Lazard vs Ryan Specialty
Add, change or remove companies; up to four.
KIRA’s take AI analyst
I put Lazard and Ryan Specialty 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 $3.1B for Ryan Specialty.
- Ryan Specialty grew revenue faster (21.3%, against 1.5%).
- Ryan Specialty kept more of each dollar of sales as operating profit (16.2% operating margin, against 10.3%).
- Ryan Specialty turned more of its sales into free cash flow (21.0% FCF margin, against 15.3%).
- Lazard earned a higher return on the capital invested in it (22.9%, against 8.7%).
Who comes out ahead
Of the 8 measures where higher (or lower) is clearly better, how many each company leads.
Lazard
LAZ
4/8
Net marginReturn on capitalReturn on equityNet debt / EBITDA
Ryan Specialty
RYAN
4/8
Revenue growth5-year growthOperating marginFCF margin
Side by side
Best in the row
| Latest fiscal year | LAZ FY25 | RYAN FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.0B | — |
| Revenue | $3.2B | $3.1B |
| Free cash flow | $487M | $641M |
| Net income | $237M | $63.4M |
| Growth | ||
| Revenue growth | 1.5% | 21.3% |
| 5-year growth | 3.8% | 24.5% |
| Share count change | 3.9% | — |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.3% | 16.2% |
| Net margin | 7.4% | 2.1% |
| FCF margin | 15.3% | 21.0% |
| Return on capital | 22.9% | 8.7% |
| Return on equity | 31.4% | 9.9% |
| Balance sheet | ||
| Net debt | $219M | $3.2B |
| Net debt / EBITDA | 0.6x | 4.1x |
| Dividends and buybacks | $278M | $62.3M |
| Valuation & quality | ||
| P/E | 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.