Lazard Ltd (LAZ) Financial Ratios
22 years of historical data (2004–2025) · Financial Services · Financial - Capital Markets
EV/EBITDA
↑
11.81
+8% vs avg
5yr avg: 10.99
30Y Low5.4·High81.9
P/FCF
↑
8.38
↓-18% vs avg
5yr avg: 10.19
30Y Low1.4·High44.2
P/B Ratio
↑
4.85
+4% vs avg
5yr avg: 4.67
30Y Low2.8·High20.6
ROE
↓
27.0%
↓+8% vs avg
5yr avg: 25.0%
30Y Low-31%·High126%
Debt/EBITDA
↑
5.73
↑+29% vs avg
5yr avg: 4.45
30Y Low1.4·High45.4
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
LAZ Valuation Multiples
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Lazard Ltd trades at 20.8x earnings, 37% above its 5-year average of 15.2x, sitting at the 72nd percentile of its historical range. Compared to the Financial Services sector median P/E of 13.3x, the stock trades at a premium of 56%. On a free-cash-flow basis, the stock trades at 8.4x P/FCF, 18% below the 5-year average of 10.2x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.2B | $5.2B | $5.3B | $3.1B | $3.5B | $5.0B | $4.8B | $4.6B | $4.8B | $7.0B | $5.4B |
| Enterprise Value | $5.3B | $6.2B | $6.2B | $4.3B | $4.5B | $5.7B | $5.7B | $5.7B | $5.0B | $6.7B | $5.5B |
| P/E Ratio → | 20.78 | 22.38 | 19.21 | — | 9.88 | 9.42 | 11.95 | 16.38 | 9.09 | 27.49 | 14.07 |
| P/S Ratio | 1.33 | 1.62 | 1.71 | 1.21 | 1.24 | 1.52 | 1.82 | 1.75 | 1.67 | 2.58 | 2.29 |
| P/B Ratio | 4.85 | 5.22 | 6.89 | 5.43 | 2.78 | 3.00 | 4.80 | 6.81 | 4.94 | 5.52 | 4.21 |
| P/FCF | 8.38 | 10.22 | 7.56 | 22.71 | 4.46 | 6.00 | 9.38 | 7.30 | 7.38 | 7.04 | 9.69 |
| P/OCF | 7.88 | 9.61 | 7.10 | 18.81 | 4.20 | 5.73 | 8.33 | 6.84 | 6.85 | 6.85 | 9.06 |
P/E links to full P/E history page with 30-year chart
LAZ EV Ratios
Enterprise-value multiples — capital-structure-neutral measures of total business value
Lazard Ltd's enterprise value stands at 11.8x EBITDA, 8% above its 5-year average of 11.0x. This is roughly in line with the Financial Services sector median of 11.4x.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.96 | 1.99 | 1.69 | 1.58 | 1.75 | 2.16 | 2.16 | 1.73 | 2.48 | 2.31 |
| EV / EBITDA | 11.81 | 13.88 | 14.55 | — | 7.99 | 7.52 | 10.57 | 13.31 | 6.93 | 7.69 | 9.36 |
| EV / EBIT | 12.78 | 15.02 | 12.97 | — | 7.47 | 7.12 | 9.78 | 11.69 | 6.91 | 7.58 | 9.66 |
| EV / FCF | — | 12.35 | 8.83 | 31.54 | 5.70 | 6.94 | 11.14 | 9.02 | 7.66 | 6.74 | 9.75 |
LAZ Profitability
Margins and return-on-capital ratios measuring operating efficiency
Lazard Ltd earns an operating margin of 13.0%, below the Financial Services sector average of 21.4%. Operating margins have expanded from -3.1% to 13.0% over the past 3 years, signaling improving operational efficiency. ROE of 27.0% indicates solid capital efficiency, compared to the sector median of 9.5%. ROIC of 9.5% represents adequate returns on invested capital versus a sector median of 5.7%.
