Ferrari N.V.

Dominant wide-moat luxury supercar franchise with elite, top-decile profitability and cash generation.

Strengths

• Top-decile across the board: operating margin 29.5%, net margin 22%, ROA 16.6%, ROIC 24.5%, FCF margin 26% (all ~100th pct)
• Powerful brand moat and pricing power via controlled-volume strategy; revenue +21% with strong ROE 41%

Risks

• Brand/exclusivity dependence and exposure to EV-transition consumer response
• Modest leverage (D/E 0.74, 75th pct) and racing/reputation sensitivity

Notable findings

• Customer concentration~56% of revenue from one customer/distributor — In 2025, approximately 84% of our new cars were sold to clients who already owned at least one Ferrari, and approximately 56% to clients who owned multiple Ferraris, reinforcing sustained demand and t
• Strong balance sheetStrong balance sheet — $1.7B cash & investments