Ferrari (RACE) Financials

Ferrari N.V. (RACE) – key balance-sheet trends from FY2022 through FY2024 (Q4 data).

• Cash position improving: Cash & equivalents rose to about $1.80B in FY2024, up from ~$1.24B in FY2023 and ~$1.49B in FY2022, boosting near‑term liquidity.
• Strong current asset base: Total Current Assets climbed to roughly $5.20B in FY2024, versus ~$4.41B in FY2023 and ~$4.23B in FY2022, signaling a larger buffer for operating needs.
• Inventory levels rising with potential demand: Inventories, net increased to about $1.13B in FY2024 from ~$1.05B in FY2023 and ~$0.72B in FY2022, which could support higher sales but also adds working-capital risk if demand softens.
• Equity base remains sizable: Total Equity & Noncontrolling Interests stood around $3.40B in FY2024, indicating retained earnings and minority stake support alongside rising assets.

• PPE appears minimal: Plant, Property & Equipment, net is reported as $0.0 across FY2022–FY2024, which is unusual and neutral in terms of asset mix.
• Intangible assets growing: Intangible Assets rose to about $1.60B in FY2024 from ~$1.57B in FY2023 and ~$1.40B in FY2022, reflecting ongoing investment in brand, technology, or other intangibles.
• Goodwill relatively stable at a high level: Goodwill hovered around $813M in FY2024 vs ~$869M in FY2023, a modest change that’s neutral for liquidity but worth watching for impairment risk.

• Leverage rose in FY2024: Long-Term Debt increased to about $3.47B in FY2024 from ~$2.74B in FY2023 (and ~$3.01B in FY2022), signaling higher long‑term leverage.
• Overall liabilities up: Total Liabilities grew to roughly $6.16B in FY2024 from ~$5.51B in FY2023 (and ~$5.52B in FY2022), signaling higher debt and other obligations.
• Noncurrent liabilities flat vs. prior year: Total Noncurrent Liabilities remained around ~$4.38B in FY2023–FY2024, a neutral trend against the backdrop of rising total liabilities.