{"schemaVersion":1,"research":true,"symbol":"race","name":"Ferrari","topic":"moat","path":"/stock/race/moat","status":"published","version":4,"updatedAt":"2026-10-18T12:13:33.775Z","locked":false,"publicFairValue":false,"fairValue":null,"moat":{"verdict":"narrow","summary":"Ferrari demonstrates a brand-based moat through controlled scarcity, realized pricing increases, personalization and substantial repeat purchasing. Existing clients accounted for 74% of new-car sales in 2023 and 81% in 2024. These results support a current advantage, but the supplied evidence does not establish exceptional long-term durability or resilience against specific competitors.","advantages":[{"mechanism":"intangible_assets","claim":"Ferrari's differentiated brand and scarcity strategy support premium pricing and repeat demand. Preferential access for loyal clients reinforces the relationship, while personalization adds monetization. These are complementary supports for one brand advantage; the passages do not establish a separate network effect or contractual customer lock-in.","durability":"Repeat purchasing across 2023–2024 and realized pricing actions described across successive filings support persistence. Maintaining exclusivity, desirable products and client relationships remains necessary; exceptional durability is not demonstrated.","risks":"Brand dilution, weaker product appeal, changing preferences, technological transition and volatile luxury demand could erode pricing and repeat demand. These are disclosed possibilities, not demonstrated deterioration. Dealers retain discretion over negotiated retail prices.","invalidation":"The thesis would weaken materially if successive comparable periods showed falling existing-client purchasing alongside discounting or unsuccessful successor-model pricing, or if Ferrari repeatedly failed to recover material-cost inflation despite personalization and product refreshes. Sustained volume expansion accompanied by weaker pricing would also contradict the scarcity mechanism.","competitors":[],"evidenceIds":["e1","e2","e3","e4","e5","e6","e7","e8"],"counterEvidenceIds":["e9","e10","e11","e12"]}],"evidence":[{"id":"e1","sourceId":"filing-3","location":"Creating Value for Our Shareholders; 2023 existing-client and multiple-owner sales","excerpt":"As a result, in 2023, we sold approximately 74% of our new cars to existing Ferrari clients and 40% to clients being current owners of more than one Ferrari, which reinforces the demand for our cars and the image of luxury and exclusivity inherent in our brand."},{"id":"e2","sourceId":"filing-2","location":"Creating Value for Our Shareholders; 2024 existing-client and multiple-owner sales","excerpt":"As a result, in 2024, we sold approximately 81% of our new cars to existing Ferrari clients and 48% to clients being current owners of more than one Ferrari, which reinforces the demand for our cars and the image of luxury and exclusivity inherent in our brand."},{"id":"e3","sourceId":"filing-1","location":"Creating Value for Our Shareholders; preferential client access","excerpt":"Most importantly, we offer our most loyal and active clients preferential access to our newest, most exclusive and highest value cars."},{"id":"e4","sourceId":"filing-1","location":"Financial Overview; low-volume strategy and average price positioning","excerpt":"We also seek to increase the average price point of our Range and Special Series models over time through continuous and well-balanced improvements in performance, technology and design, together with the exclusivity of certain offerings and the scarcity value resulting from our low‑volume strategy."},{"id":"e5","sourceId":"filing-1","location":"Financial Overview; realized selected-model and successor-model pricing","excerpt":"In recent years, this has been reflected in price increases for selected models in specific markets and in the introduction of new models with higher average selling prices compared to their predecessors."},{"id":"e6","sourceId":"filing-1","location":"Financial Overview; recovery of post-COVID material-cost inflation","excerpt":"This also allowed us to offset the impact of inflationary pressures on material costs in the post-COVID period."},{"id":"e7","sourceId":"filing-1","location":"Financial Overview; personalization revenues and incremental margins","excerpt":"Furthermore, our personalization offerings, which allow our clients to customize the interior and exterior content of the cars they purchase, represent another favorable component of our pricing and product mix, as they generate incremental revenues and margin accretion on each additional option selected."