RACE vs TM: Ferrari NV and Toyota Motor Corporation ADR compared
The short version
From the latest prices and each company's SEC filings. Who's ahead on each measure, not which to buy.
- Toyota Motor Corporation ADR is the larger company, worth $239.7B, about 3.5 times Ferrari NV.
- Ferrari NV grew revenue faster over the last year (+7.0% vs +6.5%).
- Ferrari NV keeps more of each dollar of revenue as operating profit (29.5% vs 10.0%).
- On earnings, Toyota Motor Corporation ADR is the cheaper stock (9.9x vs 36.9x).
Side by side
The stronger figure is shaded where higher (or, for valuation multiples, lower) reads as better. How the implied growth works.
| Measure | RACE | TM |
|---|---|---|
| Market cap | $68.0B | $239.7B |
| Share price | $389.91 | $185.30 |
| Revenue (last fiscal year) | $7.1B | $48.04T |
| Free cash flow (last fiscal year) | $1.4B | $3.34T |
| Revenue growth, last year | +7.0% | +6.5% |
| Revenue growth per year, last 5 fiscal years | +13.7% | +15.3% |
| Operating margin | 29.5% | 10.0% |
| Net margin | 22.4% | 9.9% |
| Return on equity | 40.9% | 20.4% |
| P/E (trailing) | 36.9x | 9.90x |
| Price / free cash flow | 25.6x | 0.41x |
| EV / EBITDA | 18.4x | 8.53x |
| FCF growth the price implies | — | — |
| Dividend yield | 1.1% | 3.1% |
| Debt / equity | 1.46x | 1.62x |
| Fundamental grade | C | C |
| Superinvestors holding it | 6 | 1 |
| Insider purchases, last 12 months | 0 | 0 |
Results from SEC filings
Revenue and free cash flow by fiscal year, from each company's 10-K filings.
Ferrari NV
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $4.3B | $546M | 25.2% |
| 2022 | $5.1B | $599M | 24.1% |
| 2023 | $6.0B | $848M | 27.1% |
| 2024 | $6.7B | $938M | 28.3% |
| 2025 | $7.1B | $1.4B | 29.5% |
Toyota Motor Corporation ADR
| Year | Revenue | Free cash flow | Op. margin |
|---|---|---|---|
| 2021 | $27.21T | $2.45T | 8.1% |
| 2022 | $31.38T | $3.38T | 9.5% |
| 2023 | $37.15T | $2.61T | 7.3% |
| 2024 | $45.10T | $3.87T | 11.9% |
| 2025 | $48.04T | $3.34T | 10.0% |
Where the revenue comes from
Ferrari NV · by products, 2025
Cars and spare parts$6.0B84%
Sponsorship, commercial and brand$820M11%
Other$321M4%
Toyota Motor Corporation ADR · by segments, 2026
Automotive$45.42T87%
Financial services$4.86T9%
All other$1.65T3%
Compare them in fullFifteen years of statements, quarterly results, DCF and IRR models, and any number of peers side by side.
Open RACE in InvestinglyQuestions
Which is bigger, Ferrari NV or Toyota Motor Corporation ADR?
Toyota Motor Corporation ADR (TM), at $239.7B against $68.0B.
Is RACE or TM cheaper?
By trailing P/E, Toyota Motor Corporation ADR (9.90x) is cheaper than Ferrari NV (36.9x). A lower multiple can also mean the market expects less growth.
Which grows faster, RACE or TM?
Ferrari NV: revenue grew +7.0% over the last year, against +6.5%.
Prices and ratios as of the last daily update; statements from SEC filings. Information only, not investment advice.