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Data-driven stock valuation

Racing Force SpA (RFG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Racing Force SpA stock €3.85, price €5.16, that is 25.4% below the price, quality 47 out of 100. Rating: overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.

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Consumer Cyclical IT · ISIN IT0005466963

RF Racing Force SpA logo Some data Nov 4, 2026

Racing Force SpA

RFG · MI
Expensive, weak quality

Our calculation puts a fair price 25% below what the stock costs today.

Low debt
Last quarter vs. a year ago: revenue +19%, profit +39%.
Quality 47/100
Expensive Growth (revenue 5y +16.7 %/yr in EUR)
Thin margins · 8.9% net margin (TTM)
1.8% dividend yield · Watch coverage
Mixed vs. peers (6/13)
Moderate moat 51/100 · thin data
Some data
Fair value €3.85 · Overvalued
Negative free cash flow
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€5.66 €3.41 Fair Value €3.85 Nov 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 4, 2026.

How to read this chart

60‑month range €3.41 – €5.66 · fair‑value band €2.69 – €5.00 · the €5.16 price screens above the €3.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.

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Company profile

Racing Force S.P.A. engages in the production of safety equipment for the racing and motorsport industry in the Americas, Asia, Oceania, Europe, the Middle East, and Africa.

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It offers racewear, car parts, and accessories under the OMP brand; helmets for various forms of car racing under the Bell Racing Helmets brand; communication technology for the sports industry under the Zeronoise brand; motorsport clothing and accessories under the Racing Spirit brand; head protection solutions under the High Protection Systems brand.

The company also provides safety components, including fireproof and anti-abrasive suits, helmets, intercoms, gloves, shoes, and others, as well as safety components for racing cars, such as seats, seat belts, steering wheels, roll bars, fire extinguishers and other car components.

It sells its products to dealers, distributors, teams, car manufacturers, and individuals under OMP, Bell Helmets, Zeronoise, Racing Spirit, B2 Helmets, and Sports Mini Line brands. The company was founded in 1973 and is based in Ronco Scrivia, Italy.

Racing Force S.P.A. operates as a subsidiary of SAYE s.p.a.

Stock analysis

Racing Force SpA (RFG) currently trades at €5.16, while our model-based Fair Value estimate is €3.85, 25% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of €4.45 per share, and 2 of the 16 models we run sit above the €5.16 price.

Bear case: the Asset-Based group reads lowest at €0.3900, and 14 of the 16 models stay below the price. Data coverage for this calculation is medium.

Scenario range: €2.69 (bear) to €5.00 (bull), the price of €5.16 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 47/100 (below-average quality), in the Consumer Cyclical sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Racing Force SpA reported revenue of €73.1M in FY2025 versus €46.7M in FY2021, a compound +11.9%/yr. Reported net income was €5.4M in FY2025, compounding +6.8%/yr from FY2021.

Key figures

Market cap €141M Micro · P/E ratio 19.8 · P/S ratio 1.75 · EPS (TTM) €0.2600 · Dividend yield 1.8% · Net margin 8.9% · Return on equity 11.3% · Return on assets (EBIT) 8.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).

What moves the price

The share trades about 4% below its 52-week high and 21% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Consumer Cyclical peers we cover trades at 10% fair-value upside, at −25%, RFG screens richer than that median.

