Investing.com -- Morgan Stanley commented on Ferrari's recent Formula 1 performance after Lewis Hamilton won the Spanish Grand Prix at Barcelona-Catalunya on Sunday. The victory marked Ferrari's first Grand Prix win in approximately two years.

The win helped Ferrari strengthen its second-place position in the F1 constructors ranking and reduced the points gap with leader Mercedes. Morgan Stanley described the win as largely symbolic but noted it supports Ferrari's brand image.

The firm stated that Formula 1 success does not directly translate into commercial success for Ferrari. The company has not won a Formula 1 Drivers' Championship since 2007 or a Constructors' Championship since 2008, yet Ferrari has become one of the most valuable and profitable automotive brands globally during that period.

Morgan Stanley emphasized that Formula 1 remains central to Ferrari's identity in a way that is unique among major car manufacturers. The firm noted that success on the track reinforces the Ferrari brand's core attributes of exclusivity, performance, engineering excellence, and racing heritage.

After Ferrari failed to finish in the top three in 2025 for the first time in five years, Morgan Stanley views the team's improved on-track performance this year as an encouraging development.

Ferrari's racing activities include F1 and endurance racing such as Le Mans. The company does not break down revenue and costs for its F1 activities separately. Revenues are included in the "Sponsorship, Commercial & Brand" reporting line, which generated €820 million in 2025.

Morgan Stanley estimates F1-related revenue stood at approximately €560 million in 2025, consisting of sponsorship at around €275 million, prize money at around €225 million, and licensing and other revenues at around €60 million. The firm suspects F1 activities were close to breakeven in 2025 but still loss making.

The 2026 season introduced significant technical changes including revised aerodynamic rules, active aerodynamics, and greater emphasis on electrical power deployment and energy management. Ferrari developed the SF-26 around a new design philosophy that integrates advanced aerodynamic solutions, improved energy recovery systems, and improved balance between mechanical grip and aerodynamic performance.