Lazard, Inc. (LAZ) vs Moelis & Company (MC)

Lazard, Inc. and Moelis & Company are both Capital Markets companies. Moelis & Company is the larger, with a market value of $4.7B against $3.5B — 1.3× the size. Lazard, Inc. trades at the lower P/E: 16.6× against 19.4×. Moelis & Company grew revenue faster over the last twelve months: 13.7% against 5.69%. Moelis & Company has the higher net margin (14.5% vs 6.80%) and the higher return on invested capital (41.8% vs 14.9%). Both pay a dividend; Lazard, Inc. yields more (5.21% vs 4.38%). Across the 22 metrics below, Moelis & Company leads on 12 and Lazard, Inc. on 10.

Valuation

Metric LAZ MC Capital Markets median
P/E 16.62 19.39 15.78
P/S 1.16 2.82 2.32
P/B 4.11 6.92 1.89
Price to free cash flow 5.62 10.25 6.25
EV/EBITDA 4.87 13.94 8.87
EV/Sales 1.28 2.69 2.28
Earnings yield 6.02% 5.16% (3.77%)
Free cash flow yield 17.80% 9.76% (1.49%)

Profitability

Metric LAZ MC Capital Markets median
Gross margin 100.00% 100.00% 62.80%
Operating margin 9.54% 18.40% 0.00%
Net margin 6.80% 14.50% (0.55%)
Free cash flow margin 20.57% 27.54% 0.00%
Return on equity 25.91% 36.89% 0.00%
Return on assets 4.95% 16.60% 0.00%
Return on invested capital 14.86% 41.81% 0.00%

Growth

Metric LAZ MC Capital Markets median
Revenue growth (TTM) 5.69% 13.69% 21.02%
EPS growth (last fiscal year) (19.03%) 65.17% —
Revenue growth, 5-year CAGR 3.84% 9.97% 18.16%
Net income growth, 5-year CAGR (10.17%) 5.44% 0.00%

Health

Metric LAZ MC Capital Markets median
Debt to equity 1.87 0.00 0.08
Current ratio 2.84 1.71 1.51
Net debt to EBITDA 0.02 (1.78) (0.24)

Dividend

Metric LAZ MC Capital Markets median
Dividend yield 5.21% 4.38% 2.20%
Payout ratio 0.39 4.53 0.00

Size

Metric LAZ MC Capital Markets median
Market cap 3.52b 4.67b 724.58m

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