McLaren and Aston Martin: The Control GroupWide moat

Ferrari (RACE) — moat facet

Same segment, similar cars, opposite outcomes — the variable that separates Ferrari from McLaren and Aston Martin is the queue, not the engineering.

McLaren and Aston Martin make extraordinary cars and have spent two decades demonstrating what happens without a queue.

The control group: same segment, no queueProduct qualityComparable - both make extraordinary carsHeritageAston Martin has plentyOrder book long enough to refuse a saleNeitherWhat followsDiscount, weak residuals, harder next saleCorporate historyRepeated recapitalisation and ownership changeFerrari EBIT margin, FY202529.5%The variable being isolated is the queue, not the engineering.
Same industry, similar products, opposite outcomes. What Ferrari has that they do not is the discipline to under-supply.

Both have been through repeated recapitalisations, ownership changes and rescue financings. Both have produced cars that reviewed as well as Ferrari's. Neither has ever earned anything close to Ferrari's 29.5% operating margin.1

The difference is not engineering, design or heritage — Aston Martin has plenty of the last. It is that neither ever built an order book long enough to refuse a sale. Without a queue, a car maker discounts to hit a quarter, discounting damages residual values, weak residuals raise the cost of ownership, and the next car is harder to sell. Ferrari's own filing identifies exactly this loop, from the other direction: residual resilience "promotes repeat purchases."2

This is the most useful comparison on the page because it isolates the variable. Same industry, same segment, similar products, opposite outcomes — and the thing Ferrari has that they do not is the discipline to under-supply.

It also shows what the discipline is worth in a downturn: Ferrari's worst year as a public company was a factory closure, not a demand collapse.3

Watch discounting. The moment a Ferrari can be bought below list, this page changes.

Moat trajectory: Holding steady

McLaren and Aston Martin remain in the same position they have occupied for a decade: excellent cars, no queue, recurring recapitalisation.

The number that tests this moat
Reported
Net industrial debt
€131M at June 2026, after net cash of €388M in March

Supercar makers without a waiting list have needed repeated rescues. Ferrari moves between small net cash and small net debt only because of dividends and buybacks; a large debt build would be the warning.

