Ferrari N.V. (RACE) Key Metrics
RACE key metrics, 2016–2025
Fiscal year ended December 31, 2025 · eurosRACE returns How much profit the business earns on the capital it uses.
RACE financial health Debt, liquidity and how easily interest is covered.
RACE efficiency & capital use Working capital cycle and where the cash goes.
RACE returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
RACE debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
RACE cash returned to shareholders
RACE key metrics in euros
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 42.9% | 46.2% | 44.3% | 38.9% | 37.8% | 33.1% | 49.1% | 73.6% | 96.6% | 261.0% |
| Return on invested capital (ROIC) | 31.1% | 32.0% | 30.4% | 26.4% | 23.5% | 19.3% | 26.3% | 36.7% | 30.6% | 17.9% |
| Return on assets (ROA) | 16.7% | 17.3% | 15.8% | 12.7% | 11.4% | 9.3% | 13.5% | 17.5% | 13.4% | 10.3% |
| Return on tangible assets | 22.2% | 21.2% | 21.4% | 16.4% | 16.8% | 11.0% | 18.2% | 22.9% | 18.4% | 14.7% |
| Free cash flow margin | 37.2% | 14.0% | 14.2% | 11.8% | 12.8% | 3.7% | 15.9% | 8.6% | 7.9% | 21.4% |
| Income quality (OCF / net income) | 2.62 | 1.27 | 1.37 | 1.50 | 1.54 | 1.38 | 1.88 | 1.19 | 1.24 | 2.52 |
| Financial health | ||||||||||
| Total debt | €2.88B | €3.35B | €2.48B | €2.81B | €2.63B | €3.33B | €2.51B | €1.93B | €1.81B | €1.85B |
| Cash & short-term investments | €1.47B | €1.75B | €1.13B | €1.40B | €1.35B | €1.71B | €899.9M | €797.0M | €651.7M | €463.7M |
| Net debt | €1.41B | €1.60B | €1.35B | €1.42B | €1.28B | €1.62B | €1.61B | €1.13B | €1.15B | €1.38B |
| Debt / equity | 0.74 | 0.95 | 0.81 | 1.08 | 1.19 | 1.53 | 1.69 | 1.43 | 2.30 | 5.69 |
| Debt / assets | 0.30 | 0.35 | 0.31 | 0.36 | 0.38 | 0.44 | 0.46 | 0.40 | 0.44 | 0.48 |
| Net debt / EBITDA | 0.51 | 0.62 | 0.59 | 0.80 | 0.84 | 1.42 | 1.27 | 1.01 | 1.11 | 1.64 |
| Current ratio | 2.02 | 3.37 | 2.68 | 2.80 | 2.54 | 1.32 | 3.28 | 3.34 | 2.92 | 2.63 |
| Quick ratio | 1.55 | 2.64 | 2.04 | 2.32 | 2.13 | 1.05 | 2.76 | 2.81 | 2.36 | 2.18 |
| Interest coverage | 50.9 | 40.4 | 45.1 | 22.9 | 28.0 | 14.5 | 19.2 | 32.2 | 21.7 | 19.6 |
| Working capital | €2.43B | €3.53B | €2.50B | €2.54B | €2.04B | €676.6M | €1.84B | €1.73B | €1.37B | €1.17B |
| Invested capital | €5.32B | €5.14B | €4.41B | €4.01B | €3.49B | €3.80B | €3.10B | €2.48B | €1.94B | €1.71B |
| Tangible asset value | €1.49B | €1.21B | €865.7M | €509.9M | €288.1M | €30.3M | −€135.8M | −€77.1M | −€441.7M | −€809.8M |
| Net current asset value | −€889.2M | −€934.0M | −€994.7M | −€1.21B | −€1.29B | −€2.65B | −€1.32B | −€1.02B | −€1.28B | −€1.63B |
| Capital allocation | ||||||||||
| Dividends paid | €1.06B | €439.9M | €328.6M | €249.5M | €160.1M | €208.1M | €192.7M | €133.1M | €120.0M | €86.9M |
| Share buybacks (net) | €1.34B | €581.1M | €460.6M | €396.5M | €230.9M | €129.8M | €386.7M | €100.1M | €0 | €0 |
| Dividend payout ratio | 66.6% | 28.9% | 26.2% | 26.8% | 19.3% | 34.2% | 27.7% | 17.0% | 22.4% | 21.8% |
| Dividends + buybacks / free cash flow | 90.5% | 108.9% | 93.1% | 107.9% | 71.7% | 261.5% | 96.5% | 78.9% | 44.2% | 13.1% |
| Capex / revenue | 21.3% | 14.8% | 14.6% | 15.8% | 17.3% | 20.5% | 18.7% | 18.7% | 11.5% | 11.0% |
