BGC Group vs Lazard
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The short version
- 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 14.7x for Lazard.
| 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 | 14.7x |
| Piotroski F-score | — | — |
Revenue
FY16
BGC $1.6B
LAZ $2.4B
FY17
BGC $1.8B
LAZ $2.7B
FY18
BGC $1.9B
LAZ $2.9B
FY19
BGC $2.1B
LAZ $2.7B
FY20
BGC $2.1B
LAZ $2.6B
FY21
BGC $2.0B
LAZ $3.3B
FY22
BGC $1.8B
LAZ $2.9B
FY23
BGC $2.0B
LAZ $2.6B
FY24
BGC $2.3B
LAZ $3.1B
FY25
BGC $2.9B
LAZ $3.2B
BGC
LAZ
Operating margin
FY16
BGC —
LAZ 21.7%
FY17
BGC —
LAZ 30.6%
FY18
BGC —
LAZ 23.6%
FY19
BGC —
LAZ 14.7%
FY20
BGC —
LAZ 19.0%
FY21
BGC —
LAZ 22.1%
FY22
BGC —
LAZ 18.1%
FY23
BGC —
LAZ −3.1%
FY24
BGC —
LAZ 12.3%
FY25
BGC —
LAZ 10.3%
BGC
LAZ
Free cash flow
FY16
BGC −$124M
LAZ $594M
FY17
BGC $368M
LAZ $1.0B
FY18
BGC −$91.9M
LAZ $649M
FY19
BGC $194M
LAZ $635M
FY20
BGC $272M
LAZ $512M
FY21
BGC $407M
LAZ $826M
FY22
BGC $214M
LAZ $784M
FY23
BGC $390M
LAZ $136M
FY24
BGC $286M
LAZ $697M
FY25
BGC $373M
LAZ $487M
BGC
LAZ
Return on capital
FY16
BGC 4.9%
LAZ 30.8%
FY17
BGC 2.5%
LAZ 36.1%
FY18
BGC 11.1%
LAZ 50.0%
FY19
BGC 7.7%
LAZ 25.8%
FY20
BGC 7.3%
LAZ 33.3%
FY21
BGC 16.0%
LAZ 41.6%
FY22
BGC 7.6%
LAZ 31.6%
FY23
BGC 7.3%
LAZ −5.4%
FY24
BGC 13.8%
LAZ 25.3%
FY25
BGC 13.2%
LAZ 22.9%
BGC
LAZ
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.