One Factory, 5,718 PeopleNarrow moat

Ferrari (RACE) — moat facet

€7.1 billion of revenue and €1.6 billion of profit, from one factory and 5,718 people.

One factory, 5,718 people, €7.1 billion of revenue and €1.6 billion of profit.1

Output per employee, FY2025 (€ thousand)€1,250kRevenue per employee€645kGross profit per employee€369kEBIT per employee€280kNet profit per employee5,718 people. Ferrari does not build cars unusually fast; it sells them for unusually much.
The productivity is a consequence of the pricing, not the assembly line. Very few manufacturers of anything come close.

That works out to roughly €1.25 million of revenue and €280,000 of net profit per employee — figures that would be respectable at a software company and are extraordinary at a manufacturer with a foundry, an engine plant and a Formula 1 team on the same campus.2

The concentration is deliberate and old. Enzo Ferrari built the company in Maranello in 1947 and it has never left. Every car, every engine, every racing chassis comes from the same few square kilometres, which is why Made in Maranello functions as a specification rather than a slogan.

The operational advantage is control. Design, engineering, production and racing sit close enough that a change moves between them in days, and there is no partner whose schedule, quality or capacity Ferrari has to accept.

The risk is exactly what concentration always is. A single site is a single point of failure — for a natural event, an industrial accident, a labour dispute, or a regional disruption — and Ferrari has no alternative capacity to switch to. The 2020 closure demonstrated the mechanism: production stopped completely, and revenue fell about 8% for the year.3

Watch capacity utilisation commentary, which Ferrari gives qualitatively when discussing model change-overs.

Moat trajectory: Holding steady

The single-site concentration is permanent by choice. It neither improves nor deteriorates; it is the price of the craftsmanship it produces.

The number that tests this moat
Moat Explorer calc
Revenue per employee
About €1.25M, on €280,000 of net profit

€7,146M of revenue and €1,600M of net profit from 5,718 people. Very few manufacturers of anything come close, and it is a consequence of the pricing rather than the productivity — Ferrari does not build cars unusually fast, it sells them for unusually much. Watch headcount against revenue: hiring ahead of revenue would be the first sign that the flexible line and the electric programme cost more to run than the old one.

How it's calculated: FY2025 net revenues of €7,146M and net profit of €1,600M divided by the 5,718 employees disclosed in the same 20-F.
Source: Ferrari Form 20-F, FY2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
A Single Point of Failure With Nothing Behind It
One town, one factory, no second site. The event that closes Maranello does not reduce output; it stops it.
References
  1. Moat Explorer calcOne factory, 5,718 people, €7.1 billion of revenue and €1.6 billion of profit. That works out to roughly €1.25 million of revenue and €280,000 of net profit per employee — figures that would be respectable at a software company and are extraordinary at a manufacturer with a foundry, an engine plant and a Formula 1 team on the same campus.
    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. ReportedThat works out to roughly €1.25 million of revenue and €280,000 of net profit per employee — figures that would be respectable at a software company and are extraordinary at a manufacturer with a foundry, an engine plant and a Formula 1 team on the same campus. The concentration is deliberate and old.
    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 ↗
  3. ReportedThe 2020 closure demonstrated the mechanism: production stopped completely, and revenue fell about 8% for the year. Watch capacity utilisation commentary, which Ferrari gives qualitatively when discussing model change-overs.
    Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year 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). — FY2025 · publ. 2026-02 · source ↗
Sources
Generated September 23, 2026