Ferrari N.V. (RACE) intrinsic value & 10-year financials
Ferrari N.V. (RACE) has a Graham intrinsic value of €297.61 per share. At €393.28 on Oct 24, 2026, the stock trades 32% above that value. Over the last 10 fiscal years revenue grew 9.7% a year to €7.1B, with an average return on invested capital of 28.7%.
- Graham intrinsic value
- €297.61
- Share price (Oct 24, 2026)
- €393.28
- Price vs Graham value
- 32% above
- Market cap
- €70.1B
- Revenue (FY2025)
- €7.1B
- Revenue growth (10-yr CAGR)
- 9.7%
- ROIC (10-yr avg)
- 28.7%
- Free cash flow (FY2025)
- €1.9B
RACE 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | €7.1B | €1.6B | €8.96 | €1.9B | 29.5% | 31.2% |
| FY2024 | €6.7B | €1.5B | €8.46 | €1.4B | 28.3% | 31.8% |
| FY2023 | €6.0B | €1.3B | €6.90 | €1.3B | 27.1% | 30.0% |
| FY2022 | €5.1B | €939.3M | €5.09 | €1.1B | 24.1% | 26.0% |
| FY2021 | €4.3B | €833.1M | €4.50 | €930.4M | 25.2% | 25.9% |
| FY2020 | €3.5B | €608.9M | €3.28 | €481.2M | 20.7% | 22.4% |
| FY2019 | €3.8B | €698.7M | €3.71 | €953.9M | 24.4% | 28.3% |
| FY2018 | €3.4B | €786.6M | €4.14 | €633.2M | 24.2% | 36.6% |
| FY2017 | €3.4B | €537.4M | €2.82 | €473.9M | 22.7% | 30.5% |
| FY2016 | €3.1B | €399.7M | €2.11 | €829.7M | 19.2% | 24.4% |
Source: annual 10-K filings on SEC EDGAR. Figures in EUR.
Executive summary
Ferrari N.V. is a consistent compounder, expanding top-line revenue at 9.7% annually over the past decade.
Ferrari N.V. has earned high returns on invested capital, averaging 28.7% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Ferrari N.V. has not shown aggressive share repurchases (>10% retirement) or a major balance-sheet leverage increase (>50% net debt growth) over the 10-year window.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Ferrari N.V. is modeled at 15.0% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $297.61 per share.