Porsche VS Ferrari

🏁 Who’s Gonna Win The Race?

Porsche sells cars. Ferrari sells a myth.

They’re both profitable. Both admired. Both with backlogs longer than a Michelin-starred restaurant. But in the market, they don’t live on the same planet — because while Porsche is still trying to convince you it’s a luxury brand, Ferrari doesn’t even need to speak. It just existed, and exits.

When Porsche went public in 2022, it was pitched as the German answer to Ferrari. The biggest IPO in Europe in over a decade, 75 billion euros in market cap from day one, and for a brief moment, it even overtook Volkswagen, its own parent company. The narrative was clean: the crown jewel of German engineering, finally free, finally valued for what it really is. Except that under the hood, nothing had changed. Porsche AG is still 75% owned by VW, which is controlled by Porsche SE, the family holding of the Porsche-Piëch dynasty, which — surprise — also owns a stake in VW. It’s not an equity story. It’s a circular diagram. 🔄

Ferrari, by contrast, came to market like a single malt. Spun off cleanly from Fiat Chrysler in 2015, no holding company overhead, no operational entanglements. What you bought was the real thing. One share, one vote, one myth. A business that doesn’t need to scale, doesn’t need to pivot, doesn’t need to electrify its identity to stay relevant. Just being Ferrari is enough: MOAT.

And that confidence — that refusal to play the growth game — is exactly what makes it untouchable and its stock a rocket 🚀 :

The numbers:

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