Lazard, Inc. (LAZ) vs Marathon Digital Holdings, Inc. (MARA)

Lazard, Inc. and Marathon Digital Holdings, Inc. are both Capital Markets companies. Marathon Digital Holdings, Inc. is the larger, with a market value of $5.0B against $3.5B — 1.4× the size. Marathon Digital Holdings, Inc. has negative trailing earnings, so its P/E is not meaningful; Lazard, Inc. trades at 16.6×. Lazard, Inc. grew revenue faster over the last twelve months: 5.69% against 0.73%. Lazard, Inc. has the higher net margin (6.80% vs −429.7%) and the higher return on invested capital (14.9% vs −55.3%). Across the 19 metrics below, Lazard, Inc. leads on 14 and Marathon Digital Holdings, Inc. on 5.

Valuation

Metric LAZ MARA Capital Markets median
P/E 16.62 n/m 15.78
P/S 1.16 5.95 2.32
P/B 4.11 2.86 1.89
Price to free cash flow 5.62 n/m 6.25
EV/EBITDA 4.87 n/m 8.87
EV/Sales 1.28 8.01 2.28
Earnings yield 6.02% (72.51%) (3.77%)
Free cash flow yield 17.80% (26.66%) (1.49%)

Profitability

Metric LAZ MARA Capital Markets median
Gross margin 100.00% 26.27% 62.80%
Operating margin 9.54% (366.26%) 0.00%
Net margin 6.80% (429.71%) (0.55%)
Free cash flow margin 20.57% (158.72%) 0.00%
Return on equity 25.91% (106.77%) 0.00%
Return on assets 4.95% (57.26%) 0.00%
Return on invested capital 14.86% (55.32%) 0.00%

Growth

Metric LAZ MARA Capital Markets median
Revenue growth (TTM) 5.69% 0.73% 21.02%
EPS growth (last fiscal year) (19.03%) (314.53%) —
Revenue growth, 5-year CAGR 3.84% 190.87% 18.16%
Net income growth, 5-year CAGR (10.17%) 0.00% 0.00%

Health

Metric LAZ MARA Capital Markets median
Debt to equity 1.87 1.24 0.08
Current ratio 2.84 0.89 1.51
Net debt to EBITDA 0.02 (8.74) (0.24)

Dividend

Metric LAZ MARA Capital Markets median
Dividend yield 5.21% — 2.20%
Payout ratio 0.39 0.00 0.00

Size

Metric LAZ MARA Capital Markets median
Market cap 3.52b 5.03b 724.58m

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