Margins
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 31.8% | 31.8% | 35.1% | 23.7% | 41.4% | 42.0% | 41.3% | 41.0% | 47.3% | 43.8% | 43.6% |
| Operating Margin | 13.0% | 13.0% | 12.5% | -3.1% | 18.3% | 22.1% | 19.0% | 14.8% | 23.7% | 30.7% | 21.8% |
| Net Profit Margin | 7.4% | 7.4% | 9.1% | -3.0% | 12.7% | 16.2% | 15.2% | 10.8% | 18.4% | 9.4% | 16.3% |
Return on Capital
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 27.0% | 27.0% | 41.9% | -8.3% | 24.6% | 39.8% | 47.9% | 34.7% | 47.3% | 19.9% | 29.1% |
| ROA | 4.9% | 4.9% | 5.9% | -1.4% | 5.5% | 8.1% | 6.9% | 5.4% | 10.6% | 5.3% | 8.6% |
| ROIC | 9.5% | 9.5% | 10.2% | -1.9% | 10.5% | 15.1% | 12.0% | 10.9% | 21.0% | 25.1% | 16.0% |
| ROCE | 9.5% | 9.5% | 10.3% | -2.0% | 11.1% | 15.9% | 12.7% | 11.3% | 21.0% | 25.0% | 15.9% |
LAZ Leverage & Debt
Solvency and debt-coverage ratios — lower is generally safer
Lazard Ltd carries a Debt/EBITDA ratio of 5.7x, which is highly leveraged (39% above the sector average of 4.1x). Net debt stands at $1.1B ($2.6B total debt minus $1.5B cash). Interest coverage of 4.7x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.61 | 2.61 | 2.87 | 3.82 | 1.75 | 1.35 | 2.29 | 3.41 | 1.48 | 0.94 | 0.92 |
| Debt / EBITDA | 5.73 | 5.73 | 5.18 | — | 3.94 | 2.94 | 4.25 | 5.40 | 2.00 | 1.37 | 2.03 |
| Net Debt / Equity | — | 1.09 | 1.16 | 2.11 | 0.77 | 0.47 | 0.90 | 1.60 | 0.19 | -0.23 | 0.03 |
| Net Debt / EBITDA | 2.39 | 2.39 | 2.09 | — | 1.73 | 1.01 | 1.67 | 2.54 | 0.26 | -0.34 | 0.06 |
| Debt / FCF | — | 2.13 | 1.27 | 8.83 | 1.23 | 0.94 | 1.76 | 1.72 | 0.29 | -0.30 | 0.07 |
| Interest Coverage | 4.74 | 4.74 | 5.39 | -0.03 | 7.34 | 9.96 | 7.23 | 6.11 | 12.32 | 16.42 | 11.29 |
LAZ Liquidity & Efficiency
Short-term solvency ratios and asset-utilisation metrics
Lazard Ltd's current ratio of 29.35x is well above the 1.0 safety threshold, indicating strong short-term liquidity with ample room to cover current liabilities. The current ratio has improved from 2.22x to 29.35x over the past 3 years.
