Lazard, Inc. (LAZ) vs Piper Sandler Companies (PIPR)

Lazard, Inc. and Piper Sandler Companies are both Capital Markets companies. Piper Sandler Companies is the larger, with a market value of $5.0B against $3.5B — 1.4× the size. Piper Sandler Companies trades at the lower P/E: 15.9× against 16.6×. Piper Sandler Companies grew revenue faster over the last twelve months: 32.4% against 5.69%. Piper Sandler Companies has the higher net margin (14.5% vs 6.80%) and the higher return on invested capital (26.1% vs 14.9%). Both pay a dividend; Lazard, Inc. yields more (5.21% vs 3.12%). Across the 23 metrics below, Piper Sandler Companies leads on 14 and Lazard, Inc. on 9.

Valuation

Metric LAZ PIPR Capital Markets median
P/E 16.62 15.88 15.78
P/S 1.16 2.32 2.32
P/B 4.11 3.12 1.89
Price to free cash flow 5.62 10.06 6.25
EV/EBITDA 4.87 8.21 8.87
EV/Sales 1.28 2.28 2.28
Earnings yield 6.02% 6.30% (3.77%)
Free cash flow yield 17.80% 9.94% (1.49%)

Profitability

Metric LAZ PIPR Capital Markets median
Gross margin 100.00% 99.05% 62.80%
Operating margin 9.54% 24.96% 0.00%
Net margin 6.80% 14.53% (0.55%)
Free cash flow margin 20.57% 23.02% 0.00%
Return on equity 25.91% 20.72% 0.00%
Return on assets 4.95% 14.34% 0.00%
Return on invested capital 14.86% 26.13% 0.00%

Growth

Metric LAZ PIPR Capital Markets median
Revenue growth (TTM) 5.69% 32.39% 21.02%
EPS growth (last fiscal year) (19.03%) 54.49% —
Revenue growth, 5-year CAGR 3.84% 8.93% 18.16%
Net income growth, 5-year CAGR (10.17%) 47.35% 0.00%

Health

Metric LAZ PIPR Capital Markets median
Debt to equity 1.87 0.00 0.08
Current ratio 2.84 1.41 1.51
Net debt to EBITDA 0.02 (1.72) (0.24)

Dividend

Metric LAZ PIPR Capital Markets median
Dividend yield 5.21% 3.12% 2.20%
Payout ratio 0.39 0.49 0.00

Size

Metric LAZ PIPR Capital Markets median
Market cap 3.52b 5.02b 724.58m

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