Ferrari (RACE) Financials

Ferrari’s balance sheet shows steady growth in assets and liquidity over the last three years, but also a meaningful rise in debt and operating liabilities. For retail investors, the big picture is that Ferrari continues to scale its business with a very strong cash position and growing asset base, while leverage has also increased as the company financed expansion and operations.

• Cash and equivalents increased sharply to $1.80 billion in 2024 from $1.24 billion in 2023 and $1.49 billion in 2022, improving short-term liquidity.
• Total current assets rose to $5.20 billion in 2024, up from $4.41 billion in 2023 and $4.23 billion in 2022, indicating continued balance sheet expansion.
• Total assets climbed to $9.83 billion in 2024 from $8.91 billion in 2023 and $8.31 billion in 2022, showing sustained growth in Ferrari’s asset base.
• Inventory growth appears manageable in context, with inventories rising to $1.13 billion in 2024 from $1.05 billion in 2023 and $0.72 billion in 2022, which is consistent with a business that is still scaling.
• Noncontrolling interests increased to $3.67 billion in 2024 from $3.40 billion in 2023 and $2.78 billion in 2022, reflecting broader equity support in the corporate structure.
• Receivables remain large, including $1.72 billion of note and lease receivables and $361 million of accounts receivable in 2024, which suggests a significant amount of assets tied up in customer financing and trade credit.
• Goodwill and intangible assets remain substantial at about $2.41 billion combined in 2024, so a meaningful portion of assets is non-physical and subject to valuation risk.
• Ferrari reports zero net PP&E in these statements, implying the company’s balance sheet is heavily driven by financial, receivable, and intangible assets rather than manufacturing plant value on this presentation.
• Long-term debt increased materially to $3.47 billion in 2024 from $2.74 billion in 2023 and $3.01 billion in 2022, which raises financial leverage.
• Total liabilities also moved higher to $6.16 billion in 2024 from $5.51 billion in 2023 and $5.52 billion in 2022, so obligations are growing alongside assets.

Bottom line: Ferrari’s 2024 balance sheet looks healthy from a liquidity standpoint, with cash and total assets trending higher. However, investors should note the increase in long-term debt and the large base of receivables, goodwill, and intangible assets. Overall, the company appears financially strong, but its leverage profile is not getting lighter.