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Ferrari 20-F Analysis: Fortress Balance Sheet, Fragile Capital Returns

Ferrari returned €1.3 billion to shareholders in FY2025 while carrying just €72 million of industrial net debt — a 0.03x leverage ratio on 38.8% EBITDA margins. But the 20-F reveals that widely-cited free cash flow of €1.9 billion excludes €458 million in capitalized BEV development costs. True FCF is €1.4 billion, and capital returns consume 93.5% of it. Meanwhile, a €89 million Patent Box tax reversal explains why net income grew only 4.8% despite EBIT growing 11.8%. The fortress is real. The margin of safety is thinner than it appears.

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14 min

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