Major ClientsWide moat

Ferrari (RACE) — moat facet

No customer concentration at all, and a client list Ferrari knows by name — two customer bases with almost nothing in common.

Ferrari's customer disclosure is unusual in a way that is easy to miss: it has no customer concentration at all, and it knows almost every buyer by name.

Customer concentration, Ferrari against the collection (% of revenue)CoreWeave, largest customer67%Kioxia, largest customer20.4%Nvidia, largest customer22%Ferrari, largest dealer~3.0%Ferrari, 15 largest dealers~25%195 points of sale, and the dealer is not really the customer.
Ferrari has no customer concentration to disclose — and it also knows most of its buyers by name, which almost nothing else here does.

The cars are sold through 195 points of sale worldwide, and Ferrari's largest dealer accounts for approximately 3.0% of shipments with the fifteen largest at roughly 25%.1 By the standards of this collection that is close to perfectly diversified — Kioxia names one customer at 20.4%2, CoreWeave one at 67%3.

But the dealer is not really the customer, and this is the distinction that makes Ferrari's client relationship different from every other company here. Ferrari maintains a list of active clients, targeted at 90,000 by 2030, and allocates its most exclusive cars to them directly.4 The 20-F says so plainly: the company offers "our most loyal and active clients preferential access to our newest, most exclusive and highest value cars."5

That inverts the usual arrangement. Most companies compete for customers. Ferrari's customers compete for cars — and the currency they compete with is purchase history, which means the relationship compounds. A client who buys consistently earns access to the limited series; the limited series appreciates; the appreciation validates the next purchase.

The commercial side is genuinely concentrated, and in the opposite direction: sponsorship, commercial and brand revenue reached €820 million in 2025, up 22.4%, and rests on a small number of large sponsors plus Formula 1's own distribution to teams.6

So there are two customer bases here with almost nothing in common — tens of thousands of individuals who cannot negotiate, and a handful of corporations who can.

Moat trajectory: Widening

The active-client base is being deliberately grown toward 90,000 by 2030 while shipments stay roughly flat, and no dealer has approached a level where concentration would matter. The commercial customer base grew 22.4%.

The number that tests this moat
Reported
Largest dealer share of shipments
About 3.0% — the 15 largest about 25%

Across 195 points of sale. By the standards of this collection that is close to perfectly diversified, and it exists because Ferrari allocates its most exclusive cars to clients rather than to dealer order books, which removes the mechanism by which car dealers normally acquire power. Watch the largest dealer's share: at 3.0% there is no dependency, and it has to roughly triple before there is one.

