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Overvalued
Morningstar Quantitative Rating as of 4 NOV 2026.
Quantitative Equity Rating Methodology – view here
Five-star price 365.67 Fair value 395.91 One-star price 428.65
Morningstar Quantitative Rating as of 4 NOV 2026.
Morningstar Quantitative Rating as of 4 NOV 2026. The slider runs from the five-star price (365.67) to the one-star price (428.65).
| Ratios |
|---|
| Currency (Price/reporting): USD/EUR |
| Exchange Rate: 1.1224 |
| Price - closing or last bid | 414.77 |
| Price - 12 month high | 437.10 |
| Price - 12 month low | 312.57 |
| Pricing date | 3 NOV 2026 |
| Volume - avg. trading volume for the last ten days | 0.39 |
| Market capitalization | 75,782.63 |
| 12 Month High price date | 21 AUG 2026 |
| 12 Month Low price date | 20 MAR 2026 |
| Volume - avg. trading volume for the last 3 months | 0.41 |
| Price - 1 Day % Change | 2.90% |
| Price - 13 week price percent change | 3.36% |
| Price - 26 week price percent change | 21.54% |
| Price - 5 Day % Change | 6.40% |
| Price - 52 week price percent change | 5.80% |
| Price - YTD price percent change | 11.35% |
| Price % Change Month To Date | 6.81% |
| EPS excluding extraordinary items - most recent fiscal year | 8.960 |
| EPS excluding extraordinary items - trailing 12 month | 9.530 |
| EPS Normalized - most recent fiscal year | 9.126 |
| Revenue/share - most recent fiscal year | 40.072 |
| Revenue/share - trailing 12 month | 42.327 |
| Book value per share - most recent fiscal year | 22.038 |
| Book value per share - most recent quarter | 22.296 |
| Book value (tangible) per share - most recent fiscal year | 8.411 |
| Book value (tangible) per share - most recent quarter | 8.043 |
| Cash per share - most recent fiscal year | 8.279 |
| Cash per share - most recent quarter | 9.855 |
| Cash Flow per share - most recent fiscal year | 13.672 |
| Cash Flow per share - trailing 12 month | 15.678 |
| Dividend per share - most recent fiscal year | — |
| Dividends per share - trailing 12 month | 4.226 |
| EBITD per share - trailing 12 month | 16.506 |
| EPS Basic excluding extraordinary items - most recent fiscal year | 8.970 |
| EPS Basic excluding extraordinary items - trailing 12 month | 9.540 |
| EPS including extraordinary items - most recent fiscal year | 8.970 |
| EPS including extraordinary items - trailing 12 month | 9.540 |
| Free Cash Flow per share - trailing 12 month | 10.222 |
| P/E excluding extraordinary items, most recent fiscal year | 39.06 |
| P/E Normalized, most recent fiscal year | 39.06 |
| Price to sales - most recent fiscal year | 8.79 |
| Price to Tangible Book - most fiscal year | 47.65 |
| Price to Free Cash Flow per Share - most recent fiscal year | 36.41 |
| Price to Cash Flow per share - trailing 12 month | 23.74 |
| Price to Book - most recent fiscal year | 17.10 |
| P/E excluding extraordinary items high, trailing 12 months | 42.68 |
| P/E excluding extraordinary items low, trailing 12 months | 30.82 |
| Net Debt, LFI | 1,384.08 |
| Net Debt, LFY | 1,412.09 |
| Dividend Yield - 5 Year Average | 0.65% |
| Dividend Yield - indicated annual dividend divided by closing price | 1.05% |
| Current Dividend Yield - Common Stock Primary Issue, LTM | 0.98% |
| Free Cash Flow - most recent fiscal year | 1,494.75 |
| LT debt/equity - most recent fiscal year | 49.09% |
| Payout ratio - most recent fiscal year | — |
| Total debt/total equity - most recent fiscal year | 73.68% |
| LT debt/equity - most recent quarter | 55.54% |
| Total debt/total equity - most recent quarter | 79.67% |
| Free Cash Flow - trailing 12 month | 1,807.21 |
| Payout ratio - trailing 12 month | 37.93% |
| Revenue - most recent fiscal year | 7,145.77 |
| Revenue - trailing 12 month | 7,483.36 |
| EBITD - most recent fiscal year | 2,746.32 |
| EBITD - trailing 12 month | 2,918.23 |
| Earnings before taxes - most recent fiscal year | 2,063.64 |
| Earnings before taxes - trailing 12 month | 2,197.89 |
| Net Income available to common - most recent fiscal year | 1,596.92 |
| Net Income available to common - trailing 12 months | 1,684.70 |