},{"id":"e8","sourceId":"filing-3","location":"Financial Overview; selected-model price increases and higher-priced successors","excerpt":"In particular, in recent years we have been increasing the price of selected models in certain markets and we have introduced new models with higher average selling prices compared to the corresponding predecessor models."},{"id":"e9","sourceId":"filing-1","location":"Risk Factors; brand exclusivity and premium-pricing vulnerability","excerpt":"The value of our brand and our ability to achieve premium pricing for Ferrari-branded products may decline if we are unable to maintain the value and image of the Ferrari brand, including, in particular, its aura of exclusivity."},{"id":"e10","sourceId":"filing-2","location":"Forward-Looking Statements; technology and electric-vehicle transition risks","excerpt":"•our ability to keep up with advances in high performance car technology, to meet the challenges and costs of integrating advanced technologies, including electric, more broadly into our car portfolio over time and to make appealing designs for our new models;"},{"id":"e11","sourceId":"filing-2","location":"Forward-Looking Statements; volatility of luxury-car demand","excerpt":"•changes in general economic conditions (including changes in the markets in which we operate) and changes in demand for luxury goods, including high performance luxury cars, which is highly volatile;"},{"id":"e12","sourceId":"filing-1","location":"Overview of Our Business; dealer retail-pricing discretion","excerpt":"We provide a suggested retail price or a maximum retail price for all our cars, but each dealer is free to negotiate different prices with clients and to provide financing."},{"id":"e13","sourceId":"filing-1","location":"Purchases of Equity Securities; completed prior-program and sell-to-cover repurchases","excerpt":"The total value of common shares repurchased under the Prior Program, together with the common shares with a value of Euro 43 million repurchased in connection with the Sell-to-Cover practice under the Group’s equity incentive plans from July 1, 2022 to December 31, 2025, amounts to Euro 2 billion."},{"id":"e14","sourceId":"filing-2","location":"Financial Overview; available liquidity at December 31, 2024 and 2023","excerpt":"Total available liquidity (defined as cash and cash equivalents plus undrawn committed credit lines) at December 31, 2024 was €2,292 million (€1,722 million at December 31, 2023)."},{"id":"e15","sourceId":"filing-1","location":"Note 30; undrawn committed credit facilities at December 31, 2025 and 2024","excerpt":"To preventively and prudently manage potential liquidity or refinancing risks in the foreseeable future, the Group has secured available undrawn committed credit lines, which amounted to €550 million at both December 31, 2025 and 2024."},{"id":"e16","sourceId":"filing-1","location":"Share Ownership, page 127; director holdings as of February 4, 2026","excerpt":"127 Name Common Shares % of Common Shares Outstanding Special Voting Shares % of Special Voting Shares Outstanding Piero Ferrari (1) 18,894,295 10.67 18,892,160 14.69 John Elkann 34,740 (*) — — Benedetto Vigna 30,204 (*) — — Delphine Arnault 2,803 (*) — — Eddy Cue 2,692 (*) — — John Galantic 100 (*) — — Adam Keswick 2,643 (*) — — Mike Volpi 7,560 (*) — — _____________________________ (*) Common shares held represent less than 1 percent of our common shares outstanding as of February 4, 2026."},{"id":"e17","sourceId":"filing-1","location":"Remuneration of Directors, page 193; approved equity lock-up provision","excerpt":"193 Lock up period In 2022, the Board of Directors approved a lock up provision for its Executive Chairman, CEO, members of the FLT and other key members of the Group which replaces the former stock ownership guidelines and applies to all long-term incentive plans issued and to be issued by the company."},{"id":"e18","sourceId":"filing-1","location":"Remuneration of Directors; executive equity retention requirements","excerpt":"Under the lock up provision 50% of the vested shares under the Equity Incentive Plans will be subject from the date of vesting to unavailability and non-transferability for a period determined according to the corporate role: •CEO and Chairman: 36 months after vesting •FLT members: 24 months after vesting •Other key members of the Group: 12 months after vesting The Executive Chairman and the CEO are also each required to retain 100% of the shares of common stock issued, on a net, after-tax basis, upon vesting and settlement of any equity awards granted to such individual until the fifth anniversary of the grant date of the applicable award other than in the event of death, termination of service due to total disability, approved leave of absence or retirement."