Latest Ratios: P/E Ratio 37.8x · EV/EBITDA 22.2x · ROE 42.8%. (2013–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $68.3B | $65.9B | $76.5B | $61.4B | $39.2B | $47.8B | $42.5B | $31.0B | $18.8B | $19.9B | $11.0B |
| Enterprise Value | $69.9B | $67.3B | $78.1B | $62.8B | $40.6B | $49.1B | $44.2B | $32.4B | $20.0B | $21.1B | $12.4B |
| P/E Ratio → | 37.80 | 41.25 | 50.22 | 49.05 | 42.09 | 57.52 | 69.98 | 44.62 | 24.02 | 37.18 | 27.55 |
| P/S Ratio | 8.37 | 9.22 | 11.45 | 10.29 | 7.70 | 11.19 | 12.30 | 8.24 | 5.51 | 5.82 | 3.54 |
| P/B Ratio | 15.43 | 16.83 | 21.58 | 20.01 | 15.07 | 21.62 | 19.44 | 18.60 | 13.91 | 25.38 | 33.31 |
| P/FCF | 22.49 | 24.80 | 81.57 | 72.46 | 65.50 | 87.63 | 329.28 | 32.54 | 63.69 | 73.31 | 16.56 |
| P/OCF | 14.30 | 15.77 | 39.69 | 35.78 | 27.95 | 37.27 | 50.76 | 23.77 | 20.16 | 30.02 | 10.93 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 9.42 | 11.69 | 10.52 | 7.98 | 11.50 | 12.78 | 8.60 | 5.84 | 6.16 | 3.99 |
| EV / EBITDA | 22.18 | 24.40 | 30.51 | 27.39 | 22.72 | 32.09 | 38.23 | 25.48 | 17.89 | 22.53 | 16.74 |
| EV / EBIT | 29.18 | 31.98 | 40.51 | 38.46 | 33.15 | 45.72 | 62.05 | 35.21 | 24.17 | 27.01 | 20.73 |
| EV / FCF | — | 25.33 | 83.28 | 74.06 | 67.88 | 89.99 | 342.18 | 33.95 | 67.52 | 77.57 | 18.66 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 51.7% | 51.7% | 50.1% | 49.8% | 48.0% | 51.3% | 51.3% | 52.1% | 52.6% | 51.7% | 49.1% |
| Operating Margin | 29.3% | 29.3% | 28.3% | 27.3% | 24.4% | 25.2% | 21.1% | 24.4% | 24.2% | 22.7% | 19.2% |
| Net Profit Margin | 22.3% | 22.3% | 22.8% | 21.0% | 18.3% | 19.5% | 17.6% | 18.5% | 22.9% | 15.7% | 12.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 42.8% | 42.8% | 46.0% | 44.1% | 38.7% | 37.8% | 31.5% | 46.0% | 73.4% | 96.1% | 256.9% |
| ROA | 16.7% | 16.7% | 17.3% | 15.8% | 12.7% | 11.4% | 8.8% | 12.7% | 17.5% | 13.4% | 10.3% |
| ROIC | 30.0% | 30.0% | 29.6% | 28.9% | 24.8% | 21.9% | 16.0% | 25.1% | 28.0% | 31.7% | 23.6% |
| ROCE | 27.5% | 27.5% | 26.0% | 25.2% | 20.9% | 19.4% | 14.3% | 20.9% | 21.9% | 23.6% | 22.1% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 0.74 | 0.74 | 0.95 | 0.81 | 1.08 | 1.19 | 1.52 | 1.41 | 1.42 | 2.30 | 5.60 |
| Debt / EBITDA | 1.05 | 1.05 | 1.31 | 1.08 | 1.57 | 1.72 | 2.88 | 1.85 | 1.73 | 1.93 | 2.50 |
| Net Debt / Equity | — | 0.36 | 0.45 | 0.44 | 0.55 | 0.58 | 0.76 | 0.80 | 0.84 | 1.48 | 4.22 |
| Net Debt / EBITDA | 0.51 | 0.51 | 0.63 | 0.59 | 0.80 | 0.84 | 1.44 | 1.05 | 1.02 | 1.24 | 1.88 |
| Debt / FCF | — | 0.53 | 1.72 | 1.60 | 2.38 | 2.36 | 12.90 | 1.40 | 3.83 | 4.27 | 2.10 |
| Interest Coverage | 51.13 | 51.13 | 41.18 | 45.19 | 22.62 | 27.96 | 14.19 | 19.21 | 32.16 | 21.83 | 19.62 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.02 | 2.02 | 3.37 | 2.68 | 2.80 | 2.54 | 1.32 | 1.53 | 3.34 | 2.92 | 2.63 |
| Quick Ratio | 1.55 | 1.55 | 2.64 | 2.04 | 2.32 | 2.13 | 1.05 | 1.20 | 2.81 | 2.36 | 2.18 |
| Cash Ratio | 0.62 | 0.62 | 1.17 | 0.76 | 0.99 | 1.02 | 0.80 | 0.71 | 1.07 | 0.91 | 0.65 |
| Asset Turnover | — | 0.74 | 0.70 | 0.74 | 0.66 | 0.62 | 0.45 | 0.62 | 0.70 | 0.83 | 0.81 |
| Inventory Turnover | 3.10 | 3.10 | 3.06 | 3.16 | 3.93 | 3.85 | 2.99 | 3.83 | 4.15 | 4.19 | 4.88 |
| Days Sales Outstanding | — | 102.44 | 113.90 | 109.42 | 123.81 | 120.04 | 44.07 | 57.07 | 23.25 | 25.95 | 29.67 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 1.8% | 1.6% | 0.6% | 0.5% | 0.6% | 0.3% | 0.5% | 0.6% | 0.7% | 0.6% | 0.8% |
| Payout Ratio | 66.3% | 66.3% | 28.9% | 26.2% | 26.8% | 19.3% | 34.2% | 27.7% | 17.0% | 22.4% | 21.8% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 2.6% | 2.4% | 2.0% | 2.0% | 2.4% | 1.7% | 1.4% | 2.2% | 4.2% | 2.7% | 3.6% |
| FCF Yield | 4.4% | 4.0% | 1.2% | 1.4% | 1.5% | 1.1% | 0.3% | 3.1% | 1.6% | 1.4% | 6.0% |
| Buyback Yield | 2.2% | 2.0% | 0.8% | 0.7% | 1.0% | 0.5% | 0.3% | 1.2% | 0.5% | 0.0% | 0.0% |
| Total Shareholder Yield | 4.0% | 3.6% | 1.3% | 1.3% | 1.6% | 0.8% | 0.8% | 1.9% | 1.2% | 0.6% | 0.8% |
| Shares Outstanding | — | $178M | $180M | $182M | $183M | $185M | $185M | $188M | $189M | $190M | $189M |
Electrification transition capital intensity
As reported in recent financial data, Ferrari trades at a forward P/E of 38.29, a valuation that suggests the market prices the company as a perpetual luxury annuity rather than a cyclical manufacturer, despite the recent deceleration in top-line growth observed in the latest quarterly filings.