Fair Value models

Bear €2.69 Fair Value €3.85 Bull €5.00
Price €5.16 · Downside -25.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.1415 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income €1.65 €1.70 €1.84 76
EPV €1.41 €1.56 €1.68 74
ROIC Compounder €1.41 €1.56 €1.68 72
All 16 models by family
Earnings-Based
Graham-Dodd €1.34 €6.25 €8.59 64
Lynch FV €1.65 €2.36 €3.06 61
PEG = 1.0 €1.65 €2.36 €3.06 57
EPV €1.41 €1.56 €1.68 74
Dividend Discount
Gordon GGM €0.5600 €0.8700 €1.09 69
DDM Multi-Stage €0.5600 €0.8600 €0.9500 67
Multiples
P/E Multiple €3.26 €4.35 €5.43 63
P/S Multiple €2.39 €3.19 €3.99 58
P/B Multiple €4.74 €6.32 €7.90 55
EV/EBIT €3.33 €4.54 €5.75 66
EV/EBITDA €3.53 €4.81 €6.09 67
EV/Revenue €1.93 €2.89 €3.85 53
Asset-Based
NCAV (Graham) €0.2600 €0.3900 €0.4900 54
Economic Profit
Residual Income €1.65 €1.70 €1.84 76
ROIC Compounder €1.41 €1.56 €1.68 72
Growth Earnings
Growth-Adj P/E €2.69 €3.85 €5.00 67

Open the full fair value analysis →

Quality Score breakdown

Overall quality 47/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 39
Do the profits arrive as real cash?
Financial strength 79
Debt, balance sheet and risk of trouble
Investment 13
Does it invest with discipline instead of growing at any price?
Low Volatility 75
How calm the share price moves, does not count
Price momentum 44
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 63
Distance to the 52-week high, does not count
New shares 59
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 52/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+11.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.7%
Start year 2020 (pandemic)
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+13.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.4%
Dividend (yield on the price)1.8%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 10%

RFG screens overvalued: fair value 25% below the price. Compare with Pop Mart International Group →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Leisure · 169 stocks

Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 47 · Below median
Fair Value upside −25.4% · Below median
Profitability
Return on equity (12 months) 11.3% · Above median
Return on assets 5.2% · Above median
Net margin (12 months) 8.9% · Above median
Operating margin (12 months) 16.4% · Above median
Growth and dividend
Revenue growth (quarter YoY) 19.1% · Top 25%
Dividend yield (12 months) 1.8% · Below median
Balance sheet
Debt / equity 0.12× · Below median

Valuation Multiplesvs Leisure median · lower = cheaper

P/E (12 months) 19.8× · Pricier than median
P/B 2.26× · Pricier than median
P/S (12 months) 1.75× · Pricier than median
EV/EBITDA 12.6× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 41
FUTURE (revenue growth)96 · sector 27
PAST (return on equity)45 · sector 25
HEALTH (low debt)94 · sector 94
DIVIDEND (yield)37 · sector 52

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Life Time Group LTH $47.12 $16.00 −66% vs RFG
Hasbro, Inc HAS $118.91 $32.71 −72% vs RFG

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Racing Force SpA: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Racing Force SpA Fair Value". https://www.fairvalue-calculator.com/stock/RFG

