Lazard vs MSCI
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KIRA’s take AI analyst
I put Lazard and MSCI 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 MSCI.
- MSCI grew revenue faster (9.8%, against 1.5%).
- MSCI kept more of each dollar of sales as operating profit (54.7% operating margin, against 10.3%).
- MSCI turned more of its sales into free cash flow (49.4% FCF margin, against 15.3%).
- MSCI earned a higher return on the capital invested in it (44.5%, against 22.9%).
- Investors pay more for each dollar of MSCI’s earnings: a P/E of 32.7x 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.
Lazard
LAZ
1/8
Net debt / EBITDA
MSCI
MSCI
7/8
Revenue growth5-year growthOperating marginNet marginFCF marginReturn on capitalShare count change
Side by side
Best in the row
| Latest fiscal year | LAZ FY25 | MSCI FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.0B | $44.7B |
| Revenue | $3.2B | $3.1B |
| Free cash flow | $487M | $1.5B |
| Net income | $237M | $1.2B |
| Growth | ||
| Revenue growth | 1.5% | 9.8% |
| 5-year growth | 3.8% | 13.1% |
| Share count change | 3.9% | −2.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.3% | 54.7% |
| Net margin | 7.4% | 38.4% |
| FCF margin | 15.3% | 49.4% |
| Return on capital | 22.9% | 44.5% |
| Return on equity | 31.4% | — |
| Balance sheet | ||
| Net debt | $219M | $5.7B |
| Net debt / EBITDA | 0.6x | 3.3x |
| Dividends and buybacks | $278M | $3.0B |
| Valuation & quality | ||
| P/E | 14.9x | 32.7x |
| Piotroski F-score | — | 7 |
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.