Revenue per Car, Which Ferrari Never PublishesNarrow moat

Ferrari (RACE) — moat facet

The single most important number in the investment case is one Ferrari has never published.

Revenue per car has risen every year, and Ferrari has never once published the number.

What the revenue-per-car figure does and does not tell youThe calculation€6,005M of cars and parts / 13,640 shipments2025 resultAbout €440,0002024 resultAbout €417,000What it blendsModel mix and personalisation contentWhy that mattersMix runs out of price points; specification may notThe range inside that average runs from roughly €250,000 to several million.
The most important number in the investment case is one Ferrari has never disclosed, and the version available blends two different things.

It is not hard to derive. Net revenues from cars and spare parts of €6,005 million over 13,640 shipments is about €440,000 a car in 2025, against €5,728 million over 13,752 in 2024 — roughly €417,000.1 A 5.5% increase in what an average Ferrari generates, in a year when the company built fewer of them.

Three things drive it and Ferrari names all three in the same sentence: "a richer product and country mix, as well as a higher contribution from personalization."2 Product mix is which models ship; country mix is where they ship — allocation is a lever, and Ferrari decides which markets get which cars; personalisation is what the client adds.

None of the three requires additional capacity, which is why the operating margin has climbed alongside: 29.5% in 2025, and 31.2% in the June 2026 quarter.34

The honest qualification is that this figure blends spare parts and limited series into the same line, so a year with an F80 or a Daytona SP3 in it flatters the average. That is not an accounting trick — the limited series are the highest-margin cars Ferrari makes — but it means the number is lumpy.

Watch it against shipments. As long as revenue per car rises faster than volumes fall, the strategy is compounding.

Moat trajectory: Widening

The inferred figure has risen every year Ferrari has been public, and the 2026 guidance raises say the trend continued into the current year.

The number that tests this moat
Reported
Cars and spare parts revenue
€6,005M, up 4.8% on 0.8% fewer cars

The arithmetic that defines the company. Ferrari raised its 2026 guidance in July citing "stronger personalizations than initially expected" — a price effect with no unit attached. What the disclosure does not give is the split between mix and specification, which matters because mix eventually runs out of price points and specification does not. Watch whether Ferrari ever separates them; until it does, this is an inference.

Source: Ferrari Form 20-F, FY2025 ↗
⚠ Threats to the moat
⚠ THREAT 01
Mix and Personalisation Are Not the Same Lever
Mix runs out; personalisation might not. The reported number blends them, and Ferrari does not separate them.
References
  1. Moat Explorer calcNet revenues from cars and spare parts of €6,005 million over 13,640 shipments is about €440,000 a car in 2025, against €5,728 million over 13,752 in 2024 — roughly €417,000. A 5.5% increase in what an average Ferrari generates, in a year when the company built fewer of them.
    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 ↗
  2. ReportedThree things drive it and Ferrari names all three in the same sentence: "a richer product and country mix, as well as a higher contribution from personalization." Product mix is which models ship; country mix is where they ship — allocation is a lever, and Ferrari decides which markets get which cars; personalisation is what the client adds.
    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. ReportedNone of the three requires additional capacity, which is why the operating margin has climbed alongside: 29.5% in 2025, and 31.2% in the June 2026 quarter. The honest qualification is that this figure blends spare parts and limited series into the same line, so a year with an F80 or a Daytona SP3 in it flatters the average.
    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 ↗
  4. ReportedNone of the three requires additional capacity, which is why the operating margin has climbed alongside: 29.5% in 2025, and 31.2% in the June 2026 quarter. The honest qualification is that this figure blends spare parts and limited series into the same line, so a year with an F80 or a Daytona SP3 in it flatters the average.
    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 ↗
Sources
Generated September 23, 2026