Ferrari N.V. (RACE) 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

-60.6%

$159.05

vs $403.33 price

Levered DCF

$474.03

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

8.04

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	35.1×	48.44×	44.31×	39.23×	50.58×	57.08×	39.57×	20.84×
P/B	14.36×	20.87×	18.13×	14.11×	19.03×	15.89×	16.58×	12.13×
P/S	7.85×	11.04×	9.29×	7.18×	9.83×	10.03×	7.32×	4.78×
EV / EBITDA	20.78×	29.05×	24.77×	21.45×	28.28×	31.93×	22.73×	15.69×
Gross margin	51.7%	50.1%	49.8%	48.0%	51.3%	51.3%	52.1%	52.6%
Operating margin	29.3%	28.3%	27.3%	24.4%	25.2%	21.1%	24.4%	24.2%
Net margin	22.3%	22.8%	21.0%	18.3%	19.5%	17.6%	18.5%	22.9%
Current ratio	2.02×	3.37×	2.68×	2.8×	2.54×	1.32×	1.53×	3.34×
Debt / equity	0.74×	0.95×	0.81×	1.08×	1.19×	1.53×	1.41×	1.43×
Interest coverage	50.94×	40.42×	45.13×	22.93×	27.97×	14.54×	19.19×	32.2×
Dividend yield	1.9%	0.6%	0.6%	0.7%	0.4%	0.6%	0.7%	0.8%
Payout ratio	66.6%	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	40.9%	43.1%	40.9%	36.0%	37.7%	27.8%	41.8%	58.2%
Return on invested capital	19.8%	19.1%	19.5%	15.6%	15.5%	10.1%	14.2%	19.7%
Return on assets	16.6%	16.0%	15.6%	12.0%	12.1%	7.9%	11.4%	16.2%
Free cash flow yield	4.7%	1.3%	1.5%	1.6%	1.3%	0.4%	3.5%	1.8%
Earnings yield	2.8%	2.1%	2.3%	2.5%	2.0%	1.8%	2.5%	4.8%
Enterprise value	$57.5B	$75.4B	$56.8B	$38B	$43.3B	$36.4B	$28.9B	$17.5B
Net debt / EBITDA	0.51×	0.62×	0.59×	0.8×	0.84×	1.46×	1.05×	1.02×
Cash conversion cycle (days)	131	130	112	92	75	-23	-9	-36