield	3.3%	1.3%	1.5%	1.6%	1.3%	0.4%	2.2%	1.8%
Earnings yield	2.8%	2.1%	2.3%	2.5%	2.0%	1.7%	2.5%	4.8%
Enterprise value	€58.2B	€75.7B	€56.7B	€38B	€43.2B	€36.2B	€28.8B	€17.5B
Net debt / EBITDA	0.51×	0.62×	0.59×	0.8×	0.84×	1.2×	0.94×	1.02×
Cash conversion cycle (days)	65	130	112	4	-10	-19	-8	-36