The current P/E multiple of 36.09 indicates that investors are willing to pay a significant premium for the brand's scarcity-driven business model. This valuation appears to discount the cyclical risks inherent in the automotive sector, implying that the market expects sustained margin expansion and high-visibility earnings to persist through the electrification transition.
Based on the provided quarterly figures, Ferrari's ROIC has fluctuated between 6.2% and 8.2% over the last ten quarters, reflecting a disciplined approach to capital deployment that consistently generates returns exceeding the typical cost of capital for high-end industrial manufacturers in the current interest rate environment.
The stability of these returns suggests that the company's investment in new model development and manufacturing capacity is effectively translating into incremental value. Investors should monitor whether the ongoing capital-intensive shift toward electric vehicle platforms exerts downward pressure on these returns as the company scales its new production facilities.
According to the latest financial statements, the company's cash conversion cycle has remained elevated, averaging approximately 120 days, which is a direct consequence of the long-lead-time production model and the strategic management of inventory required to maintain the brand's Veblen-good status in the global market.
The relatively high days inventory outstanding, which reached 115 days in 2026Q1, is not indicative of weak demand but rather the deliberate pacing of vehicle deliveries to preserve exclusivity. This efficiency profile suggests that the company maintains significant leverage over its supply chain and customer base, allowing it to dictate production schedules.
As reported in recent balance sheet data, Ferrari maintains a debt-to-EBITDA ratio of 4.05 as of 2026Q1, a level that appears manageable given the company's robust interest coverage ratio of 53.91, which underscores the firm's ability to service its obligations despite significant ongoing capital expenditure requirements.
The company's leverage profile remains conservative, providing a necessary buffer for the substantial R&D investments required for the transition to electric powertrains. This financial flexibility appears to be a core component of the company's strategy to maintain its investment-grade profile while navigating a period of structural industry change.
The most commonly misapplied metric for Ferrari is the traditional automotive P/E ratio, which fails to account for the company's unique status as a luxury brand with high-visibility, annuity-like revenue streams that are largely decoupled from the cyclical volatility typically associated with mass-market vehicle manufacturers.
Analysts often incorrectly apply standard auto-industry valuation multiples to Ferrari, which obscures the brand's pricing power and the structural scarcity of its product portfolio. A more appropriate framework would involve comparing the company to ultra-luxury conglomerates, where valuation is driven by brand equity and margin resilience rather than unit volume growth.
Includes 30+ ratios · 13 years · Updated daily
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Quick answers to the most common questions about buying RACE stock.
Ferrari N.V.'s current P/E ratio is 37.8x. The historical average is 43.2x. This places it at the 36th percentile of its historical range.
Ferrari N.V.'s current EV/EBITDA is 22.2x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 24.8x.
Ferrari N.V.'s return on equity (ROE) is 42.8%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 58.3%.
Based on historical data, Ferrari N.V. is trading at a P/E of 37.8x. This is at the 36th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Ferrari N.V.'s current dividend yield is 1.75% with a payout ratio of 66.3%.
Ferrari N.V. has 51.7% gross margin and 29.3% operating margin. Operating margin above 20% indicates strong pricing power and cost efficiency.
Ferrari N.V.'s Debt/EBITDA ratio is 1.0x, indicating moderate leverage. A ratio below 2x is generally considered financially healthy.