Ferrari (RACE) Financials

Ferrari’s balance sheet expanded meaningfully from 2022 through 2024. Total assets increased from $8.31 billion to $9.83 billion, an 18.3% increase, while total liabilities rose 11.1% to $6.16 billion. The latest figures show stronger liquidity, although the company also carried more long-term debt at the end of 2024.

• Liquidity improved substantially in 2024. Cash and equivalents rose 45.3% year over year to $1.80 billion, while total current assets increased 17.8% to $5.20 billion. Ferrari’s current ratio improved from approximately 3.9 in 2023 to 5.1 in 2024, indicating a larger cushion for meeting short-term obligations.
• Cash increased over the full period. Despite a decline in 2023, cash was 21.4% higher in 2024 than in 2022, giving Ferrari additional financial flexibility for investments, dividends, or debt management.
• Current liabilities declined in 2024. Total current liabilities fell 9.7% to $1.02 billion, and accounts payable decreased 5.0% to $978.8 million. This reduction occurred alongside growth in current assets.
• Receivables continued to grow. Note and lease receivables increased 7.1% in 2024 and 14.8% from 2022, while accounts receivable rose 25.0% in 2024 and 45.4% over the three-year period. This is consistent with a larger operating scale, though investors should monitor collection trends.
• Equity and noncontrolling interests increased. Reported total equity and noncontrolling interests rose from $2.78 billion in 2022 to $3.67 billion in 2024. The reported balance sheet shows zero common equity and classifies the recorded amount as noncontrolling interest, so this figure should be interpreted cautiously.
• Inventory growth was pronounced. Net inventories increased 56.1% from 2022 to $1.13 billion in 2024, including a 7.4% rise during 2024. The increase may support higher production and sales, but it also ties up capital and could become a concern if demand or deliveries weaken.
• Asset growth was concentrated in current assets and intangible assets. Total noncurrent assets were broadly stable, while intangible assets rose from $1.40 billion in 2022 to $1.60 billion in 2024. Ferrari’s reported net plant, property and equipment balance was zero in each period, limiting the usefulness of that line item for evaluating capital intensity.
• Long-term debt increased in 2024. Debt rose 26.6% year over year to $3.47 billion and was 15.3% above 2022 levels. Although cash also increased, estimated net debt rose to approximately $1.67 billion from $1.50 billion in 2023.
• Total liabilities accelerated in 2024. After remaining nearly flat in 2023, total liabilities increased 11.9% during 2024 to $6.16 billion. Other noncurrent operating liabilities also rose 5.1% to $1.42 billion, warranting further review of their composition.

Overall, Ferrari ended 2024 with a stronger liquidity position and a larger asset base, which are supportive balance-sheet trends. The main risks are the increase in long-term debt, rising inventories and the continued growth of liabilities. The data provided covers balance sheets for 2022 through 2024; income statement and cash-flow data were not included, so profitability, operating cash generation and debt-servicing capacity cannot be evaluated here.