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?…