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 29.35 | 29.35 | 2.92 | 2.22 | 2.10 | 2.10 | 1.81 | 1.63 | 1.65 | 1.96 | 1.90 |
| Quick Ratio | 29.35 | 29.35 | 2.92 | 2.22 | 2.10 | 2.10 | 1.81 | 1.63 | 1.65 | 1.96 | 1.90 |
| Cash Ratio | 18.64 | 18.64 | 1.46 | 0.94 | 0.79 | 0.68 | 0.76 | 0.65 | 0.69 | 0.91 | 0.93 |
| Asset Turnover | — | 0.64 | 0.64 | 0.55 | 0.48 | 0.46 | 0.44 | 0.47 | 0.57 | 0.55 | 0.52 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
LAZ Shareholder Yields
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Lazard Ltd returns 6.0% to shareholders annually — split between a 3.9% dividend yield and 2.1% buyback yield. The payout ratio of 78.8% is elevated — while still covered by earnings, there is limited headroom for dividend increases. The earnings yield of 4.8% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Dividends
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.9% | 3.6% | 3.4% | 5.6% | 5.2% | 4.0% | 4.1% | 5.5% | 7.5% | 4.9% | 6.2% |
| Payout Ratio | 78.8% | 78.8% | 64.0% | — | 50.9% | 37.1% | 48.8% | 89.0% | 68.2% | 134.7% | 86.7% |
Total Shareholder Return Metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 4.8% | 4.5% | 5.2% | — | 10.1% | 10.6% | 8.4% | 6.1% | 11.0% | 3.6% | 7.1% |
| FCF Yield | 11.9% | 9.8% | 13.2% | 4.4% | 22.4% | 16.7% | 10.7% | 13.7% | 13.6% | 14.2% | 10.3% |
| Buyback Yield | 2.1% | 1.8% | 1.1% | 3.3% | 19.8% | 8.2% | 2.0% | 10.7% | 11.5% | 4.4% | 5.5% |
| Total Shareholder Yield | 6.0% | 5.4% | 4.5% | 8.9% | 24.9% | 12.1% | 6.1% | 16.2% | 19.1% | 9.3% | 11.7% |
| Shares Outstanding | — | $106M | $102M | $89M | $101M | $114M | $113M | $116M | $130M | $132M | $133M |
Peer Comparison
Compare LAZ with 10 similar companies in its peer group
| Company | Market Cap | P/E | EV/EBITDA | P/FCF | Gross Margin | Op Margin | ROE | ROIC | Debt/EBITDA |
|---|---|---|---|---|---|---|---|---|---|
 LAZYou | $4B | 20.8 | 11.8 | 8.4 | 31.8% | 13.0% | 27.0% | 9.5% | 5.7 |
 EVR | $13B | 23.2 | 15.7 | 10.9 | 99.4% | 20.5% | 27.8% | 18.8% | 1.4 |
 PJT | $4B | 22.7 | 9.0 | 7.6 | 32.4% | 21.2% | 18.9% | 20.3% | 1.1 |
 MC | $5B | 21.6 | 15.5 | 8.6 | 99.2% | 18.1% | 40.2% | 24.9% | 0.9 |
 HLI | $10B | 25.8 | 18.0 | 12.7 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
 PWP | $2B | 35.6 | 30.2 | 65.1 | 97.2% | 6.4% | 14.5% | 7.0% | 5.1 |
 GS | $285B | 22.7 | 34.6 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
 MS | $301B | 23.8 | 25.7 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
 JPM | $834B | 15.7 | 13.4 | — | 58.6% | 27.7% | 17.4% | 5.4% | 9.0 |
 BAC | $404B | 13.9 | 14.7 | 32.1 | 55.4% | 18.5% | 10.2% | 3.2% | 10.0 |
 C | $224B | 21.5 | 25.2 | — | 41.7% | 10.0% | 6.1% | 1.6% | 27.7 |
| Financial Services Median | — | 13.3 | 11.4 | 10.6 | 62.9% | 21.4% | 9.5% | 5.7% | 4.1 |
Peer selection based on competitive and market overlap. Compare multiple stocks →
Download Financial Ratios Data
Includes 30+ ratios · 22 years · Updated daily
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Start ComparisonLAZ — Frequently Asked Questions
Quick answers to the most common questions about buying LAZ stock.
What is Lazard Ltd's P/E ratio?
Lazard Ltd's current P/E ratio is 20.8x. The historical average is 18.7x. This places it at the 72th percentile of its historical range.
What is Lazard Ltd's EV/EBITDA?
Lazard Ltd's current EV/EBITDA is 11.8x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
What is Lazard Ltd's ROE?
Lazard Ltd's return on equity (ROE) is 27.0%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 34.1%.
Is LAZ stock overvalued?
Based on historical data, Lazard Ltd is trading at a P/E of 20.8x. This is at the 72th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
What is Lazard Ltd's dividend yield?
Lazard Ltd's current dividend yield is 3.89% with a payout ratio of 78.8%.
What are Lazard Ltd's profit margins?
Lazard Ltd has 31.8% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
How much debt does Lazard Ltd have?
Lazard Ltd's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.