| Capex / operating cash flow | 36.4% | 51.3% | 50.6% | 57.3% | 57.5% | 84.6% | 54.0% | 68.3% | 59.1% | 34.0% |
| Capex / depreciation | 2.30 | 1.48 | 1.31 | 1.47 | 1.62 | 1.66 | 2.00 | 2.21 | 1.50 | 1.38 |
| Stock-based compensation / revenue | 0.1% | — | 0.5% | −4.7% | −4.9% | — | 0.5% | 0.7% | 0.8% | 0.0% |
| R&D / revenue | 12.9% | 13.4% | 14.8% | 15.2% | 18.0% | 20.4% | 18.6% | 18.8% | 19.2% | 19.8% |
| SG&A / revenue | 9.0% | 8.4% | 7.7% | 8.4% | 8.1% | 9.7% | 9.1% | 9.6% | 9.6% | 9.5% |
| Efficiency | ||||||||||
| Days sales outstanding | 104.4 | 105.9 | 107.5 | 112.2 | 77.9 | 88.9 | 72.0 | 24.6 | 26.5 | 95.5 |
| Days of inventory on hand | 116.4 | 111.6 | 98.9 | 83.7 | 96.9 | 106.5 | 82.0 | 88.3 | 79.3 | 71.6 |
| Days payables outstanding | 94.4 | 102.8 | 111.7 | 117.2 | 146.6 | 171.5 | 138.0 | 141.8 | 135.1 | 129.7 |
| Cash conversion cycle (days) | 126.4 | 114.7 | 94.7 | 78.8 | 28.1 | 23.8 | 16.0 | -29.0 | -29.3 | 37.4 |
| Receivables turnover | 3.50 | 3.45 | 3.39 | 3.25 | 4.69 | 4.11 | 5.07 | 14.85 | 13.80 | 3.82 |
| Payables turnover | 3.86 | 3.55 | 3.27 | 3.11 | 2.49 | 2.13 | 2.64 | 2.57 | 2.70 | 2.81 |
| Inventory turnover | 3.14 | 3.27 | 3.69 | 4.36 | 3.77 | 3.43 | 4.45 | 4.14 | 4.60 | 5.10 |
| Asset turnover | 0.75 | 0.76 | 0.75 | 0.70 | 0.59 | 0.53 | 0.73 | 0.76 | 0.86 | 0.80 |
| Average receivables | €2.04B | €1.94B | €1.76B | €1.57B | €911.1M | €842.7M | €742.8M | €230.4M | €247.6M | €812.7M |
| Average payables | €893.5M | €938.1M | €916.8M | €850.4M | €835.6M | €792.5M | €682.6M | €630.6M | €611.2M | €561.2M |
| Average inventory | €1.10B | €1.02B | €811.6M | €607.6M | €552.1M | €491.8M | €405.6M | €392.4M | €358.9M | €309.7M |
| Intangibles / total assets | 25.2% | 24.5% | 27.4% | 26.9% | 28.0% | 28.2% | 29.8% | 29.5% | 29.6% | 29.6% |
Computed from RACE's annual financial statements (latest annual report filed February 19, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in euros; data from EODHD. Averages use the opening and closing balance of each year.
RACE valuation and financial ratios
Ferrari earned a return on equity of 42.9% and a return on invested capital of 31.1% in fiscal 2025. It ended the year with €2.9 billion of debt and €1.5 billion in cash and short-term investments, net debt of €1.4 billion. It returned €2.4 billion to shareholders: €1.1 billion in dividends and €1.3 billion in share buybacks, 90% of free cash flow.
See the RACE income statement, the RACE chart for price history, or the RACE stock overview for the latest quote and news.
RACE key metrics FAQ
What is Ferrari's return on equity?
Ferrari's return on equity (ROE) was 42.9% in fiscal 2025: net income of €1.6 billion on average shareholders' equity of €3.7 billion.
What is Ferrari's ROIC?
Ferrari's return on invested capital was 31.1% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Ferrari have?
Ferrari had total debt of €2.9 billion at the end of fiscal 2025, a debt-to-equity ratio of 0.74 and €1.4 billion of net debt (0.51 times EBITDA).
Does Ferrari buy back its shares?
Yes. Ferrari spent €1.3 billion on net share repurchases in fiscal 2025.
What is Ferrari's current ratio?
Ferrari's current ratio was 2.02 at the end of fiscal 2025: current assets were 2.02 times current liabilities.