Source: Ferrari Form 20-F, FY2025 ↗
Dig deeper
DIG DEEPER 01
Ninety Thousand Active Clients
Ferrari's growth target is a headcount, not a revenue number, because what it manages is a membership rather than demand.
DIG DEEPER 02
The Dealers, None Above Three Percent
195 dealers, none above 3%, and none of them decides who gets a car.
DIG DEEPER 03
Allocation Is the Product
What Ferrari sells its best clients is not a car. It is permission to buy one.
DIG DEEPER 04
The Sponsors, Where Ferrari Negotiates
About a dozen corporations are the only customers Ferrari actually negotiates with, and they are its fastest-growing revenue line.
References
  1. ReportedThe cars are sold through 195 points of sale worldwide, and Ferrari's largest dealer accounts for approximately 3.0% of shipments with the fifteen largest at roughly 25%. By the standards of this collection that is close to perfectly diversified — Kioxia names one customer at 20.4%, CoreWeave one at 67%.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
  2. ReportedBy the standards of this collection that is close to perfectly diversified — Kioxia names one customer at 20.4%, CoreWeave one at 67%.
    Kioxia Holdings Corporation, Annual Securities Report for the year from 1 April 2025 to 31 March 2026 (8th Period) — revenue ¥2,337,628M against ¥1,706,460M, gross profit ¥1,012,904M, operating profit ¥869,013M, profit for the year ¥554,490M; research and development cost ¥141,052M against ¥132,798M; purchases of property, plant and equipment ¥281,062M against ¥223,847M; operating cash flow ¥616,540M; proceeds from government grants ¥56,396M against ¥43,748M, from an approved ceiling of ¥150.0bn for flash production at the Yokkaichi and Kitakami plants with about ¥31.8bn not yet received. Revenue by application: SSD & Storage ¥1,362,638M, Smart Devices ¥759,978M, Other ¥215,012M — 'Other' including retail products and sales to the Sandisk group recorded through the three manufacturing joint ventures. Revenue by geography: Japan ¥263,252M, North America and Europe ¥1,217,643M, Asia ¥856,733M, with the United States ¥1,098,832M, China ¥381,857M and Taiwan ¥300,932M. Non-current assets: Japan ¥1,658,950M, North America and Europe ¥1,986M, Asia ¥6,298M. Major customers: Apple group ¥476,014M (20.4%), with the Sandisk and Dell groups omitted for the year as each fell below 10% of sales. Flash Partners Ltd., Flash Alliance Ltd. and Flash Forward LLC are accounted for as joint operations with 50.1% of the voting rights and equal decision-making rights shared with Sandisk. Net interest-bearing debt ¥552,085M against equity of ¥1,398,929M — a net debt-to-equity ratio of 0.39 times, from ¥931,035M against ¥737,565M and 1.26 times a year earlier; USD-denominated senior notes at 6.25% (2030) and 6.625% (2033); goodwill of ¥395,585M from the 1 June 2018 acquisition of the former Toshiba Memory Corporation. Bain Capital funds indirectly hold 21.87% and Toshiba Corporation 17.59% of outstanding common shares, both having sold substantial holdings during the year. Risk factors state that the Yokkaichi Plant is located in an area with a high risk of earthquakes and floods and the Kitakami Plant in an area severely damaged by the 2011 Tohoku Earthquake, and name US-China trade frictions and US tariff policy among factors that may materially affect the business. The company does not provide plans or progress reports for the overall fiscal year. — year to 31 March 2026 · publ. 2026-06 · source ↗
  3. ReportedBy the standards of this collection that is close to perfectly diversified — Kioxia names one customer at 20.4%, CoreWeave one at 67%.
    CoreWeave Form 10-K, fiscal 2025 — revenue $5.13B (+168%), net loss ~−$1.2B; customer concentration disclosed (largest customer ~2/3 of revenue) — FY2025 · publ. early 2026 · source ↗
  4. ReportedFerrari maintains a list of active clients, targeted at 90,000 by 2030, and allocates its most exclusive cars to them directly. The 20-F says so plainly: the company offers "our most loyal and active clients preferential access to our newest, most exclusive and highest value cars." That inverts the usual arrangement.
    Ferrari N.V., Capital Markets Day 2030 Strategic Plan — business section, filed with the SEC as Exhibit 99.1 to a Form 6-K on 9 October 2025. An average of four new car launches per year is planned between 2026 and 2030. The Ferrari elettrica will be an addition to the range product offering. In 2030 the product line-up will be 40% ICE, 40% hybrid and 20% electric. Ferrari targets 90,000 active clients, a 20% increase compared to 2022. New Tailor Made centers will open in Tokyo and Los Angeles to get closer to clients, and two new flagship stores in London and New York. The audience is described as ranging from 180,000 Ferraristi to more than 400 million tifosi. Strategic electric components are designed, engineered and handcrafted in Maranello. — October 2025 · publ. 2025-10-09 · source ↗
  5. ReportedThe 20-F says so plainly: the company offers "our most loyal and active clients preferential access to our newest, most exclusive and highest value cars." That inverts the usual arrangement.
    Ferrari N.V., Form 20-F FY2025 — Item 4, sales and distribution, client management and the controlled volume strategy. Ferrari sells in over 60 markets through a network of 181 authorized dealers operating 195 points of sale as of the end of 2025; its largest dealer accounted for approximately 3.0% of shipments in 2025 and its fifteen largest dealers for approximately 25%. As part of supply and demand management, allocations are determined by geography and by dealer based on various metrics including expected developments in the relevant market, the number of cars sold historically by the various dealers, the current order book of dealers and the average waiting time of the end client in the relevant market; an order reporting system allows Ferrari to collect and monitor information regarding end client orders and assists in production planning, allocation and dealer management. Ferrari relentlessly focuses on preserving product exclusivity and nurturing its client community, rewarding loyal clients through driving events and other initiatives and, most importantly, offering its most loyal and active clients preferential access to its newest, most exclusive and highest value cars. Competition among similarly positioned luxury performance cars is driven by price and total cost of ownership, and the filing states that resilience of the car value after a period of ownership is an important competitive dimension because higher resilience decreases the total cost of ownership and promotes repeat purchases, which Ferrari believes is a strong competitive advantage. Its controlled volume strategy contemplates a measured increase in shipments above current levels as it targets a larger customer base and modes of use, increases its focus on periodically rejuvenating its customer base and creating new Ferrari collectors, and its product portfolio evolves with a broader product range. It sold 13,640, 13,752 and 13,663 cars in 2025, 2024 and 2023. — FY2025 · publ. 2026-02 · source ↗
  6. Moat Explorer calcThe commercial side is genuinely concentrated, and in the opposite direction: sponsorship, commercial and brand revenue reached €820 million in 2025, up 22.4%, and rests on a small number of large sponsors plus Formula 1's own distribution to teams. So there are two customer bases here with almost nothing in common — tens of thousands of individuals who cannot negotiate, and a handful of corpor...
    Ferrari N.V., Form 20-F FY2025 — Item 5, Operating and Financial Review. Total shipments of 13,640 cars against 13,752 in 2024 and 13,663 in 2023; shipment figures exclude strictly limited racing cars such as those in the XX Programme and the 499P Modificata, as well as one-off, pre-owned and other special sales. Net revenues of EUR7,146M, up 7.0%. Net revenues from cars and spare parts were EUR6,005M, an increase of EUR277M or 4.8% on EUR5,728M in 2024 and EUR5,119M in 2023, attributed primarily to a richer product and country mix as well as a higher contribution from personalization, more than offsetting the lower contribution from the Daytona SP3 whose limited series deliveries concluded in the third quarter of 2025; foreign currency effects including hedging were negative. Sponsorship, commercial and brand revenues were EUR820M, up 22.4% from EUR670M and EUR572M in the two prior years, comprising sponsorship of Scuderia Ferrari, Ferrari share of the Formula 1 World Championship commercial revenues distributed to teams, and lifestyle, merchandising, licensing and royalty income; other net revenues were EUR321M, up EUR42M. Selling, general and administrative costs were EUR642M in 2025, an increase of EUR81M or 14.5% on EUR561M, and 9.0% of net revenues against 8.4%, attributed primarily to racing expenses and brand investments as well as organizational development. Net revenues by year 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). — FY2025 · publ. 2026-02 · source ↗
Sources
Generated September 23, 2026