Ferrari Earnings Preview: Comfortable Borrow, Steady Stock, Tight Debate

Ferrari N.V. reports its latest results on November 3, with positioning in the lending market notably relaxed and short sellers showing little conviction.

Among Ferrari's closest correlated peers, short selling pressure is far more pronounced elsewhere. FFAI and LCID have shed 33% and 14% respectively over the past week, reflecting genuine bearish pressure in parts of the automotive universe. Ferrari, by contrast, gained 1.6% over the same period, outpacing the peer-group median of 0.7%. Short interest on RACE is modest at around 2% of the free float, with borrow availability at roughly 1,071% of short interest, meaning more than ten shares remain available in the lending pool for every one already borrowed. That figure has actually tightened from around 1,303% three weeks ago, though it remains well inside the 52-week tightest level of 433%. Borrowing costs sit at 0.98%, almost unchanged month on month. There is no meaningful squeeze dynamic in the lending market.

The analyst debate centres less on whether Ferrari can grow and more on how much of that growth is already priced in. The consensus price target of EUR 387.58 implies roughly 8% upside from the November 2 close of EUR 358.95, a modest cushion for a stock trading at a price-to-earnings multiple of 33x and a price-to-book of 13x. Ferrari's EV/EBITDA has edged up roughly 0.5% over the past 30 days as the share price has risen 4.5%, leaving valuation scores at the low end: the EV/EBIT factor rank sits at the 13th percentile of the ORTEX universe. Growth and earnings quality tell a different story. The ORTEX growth score is 75, EPS surprise ranks at the 70th percentile, and the most recent company note, filed November 2, reported Q3 revenue of EUR 1.46 billion, up 11% year on year, with full-year guidance raised on order flow and pricing.

Exor N.V. remains on the Schedule 13D register as an activist filer, having last disclosed a 21.3% stake in January 2026, down from 31.8% at the time of its previous filing. That reduction is the most newsworthy ownership fact heading into this print: Exor has been trimming, and the trajectory bears watching. The standard caveat applies: 13D/G positions are disclosed around the 5% threshold, and a holder reducing from 21% can continue selling without further filing until that level is crossed. BlackRock also remains a passive 13G filer at approximately 4.1% as last disclosed in April 2025.

The print is therefore a test of whether Ferrari's pricing power and order-book visibility can justify a valuation that already embeds considerable optimism, particularly as Exor's ownership trajectory raises questions about the long-term anchor that stake has historically provided.