Company profile
SEC EDGAR ↗- Industry
- Motor Vehicles & Passenger Car Bodies
- Listed
- NYSE: RACE
- Incorporated
- Netherlands
- Headquarters
- Maranello, L6
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- €7.15B
- Net income
- €1.60B
- Total assets
- €9.63B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | €7.15B | €1.60B | €9.63B |
| FY2024 | €6.68B | €1.53B | €9.50B |
| FY2023 | €5.97B | €1.26B | €8.05B |
| FY2022 | €5.10B | €939.3M | €7.77B |
| FY2021 | €4.27B | €833.1M | €6.86B |
| FY2020 | €3.46B | €608.9M | €6.26B |
Reported fiscal years from SEC filings (20-F) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Adjacency Expansion · Growth & Portfolio
Ferrari Built a Four-Door, Four-Seat Car. The One Word It Won't Say Tells You Everything.
Ferrari capped its first four-door model at 20% of output and refuses to call it an SUV. That restraint isn't modesty - it's how a company grew revenue 11.8% to €6.68bn while barely touching the one number that protects its premium: units sold.
8 min
The Loss Leader · Business Model
Ferrari Has No Loss Leader. The €30 Keychain Pays Like the €300,000 Car.
Everyone says Ferrari sells cheap merch and races to lose money so the cars can win. It's backwards. Every Ferrari touchpoint earns a premium - the brand line alone added €670m in 2024 - and the scarcity is the point, not the price.
7 min
The Moat Anatomy · Moat & Competition
Ferrari Ships 37% More Cars Than Five Years Ago and Margins Went Up, Not Down
Everyone says Ferrari protects itself by building fewer cars than people want. But it shipped 13,752 cars in 2024 — up ~37% in five years — and its margins went up, not down. The real moat is a feedback loop, and the threat isn't a copycat.
8 min
The Deliberate Constraint · Business Model
Ferrari Says It Sells One Less Car Than the Market Wants. It Sold 13,752 Last Year.
The legend is a fixed 7,000-car ceiling. Ferrari's own results show 13,752 shipments in 2024 — nearly double the roughly 6,500 it shipped in 2010. The real lever isn't a cap on volume. It's a cap on access, and a relentless premium on everything else.
7 min