Ferrari NV (XBUL:2FE) Cyclically Adjusted PB Ratio: (As of Sep. 21, 2026)

Author: Vera Yuan Vera Yuan
Vera Yuan
Vera Yuan
Director of Data and Quant Analytics at GuruFocus
Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.
Reviewed by: Charlie Tian Charlie Tian
Charlie Tian
Charlie Tian
Founder & CEO of GuruFocus
Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

XBUL:2FE Ferrari NV XBUL:2FE
93 GF Score
Price €339.80
GF Value €422.13
! 2 Warning Signs
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What is Ferrari NV Cyclically Adjusted PB Ratio?

Shiller PE for Stocks: The True Measure of Stock Valuation


Ferrari NV  (XBUL:2FE) Cyclically Adjusted PB Ratio Explanation

Compared with the regular PB Ratio, which works poorly for cyclical businesses, the Cyclically Adjusted PB Ratio smoothed out the fluctuations of book value during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted PB Ratio should give similar results to regular PB Ratio.


Ferrari NV Cyclically Adjusted PB Ratio Related Terms


Ferrari NV Cyclically Adjusted PB Ratio Historical Data

* Premium members only.

The historical data trend for Ferrari NV's Cyclically Adjusted PB Ratio can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Ferrari NV Cyclically Adjusted PB Ratio Chart

Ferrari NV Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Cyclically Adjusted PB Ratio
Get a 7-Day Free Trial Premium Member Only Premium Member Only - - - 40.69 25.55

Ferrari NV Quarterly Data
Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26 Jun26
Cyclically Adjusted PB Ratio Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 38.79 37.77 27.99 23.84 24.94

XBUL:2FE vs TSLA, GM, F: Cyclically Adjusted PB Ratio Comparison

For the Auto Manufacturers subindustry, Ferrari NV's Cyclically Adjusted PB Ratio, along with its competitors' market caps and Cyclically Adjusted PB Ratio data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Ferrari NV Cyclically Adjusted PB Ratio vs Vehicles & Parts Industry

For the Vehicles & Parts industry and Consumer Cyclical sector, Ferrari NV's Cyclically Adjusted PB Ratio distribution charts can be found below:

* The bar in red indicates where Ferrari NV's Cyclically Adjusted PB Ratio falls into.


XBUL:2FE
93GF Score
Ferrari NV XBUL:2FE
Cyclically Adjusted PB Ratio is just one metric. See GF Score™, valuation, warning signs, and more.
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Ferrari NV Cyclically Adjusted PB Ratio Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted PB Ratio takes the Book Value per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/B calculation. Because it considers this 10-year average, it's often referred to as the CAPB Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted PB Ratio.

Ferrari NV's Cyclically Adjusted Book per Share for the quarter that ended in Jun. 2026 is calculated as:

For example, Ferrari NV's adjusted Book Value per Share data for the three months ended in Jun. 2026 was:

Adj_Book=Book Value per Share/CPI of Jun. 2026 (Change)*Current CPI (Jun. 2026)
=20.831/126.4000*126.4000
=20.831

Current CPI (Jun. 2026) = 126.4000.

Ferrari NV Quarterly Data

Book Value per Share CPI Adj_Book
201609 1.237 100.100 1.562
201612 1.746 100.300 2.200
201703 2.546 101.000 3.186
201706 2.726 101.100 3.408
201709 3.439 101.200 4.295
201712 4.149 101.200 5.182
201803 4.761 101.800 5.911
201806 4.920 102.400 6.073
201809 6.525 102.600 8.039
201812 7.204 102.300 8.901
201903 7.892 102.800 9.704
201906 7.399 103.100 9.071
201909 7.502 102.900 9.215
201912 8.027 102.800 9.870
202003 8.311 102.900 10.209
202006 7.289 102.900 8.954
202009 8.233 102.300 10.173
202012 9.685 102.600 11.932
202103 10.536 103.700 12.842
202106 10.373 104.200 12.583
202109 11.190 104.900 13.483
202112 12.029 106.600 14.263
202203 12.750 110.400 14.598
202206 12.384 112.500 13.914
202209 13.214 114.200 14.626
202212 14.303 119.000 15.192
202303 15.458 118.800 16.447
202306 15.068 119.700 15.911
202309 15.737 120.300 16.535
202312 17.019 119.700 17.972
202403 18.213 120.200 19.152
202406 17.284 120.700 18.100
202409 18.643 121.200 19.443
202412 19.790 121.200 20.639
202503 20.060 122.500 20.699
202506 19.904 122.700 20.504
202509 21.245 123.100 21.815
202512 22.082 122.600 22.766
202603 22.968 124.560 23.307
202606 20.831 126.400 20.831

Add all the adjusted book value per share together and divide the count will get our Cyclically Adjusted Book per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.

Is Ferrari NV (XBUL:2FE) Overvalued in 2026?

Based on GuruFocus' analysis, Ferrari NV stock appears to be undervalued. The current stock price of €339.80 is trading 19.5% below its estimated GF Value™ of €422.13.

Key valuation signals for XBUL:2FE:

  • Cyclically Adjusted PB Ratio:
  • GF Value™: €422.13 vs. price of €339.80 (19.5% below fair value)
  • GF Score™: 93/100 with 2 warning signs

No single metric tells the full story. See the XBUL:2FE stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Ferrari NV Business Description

Address Via Abetone Inferiore n. 4, Maranello, ITA, I-41053
Ferrari designs, engineers, and manufactures some of the world's most expensive luxury cars. With supply carefully controlled to be below demand and a brand steeped in decades of motor racing history, a Ferrari is viewed as a status symbol. In 2025, the company sold 13,640 vehicles at an average price over EUR 520,000 with more than 80% of its vehicles being sold to existing Ferrari clients. Eighty-four percent of revenue is generated from the sale of cars and spare parts and 10% from sponsorship, commercial, and brand activities including racing and lifestyle activities. In 2025, the Europe, Middle East, and Africa region accounted for 49% of revenue, the Americas was 32%, mainland China, Hong Kong, and Taiwan was 7%, and the rest of Asia was 12%.
93GF Score

Get the complete analysis for XBUL:2FE

Cyclically Adjusted PB Ratio is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€339.80
Price
€422.13
GF Value