},{"id":"e19","sourceId":"filing-1","location":"Remuneration of Directors; restatement-related clawback policy","excerpt":"As discussed above, the NYSE Clawback Policy also governs the recovery of certain erroneously awarded incentive-based compensation earned by current or former executive officers of the Company in the event that the Company is required to prepare an accounting restatement."},{"id":"e20","sourceId":"filing-1","location":"Corporate Governance; current compensation committee independence","excerpt":"All three of the current members of the Compensation Committee are independent under the NYSE rules and two of the members are independent under the Dutch Code."},{"id":"e21","sourceId":"filing-1","location":"Corporate Governance; board-committee deviation from the Dutch Code","excerpt":"This is a deviation from the Dutch Code which recommends that only non-executive directors serve on board committees."},{"id":"e22","sourceId":"filing-1","location":"Overview of Our Business; completed license rationalization","excerpt":"(3)Rationalized its licenses by terminating approximately half of its license agreements where the product offering and distribution was not consistent with the positioning of the Ferrari brand."},{"id":"e23","sourceId":"filing-1","location":"Overview of Our Business; completed store-network rationalization","excerpt":"(4)Completed the rationalization of the retail network by closing 7 franchised stores and 4 directly operated stores considered unsuitable for Ferrari’s luxury positioning."},{"id":"e24","sourceId":"filing-1","location":"Overview of Our Business; 2025 model presentations","excerpt":"This momentum continued with two spectacular world premieres: the unveiling of the Ferrari Amalfi on the Amalfi Coast (July 1–3) and the presentation of the 849 Testarossa in Milan (September 9–11)."}],"changes":["Retain the previous narrow verdict and brand-based pricing thesis.","Strengthen the repeat-demand assessment with disclosed existing-client sales shares of 74% in 2023 and 81% in 2024, and multiple-owner shares of 40% and 48%, respectively.","Add criterion-level management assessments using actual repurchases, liquidity, disclosed director ownership, approved equity-retention requirements and governance provisions."],"limitations":["All evidence comes from issuer filings. Reported operating outcomes support numerical assessments, but promotional statements do not independently prove brand leadership or exceptional durability.","No supplied passage establishes a named competitive comparison. Compensation peers and related-party counterparties are not treated as demonstrated competitors; the competitor array is therefore empty.","Existing-client sales shares demonstrate repeat demand, not cohort retention rates or an inability to purchase competing cars. No corresponding 2025 client-share statistic is supplied.","Price increases concern selected models and markets; successor-model pricing also reflects improved content. The passages do not isolate pure brand-driven pricing from technology, mix or personalization.","Capital spending, cash generation, net dilution and investment returns are incompletely covered. Repurchases and liquidity support only a mixed capital-discipline assessment.","Source dates are filing dates: February 22, 2024, February 21, 2025 and February 19, 2026. Director ownership has its separately disclosed February 4, 2026 measurement date."],"qualityAssessments":[{"category":"moat","checks":[{"criterion":"structural_advantage","grade":3,"rationale":"Realized pricing and substantial repeat purchasing support a differentiated brand advantage reinforced by scarcity and preferential access. Margins alone do not establish the moat.","evidenceIds":["e1","e2","e3","e4","e5"]},{"criterion":"durability","grade":2,"rationale":"Successive filings report pricing actions and two years show substantial repeat demand. This supports persistence, but the observed horizon and absence of competitive comparisons limit confidence in long-term durability.","evidenceIds":["e1","e2","e5","e8","e9"]},{"criterion":"customer_dependency","grade":2,"rationale":"Existing-client