CompetitorsWide moat
Ferrari (RACE) — moat facet
Almost nobody competes with Ferrari, because speed is not the scarce input — and the one genuine rival is the three hundred thousand Ferraris already built.
Ferrari's competitors mostly do not compete with it, which is a strange thing to say about an industry as crowded as this one.
The reason is that Ferrari is not selling transport, performance or even luxury in the ordinary sense. It is selling a positional good that is deliberately supplied short of demand, allocated by loyalty rather than by price, and backed by seventy-eight years of racing history that nobody else has. A faster car does not take a Ferrari client, because speed is not the scarce input.
Porsche is the volume comparison Ferrari refuses to become. Against Ferrari's 6,802 cars in the first half of 2026,1 it delivered 122,306, down 16% on a year earlier,2 and it does this profitably — but at that scale a Porsche is a car you can buy, which is precisely the distinction Ferrari spends money to maintain. Porsche's recent difficulty with electrification and China is also a live demonstration of what happens when a maker of desirable cars becomes dependent on volume.
Lamborghini is the closest match on size and the furthest on structure. Similar volumes, similar prices, similar theatre — and owned by Volkswagen, which means its production, platform and powertrain decisions are taken inside a group with mass-market economics and mass-market timetables.
McLaren and Aston Martin are the control group, and the most instructive thing on this page. Both make extraordinary cars. Both have been through repeated recapitalisations and ownership changes. The difference is not engineering; it is that neither had a queue, so neither could refuse to discount.
And Ferrari's largest competitor may be the 300,000-odd Ferraris already built, which is the only market where its cars can be bought without permission.
The rating is wide. In its actual competitive set — positional goods bought by people who could buy anything — Ferrari's position is close to uncontested, and the evidence is a 29.5% operating margin that no rival approaches.3
Nothing in the competitive set has changed materially. Porsche's difficulties and the persistent troubles at McLaren and Aston Martin reinforce Ferrari's position rather than threatening it, and none of the four rivals competes for the same scarce input.
No rival carmaker earns a margin near Ferrari's. Meeting guidance keeps the gap; a cut would narrow it.
Source: Ferrari Q2 2026 results ↗- ReportedAgainst Ferrari's 6,802 cars in the first half of 2026, Porsche delivered 122,306.Ferrari N.V., second-quarter 2026 results press release (filed with the SEC as an exhibit to Form 6-K). Net revenues of EUR1,938M, up 8% and up 11% at constant currency; EBIT of EUR605M at a 31.2% margin, up 10% and up 16% at constant currency; EBITDA of EUR755M at a 39.0% margin; net profit of EUR463M; diluted earnings per share of EUR2.62; industrial free cash flow of EUR276M, up 39%. For the first half, net revenues of EUR3,786M (up 6%), EBIT of EUR1,153M at a 30.5% margin, net profit of EUR876M, diluted EPS of EUR4.95 and industrial free cash flow of EUR929M (up 14%). Second-quarter shipments totalled 3,366 cars against 3,494, with EMEA up 210 to 1,856, the Americas down 206 to 787, Greater China down 89 to 185 and the rest of Asia-Pacific down 43 to 538; first-half shipments were 6,802 against 7,087, with EMEA 3,314 (down 33), the Americas 1,817 (down 198), Greater China 440 (down 71) and the rest of Asia-Pacific 1,231 (up 17). Results were attributed to personalisations and mix, with deliveries of the 12Cilindri, 12Cilindri Spider, Purosangue and 296 Speciale families rising while the 296 GTS, Roma Spider and SF90 XX families phased out and the Amalfi and 849 Testarossa ramped; racing revenue rose on sponsorship and on the supply of power units to other Formula 1 teams. Full-year 2026 guidance was raised to net revenues of about EUR7.60bn from about EUR7.50bn, adjusted EBITDA of at least EUR2.97bn (at least 39.0% of revenue), adjusted EBIT of at least EUR2.26bn (at least 29.5%), adjusted diluted EPS of at least EUR9.68 and industrial free cash flow of at least EUR1.55bn, on stronger personalizations than initially expected and lower than anticipated currency headwinds, net of hedges. Chief executive Benedetto Vigna stated that the order book entirely covers 2027. More than EUR800M was returned during the quarter — a EUR599M dividend instalment and EUR209M of share repurchases — taking the company from net industrial cash of EUR388M at 31 March 2026 to net industrial debt of EUR131M at 30 June 2026. Trailing twelve-month figures to June 2026 are net revenues of EUR7,353M, net profit of EUR1,639M and diluted EPS of EUR9.23. — Q2 2026 · publ. 2026-07 · source ↗
- ReportedPorsche delivered 122,306 cars in the first half of 2026, down 16% on a year earlier.Porsche AG, press release, 'Porsche delivers 122,306 sports cars in the first half of the year' (July 2026) — 122,306 vehicles delivered in H1 2026 against 146,391 a year earlier, down 16%. — H1 2026 · publ. 2026-07 · source ↗
- ReportedIn its actual competitive set — positional goods bought by people who could buy anything — Ferrari's position is close to uncontested, and the evidence is a 29.5% operating margin that no rival approaches.Ferrari N.V., Form 20-F FY2025 — consolidated income statement and statement of financial position. Net revenues EUR7,146M; cost of sales EUR3,453M (48.3% of revenue); selling, general and administrative costs EUR642M (9.0%); research and development costs EUR919M (12.9%); EBIT EUR2,110M, a 29.5% margin; EBITDA EUR2,772M, 38.8%; profit before taxes EUR2,064M; income tax expense EUR464M, an effective rate of 22.5%; net profit EUR1,600M, 22.4% of revenue, against EUR1,526M and EUR1,257M in the two prior years. Diluted earnings per share EUR8.96 against EUR8.46 and EUR6.90, on weighted average diluted shares of 178,321 thousand against 179,992 thousand and 181,511 thousand. Total assets EUR9,628M; property, plant and equipment EUR2,058M; intangible assets EUR1,638M including goodwill of EUR785M; inventories EUR1,114M; receivables from financing activities EUR1,613M; cash and cash equivalents EUR1,468M; total equity EUR3,915M; debt EUR2,884M; trade payables EUR841M. In 2025 Ferrari paid dividends of EUR534M and repurchased EUR785M of its own shares. Historic net revenues run EUR3,105M (2016), EUR3,417M, EUR3,420M, EUR3,766M, EUR3,460M (2020), EUR4,271M, EUR5,095M, EUR5,970M, EUR6,677M and EUR7,146M (2025); net profit over the same years runs EUR400M, EUR537M, EUR787M, EUR699M, EUR609M, EUR833M, EUR939M, EUR1,257M, EUR1,526M and EUR1,600M. — FY2025 · publ. 2026-02 · source ↗