Giving Almost All of It BackNarrow moat

Ferrari (RACE) — moat facet

Ferrari returns essentially everything it earns and has shrunk the share count for a decade, which is either confidence or a balance sheet doing no work.

1. ReportedIn 2025 the company repurchased €785 million of stock — including €300 million taken up in Exor's accelerated bookbuild in February — and paid €534 million of dividends. In the June 2026 quarter alone it returned more than €800 million: a €599 million dividend instalment out of a €640 million total approved at the April annual meeting, plus €209 million of buybacks.
   Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
2. ReportedIn the June 2026 quarter alone it returned more than €800 million: a €599 million dividend instalment out of a €640 million total approved at the April annual meeting, plus €209 million of buybacks. The effect on the share count is steady rather than dramatic: weighted average diluted shares of 181,511 thousand in 2023, 179,992 in 2024 and 178,321 in 2025.
   Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
3. ReportedThe effect on the share count is steady rather than dramatic: weighted average diluted shares of 181,511 thousand in 2023, 179,992 in 2024 and 178,321 in 2025. Roughly 1% a year, funded from free cash flow rather than borrowing.
   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 ↗
4. ReportedAt the October 2025 Capital Markets Day Ferrari announced a new multi-year repurchase programme of about €3.5 billion to run from 2026 to 2030 and proposed raising the dividend payout ratio from 35% to 40% of adjusted net profit, starting with the 2025 results — about €7.0 billion of shareholder remuneration over the plan, split evenly between the two. That combination — a payout near the whole...
   Ferrari N.V., Capital Markets Day 2030 targets — financial section, filed with the SEC as Exhibit 99.1 to a Form 6-K on 9 October 2025. Ferrari targets 2030 net revenues of about EUR9.0 billion, a compounded annual growth rate of about 5%, driven by enrichment of the product mix along with personalizations, and sustained by the visibility granted by the order book. EBIT is targeted to reach at least EUR2.75 billion in 2030 at a margin of at least 30%, driven by the strong product mix including limited-edition models, the enriched product range and personalizations, with volume contributing to a lesser extent; industrial costs and R&D grow mainly on depreciation and amortization linked to products and infrastructure, racing activities and sports car research. EBITDA is targeted at at least EUR3.6 billion in 2030, a margin of at least 40%. Cumulated capital expenditure of about EUR4.7 billion is planned over the period, a significant portion dedicated to the next generation of sports cars; cumulated industrial free cash flow of about EUR8.0 billion is targeted with cash conversion above 50%. Shareholder remuneration of about EUR7.0 billion is planned, equally allocated between a new share repurchase program of approximately EUR3.5 billion to be executed from 2026 to 2030 and dividends, with the pay-out ratio increased from 35% to 40% of adjusted net profit starting from the 2025 annual results. Ferrari upgraded its 2025 guidance at the same event, exceeding its 2026 business plan profitability targets a year early. — October 2025 · publ. 2025-10-09 · source ↗
5. ReportedThe dividend yield is about 1.0%, which is not the point; at 38 times earnings the return comes from the compounding, not the distribution. Watch industrial free cash flow against total shareholder returns.
   Ferrari N.V. (NYSE: RACE) market data — share price about $414, market capitalisation about EUR62.9 billion (about $73 billion) on approximately 177.0 million shares outstanding net of treasury; trailing price/earnings about 38.4 and price/sales about 8.55, on trailing twelve-month revenue of EUR7,353M and net profit of EUR1,639M; dividend yield about 1.0%; 52-week range $312.51 to $504.49, leaving the shares about 18% below the high. The euro/dollar rate used is 1.1652. — August 2026 · publ. 2026-08-28 · source ↗

• Ferrari N.V. Form 20-F, FY2025 (SEC EDGAR)