Frequently asked questions

Is Racing Force SpA (RFG) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of €3.85 versus a price of €5.16, about 25% lower (overvalued).
What is the fair value of RFG?
Our model-based fair value for Racing Force SpA is €3.85 (as of Nov 4, 2026), built from audited fundamentals. The current price: €5.16.
What is the quality score of RFG?
Racing Force SpA has a Quality Score of 47/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Racing Force SpA (RFG)?
Our model-based price target is the fair value of €3.85 (as of Nov 4, 2026) from 16 valuation models. Cautious scenario €2.69, optimistic scenario €5.00. It is a calculation from audited fundamentals, not an analyst target.
What is the Racing Force SpA stock forecast for 2026?
Our models put fair value at €3.85, about 25% lower versus a price of €5.16 (overvalued). Cautious scenario €2.69, optimistic scenario €5.00. The calculation is refreshed regularly with new filings.
What is the revenue of Racing Force SpA (RFG)?
Racing Force SpA reported trailing-twelve-month revenue of about €80.6M (latest available figure, as of Nov 4, 2026).
Does Racing Force SpA pay a dividend?
Racing Force SpA currently shows a dividend yield of 1.84% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Racing Force SpA (RFG) and when is the ex-dividend date?
Racing Force SpA pays a dividend of €0.095 per share a year, a dividend yield of 1.8%. The last ex-dividend date was May 11, 2026. A dividend has been paid every year since at least 2022. The payout ratio is 36.5% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Racing Force SpA (RFG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Racing Force SpA it is €3.85 per share (as of Nov 4, 2026), against a price of €5.16. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Racing Force SpA stock overvalued or undervalued in 2026?
As of Nov 4, 2026, RFG trades above its calculated fair value: price €5.16, fair value €3.85, a gap of about −25% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of RFG?
No. The price is what the market pays today (€5.16); the fair value is what the company's own numbers justify (€3.85). For Racing Force SpA the two are €1.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is Racing Force SpA worth?
The market values Racing Force SpA at about €141M (market capitalisation, as of Nov 4, 2026). Per share that is €5.16; our models calculate a fair value of €3.85 per share.
What do the bullish and bearish scenarios say about RFG?
Our models span a range for Racing Force SpA: cautious scenario €2.69, base €3.85, optimistic €5.00 per share (as of Nov 4, 2026, price €5.16). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of RFG?
Racing Force SpA trades at a price-to-earnings ratio of 19.8 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €3.85 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings: 25.0. Other multiples: P/B 2.3, P/S 1.7, EV/EBITDA 12.6.
How solid is the balance sheet of Racing Force SpA (RFG)?
Balance-sheet figures for Racing Force SpA (as of Nov 4, 2026): return on equity 11.3%, debt of 0.12 per unit of equity. They feed the Quality Score of 47/100, which measures business quality independently of the share price.
How far is RFG from its 52-week high?
Racing Force SpA trades at €5.16, about 4% below its 52-week high of €5.36 and 21% above the low of €4.27 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €3.85 is for.
Which stocks are comparable to Racing Force SpA?
From the same area (Consumer Cyclical) we also value Pop Mart International Group, Amer Sports, Inc, Hasbro, Inc, Life Time Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Racing Force SpA stock attractive at the current price?
The data as of Nov 4, 2026: price €5.16, calculated fair value €3.85 (−25%), Quality Score 47/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of RFG calculated?
We run Racing Force SpA through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €3.85 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Racing Force SpA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Racing Force SpA (RFG)?
The closing price on Nov 6, 2026 was €5.16. Our model-based fair value is €3.85, about 25% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Racing Force SpA right now?
The price sits above even our optimistic bull case (€5.00). The favourable scenario is already priced in. Weak quality (47/100) and above fair value at the same time, the margin of safety is missing on both counts. A fairly wide model range (€2.69 to €5.00) leaves room in how you read the outcome.

Key figures of Racing Force SpA

How large is the market capitalisation of Racing Force SpA (RFG)?
The market capitalisation of Racing Force SpA is €141M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Racing Force SpA (RFG)?
The price-to-sales ratio of Racing Force SpA is 1.75 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Racing Force SpA (RFG)?
Earnings per share at Racing Force SpA are €0.2600 (price ÷ EPS = P/E 19.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Racing Force SpA (RFG)?
The dividend yield of Racing Force SpA is 1.8% (payout 36.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Racing Force SpA (RFG)?
The net margin of Racing Force SpA is 8.9% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Racing Force SpA (RFG)?
The return on equity (ROE) of Racing Force SpA is 11.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Racing Force SpA (RFG)?
On an EBIT basis the return on assets of Racing Force SpA is 8.5% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Racing Force SpA (RFG)?
The operating margin of Racing Force SpA is 16.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Racing Force SpA (RFG)?
Revenue at Racing Force SpA is growing +19.1% versus a year earlier (3y avg +7.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Racing Force SpA (RFG)?
Earnings per share at Racing Force SpA are growing +39.2% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Racing Force SpA (RFG) generate?
The free cash flow of Racing Force SpA is −€2.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Racing Force SpA (RFG) carry?
The net debt of Racing Force SpA is €8.3M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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