Ferrari N.V.
RACE Consumer Cyclical Auto Manufacturers
Ferrari N.V.’s revenue for fiscal 2025 (year ended December 2025) was $8.1 billion, up 11.9% from fiscal 2024. In the quarter to June 2026, revenue grew 11.0%, EPS grew 13.0%, free cash flow was flat and total debt rose 2.67%, each against the same quarter a year earlier. Dividend growth for five consecutive years, revenue growth for five, operating cash flow growth for three.
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Ferrari N.V. (RACE) Altman Z-score
Ferrari N.V.'s Altman Z-score for fiscal 2025 is 8.63, in the safe zone (above 2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 8.63 | (0.87) |
| FY2024 | 9.50 | 0.31 |
| FY2023 | 9.19 | 2.78 |
| FY2022 | 6.41 | (0.81) |
| FY2021 | 7.22 | 0.47 |
| FY2020 | 6.75 | 0.52 |
| FY2019 | 6.23 | 1.41 |
| FY2018 | 4.82 | (0.43) |
| FY2017 | 5.25 | 1.74 |
| FY2016 | 3.50 | 0.70 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.41 | — | 0.50 | |
| Retained earnings / total assets | 0.40 | — | 0.56 | |
| EBIT / total assets | 0.22 | — | 0.72 | |
| Market value of equity / total liabilities | 10.18 | — | 6.11 | |
| Sales / total assets | 0.74 | — | 0.74 | |
| Altman Z-score | Safe zone | 8.63 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Safe zone | 6.20 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| RACE Ferrari N.V. | 8.6× |
| LI Li Auto Inc. Sponsored ADR compare | 2.1× |
| TM Toyota Motor Corporation compare | 1.6× |
| HMC Honda Motor Co., Ltd. compare | 1.2× |
| GM General Motors Company compare | 1.2× |
| STLA Stellantis N.V. compare | 0.9× |
| F Ford Motor Company compare | 0.8× |
| NIO NIO Inc. compare | −0.7× |
| RIVN Rivian Automotive, Inc. compare | −1.2× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets