21 years of historical data (2004–2024) · Financial Services · Financial - Capital Markets
Percentile shows where the current value sits in 30-year historical distribution. Sparklines show 5-year trend.
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
Lazard Ltd trades at 18.9x earnings, 50% above its 5-year average of 12.6x, sitting at the 59th percentile of its historical range. Compared to the Financial Services sector median P/E of 13.8x, the stock trades at a premium of 37%. On a free-cash-flow basis, the stock trades at 6.8x P/FCF, 32% below the 5-year average of 10.0x.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $4.8B | $5.3B | $3.1B | $3.5B | $5.0B | $4.8B | $4.6B | $4.8B | $7.0B | $5.4B | $6.0B |
| Enterprise Value | $5.6B | $6.2B | $4.3B | $4.5B | $5.7B | $5.7B | $5.7B | $5.0B | $6.7B | $5.5B | $5.9B |
| P/E Ratio → | 18.88 | 19.21 | — | 9.88 | 9.42 | 11.95 | 16.38 | 9.09 | 27.49 | 14.07 | 6.08 |
| P/S Ratio | 1.54 | 1.71 | 1.21 | 1.24 | 1.52 | 1.82 | 1.75 | 1.67 | 2.58 | 2.29 | 2.50 |
| P/B Ratio | 6.77 | 6.89 | 5.43 | 2.78 | 3.00 | 4.80 | 6.81 | 4.94 | 5.52 | 4.21 | 4.39 |
| P/FCF | 6.81 | 7.56 | 22.71 | 4.46 | 6.00 | 9.38 | 7.30 | 7.38 | 7.04 | 9.69 | 6.97 |
| P/OCF | 6.39 | 7.10 | 18.81 | 4.20 | 5.73 | 8.33 | 6.84 | 6.85 | 6.85 | 9.06 | 6.76 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
Lazard Ltd's enterprise value stands at 13.3x EBITDA, 31% above its 5-year average of 10.2x. The Financial Services sector median is 11.1x, placing the stock at a 20% premium on an enterprise-value basis.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.99 | 1.69 | 1.58 | 1.75 | 2.16 | 2.16 | 1.73 | 2.48 | 2.31 | 2.44 |
| EV / EBITDA | 13.32 | 14.55 | — | 7.99 | 7.52 | 10.57 | 13.31 | 6.93 | 7.69 | 9.36 | 266.70 |
| EV / EBIT | 14.58 | 12.97 | — | 7.47 | 7.12 | 9.78 | 11.69 | 6.91 | 7.58 | 9.66 | 169.77 |
| EV / FCF | — | 8.83 | 31.54 | 5.70 | 6.94 | 11.14 | 9.02 | 7.66 | 6.74 | 9.75 | 6.81 |
Margins and return-on-capital ratios measuring operating efficiency
Lazard Ltd earns an operating margin of 12.5%, below the Financial Services sector average of 21.9%. Operating margins have compressed from 18.3% to 12.5% over the past 3 years, signaling potential cost pressures or competitive headwinds. Return on equity of 41.9% is exceptionally high — well above the sector median of 9.1%. ROIC of 10.2% represents solid returns on invested capital versus a sector median of 5.4%.
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.1% | 35.1% | 23.7% | 41.4% | 42.0% | 41.3% | 41.0% | 47.3% | 43.8% | 43.6% | 45.0% |
| Operating Margin | 12.5% | 12.5% | -3.1% | 18.3% | 22.1% | 19.0% | 14.8% | 23.7% | 30.7% | 21.8% | -0.7% |
| Net Profit Margin | 9.1% | 9.1% | -3.0% | 12.7% | 16.2% | 15.2% | 10.8% | 18.4% | 9.4% | 16.3% | 41.1% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 41.9% | 41.9% | -8.3% | 24.6% | 39.8% | 47.9% | 34.7% | 47.3% | 19.9% | 29.1% | 92.3% |
| ROA | 5.9% | 5.9% | -1.4% | 5.5% | 8.1% | 6.9% | 5.4% | 10.6% | 5.3% | 8.6% | 25.2% |
| ROIC | 10.2% | 10.2% | -1.9% | 10.5% | 15.1% | 12.0% | 10.9% | 21.0% | 25.1% | 16.0% | -0.6% |
| ROCE | 10.3% | 10.3% | -2.0% | 11.1% | 15.9% | 12.7% | 11.3% | 21.0% | 25.0% | 15.9% | -0.6% |
Solvency and debt-coverage ratios — lower is generally safer
Lazard Ltd carries a Debt/EBITDA ratio of 5.2x, which is highly leveraged (26% above the sector average of 4.1x). Net debt stands at $884M ($2.2B total debt minus $1.3B cash). Interest coverage of 4.4x is adequate, though a cyclical earnings downturn could tighten the margin of safety.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.87 | 2.87 | 3.82 | 1.75 | 1.35 | 2.29 | 3.41 | 1.48 | 0.94 | 0.92 | 0.73 |
| Debt / EBITDA | 5.18 | 5.18 | — | 3.94 | 2.94 | 4.25 | 5.40 | 2.00 | 1.37 | 2.03 | 45.41 |
| Net Debt / Equity | — | 1.16 | 2.11 | 0.77 | 0.47 | 0.90 | 1.60 | 0.19 | -0.23 | 0.03 | -0.10 |
| Net Debt / EBITDA | 2.09 | 2.09 | — | 1.73 | 1.01 | 1.67 | 2.54 | 0.26 | -0.34 | 0.06 | -6.08 |
| Debt / FCF | — | 1.27 | 8.83 | 1.23 | 0.94 | 1.76 | 1.72 | 0.29 | -0.30 | 0.07 | -0.16 |
| Interest Coverage | 4.39 | 4.39 | -1.03 | 6.34 | 8.96 | 6.23 | 4.90 | 11.64 | 15.42 | 10.29 | -0.32 |
Short-term solvency ratios and asset-utilisation metrics
Lazard Ltd's current ratio of 2.92x 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 2.10x to 2.92x over the past 3 years.
