Lazard, Inc. (LAZ) vs PJT Partners Inc. (PJT)

Lazard, Inc. and PJT Partners Inc. are both Capital Markets companies. Lazard, Inc. and PJT Partners Inc. are of similar size ($3.9B and $3.8B). PJT Partners Inc. trades at the lower P/E: 18.7× against 22.0×. PJT Partners Inc. grew revenue faster over the last twelve months: 10.2% against 9.18%. PJT Partners Inc. has the higher net margin (10.5% vs 5.39%) and the lower return on invested capital (0.00% vs 14.2%). Both pay a dividend; Lazard, Inc. yields more (5.14% vs 0.65%). Across the 21 metrics below, PJT Partners Inc. leads on 11 and Lazard, Inc. on 10.

Valuation

Metric LAZ PJT Capital Markets median
P/E 21.97 18.74 14.35
P/S 1.20 2.25 2.07
P/B 4.18 4.17 1.36
Price to free cash flow 5.71 6.19 9.28
EV/EBITDA — — —
EV/Sales — — —
Earnings yield 4.55% 5.34% (8.28%)
Free cash flow yield 17.52% 16.15% (1.12%)

Profitability

Metric LAZ PJT Capital Markets median
Gross margin 100.00% 33.09% 68.15%
Operating margin 8.12% 20.51% 0.00%
Net margin 5.39% 10.50% (0.34%)
Free cash flow margin 20.96% 0.00% 0.00%
Return on equity 19.46% 0.00% 0.00%
Return on assets 3.86% 0.00% 0.00%
Return on invested capital 14.16% 0.00% 0.00%

Growth

Metric LAZ PJT Capital Markets median
Revenue growth (TTM) 9.18% 10.21% 19.72%
EPS growth (last fiscal year) (19.03%) 35.77% 16.79%
Revenue growth, 5-year CAGR 3.84% 10.24% 17.41%
Net income growth, 5-year CAGR (10.17%) 8.92% 0.00%

Health

Metric LAZ PJT Capital Markets median
Debt to equity 1.80 0.00 0.07
Current ratio 2.66 2.08 1.51
Net debt to EBITDA 0.02 (1.44) (0.03)

Dividend

Metric LAZ PJT Capital Markets median
Dividend yield 5.14% 0.65% 1.58%
Payout ratio 1.21 0.14 0.19

Size

Metric LAZ PJT Capital Markets median
Market cap 3.76b 3.92b 527.01m

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