Ferrari stock rout
Ferrari’s stock suffered a record drawdown of about −43.1% from its highs amid only ~4% year‑over‑year growth, investor ire over a faltering hybrid/EV roadmap, and criticism that overproduction has eroded exclusivity. Social chatter now includes calls for the CEO to be ousted as investors fret the brand’s product strategy and margins. ( )
Ferrari reported full‑year 2025 net revenues of €7,146 million, operating profit (EBIT) of €2,110 million and an EBIT margin of 29.5%, with industrial free cash flow of €1,538 million. (ferrari.com) The company said deliveries were 13,640 units in 2025 and described that its order book now extends “towards the end of 2027,” a signal management used to stress near‑term demand visibility. (ferrari.com) Markets reacted sharply after Ferrari’s Capital Markets Day on October 9, 2025 — shares plunged intraday in the range of roughly 13–16%, marking the steepest single‑day selloff since the firm’s listing and erasing more than €12 billion of market value in some estimates. ( ) At that investor event Ferrari lowered its long‑term electrification assumptions — saying battery‑electric models would represent only about 20% of the line‑up by 2030 — while setting a 2030 revenue target near €9 billion and adjusted EBITDA of at least €3.6 billion. ( ) Sell‑side desks and independent shops trimmed ratings and targets after the October shock: CFRA moved to a “sell” and cut its target, while Morgan Stanley later downgraded Ferrari to equal‑weight and trimmed its price target citing limited near‑term upside from the brand’s volume limits. ( ) Public pushback has been mixed: fan groups published open letters criticizing CEO Benedetto Vigna over Ferrari’s on‑track performance and strategic choices, even as the company’s April 16, 2025 shareholder meeting formally renewed confidence in the current leadership. ( )
