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.

Lazard LAZ Ratios & Valuation

Income Statement Balance Sheet Cash Flow Ratios Segments

Quarterly Annual TTM

YoY QoQ

Simplified Detailed

	TTM Q1 '26	TTM Q4 '25	TTM Q3 '25	TTM Q2 '25	TTM Q1 '25
Profitability
Operating margin	11.3%+0.7pp	10.6%-1.1pp	11.6%—	——	——
Net margin	8.6%+1.0pp	7.6%-1.4pp	9.1%—	——	——
EBITDA margin	12.3%+0.7pp	11.7%-1.1pp	12.8%—	——	——
Free cash flow margin	15.5%-0.2pp	15.7%+1.1pp	14.6%+0.5pp	14.1%—	——
Returns
Return on equity	37.4%+5.9pp	31.5%-5.8pp	37.3%—	——	——
Return on assets	6.5%+1.7pp	4.9%-0.9pp	5.8%—	——	——
Return on invested capital	18.6%-2.6pp	21.2%+2.3pp	18.9%—	——	——
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×—	——	——
Interest coverage	4.1×+0.3×	3.7×-0.3×	4×—	——	——
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×—	——	——
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×—	——	——
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%—	——
Earnings yield	7%+1.8pp	5.1%-0.3pp	5.5%—	——	——
Dividend yield	4.7%+0.7pp	4%+0.3pp	3.7%-0.4pp	4.1%-0.5pp	4.6%+0.8pp

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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.