Ferrari: Why the World's Most Exclusive Automaker Trades Like an Asset, Not a Car Company
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Ferrari: Why the World's Most Exclusive Automaker Trades Like an Asset, Not a Car Company
"We look at the 2030 target as a floor of our ambitions, always acting in the long-term interest of our brand, safeguarding exclusivity above all. That is not how automakers talk. That is how luxury houses talk."
"Ferrari posted €7.146 billion in net revenues for FY 2025, up 7% year over year, with an EBIT margin of 29.5%. Industrial free cash flow surged 50% to over €1.5 billion. These are software-company margins inside a car manufacturer's ticker."
"We increase prices because we are adding innovative features that enhance our products and delight our clients. This is a key point. Ferrari is not raising prices on the same car. It is continuously engineering more desirable products and charging accordingly."
Ferrari sells approximately 13,640 cars annually through exclusive dealers across 60+ markets, with order books extending to 2027. The waiting list functions as a product feature, not a supply constraint. CEO Benedetto Vigna emphasizes safeguarding exclusivity as a core strategy. Ferrari achieved €7.146 billion in net revenues for FY 2025 with a 29.5% EBIT margin and 50% surge in industrial free cash flow. The company trades at 31x trailing earnings with an 8.67x price-to-sales ratio, demonstrating asset-like behavior with a beta of 0.52. Ferrari continuously engineers desirable products and raises prices accordingly, with personalization representing approximately 20% of revenues. The upcoming Ferrari Luce electric sports car launch in May 2026 will test brand resilience in the EV market.
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