and multiple-owner purchases demonstrate attachment, and preferential access rewards continued participation. These provide relational friction, but do not establish functional dependence or contractual lock-in.","evidenceIds":["e1","e2","e3"]},{"criterion":"erosion_resilience","grade":2,"rationale":"Material-cost inflation recovery and repeat demand show some resilience. Brand exclusivity, technological adaptation and luxury-demand volatility remain meaningful exposures without demonstrated through-cycle competitive protection.","evidenceIds":["e2","e6","e9","e10","e11"]}]},{"category":"pricing_power","checks":[{"criterion":"realized_pricing","grade":3,"rationale":"The filings report selected-model price increases, higher-priced successors and recovery of material-cost inflation. Scope is limited to selected markets and products, with content improvements contributing.","evidenceIds":["e5","e6","e8"]},{"criterion":"retention","grade":3,"rationale":"Direct repeat-demand evidence is strong: existing clients bought 74% of new cars in 2023 and 81% in 2024; multiple owners accounted for 40% and 48%. These are sales-composition measures, not cohort retention rates.","evidenceIds":["e1","e2","e3"]},{"criterion":"margin_resilience","grade":3,"rationale":"Disclosed recovery of post-COVID material inflation and incremental margins from personalization demonstrate specific protective mechanisms. The supplied passages do not provide a complete through-cycle margin series.","evidenceIds":["e6","e7"]},{"criterion":"contractual_freedom","grade":2,"rationale":"Ferrari provides suggested or maximum retail prices and has implemented pricing changes, but dealers negotiate final client prices independently. This establishes meaningful yet incomplete control; wholesale repricing terms are absent.","evidenceIds":["e5","e12"]}]},{"category":"strong_management","checks":[{"criterion":"capital_discipline","grade":2,"rationale":"Completed repurchases, increased available liquidity in 2024 and maintained committed facilities support a mixed assessment of capital management. Missing spending, cash-generation, dilution and return data prevent a stronger judgment on allocation outcomes.","evidenceIds":["e13","e14","e15"]},{"criterion":"incentive_alignment","grade":3,"rationale":"Actual director shareholdings, approved post-vesting restrictions, executive retention requirements and a clawback policy demonstrate meaningful alignment mechanisms. These are adopted provisions, not proposed awards; their effectiveness is not established as exceptional.","evidenceIds":["e16","e17","e18","e19"]},{"criterion":"execution","grade":3,"rationale":"Realized pricing, inflation recovery, repeat demand, completed brand-distribution rationalization and model presentations support strong execution. Assessment partly uses indirect operating evidence; launch economics and comprehensive target-versus-outcome data are absent.","evidenceIds":["e2","e5","e6","e22","e23","e24"]},{"criterion":"governance","grade":2,"rationale":"An independent compensation committee under NYSE rules and a clawback policy provide safeguards. Special voting holdings and the disclosed committee deviation create a mixed structure; the passages do not demonstrate governance failure or exceptional minority-shareholder 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period."}}],"sources":[{"id":"filing-1","url":"https://www.sec.gov/Archives/edgar/data/1648416/000164841626000024/race-20251231.htm","publishedAt":"2026-02-19","sha256":"853de6d43920a7561c464cd2ea85323efd6542a9cb9de13e1667b05e7e1e5e8e","dateKind":"filed"},{"id":"filing-2","url":"https://www.sec.gov/Archives/edgar/data/1648416/000164841625000027/race-20241231.htm","publishedAt":"2025-02-21","sha256":"6a7287dd8f203a2a82db24f4530a0c38c6aed99fc019cd2ffc36b6df94634944","dateKind":"filed"},{"id":"filing-3","url":"https://www.sec.gov/Archives/edgar/data/1648416/000164841624000032/race-20231231.htm","publishedAt":"2024-02-22","sha256":"8757dad07c82649abab1d1158118737feffb547cfea6b960d84d8a3c46e93829","dateKind":"filed"}],"history":[{"version":4,"updatedAt":"2026-10-18T16:49:32.080Z","verdict":"narrow","value":null},{"version":3,"updatedAt":"2026-10-18T16:35:43.872Z","verdict":"narrow","value":null},{"version":2,"updatedAt":"2026-10-18T02:27:49.793Z","verdict":"narrow","value":null},{"version":1,"updatedAt":"2026-10-18T02:18:02.026Z","verdict":null,"value":null}],"hasRequested":false,"requestStatus":"completed","researchIssue":null,"archivedMoat":null,"scope":"supported_catalog"}