Ferrari NV

RACE: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Ferrari Earnings: Characteristic Operational Leverage in High Gear; Shares Roughly Fairly Valued

Rella Suskin

May 6, 2025

Ferrari reported 1% higher volumes, but revenue, EBIT, and industrial free cash flow growth of 13%, 23%, and 93%, respectively. Price/mix is the largest positive contributor to the profit improvement, followed by the new F1 sponsorship deal and flat R&D costs. Full-year guidance is unchanged.

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Ferrari NV

Ferrari Earnings: Characteristic Operational Leverage in High Gear; Shares Roughly Fairly Valued

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