Source: Ferrari Q2 2026 results ↗
References
  1. ReportedNeither has ever earned anything close to Ferrari's 29.5% operating margin. The difference is not engineering, design or heritage — Aston Martin has plenty of the last.
    Ferrari N.V., Form 20-F FY2025 — consolidated income statement and statement of financial position. Net revenues EUR7,146M; cost of sales EUR3,453M (48.3% of revenue); selling, general and administrative costs EUR642M (9.0%); research and development costs EUR919M (12.9%); EBIT EUR2,110M, a 29.5% margin; EBITDA EUR2,772M, 38.8%; profit before taxes EUR2,064M; income tax expense EUR464M, an effective rate of 22.5%; net profit EUR1,600M, 22.4% of revenue, against EUR1,526M and EUR1,257M in the two prior years. Diluted earnings per share EUR8.96 against EUR8.46 and EUR6.90, on weighted average diluted shares of 178,321 thousand against 179,992 thousand and 181,511 thousand. Total assets EUR9,628M; property, plant and equipment EUR2,058M; intangible assets EUR1,638M including goodwill of EUR785M; inventories EUR1,114M; receivables from financing activities EUR1,613M; cash and cash equivalents EUR1,468M; total equity EUR3,915M; debt EUR2,884M; trade payables EUR841M. In 2025 Ferrari paid dividends of EUR534M and repurchased EUR785M of its own shares. Historic net revenues run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025); net profit over the same years runs EUR400M, EUR537M, EUR787M, EUR699M, EUR609M, EUR833M, EUR939M, EUR1,257M, EUR1,526M and EUR1,600M. — FY2025 · publ. 2026-02 · source ↗
  2. ReportedFerrari's own filing identifies exactly this loop, from the other direction: residual resilience "promotes repeat purchases." This is the most useful comparison on the page because it isolates the variable.
    Ferrari N.V., Form 20-F FY2025 — Item 4, sales and distribution, client management and the controlled volume strategy. Ferrari sells in over 60 markets through a network of 181 authorized dealers operating 195 points of sale as of the end of 2025; its largest dealer accounted for approximately 3.0% of shipments in 2025 and its fifteen largest dealers for approximately 25%. As part of supply and demand management, allocations are determined by geography and by dealer based on various metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, the current order book of dealers and the average waiting time of the end client in the relevant market; an order reporting system allows Ferrari to collect and monitor information regarding end client orders and assists in production planning, allocation and dealer management. Ferrari relentlessly focuses on preserving product exclusivity and nurturing its client community, rewarding loyal clients through driving events and other initiatives and, most importantly, offering its most loyal and active clients preferential access to its newest, most exclusive and highest value cars. Competition among similarly positioned luxury performance cars is driven by price and total cost of ownership, and the filing states that resilience of the car value after a period of ownership is an important competitive dimension because higher resilience decreases the total cost of ownership and promotes repeat purchases, which Ferrari believes is a strong competitive advantage. Its controlled volume strategy contemplates a measured increase in shipments above current levels as it targets a larger customer base and modes of use, increases its focus on periodically rejuvenating its customer base and creating new Ferrari collectors, and its product portfolio evolves with a broader product range. It sold 13,640, 13,752 and 13,663 cars in 2025, 2024 and 2023. — FY2025 · publ. 2026-02 · source ↗
  3. ReportedIt also shows what the discipline is worth in a downturn: Ferrari's worst year as a public company was a factory closure, not a demand collapse. Watch discounting.
    Ferrari N.V., Form 20-F for the year ended 31 December 2025 (SEC, CIK 1648416) — Item 4, Information on the Company. Ferrari sells in over 60 markets worldwide through a network of 181 authorized dealers operating 195 points of sale as of the end of 2025; the largest dealer accounted for approximately 3.0% of shipments and the fifteen largest for approximately 25%. Allocations are determined by geography and dealer on metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, dealers current order books and the average waiting time of the end client in the relevant market; an order reporting system collects and monitors end-client orders and assists in production planning, allocation and dealer management. Ferrari rewards loyal clients through driving events and other initiatives and, most importantly, offers its most loyal and active clients preferential access to its newest, most exclusive and highest value cars. It states that resilience of the car value after a period of ownership is an important competitive dimension because higher resilience decreases the total cost of ownership and promotes repeat purchases, which it believes is a strong competitive advantage. The company intends to continue pursuing its controlled volume and growth strategy in line with the business plan announced at its October 2025 Capital Markets Day and plans to launch an average of four new models per year over 2026 to 2030. Six new models were launched in 2025 — the 296 Speciale, 296 Speciale A, Amalfi, 849 Testarossa, 849 Testarossa Spider and the Ferrari Luce, its first full electric model. The first reveal phase of the Ferrari Luce took place in October 2025 with the presentation of its key technical components and product development strategy, followed in February 2026 by the unveiling of the interior design and the announcement of the model name; the current product portfolio includes cars presented in 2025 for which shipments will commence in future years. The portfolio comprises nine Range models, four Special Series models and one Supercar, the F80. Scuderia Ferrari is described as the most successful team in the sport history, having claimed 16 Constructors and 15 Drivers world titles since the inaugural World Championship in 1950, and Ferrari won the 24 Hours of Le Mans in 2023, 2024 and 2025. Personalization runs from the Atelier through the Tailor Made program, whose dedicated designers guide clients through exclusive materials, and the One-Off program; existing Tailor Made centers are in Maranello, New York and Shanghai, with new centers announced for Tokyo and Los Angeles by 2027. All production takes place in Maranello, Italy, where the e-Building, inaugurated in 2024, is used to produce and develop models with internal combustion, hybrid and full electric powertrains as well as strategic electrical components including high-voltage battery packs, e-axles, inverters and electric engines; construction of a new paint shop began in 2024, which will allow Ferrari to satisfy further personalizations in-house. The company had 5,718 employees. — FY2025 · publ. 2026-02 · source ↗
Sources
Generated September 23, 2026