Lazard, Inc. (LAZ) vs Miami International Holdings, Inc. (MIAX)

Lazard, Inc. and Miami International Holdings, Inc. are both Capital Markets companies. Lazard, Inc. and Miami International Holdings, Inc. are of similar size ($3.8B and $3.5B). Miami International Holdings, Inc. trades at the lower P/E: 10.7× against 22.0×. Miami International Holdings, Inc. grew revenue faster over the last twelve months: 18.2% against 9.18%. Miami International Holdings, Inc. has the higher net margin (19.8% vs 5.39%) and the higher return on invested capital (21.2% vs 14.2%). Across the 18 metrics below, Miami International Holdings, Inc. leads on 12 and Lazard, Inc. on 6.

Valuation

Metric LAZ MIAX Capital Markets median
P/E 21.97 10.72 14.35
P/S 1.20 2.27 2.07
P/B 4.18 2.80 1.36
Price to free cash flow 5.71 16.29 9.28
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.55% 9.33% (8.28%)
Free cash flow yield 17.52% 6.14% (1.12%)

Profitability

Metric LAZ MIAX Capital Markets median
Gross margin 100.00% 34.95% 68.15%
Operating margin 8.12% 10.89% 0.00%
Net margin 5.39% 19.75% (0.34%)
Free cash flow margin 20.96% 13.94% 0.00%
Return on equity 19.46% 28.93% 0.00%
Return on assets 3.86% 20.88% 0.00%
Return on invested capital 14.16% 21.20% 0.00%

Growth

Metric LAZ MIAX Capital Markets median
Revenue growth (TTM) 9.18% 18.22% 19.72%
EPS growth (last fiscal year) (19.03%) (173.17%) 16.79%
Revenue growth, 5-year CAGR 3.84% — 17.41%
Net income growth, 5-year CAGR (10.17%) — 0.00%

Health

Metric LAZ MIAX Capital Markets median
Debt to equity 1.80 0.00 0.07
Current ratio 2.66 3.10 1.51
Net debt to EBITDA 0.02 (3.75) (0.03)

Dividend

Metric LAZ MIAX Capital Markets median
Dividend yield 5.14% — 1.58%
Payout ratio 1.21 — 0.19

Size

Metric LAZ MIAX Capital Markets median
Market cap 3.76b 3.45b 527.01m

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