Lazard LAZ Ratios & Valuation
| Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | ||
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Operating margin | 11.3%+0.7pp | 10.6%-1.1pp | 11.6%-2.0pp | 13.7%+0.5pp | 13.2%+0.5pp | |
| Net margin | 8.6%+1.0pp | 7.6%-1.4pp | 9.1%-1.1pp | 10.2%-0.2pp | 10.4%+1.2pp | |
| EBITDA margin | 12.3%+0.7pp | 11.7%-1.1pp | 12.8%-2.0pp | 14.8%+0.4pp | 14.4%+0.5pp | |
| Free cash flow margin | 15.5%-0.2pp | 15.7%+1.1pp | 14.6%+0.5pp | 14.1%-5.0pp | 19.2%-3.7pp | |
| Returns | ||||||
| Return on equity | 37.4%+5.9pp | 31.5%-5.8pp | 37.3%-14.4pp | 51.7%-9.5pp | 61.2%+8.4pp | |
| Return on assets | 6.5%+1.7pp | 4.9%-0.9pp | 5.8%-1.1pp | 6.9%0.0pp | 6.9%+1.0pp | |
| Return on invested capital | 18.6%-2.6pp | 21.2%+2.3pp | 18.9%-2.1pp | 21%0.0pp | 21%-3.5pp | |
| Efficiency | ||||||
| Asset turnover | 0.8×+0.1× | 0.6×0.0× | 0.6×0.0× | 0.7×0.0× | 0.7×0.0× | |
| Leverage | ||||||
| Debt-to-equity | 2.5×0.0× | 2.5×-0.1× | 2.6×-0.4× | 3×-0.7× | 3.6×+0.2× | |
| Debt-to-assets | 0.5×+0.1× | 0.4×0.0× | 0.5×0.0× | 0.5×0.0× | 0.5×+0.1× | |
| Net debt / EBITDA | 2.9×+0.9× | 1.9×-0.7× | 2.7×-0.1× | 2.7×-0.3× | 3×+0.9× | |
| Interest coverage | 4.1×+0.3× | 3.7×-0.3× | 4×-0.8× | 4.8×+0.4× | 4.4×0.0× | |
| Per Share | ||||||
| Book value per share | $8.25+1.0% | $8.17+4.9% | $7.79+10.2% | $7.07+22.9% | $5.75-7.4% | |
| Valuation | ||||||
| Market capitalization | $3.99B-13.4% | $4.61B-7.5% | $4.98B+13.3% | $4.4B+12.9% | $3.89B-16.4% | |
| Enterprise value | $5.13B-3.4% | $5.31B-11.6% | $6.01B+6.8% | $5.62B+8.7% | $5.18B-6.6% | |
| Price / earnings | 14.4×-5.1× | 19.5×+1.2× | 18.2×+4.0× | 14.2×+1.4× | 12.8×-3.9× | |
| Price / sales | 1.2×-0.2× | 1.5×-0.2× | 1.7×+0.2× | 1.4×+0.1× | 1.3×-0.2× | |
| Price / book | 4.5×-0.8× | 5.3×-0.6× | 5.9×0.0× | 5.9×-0.5× | 6.5×-0.9× | |
| EV / EBITDA | 13×-1.7× | 14.7×-0.9× | 15.6×+3.2× | 12.5×+0.2× | 12.3×-0.8× | |
| EV / sales | 1.6×-0.1× | 1.7×-0.3× | 2×+0.1× | 1.8×+0.1× | 1.8×-0.1× | |
| Free cash flow yield | 12.5%+1.9pp | 10.6%+1.8pp | 8.8%-1.0pp | 9.8%-4.7pp | 14.5%-0.5pp | |
| Earnings yield | 7%+1.8pp | 5.1%-0.3pp | 5.5%-1.6pp | 7.1%-0.8pp | 7.8%+1.8pp | |
| Dividend yield | 4.7%+0.7pp | 4%+0.3pp | 3.7%-0.4pp | 4.1%-0.5pp | 4.6%+0.8pp |
Chart any of these lines over time, or line them up against competitors.
Compare these in charts →Questions, answered.
- Where do Lazard's ratios come from?
- Every ratio is computed from Lazard's SEC filings — trailing-twelve-month flows over period-end balances. Valuation multiples combine those fundamentals with market data, recomputed each period. Switch between quarterly, annual, and TTM, or open any ratio for its full history and peer comparisons.