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 2.92 | 2.92 | 2.22 | 2.10 | 2.10 | 1.81 | 1.63 | 1.65 | 1.96 | 1.90 | 1.58 |
| Quick Ratio | 2.92 | 2.92 | 2.22 | 2.10 | 2.10 | 1.81 | 1.63 | 1.65 | 1.96 | 1.90 | 1.58 |
| Cash Ratio | 1.46 | 1.46 | 0.94 | 0.79 | 0.68 | 0.76 | 0.65 | 0.69 | 0.91 | 0.93 | 0.87 |
| Asset Turnover | — | 0.64 | 0.55 | 0.48 | 0.46 | 0.44 | 0.47 | 0.57 | 0.55 | 0.52 | 0.53 |
| Inventory Turnover | — | — | — | — | — | — | — | — | — | — | — |
| Days Sales Outstanding | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Lazard Ltd returns 4.7% to shareholders annually — split between a 3.5% dividend yield and 1.3% buyback yield. A payout ratio of 64.0% is moderate and appears sustainable, balancing shareholder returns with reinvestment capacity. The earnings yield of 5.3% (inverse of P/E) provides a useful comparison to bond yields when assessing the stock's relative attractiveness to fixed income.
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | 3.5% | 3.4% | 5.6% | 5.2% | 4.0% | 4.1% | 5.5% | 7.5% | 4.9% | 6.2% | 4.8% |
| Payout Ratio | 64.0% | 64.0% | — | 50.9% | 37.1% | 48.8% | 89.0% | 68.2% | 134.7% | 86.7% | 29.5% |
| Metric | TTM | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.3% | 5.2% | — | 10.1% | 10.6% | 8.4% | 6.1% | 11.0% | 3.6% | 7.1% | 16.4% |
| FCF Yield | 14.7% | 13.2% | 4.4% | 22.4% | 16.7% | 10.7% | 13.7% | 13.6% | 14.2% | 10.3% | 14.4% |
| Buyback Yield | 1.3% | 1.1% | 3.3% | 19.8% | 8.2% | 2.0% | 10.7% | 11.5% | 4.4% | 5.5% | 2.9% |
| Total Shareholder Yield | 4.7% | 4.5% | 8.9% | 24.9% | 12.1% | 6.1% | 16.2% | 19.1% | 9.3% | 11.7% | 7.7% |
| Shares Outstanding | — | $102M | $89M | $101M | $114M | $113M | $116M | $130M | $132M | $133M | $133M |
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 | $5B | 18.9 | 13.3 | 6.8 | 35.1% | 12.5% | 41.9% | 10.2% | 5.2 |
| GS | $267B | 21.2 | 33.8 | — | 41.1% | 14.5% | 12.0% | 1.9% | 29.7 |
| MS | $265B | 20.9 | 24.2 | — | 55.6% | 17.1% | 13.0% | 2.9% | 15.8 |
| EVR | $27B | 34.0 | 50.5 | 28.1 | 99.4% | 17.8% | 20.3% | 14.6% | 1.7 |
| NMR | $27B | 12.7 | 56.2 | — | 36.9% | 10.5% | 9.7% | 1.0% | 58.7 |
| JEF | $9B | 15.7 | -3.5 | 27.5 | 59.7% | 6.3% | 6.8% | 2.4% | 2.0 |
| PIPR | $5B | 28.9 | 18.6 | 16.6 | 99.6% | 14.7% | 13.3% | 11.0% | 0.4 |
| MC | $4B | 33.3 | 22.9 | 10.6 | 100.0% | 14.5% | 32.3% | 20.3% | 1.2 |
| HLI | $3B | 28.1 | 3.7 | 3.1 | 38.5% | 21.0% | 19.9% | 15.5% | 0.8 |
| PWP | $434M | -15.2 | — | 2.1 | 40.1% | -8.9% | -26.0% | -13.7% | — |
| MDBH | $16M | 1.2 | — | — | -803.2% | -1289.4% | 21.8% | -38.9% | — |
| Financial Services Median | — | 13.8 | 11.1 | 11.2 | 60.2% | 21.9% | 9.1% | 5.4% | 4.1 |
Peers based on L4 peer group classification. Compare multiple stocks →
Includes 30+ ratios · 21 years · Updated daily
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Start ComparisonLazard Ltd's current P/E ratio is 18.9x. The historical average is 18.5x. This places it at the 59th percentile of its historical range.
Lazard Ltd's current EV/EBITDA is 13.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 16.1x.
Lazard Ltd's return on equity (ROE) is 41.9%. This is above the typical threshold of 15-20% considered good for most companies. The historical average is 34.4%.
Based on historical data, Lazard Ltd is trading at a P/E of 18.9x. This is at the 59th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lazard Ltd's current dividend yield is 3.46% with a payout ratio of 64.0%.
Lazard Ltd has 35.1% gross margin and 12.5% operating margin. Operating margin between 10-20% is typical for established companies.
Lazard Ltd's Debt/EBITDA ratio is 5.2x, indicating high leverage. A ratio above 4x may signal elevated financial risk.