Last 47 quarters of trend data · Financial Services · Financial - Capital Markets
Quarterly valuation ratios — annualised for comparability. YoY Δ shows same-quarter-prior-year change.
Lazard Ltd's quarterly P/E stands at 19.7x, up 59.5% year-over-year — indicating the stock has re-rated higher or earnings have softened. EV/EBITDA has expanded 69.6% YoY to 16.0x, reflecting rising market expectations or slowing EBITDA growth.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio → | 18.88 | 19.69 | 23.07 | 19.33 | 16.09 | 12.35 | 19.48 | 29.91 | 13.38 | 119.64 | — | — | 19.70 |
| — | +59.5% | +18.4% | -35.4% | +20.2% | -89.7% | — | — | -32.1% | +1493.7% | — | — | +235.9% | |
| P/S Ratio | 1.54 | 1.83 | 1.56 | 1.73 | 1.66 | 1.64 | 1.38 | 1.34 | 1.01 | 1.38 | 1.09 | 1.32 | 1.14 |
| — | +11.4% | +12.7% | +28.5% | +64.1% | +19.6% | +26.8% | +1.8% | -11.4% | +29.1% | -14.1% | +1.1% | -5.9% | |
| P/B Ratio | 6.77 | 5.84 | 5.79 | 6.20 | 7.14 | 6.82 | 6.46 | 7.75 | 5.80 | 5.83 | 5.68 | 4.85 | 2.59 |
| — | -14.4% | -10.4% | -20.0% | +23.1% | +16.9% | +13.6% | +59.7% | +123.6% | +132.8% | +139.4% | +100.7% | -12.5% | |
| P/FCF | 6.81 | 4.47 | 33.12 | — | 3.92 | 3.28 | 5.66 | — | 2.48 | 28.15 | 3.67 | — | 2.82 |
| — | +35.9% | +485.5% | — | +58.0% | -88.3% | +54.3% | — | -11.9% | +1436.0% | +28.8% | — | +0.9% | |
| EV / EBITDA | 13.32 | 16.00 | 15.39 | 23.08 | 13.67 | 9.43 | 18.43 | 21.80 | 13.64 | 193.40 | — | — | 12.66 |
| — | +69.6% | -16.5% | +5.9% | +0.2% | -95.1% | — | — | +7.8% | +2915.2% | — | — | +148.5% | |
| EV / EBIT | 14.58 | 14.06 | 13.70 | 19.22 | 12.28 | 8.74 | 15.55 | 18.43 | 12.30 | 77.33 | — | — | 11.42 |
| — | +61.0% | -11.9% | +4.2% | -0.2% | -88.7% | — | — | +7.7% | +1168.6% | — | — | +132.7% |
Quarterly margins and returns. Watch for margin compression across consecutive quarters.
Lazard Ltd's operating margin was 12.4% in Q3 2025, up 0.9 pp QoQ and down 7.9 pp YoY. This marks the 3rd consecutive quarter of margin expansion, signaling a sustained improvement in operating efficiency. The trailing four-quarter average of 11.3% lags the current quarter, suggesting the recent improvement is above-trend. Gross margin contracted 15.9% YoY, suggesting cost inflation or competitive pricing pressure.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 35.1% | 34.7% | 35.7% | 34.6% | 35.2% | 41.3% | 34.9% | 28.8% | 28.4% | 31.4% | 12.1% | 18.1% | 33.7% |
| — | -15.9% | +2.4% | +19.9% | +24.1% | +31.4% | +187.2% | +59.4% | -15.9% | -26.9% | -72.8% | -59.3% | -24.5% | |
| Operating Margin | 12.5% | 12.4% | 11.5% | 8.3% | 13.0% | 20.3% | 9.2% | 7.0% | 8.8% | -0.9% | -16.9% | -6.7% | 10.2% |
| — | -38.8% | +25.8% | +17.9% | +47.9% | +2326.5% | +154.2% | +204.9% | -14.0% | -104.3% | -188.2% | -130.1% | -61.5% | |
| Net Margin | 9.1% | 9.3% | 6.9% | 9.2% | 10.5% | 13.6% | 7.2% | 4.6% | 7.8% | 1.3% | -19.0% | -4.0% | 5.9% |
| — | -31.5% | -4.6% | +98.8% | +34.8% | +914.3% | +137.7% | +214.4% | +31.3% | -90.6% | -230.9% | -125.3% | -71.6% |
