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VCGuy

Believe me, it’s not... • 23d

Ferrari seems like a car company on paper. But most investors would argue → it operates more like a SaaS company. In '24, Ferrari sold 13,752 cars. ⤷ 81% (or ~11,139 cars) were sold to existing customers (people who already owned one or more). Revenues: ~€6 B ⤷ ~90% comes from selling cars + spare parts (I think ~10% of revenue comes from Formula 1, unlike Mercedes which reports it separately) ⤷ Operating margins: 27%+, much higher compared to peers Ferrari is also increasingly focusing on its 'Lifestyle' segment. The goal is to 'bring to life a universe that encapsulates Ferrari's DNA'. Let more people buy into the aspiration of Ferrari, even if they can't buy the car (yet). ⏭️Ferrari’s customer base is also getting younger → 40% of new Ferrari buyers are now under 40 (prev. 30%, 18 month prior).

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