Latest Ratios: P/E Ratio 19.2x · EV/EBITDA 11.5x · 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 | $4.1B | $5.2B | $5.3B | $3.1B | $3.5B | $5.0B | $4.8B | $4.6B | $4.8B | $7.0B | $5.4B |
| Enterprise Value | $5.2B | $6.2B | $6.2B | $4.3B | $4.5B | $5.7B | $5.7B | $5.7B | $5.0B | $6.7B | $5.5B |
| P/E Ratio → | 19.23 | 22.38 | 19.21 | — | 9.88 | 9.42 | 11.95 | 16.38 | 9.09 | 27.49 | 14.07 |
| P/S Ratio | 1.29 | 1.62 | 1.71 | 1.21 | 1.24 | 1.52 | 1.82 | 1.75 | 1.67 | 2.58 | 2.29 |
| P/B Ratio | 4.49 | 5.22 | 6.89 | 5.43 | 2.78 | 3.00 | 4.80 | 6.81 | 4.94 | 5.52 | 4.21 |
| P/FCF | 8.13 | 10.22 | 7.56 | 22.71 | 4.46 | 6.00 | 9.38 | 7.30 | 7.38 | 7.04 | 9.69 |
| P/OCF | 7.65 | 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 | — | 1.96 | 1.99 | 1.69 | 1.58 | 1.75 | 2.16 | 2.16 | 1.73 | 2.48 | 2.31 |
| EV / EBITDA | 11.53 | 13.88 | 14.55 | — | 7.99 | 7.52 | 10.57 | 13.31 | 6.93 | 7.69 | 9.36 |
| EV / EBIT | 12.48 | 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 | 4.2% | 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 | 5.2% | 4.5% | 5.2% | — | 10.1% | 10.6% | 8.4% | 6.1% | 11.0% | 3.6% | 7.1% |
| FCF Yield | 12.3% | 9.8% | 13.2% | 4.4% | 22.4% | 16.7% | 10.7% | 13.7% | 13.6% | 14.2% | 10.3% |
| Buyback Yield | 2.2% | 1.8% | 1.1% | 3.3% | 19.8% | 8.2% | 2.0% | 10.7% | 11.5% | 4.4% | 5.5% |
| Total Shareholder Yield | 6.4% | 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 |
Cyclical M&A Revenue Volatility
As reported in recent financial statements, Lazard trades at a forward P/E of 14.67, which appears to discount the firm relative to pure-play advisory peers like Evercore, likely reflecting investor skepticism regarding the stability of its dual-segment business model and the execution of the Lazard 2030 strategy.
The current valuation multiple suggests the market is pricing in significant execution risk regarding the firm's ambitious revenue growth targets. Investors should monitor whether the firm can successfully bridge the valuation gap between its volatile advisory business and its more stable, yet currently underperforming, asset management arm.
Based on the provided quarterly data, Lazard's ROIC has struggled to exceed 2.6% in recent periods, a figure that significantly lags the double-digit returns generated by boutique peers like Moelis and PJT, suggesting that the firm's current capital allocation is failing to drive meaningful shareholder value creation.
The persistent low ROIC indicates that the firm's invested capital is not being deployed with sufficient efficiency to overcome the high cost of talent and operational overhead. This trend warrants further investigation into whether the firm's historical acquisitions are providing adequate returns or if they are merely diluting the firm's overall capital efficiency.
According to recent SEC filings, Lazard's asset turnover ratio has remained stagnant at approximately 0.17, highlighting a structural inability to accelerate revenue generation relative to its asset base, which is further complicated by the lumpy nature of success fees and extended client payment cycles in advisory mandates.
The lack of improvement in asset turnover suggests that the firm's operational model is heavily dependent on high-touch, long-duration mandates rather than scalable, high-velocity revenue streams. This inefficiency may be a byproduct of the firm's focus on complex, cross-border sovereign and M&A work, which inherently limits the speed at which capital can be recycled.
As indicated by the firm's quarterly balance sheet data, the debt-to-EBITDA ratio remains elevated at 19.23 as of 2026Q1, a level that appears significantly more aggressive than the capital structures maintained by pure-play advisory boutiques, potentially limiting the firm's ability to navigate prolonged periods of market volatility.
The high debt load relative to earnings suggests that the firm's interest coverage is sensitive to even minor fluctuations in operating performance. Investors should monitor whether management's commitment to dividends and share repurchases is sustainable given the current leverage profile and the cyclical nature of the firm's primary revenue drivers.
Based on industry analysis, the P/E ratio is frequently misapplied to Lazard, as it fails to account for the lumpy, non-cash nature of success-fee recognition and the significant impact of stock-based compensation, which often distorts the firm's true underlying earnings power and cash-generating capacity.
Analysts should instead prioritize cash-flow-based metrics or adjusted EBITDA that normalize for the timing of deal completions and non-cash expenses. Relying on P/E ratios in this context may lead to an inaccurate assessment of the firm's valuation, as it ignores the underlying volatility inherent in the advisory business model.
Includes 30+ ratios · 22 years · Updated daily
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Quick answers to the most common questions about buying LAZ stock.
Lazard Ltd's current P/E ratio is 19.2x. The historical average is 18.7x. This places it at the 67th percentile of its historical range.
Lazard Ltd's current EV/EBITDA is 11.5x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.9x.
Lazard Ltd'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 Ltd is trading at a P/E of 19.2x. This is at the 67th 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 4.20% with a payout ratio of 78.8%.
Lazard Ltd has 31.8% gross margin and 13.0% operating margin. Operating margin between 10-20% is typical for established companies.
Lazard Ltd's Debt/EBITDA ratio is 5.7x, indicating high leverage. A ratio above 4x may signal elevated financial risk.