Ferretti (BIT:YACHT) Stock Price Faces Order Slowdown Despite Steady Margins

Ferretti heads into this earnings season with its stock stuck near €2.89 and down sharply over the past quarter, even as the latest full year numbers show revenue of about €1.39b and net profit of roughly €90m. The market has been pricing in doubt, not delight.

The real story in this release is margin resilience. Adjusted earnings before interest, tax, depreciation and amortisation sit near the middle teens as a percentage of sales, and management is still guiding to an EBITDA margin of about 15.5% to 15.9% for 2026. That gap between gloomy sentiment and steady profitability is what investors now need to judge.

Is Ferretti stock pricing in real earnings risk, or has sentiment pushed it too far below what the cash flows justify? Compare the current share price with the detailed valuation work in our valuation analysis for Ferretti.

FY 2025 Earnings Summary

• Revenue (FY 2025 vs FY 2024, trailing 12 months): €1,389.564m vs. €1,336.227m (up about 4.0%)
• Net Income (FY 2025 vs FY 2024, trailing 12 months): €90.007m vs. €87.918m (up about 2.4%)
• Basic EPS (FY 2025 vs FY 2024, trailing 12 months): €0.265913 vs. €0.259741 (up about 2.4%)
• Net Profit Margin (FY 2025 vs FY 2024, trailing 12 months): 6.5% vs. 6.6% (slightly lower margin)

Prefer clear visuals instead of reviewing more earnings tables and ratio calculations? View a complete visual breakdown of Ferretti’s valuation at a glance in our company report for Ferretti.

Ferretti bull case meets a mixed reality check

Bulls argue Ferretti’s shift to made to measure and larger yachts secures a richer, more resilient earnings mix with strong free cash conversion. H1 results partly back this up. Adjusted EBITDA margin held at 15.8% despite weaker Superyacht intake and lower volumes, which supports the claim of margin resilience and pricing discipline. The backlog of about €1,455m and roughly €900m of 2026 revenue already covered also support the idea of multi year visibility. Lower guided CapEx, down about €10m, and a net cash position of about €95m after paying roughly €37m in dividends are consistent with the narrative of a post investment phase that converts more profit into cash. Where the bull story misses a milestone is order momentum. H1 order intake of about €341m, with pressure in larger bespoke yachts, shows that premium positioning alone is not yet driving the higher growth mix the narrative implies.

Ferretti bear case finds real cracks, not collapse

Bears focus on order lumpiness, pricing pressure, Superyacht concentration and governance noise. H1 numbers validate some of that caution. Order intake fell sharply to about €341m, especially in larger yachts, and management cut 2026 revenue guidance to €1,200m to €1,240m. That is a clear miss versus the earlier growth story. Rising discounting across the market and softer Superyacht orders also fit the concern that heavy reliance on high ticket builds can magnify swings. Yet the full bear case is not fully confirmed. Backlog is broadly stable, about €1,455m, and supports most of 2026 revenue. EBITDA margin guidance of 15.5% to 15.9% and a stronger net cash position show no sign of balance sheet stress. Governance risk remains live given the KKCG challenge, but new leadership is at least in place and focused on order recovery rather than radical change.

Compare how Ferretti’s margin guidance, backlog, and net cash stack up against current investor skepticism, then see whether the street is leaning toward the bullish or bearish side through the consensus price target analysis for Ferretti.

Take Control Of Your Next Move

If Ferretti’s mix of margin guidance, backlog coverage and current share price has you interested but cautious, register for free with Simply Wall St and add it to your Watchlist to track price against fair value and wait for a setup that fits your plan. After you decide to take a position, use the Portfolio Command Center to keep your holdings organised and cut through market noise with focused updates that matter. For a longer term view, lean on the Community to see how other investors are thinking about the same risks and potential catalysts. That way you can spot hidden drivers and red flags earlier and stay a step ahead of the market.

Seeking Alternatives Beyond Ferretti?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data
and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your
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Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.
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