BGC Group vs Lazard
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KIRA’s take AI analyst
I put BGC Group and Lazard side by side, using each one’s latest annual report. Here is what stands out:
- Lazard is the larger business, with $3.2B of revenue in fiscal 2025 against $2.9B for BGC Group.
- BGC Group grew revenue faster (30.0%, against 1.5%).
- Lazard turned more of its sales into free cash flow (15.3% FCF margin, against 12.7%).
- Lazard earned a higher return on the capital invested in it (22.9%, against 13.2%).
- Investors pay more for each dollar of BGC Group’s earnings: a P/E of 28.8x against 14.9x for Lazard.
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
BGC Group
BGC
3/8
Revenue growth5-year growthShare count change
Lazard
LAZ
5/8
Net marginFCF marginReturn on capitalReturn on equityNet debt / EBITDA
Side by side
Best in the row
| Latest fiscal year | BGC FY25 | LAZ FY25 |
|---|---|---|
| Size | ||
| Market cap | $5.6B | $4.0B |
| Revenue | $2.9B | $3.2B |
| Free cash flow | $373M | $487M |
| Net income | $155M | $237M |
| Growth | ||
| Revenue growth | 30.0% | 1.5% |
| 5-year growth | 7.4% | 3.8% |
| Share count change | 0.4% | 3.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | — | 10.3% |
| Net margin | 5.3% | 7.4% |
| FCF margin | 12.7% | 15.3% |
| Return on capital | 13.2% | 22.9% |
| Return on equity | 16.6% | 31.4% |
| Balance sheet | ||
| Net debt | $709M | $219M |
| Net debt / EBITDA | 1.7x | 0.6x |
| Dividends and buybacks | $321M | $278M |
| Valuation & quality | ||
| P/E | 28.8x | 14.9x |
| Piotroski F-score | — | — |
Ten years
Revenue
Operating margin
Free cash flow
Return on capital
Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.