Latest Ratios: P/E Ratio 17.0x · EV/EBITDA 10.4x · ROE 27.0%. (2004–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $3.6B | $5.2B | $5.3B | $3.1B | $3.5B | $5.0B | $4.8B | $4.6B | $4.8B | $7.0B | $5.4B |
| Enterprise Value | $4.7B | $6.2B | $6.2B | $4.3B | $4.5B | $5.7B | $5.7B | $5.7B | $5.0B | $6.7B | $5.5B |
| P/E Ratio → | 16.97 | 22.38 | 19.21 | — | 9.88 | 9.42 | 11.95 | 16.38 | 9.09 | 27.49 | 14.07 |
| P/S Ratio | 1.16 | 1.67 | 1.76 | 1.25 | 1.28 | 1.56 | 1.87 | 1.80 | 1.70 | 2.64 | 2.34 |
| P/B Ratio | 3.96 | 5.22 | 6.89 | 5.43 | 2.78 | 3.00 | 4.80 | 6.81 | 4.94 | 5.52 | 4.21 |
| P/FCF | 7.10 | 10.22 | 7.56 | 22.71 | 4.46 | 6.00 | 9.38 | 7.30 | 7.38 | 7.04 | 9.69 |
| P/OCF | 6.68 | 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
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 2.01 | 2.05 | 1.74 | 1.63 | 1.80 | 2.23 | 2.23 | 1.77 | 2.53 | 2.36 |
| EV / EBITDA | 10.37 | 13.88 | 14.55 | — | 7.99 | 7.52 | 10.57 | 13.31 | 6.93 | 7.69 | 9.36 |
| EV / EBIT | 11.23 | 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 |
Margins and return-on-capital ratios measuring operating efficiency
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% |
| 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% |
Solvency and debt-coverage ratios — lower is generally safer
| 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 |
Short-term solvency ratios and asset-utilisation metrics
| 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 | — | — | — | — | — | — | — | — | — | — | — |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
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 | 4.8% | 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% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 5.9% | 4.5% | 5.2% | — | 10.1% | 10.6% | 8.4% | 6.1% | 11.0% | 3.6% | 7.1% |
| FCF Yield | 14.1% | 9.8% | 13.2% | 4.4% | 22.4% | 16.7% | 10.7% | 13.7% | 13.6% | 14.2% | 10.3% |
| Buyback Yield | 2.5% | 1.8% | 1.1% | 3.3% | 19.8% | 8.2% | 2.0% | 10.7% | 11.5% | 4.4% | 5.5% |
| Total Shareholder Yield | 7.3% | 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 |
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying LAZ stock.
Lazard Inc's current P/E ratio is 17.0x. The historical average is 18.7x. This places it at the 56th percentile of its historical range.
Lazard Inc's current EV/EBITDA is 10.4x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
Lazard Inc'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%.
Based on historical data, Lazard Inc is trading at a P/E of 17.0x. This is at the 56th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
Lazard Inc's current dividend yield is 4.77% with a payout ratio of 78.8%.
Lazard Inc has 31.8% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
Lazard Inc's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
European M&A contraction
Metrics are mathematically derived from official filings.
Premium Multiple, Strained Earnings
Lazard trades at 4.56x book and 19.5x trailing earnings, a premium to peers like Houlihan Lokey, yet the Q2 2026 EPS miss of $0.12 versus $0.61 estimate suggests the market is pricing in a recovery that has not materialized.
The P/B of 4.56x is above the peer median of roughly 4.5x, but below Evercore's 6.13x, implying the market assigns Lazard a modest premium for its global franchise. However, with ROE collapsing to 0.5% in Q2 2026, the implied return on tangible equity embedded in the multiple is far above current performance, suggesting either a sharp rebound or de-rating risk. The forward P/E of 19.04x is only slightly below trailing, indicating analysts expect earnings to stabilize, but the lack of guidance makes this assumption fragile.
ROE Collapse on Fee Drought
ROE plummeted to 0.5% in Q2 2026 from 10.4% in Q1, as non-interest income fell 27.8% year-over-year, according to the income statement, while the efficiency ratio spiked to 92.8%, eroding operating leverage.
The DuPont decomposition shows that asset utilization (revenue/assets) collapsed as advisory fees dried up, while leverage (equity/assets) remained stable at 21%. The negative NIM of -0.4% is immaterial given the fee-based model, but the 99.1% fee income share underscores the cyclicality. The efficiency ratio's jump from 22.7% to 92.8% in one quarter indicates that fixed compensation costs are not flexing downward with revenue, a structural risk if the M&A slump persists.
Efficiency Spike Masks Structural Costs
The efficiency ratio deteriorated to 92.8% in Q2 2026 from 24.2% a year earlier, as reported in the income statement, reflecting a severe drop in advisory revenue while compensation costs remained sticky.
Lazard's negative NIM of -0.4% is a non-event for a fee-based firm, but the efficiency ratio is the key metric. The spike suggests that the compensation-to-revenue ratio is running far above historical norms, likely due to guaranteed pay commitments. Investors should monitor whether management adjusts comp ratios in response to the revenue shortfall, as a sustained 90%+ efficiency ratio would imply breakeven economics.
Equity Cushion, But Returns Thin
Equity/assets improved to 21% in Q2 2026 from 12% in Q1 2024, as per the balance sheet, yet the capital base is generating a paltry 0.5% ROE, raising questions about the efficiency of retained capital.
The strengthening equity ratio provides a buffer against revenue shocks, but it also means that Lazard is holding more capital than its earnings power justifies. With dividends and buybacks totaling $99.3M against net income of $4.8M in Q2 2026, the payout ratio exceeds 2000%, which is unsustainable unless earnings recover sharply. The capital position appears adequate, but the return on that capital is strained, suggesting that future capital returns may be at risk if the earnings miss persists.
Provision Volatility Obscures Credit
Loan loss provisions swung from $469.1M in Q1 2026 to zero in Q2 2026, as per the cash flow statement, indicating a dramatic shift in credit outlook that may not reflect underlying asset quality.
The erratic provision pattern is unusual for a firm with minimal loan book, suggesting these provisions may relate to investments or contingent liabilities rather than traditional credit. The absence of provisions in Q2 could indicate a release of reserves, but the lack of detail warrants caution. Given that fee income dominates, credit risk is not a primary driver, but the volatility in provisions adds noise to earnings quality.
P/E Misleads on Cyclicality
The most misapplied ratio for Lazard is P/E, as its cyclical advisory earnings cause wide swings in the multiple; a trailing P/E of 19.5x appears reasonable, but it masks the volatility that makes forward earnings unreliable.
For banks and advisory firms, P/B is more stable, but for Lazard, the better metric is P/Tangible Book Value, which at 4.56x still embeds high return expectations. The P/E is distorted by the lumpy success fees and provision volatility, as seen in the Q2 2026 EPS miss. Investors should instead focus on the efficiency ratio and compensation-to-revenue ratio to gauge normalized profitability, and use a mid-cycle earnings estimate to derive a more meaningful valuation.