| Earnings before taxes Normalized - most recent fiscal year | 2,101.80 |
| Net Income Available to Common, Normalized - most recent fiscal year | — |
| Earnings per Share, Normalized, Excluding Extraordinary Items, Avg. Diluted Shares Outstanding, TTM | 9.53 |
| Net Profit Margin % - 1st historical fiscal year | 22.38% |
| Net Profit Margin % - trailing 12 month | 22.55% |
| Operating margin - 1st historical fiscal year | 29.35% |
| Operating margin - trailing 12 month | 29.61% |
| Pretax margin - trailing 12 month | 29.37% |
| Pretax margin - 1st historical fiscal year | 28.88% |
| Operating Margin - 5 year average | 26.69% |
| Pretax Margin - 5 year average | 26.31% |
| Free Operating Cash Flow/Revenue, 5 Year Average | 19.05% |
| Free Operating Cash Flow/Revenue, TTM | 24.15% |
| Net Profit Margin - 5 year average | 20.85% |
| Return on average assets - most recent fiscal year | 16.60% |
| Return on average assets - trailing 12 month | 16.88% |
| Return on average equity - most recent fiscal year | 43.64% |
| Return on average equity - trailing 12 month | 43.71% |
| Return on average assets - 5 year average | 15.40% |
| Return on average equity - 5 year average | 43.75% |
| Net Income/employee - most recent fiscal year | 279,733.47 |
| Revenue/employee - most recent fiscal year | 1,249,697.10 |
| Revenue growth rate, 5 year | 15.61% |
| EPS growth rate, 5 year | 22.26% |
| Growth rate% - dividend, 3 year | 29.91% |
| Revenue/share (5 yr growth) | 16.51% |
| Growth rate% - Revenue, 3 year | 11.93% |
| Growth rate% - EPS, 3 year | 20.74% |
| Book value per share growth rate, 5 year | 17.93% |
| Capital Spending growth rate, 5 year | 5.87% |
| Earnings Before Interest, Taxes, Depreciation & Amortization, 5 Year CAGR | 19.17% |
Financial forecast (USD, millions except per share)
| Actuals | Estimates | |||||||
| 2025 | 2026 | 2027 | 2028 | 2029 | ||||
| Estimate breakdown | ||||||||
Financials (EUR, millions)
| Period end: | DEC 21 | DEC 22 | DEC 23 | DEC 24 | DEC 25 |
| Fiscal year: | 2021 | 2022 | 2023 | 2024 | 2025 |
| Period length: | 12 months | 12 months | 12 months | 12 months | 12 months |
Announcements
Announcements are available for ASX-listed companies only.
Ferrari shares have come under pressure following the unveiling of the Luce, its first fully electric vehicle, with investors questioning whether the design represents a step too far from the performance, sound and heritage that underpin the brand.
We have had Ferrari on our hitlist for the International Equities Portfolio for some time, and after a recent pullback, we are now contemplating adding RACE US to the portfolio. Ferrari is now trading on FY26 Est earnings of 33x, down from over 50x in 2025, and while the valuation still looks full relative to the broader market (and competitors), we think it can justify its premium through exceptional pricing power, strong order-book visibility and a margin profile that most global luxury peers can only envy.
There are not many more recognisable global brands than Ferrari (RACE US), synonymous with performance, wealth, luxury, quality, cutting-edge technology, to name a few! What is more incredible about Ferrari is the consistency in its products, the consistency in sales, and ultimately, the consistency in earnings over a long period of time.
Ferrari designs, engineers, and manufactures some of the world's most expensive luxury cars. With supply carefully controlled to be below demand and a brand steeped in decades of motor racing history, a Ferrari is viewed as a status symbol. In 2025, the company sold 13,640 vehicles at an average price over EUR 520,000, with more than 80% of its vehicles being sold to existing Ferrari clients. Eighty-four percent of revenue is generated from the sale of cars and spare parts,and 10% from sponsorship, commercial, and brand activities, including racing and lifestyle activities. In 2025, the Europe, Middle East, and Africa region accounted for 49%, the Americas for 32%, mainland China, Hong Kong, and Taiwan for 7%, and the rest of Asia for 12%.
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