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 41.9% | 7.8% | 6.9% | 8.1% | 11.3% | 15.9% | 8.8% | 6.5% | 11.9% | 1.4% | -22.6% | -2.4% | 3.4% |
| — | -50.9% | -21.7% | +24.8% | -4.9% | +1013.0% | +139.0% | +370.5% | +252.2% | -82.1% | -448.8% | -133.5% | -74.3% | |
| ROA | 5.9% | 1.6% | 1.3% | 1.3% | 1.8% | 2.3% | 1.1% | 0.8% | 1.4% | 0.2% | -2.7% | -0.4% | 0.7% |
| — | -32.4% | +15.8% | +72.5% | +26.1% | +1338.9% | +140.5% | +282.2% | +102.6% | -90.2% | -292.1% | -126.2% | -76.8% | |
| ROIC | 10.2% | 2.3% | 2.3% | 1.4% | 2.6% | 4.0% | 1.6% | 1.5% | 2.0% | -0.1% | -3.0% | -0.9% | 1.6% |
| — | -42.3% | +42.0% | -4.6% | +32.6% | +3020.9% | +154.5% | +265.1% | +25.1% | -104.0% | -217.5% | -128.3% | -69.7% |
Quarterly solvency trend — watch for debt spikes or covenant pressure.
Lazard Ltd's Debt/EBITDA ratio is 21.3x — elevated, raising questions about debt serviceability. The current ratio has weakened 55.5% YoY to 2.27x, tightening the short-term liquidity position. Debt/Equity has declined for 3 consecutive quarters, reflecting a deleveraging trend.
| Metric | TTM | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 | Q3 '23 | Q2 '23 | Q1 '23 | Q4 '22 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 2.87 | 2.30 | 2.54 | 2.99 | 2.87 | 3.11 | 3.99 | 4.32 | 3.82 | 4.35 | 4.40 | 3.68 | 1.75 |
| — | -26.1% | -36.4% | -30.7% | -24.9% | -28.6% | -9.2% | +17.4% | +118.3% | +149.6% | +179.5% | +155.5% | +29.2% | |
| Debt / EBITDA | 5.18 | 21.26 | 21.70 | 34.75 | 18.89 | 13.95 | 32.61 | 36.40 | 26.31 | 379.02 | — | — | 26.33 |
| — | +52.4% | -33.5% | -4.5% | -28.2% | -96.3% | — | — | -0.1% | +2825.9% | — | — | +227.6% | |
| Current Ratio | 2.92 | 2.27 | 3.64 | 4.60 | 2.92 | 5.09 | 3.88 | 3.00 | 2.22 | 2.82 | 2.63 | 2.27 | 2.10 |
| — | -55.5% | -6.2% | +53.2% | +31.5% | +80.7% | +47.9% | +32.0% | +5.4% | +28.8% | +34.0% | +11.8% | +0.2% | |
| Quick Ratio | 2.92 | 2.27 | 3.64 | 4.60 | 2.92 | 5.09 | 3.88 | 3.00 | 2.22 | 2.82 | 2.63 | 2.27 | 2.10 |
| — | -55.5% | -6.2% | +53.2% | +31.5% | +80.7% | +47.9% | +32.0% | +5.4% | +28.8% | +34.0% | +11.8% | +0.2% | |
| Interest Coverage | 4.39 | 4.18 | 4.40 | 2.59 | 4.83 | 7.15 | 2.81 | 2.63 | 3.64 | -0.25 | -5.73 | -1.90 | 3.76 |
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Includes 30+ ratios · 47 years · Updated daily
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Start ComparisonLazard Ltd's current P/E is 18.9x. The average P/E over the last 4 quarters is 19.5x. Quarterly P/E ratios can vary due to seasonal revenue patterns and one-time charges.
Lazard Ltd's current operating margin is 12.5%. Margins have been compressing over recent quarters. Quarterly margins are particularly useful for identifying trend inflections that annual data smooths over.
Quarterly financial ratios reveal short-term trend shifts — margin compression, debt spikes, or valuation re-ratings — that annual figures smooth over. They're essential for active investors tracking Lazard Ltd's business trajectory between earnings reports.