RACE
Ferrari N.V.
Price Chart
Latest Quote
$376.83
| Previous Close | $382.58 |
| Open | $379.06 |
| Day High | $379.55 |
| Day Low | $375.62 |
| Volume | 343,045 |
Stock Information
| Quarterly Dividend / Yield | $4.23 / 1.10% |
| Shares Outstanding | 175.89M |
| Quarterly Dividend Yield | 1.10% |
| Quarterly Dividend | $4.23 |
| Total Debt | $3.35B |
| Cash Equivalents | $2.08B |
| Revenue | $8.24B |
| Net Income | $1.83B |
| Sector | Consumer Cyclical |
| Industry | Auto Manufacturers |
| Market Cap | $66.28B |
| P/E Ratio | 37.31 |
| EPS (TTM) | $10.10 |
| Exchange | NYQ |
đ Comprehensive Analysis
Company Data
| Enterprise Value | $67.63B |
| Sales | $8.24B |
| Income | $1.83B |
| Book/sh | $26.20 |
| Cash/sh | $10.33 |
| Employees | 6K |
Financial Ratios
| Quick Ratio | 1.91 |
| Current Ratio | 2.57 |
| Debt/Eq | 72.25 |
| EPS Growth TTM | 0.30% |
Returns & Margins
| ROA | 13.08% |
| ROE | 41.97% |
| Gross Margin | 51.61% |
| Operating Margin | 29.48% |
| Profit Margin | 22.19% |
Ownership
| Insider Ownership | 30.49% |
| Institutional Ownership | 43.12% |
| Insider & Institutional transactions data not available | |
Valuation Ratios
| Forward P/E | 30.49 |
| PEG | 4.06 |
| P/S | 9.20 |
| P/B | 14.38 |
Analyst Data
| Recommendation | strong_buy |
| Target Price | $447.03 |
Technical Indicators
| SMA20 | $370.37 |
| SMA50 | $354.39 |
| SMA200 | $364.78 |
| RSI | 56.12 |
| ATR | 8.2807 |
| Shares Float | 173.92M |
| Short Float | 3.05% |
| Short Ratio | 6.39 |
| Volatility | 0.59 |
| Rel Volume | 0.70 |
Performance History
| Week | +0.05% |
| Month | +2.92% |
| Quarter | +6.92% |
| 6 Months | +7.86% |
| YTD | +2.50% |
| Year | -24.56% |
| 3 Years | +19.83% |
| 5 Years | +87.53% |
| 10 Years | +864.56% |
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Recent Price History
| Date | Close | Volume |
|---|---|---|
| 2026-07-17 | $376.83 | 343,100 |
| 2026-07-16 | $382.58 | 364,100 |
| 2026-07-15 | $375.74 | 313,300 |
| 2026-07-14 | $369.16 | 281,200 |
| 2026-07-13 | $372.98 | 304,300 |
| 2026-07-10 | $376.64 | 250,100 |
| 2026-07-09 | $374.67 | 287,800 |
| 2026-07-08 | $375.03 | 403,100 |
| 2026-07-07 | $386.99 | 366,100 |
| 2026-07-06 | $391.86 | 662,300 |
| 2026-07-02 | $384.97 | 624,000 |
| 2026-07-01 | $374.66 | 692,900 |
| 2026-06-30 | $372.29 | 594,500 |
| 2026-06-29 | $368.34 | 1,049,000 |
| 2026-06-26 | $368.34 | 519,500 |
| 2026-06-25 | $352.20 | 859,000 |
| 2026-06-24 | $348.75 | 395,400 |
| 2026-06-23 | $344.87 | 472,400 |
| 2026-06-22 | $348.42 | 533,500 |
| 2026-06-18 | $362.13 | 476,400 |
About Ferrari N.V.
Ferrari N.V., through its subsidiaries, engages in design, engineering, production, and sale of luxury performance sports cars worldwide. It offers sports, track, one-off, and road cars, as well as supercars. The company also provides spare parts and engines, as well as after sales, repair, maintenance, and restoration services for cars; and licenses its Ferrari brand to various producers and retailers of luxury and lifestyle goods. In addition, it operates Ferrari museums in Modena and Maranello; Il Cavallino restaurant in Maranello; and theme parks in Abu Dhabi and Spain. Further, the company provides direct or indirect finance and leasing services; range of financial and ancillary services; special financing arrangements; and operates franchised and owned Ferrari stores. The company was founded in 1947 and is headquartered in Maranello, Italy.
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Simply Wall St. âĸ 2026-07-07T04:39:49ZIncome Statement (Annual)
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Revenue | ||||
| Reconciled Cost Of Revenue | $3,950,767,874 | $3,809,477,251 | $3,427,777,009 | $3,030,838,779 |
| Cost Of Revenue | $3,950,767,874 | $3,809,477,251 | $3,427,777,009 | $3,030,838,779 |
| Total Revenue | $8,175,936,215 | $7,639,208,507 | $6,830,830,904 | $5,829,810,274 |
| Operating Revenue | $7,808,689,062 | $7,319,753,118 | $6,511,373,227 | $5,514,852,597 |
| Expenses | ||||
| Interest Expense | $47,102,976 | $45,828,377 | $33,475,974 | $29,163,617 |
| Total Expenses | $5,776,457,869 | $5,488,743,900 | $4,987,315,965 | $4,432,548,211 |
| Other Income Expense | $-29,276,889 | $1,383,295 | $-16,086,957 | $-22,594,966 |
| Net Non Operating Interest Income Expense | $-9,062,929 | $9,429,062 | $5,929,062 | $-27,108,697 |
| Total Other Finance Cost | $-14,680,779 | $-19,232,266 | $-9,870,710 | $2,693,364 |
| Interest Expense Non Operating | $47,102,976 | $45,828,377 | $33,475,974 | $29,163,617 |
| Operating Expense | $1,825,689,996 | $1,679,266,649 | $1,559,538,956 | $1,401,709,431 |
| Other Operating Expenses | $39,247,141 | $14,236,843 | $21,622,426 | $24,654,463 |
| Selling And Marketing Expense | $399,762,028 | $330,135,023 | $270,529,758 | $259,711,680 |
| General And Administrative Expense | $335,352,415 | $311,906,189 | $258,737,995 | $229,961,106 |
| Other Non Operating Income Expenses | - | - | - | $-24,654,463 |
| Income & Earnings | ||||
| Net Income From Continuing Operation Net Minority Interest | $1,827,138,508 | $1,741,278,093 | $1,432,549,250 | $1,067,064,111 |
| Net Interest Income | $-9,062,929 | $9,429,062 | $5,929,062 | $-27,108,697 |
| Interest Income | $23,359,269 | $36,025,173 | $29,534,326 | $4,748,284 |
| Normalized Income | $1,860,980,246 | $1,747,781,222 | $1,450,689,576 | $1,090,732,938 |
| Net Income From Continuing And Discontinued Operation | $1,827,138,508 | $1,741,278,093 | $1,432,549,250 | $1,067,064,111 |
| Total Operating Income As Reported | $2,413,862,785 | $2,159,898,245 | $1,850,536,678 | $1,404,327,281 |
| Net Income Common Stockholders | $1,827,138,508 | $1,741,278,093 | $1,432,549,250 | $1,067,064,111 |
| Net Income | $1,827,138,508 | $1,741,278,093 | $1,432,549,250 | $1,067,064,111 |
| Net Income Including Noncontrolling Interests | $1,830,109,904 | $1,745,895,942 | $1,438,738,037 | $1,074,707,132 |
| Net Income Continuous Operations | $1,830,109,904 | $1,745,895,942 | $1,438,738,037 | $1,074,707,132 |
| Pretax Income | $2,361,138,527 | $2,161,276,964 | $1,833,357,044 | $1,347,558,400 |
| Earnings From Equity Interest | $14,384,440 | $9,433,639 | $7,021,739 | $7,065,218 |
| Interest Income Non Operating | $23,359,269 | $36,025,173 | $29,534,326 | $4,748,284 |
| Operating Income | $2,399,478,345 | $2,150,464,607 | $1,843,514,939 | $1,397,262,063 |
| Gross Profit | $4,225,168,341 | $3,829,731,256 | $3,403,053,896 | $2,798,971,494 |
| Per Share | ||||
| Diluted EPS | $10.25 | $9.68 | $7.89 | $5.82 |
| Basic EPS | $10.26 | $9.69 | $7.91 | $5.85 |
| Other | ||||
| Tax Effect Of Unusual Items | $-9,819,591 | $-1,547,215 | $-4,968,370 | $-5,991,357 |
| Tax Rate For Calcs | $0 | $0 | $0 | $0 |
| Normalized EBITDA (Bullshit earnings) | $3,209,267,848 | $2,978,058,457 | $2,647,727,782 | $2,031,353,618 |
| Total Unusual Items | $-43,661,329 | $-8,050,344 | $-23,108,696 | $-29,660,184 |
| Total Unusual Items Excluding Goodwill | $-43,661,329 | $-8,050,344 | $-23,108,696 | $-29,660,184 |
| Reconciled Depreciation | $757,365,015 | $762,902,773 | $757,786,068 | $624,971,418 |
| EBITDA (Bullshit earnings) | $3,165,606,519 | $2,970,008,114 | $2,624,619,086 | $2,001,693,434 |
| EBIT | $2,408,241,504 | $2,207,105,341 | $1,866,833,018 | $1,376,722,016 |
| Diluted Average Shares | $204,028,611 | $205,940,511 | $207,678,497 | $209,520,602 |
| Basic Average Shares | $203,804,355 | $205,655,614 | $207,345,545 | $209,194,515 |
| Diluted NI Availto Com Stockholders | $1,827,138,508 | $1,741,278,093 | $1,432,549,250 | $1,067,064,111 |
| Minority Interests | $-2,971,396 | $-4,617,849 | $-6,188,787 | $-7,643,021 |
| Tax Provision | $531,028,623 | $415,381,021 | $394,619,007 | $272,851,268 |
| Gain On Sale Of Security | $-43,661,329 | $-8,050,344 | $-23,108,696 | $-29,660,184 |
| Research And Development | $1,051,328,412 | $1,022,988,594 | $1,008,648,777 | $887,382,182 |
| Selling General And Administration | $735,114,442 | $642,041,213 | $529,267,753 | $489,672,786 |
| Other Gand A | $335,352,415 | $311,906,189 | $258,737,995 | $229,961,106 |
Balance Sheet (Annual)
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Assets | ||||
| Net Tangible Assets | $1,697,087,016 | $1,376,544,671 | $979,413,078 | $572,410,775 |
| Total Assets | $11,016,421,440 | $10,866,300,154 | $9,212,027,784 | $8,885,381,320 |
| Total Non Current Assets | $5,496,543,672 | $5,122,703,842 | $4,651,378,882 | $4,363,056,218 |
| Non Current Deferred Assets | $258,586,966 | $270,927,927 | $248,916,485 | $232,702,525 |
| Non Current Deferred Taxes Assets | $258,586,966 | $270,927,927 | $248,916,485 | $232,702,525 |
| Investmentin Financial Assets | $23,378,719 | $19,890,161 | $14,268,879 | $11,953,090 |
| Goodwill And Other Intangible Assets | $2,773,042,432 | $2,666,871,947 | $2,522,747,228 | $2,394,244,936 |
| Other Intangible Assets | $1,874,664,826 | $1,768,494,341 | $1,624,369,622 | $1,495,867,330 |
| Current Assets | $5,519,877,769 | $5,743,596,312 | $4,560,648,902 | $4,522,325,102 |
| Other Current Assets | $8,886,728 | $19,385,584 | $12,417,621 | $34,802,061 |
| Hedging Assets Current | $84,283,756 | $22,139,589 | $63,572,085 | $91,799,774 |
| Prepaid Assets | $59,339,819 | $73,207,096 | $61,608,698 | $49,093,823 |
| Inventory | $1,274,489,747 | $1,245,073,270 | $1,085,256,331 | $771,924,512 |
| Receivables | $2,408,516,103 | $2,383,939,443 | $2,047,692,292 | $1,977,486,340 |
| Taxes Receivable | $150,237,992 | $83,243,710 | $88,266,593 | $109,739,134 |
| Loans Receivable | $1,845,990,912 | $1,901,180,845 | $1,660,363,903 | $1,601,827,288 |
| Accounts Receivable | $412,287,200 | $399,514,888 | $299,061,795 | $265,919,918 |
| Allowance For Doubtful Accounts Receivable | $-41,462,244 | $-38,187,644 | $-29,082,381 | $-29,519,452 |
| Gross Accounts Receivable | $453,749,444 | $437,702,533 | $328,144,176 | $295,439,370 |
| Cash Cash Equivalents And Short Term Investments | $1,684,361,615 | $1,999,851,329 | $1,290,101,876 | $1,597,218,592 |
| Cash And Cash Equivalents | $1,679,303,263 | $1,993,379,933 | $1,283,731,166 | $1,589,131,635 |
| Debt | ||||
| Net Debt | $1,435,196,847 | $1,697,258,641 | $1,467,000,052 | $1,562,305,547 |
| Total Debt | $3,300,022,999 | $3,835,112,263 | $2,834,309,024 | $3,217,138,557 |
| Long Term Debt And Capital Lease Obligation | $3,300,022,999 | $3,835,112,263 | $2,834,309,024 | $3,217,138,557 |
| Long Term Debt | $3,114,500,110 | $3,690,638,574 | $2,750,731,218 | $3,151,437,182 |
| Liabilities | ||||
| Minimum Pension Liabilities | $-9,816,934 | $-9,937,071 | $-9,346,682 | $-9,540,046 |
| Total Liabilities Net Minority Interest | $6,537,311,443 | $6,812,251,956 | $5,698,730,178 | $5,907,707,302 |
| Total Non Current Liabilities Net Minority Interest | $4,904,040,218 | $5,106,290,798 | $3,997,865,129 | $4,291,338,824 |
| Other Non Current Liabilities | $40,971,397 | $51,453,091 | $45,933,640 | $56,846,684 |
| Derivative Product Liabilities | $8,472,540 | $70,816,936 | $15,490,847 | $22,875,287 |
| Non Current Deferred Liabilities | $1,177,256,334 | $759,481,720 | $747,073,253 | $660,953,113 |
| Non Current Deferred Taxes Liabilities | $291,060,651 | $125,876,435 | $156,574,376 | $144,744,856 |
| Current Liabilities | $1,633,271,225 | $1,705,961,158 | $1,700,865,048 | $1,616,368,478 |
| Current Deferred Liabilities | $485,799,788 | $383,894,750 | $338,310,081 | $309,328,386 |
| Payables And Accrued Expenses | $1,147,471,436 | $1,322,066,408 | $1,362,554,968 | $1,307,040,092 |
| Payables | $1,057,167,085 | $1,207,290,660 | $1,247,789,518 | $1,194,299,813 |
| Other Payable | $88,966,822 | $81,970,255 | $80,934,785 | $94,149,889 |
| Total Tax Payable | $5,664,760 | $43,332,953 | $102,140,736 | $67,005,723 |
| Accounts Payable | $962,535,503 | $1,081,987,452 | $1,064,713,996 | $1,033,144,201 |
| Tradeand Other Payables Non Current | - | - | $80,934,785 | $94,149,889 |
| Equity | ||||
| Common Stock Equity | $4,470,129,448 | $4,043,416,618 | $3,502,160,306 | $2,966,655,711 |
| Total Equity Gross Minority Interest | $4,479,109,997 | $4,054,048,198 | $3,513,297,607 | $2,977,674,018 |
| Stockholders Equity | $4,470,129,448 | $4,043,416,618 | $3,502,160,306 | $2,966,655,711 |
| Gains Losses Not Affecting Retained Earnings | $91,392,452 | $15,005,721 | $74,248,286 | $103,561,789 |
| Other Equity Adjustments | $56,970,254 | $-42,160,185 | $30,151,031 | $52,898,171 |
| Retained Earnings | $4,375,793,060 | $4,025,466,961 | $3,424,968,084 | $2,860,149,986 |
| Long Term Equity Investment | $86,969,111 | $72,583,527 | $63,157,897 | $56,163,618 |
| Other | ||||
| Treasury Shares Number | $19,044,172 | $17,024,220 | $15,452,414 | $13,695,654 |
| Ordinary Shares Number | $202,836,269 | $204,856,221 | $206,428,028 | $208,184,788 |
| Share Issued | $221,880,441 | $221,880,441 | $221,880,441 | $221,880,441 |
| Tangible Book Value | $1,697,087,016 | $1,376,544,671 | $979,413,078 | $572,410,775 |
| Invested Capital | $7,584,629,558 | $7,734,055,192 | $6,252,891,524 | $6,118,092,893 |
| Working Capital | $3,886,606,544 | $4,037,635,154 | $2,859,783,854 | $2,905,956,624 |
| Capital Lease Obligations | $185,522,890 | $144,473,689 | $83,577,806 | $65,701,375 |
| Total Capitalization | $7,584,629,558 | $7,734,055,192 | $6,252,891,524 | $6,118,092,893 |
| Minority Interest | $8,980,550 | $10,631,579 | $11,137,300 | $11,018,307 |
| Foreign Currency Translation Adjustments | $44,239,132 | $67,102,977 | $53,443,938 | $60,203,663 |
| Capital Stock | $2,943,936 | $2,943,936 | $2,943,936 | $2,943,936 |
| Common Stock | $2,943,936 | $2,943,936 | $2,943,936 | $2,943,936 |
| Employee Benefits | $166,240,280 | $153,486,275 | $140,783,758 | $126,781,469 |
| Long Term Capital Lease Obligation | $185,522,890 | $144,473,689 | $83,577,806 | $65,701,375 |
| Long Term Provisions | $211,076,666 | $235,940,512 | $214,274,607 | $206,743,714 |
| Current Deferred Revenue | $485,799,788 | $383,894,750 | $338,310,081 | $309,328,386 |
| Current Accrued Expenses | $90,304,351 | $114,775,748 | $114,765,450 | $112,740,279 |
| Investments And Advances | $110,347,830 | $92,473,687 | $77,426,776 | $68,116,707 |
| Available For Sale Securities | $23,378,719 | $19,890,161 | $14,268,879 | $11,953,090 |
| Goodwill | $898,377,606 | $898,377,606 | $898,377,606 | $898,377,606 |
| Net PPE | $2,354,566,444 | $2,092,430,280 | $1,802,288,393 | $1,667,992,050 |
| Accumulated Depreciation | $-3,825,643,155 | $-3,601,206,076 | $-3,388,954,353 | $-3,135,055,030 |
| Gross PPE | $6,180,209,600 | $5,693,636,356 | $5,191,242,746 | $4,803,047,080 |
| Construction In Progress | $576,021,759 | $571,092,697 | $448,274,615 | $273,013,740 |
| Other Properties | $418,646,468 | $362,550,356 | $303,483,992 | $295,964,541 |
| Machinery Furniture Equipment | $4,211,423,489 | $3,832,946,359 | $3,667,886,857 | $3,513,196,920 |
| Buildings And Improvements | $793,188,815 | $752,203,688 | $598,566,383 | $569,853,567 |
| Land And Improvements | $180,929,068 | $174,843,256 | $173,030,899 | $151,018,312 |
| Properties | $0 | $0 | $0 | $0 |
| Finished Goods | $706,168,217 | $716,891,330 | $589,789,494 | $442,532,052 |
| Work In Process | $295,522,894 | $273,899,323 | $262,918,774 | $166,429,068 |
| Raw Materials | $272,798,637 | $254,282,618 | $232,548,063 | $162,963,392 |
| Other Short Term Investments | $5,058,353 | $6,471,396 | $6,370,710 | $8,086,957 |
| Non Current Deferred Revenue | - | - | $338,310,081 | $309,328,386 |
Cash Flow Statement (Annual)
| Metric | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Free Cash Flow | ||||
| Free Cash Flow | $1,608,833,009 | $1,072,660,221 | $969,939,393 | $685,035,493 |
| Operating Activities | ||||
| Operating Cash Flow | $2,687,993,230 | $2,204,411,977 | $1,964,115,630 | $1,605,652,230 |
| Cash Flow From Continuing Operating Activities | $2,687,993,230 | $2,204,411,977 | $1,964,115,630 | $1,605,652,230 |
| Operating Gains Losses | $29,276,889 | $-1,383,295 | $16,086,957 | $22,594,966 |
| Investing Activities | ||||
| Capital Expenditure | $-1,079,160,221 | $-1,131,751,756 | $-994,176,236 | $-920,616,737 |
| Investing Cash Flow | $-1,080,249,466 | $-1,129,416,516 | $-991,363,879 | $-921,519,483 |
| Cash Flow From Continuing Investing Activities | $-1,080,249,466 | $-1,129,416,516 | $-991,363,879 | $-921,519,483 |
| Financing Activities | ||||
| Repurchase Of Capital Stock | $-898,545,798 | $-664,855,859 | $-527,035,488 | $-453,686,515 |
| Financing Cash Flow | $-1,907,502,355 | $-371,580,105 | $-1,269,344,438 | $-633,363,867 |
| Cash Flow From Continuing Financing Activities | $-1,907,502,355 | $-371,580,105 | $-1,269,344,438 | $-633,363,867 |
| Net Other Financing Charges | $-5,089,245 | $-5,478,261 | $-5,594,966 | $-2,592,677 |
| Cash Dividends Paid | $-606,072,104 | $-503,338,690 | $-376,008,022 | $-285,494,289 |
| Common Stock Dividend Paid | $-606,072,104 | $-503,338,690 | $-376,008,022 | $-285,494,289 |
| Net Common Stock Issuance | $-898,545,798 | $-664,855,859 | $-527,035,488 | $-453,686,515 |
| Other | ||||
| Repayment Of Debt | $-1,067,019,488 | $-470,980,566 | $-859,347,856 | $-191,692,226 |
| Issuance Of Debt | $669,224,280 | $1,273,073,271 | $498,641,894 | $300,101,841 |
| End Cash Position | $1,679,303,263 | $1,993,379,933 | $1,283,731,166 | $1,589,131,635 |
| Beginning Cash Position | $1,993,379,933 | $1,283,731,166 | $1,589,131,635 | $1,537,924,539 |
| Effect Of Exchange Rate Changes | $-14,318,078 | $6,233,410 | $-8,807,781 | $438,215 |
| Changes In Cash | $-299,758,592 | $703,415,357 | $-296,592,688 | $50,768,881 |
| Common Stock Payments | $-898,545,798 | $-664,855,859 | $-527,035,488 | $-453,686,515 |
| Net Issuance Payments Of Debt | $-397,795,209 | $802,092,706 | $-360,705,962 | $108,409,615 |
| Net Long Term Debt Issuance | $-397,795,209 | $802,092,706 | $-360,705,962 | $108,409,615 |
| Long Term Debt Payments | $-1,067,019,488 | $-470,980,566 | $-859,347,856 | $-191,692,226 |
| Long Term Debt Issuance | $669,224,280 | $1,273,073,271 | $498,641,894 | $300,101,841 |
| Net Business Purchase And Sale | $-1,546,911 | $0 | $0 | $-1,564,073 |
| Purchase Of Business | $-1,546,911 | $0 | $0 | $-1,564,073 |
| Net Intangibles Purchase And Sale | $-524,000,018 | $-579,947,389 | $-557,377,594 | $-522,762,032 |
| Purchase Of Intangibles | $-524,000,018 | $-579,947,389 | $-557,377,594 | $-522,762,032 |
| Net PPE Purchase And Sale | $-554,702,537 | $-549,469,127 | $-433,986,285 | $-397,193,378 |
| Sale Of PPE | $457,666 | $2,335,240 | $2,812,357 | $661,327 |
| Purchase Of PPE | $-555,160,203 | $-551,804,367 | $-436,798,642 | $-397,854,705 |
| Taxes Refund Paid | $-441,137,315 | $-468,862,717 | $-334,625,870 | $-348,617,861 |
| Interest Received Cfo | $43,518,308 | $56,834,098 | $37,107,553 | $5,901,602 |
| Interest Paid Cfo | $-144,458,815 | $-57,613,274 | $-95,243,710 | $-42,735,699 |
| Change In Working Capital | $-101,411,903 | $-437,774,615 | $-409,923,355 | $-167,266,596 |
| Change In Other Working Capital | $254,435,936 | $-22,934,783 | $55,654,464 | $160,192,225 |
| Change In Payables And Accrued Expense | $-67,654,465 | $8,778,032 | $49,516,020 | $118,971,400 |
| Change In Payable | $-67,654,465 | $8,778,032 | $49,516,020 | $118,971,400 |
| Change In Account Payable | $-67,654,465 | $8,778,032 | $49,516,020 | $118,971,400 |
| Change In Inventory | $-87,739,134 | $-180,235,704 | $-354,192,232 | $-176,075,521 |
| Change In Receivables | $-200,454,240 | $-243,382,160 | $-160,901,607 | $-270,354,701 |
| Changes In Account Receivables | $-23,589,246 | $-107,584,672 | $-38,193,365 | $-55,377,576 |
| Other Non Cash Items | $121,384,444 | $95,729,980 | $85,390,163 | $80,487,417 |
| Provisionand Write Offof Assets | $62,318,080 | $93,302,063 | $74,180,781 | $82,758,584 |
| Deferred Tax | $531,028,623 | $415,381,021 | $394,619,007 | $272,851,268 |
| Deferred Income Tax | $531,028,623 | $415,381,021 | $394,619,007 | $272,851,268 |
| Depreciation Amortization Depletion | $757,365,015 | $762,902,773 | $757,786,068 | $624,971,418 |
| Depreciation And Amortization | $757,365,015 | $762,902,773 | $757,786,068 | $624,971,418 |
| Amortization Cash Flow | $415,562,944 | $420,067,521 | $425,744,866 | $327,661,339 |
| Amortization Of Intangibles | $415,562,944 | $420,067,521 | $425,744,866 | $327,661,339 |
| Depreciation | $341,800,927 | $342,835,252 | $332,041,202 | $297,310,079 |
| Earnings Losses From Equity Investments | $-14,384,440 | $-9,433,639 | $-7,021,739 | $-7,065,218 |
| Net Foreign Currency Exchange Gain Loss | $43,661,329 | $8,050,344 | $23,108,696 | $29,660,184 |
| Net Income From Continuing Operations | $1,830,109,904 | $1,745,895,942 | $1,438,738,037 | $1,074,707,132 |
| Gain Loss On Investment Securities | - | - | - | - |