Lazard vs Primerica
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KIRA’s take AI analyst
I put Lazard and Primerica side by side, using each one’s latest annual report. Here is what stands out:
- Primerica is the larger business, with $3.3B of revenue in fiscal 2025 against $3.2B for Lazard.
- Primerica grew revenue faster (6.6%, against 1.5%).
- Primerica earned a higher return on the capital invested in it (34.5%, against 22.9%).
- Investors pay more for each dollar of Lazard’s earnings: a P/E of 14.7x against 11.0x for Primerica.
Who comes out ahead
Of the 7 measures where higher (or lower) is clearly better, how many each company leads.
Lazard
LAZ
0/7
Primerica
PRI
7/7
Revenue growth5-year growthNet marginReturn on capitalReturn on equityNet debt / EBITDAShare count change
Side by side
Best in the row
| Latest fiscal year | LAZ FY25 | PRI FY25 |
|---|---|---|
| Size | ||
| Market cap | $4.0B | $8.6B |
| Revenue | $3.2B | $3.3B |
| Free cash flow | $487M | — |
| Net income | $237M | $751M |
| Growth | ||
| Revenue growth | 1.5% | 6.6% |
| 5-year growth | 3.8% | 8.2% |
| Share count change | 3.9% | −4.4% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 10.3% | — |
| Net margin | 7.4% | 22.8% |
| FCF margin | 15.3% | — |
| Return on capital | 22.9% | 34.5% |
| Return on equity | 31.4% | 31.9% |
| Balance sheet | ||
| Net debt | $219M | −$160M |
| Net debt / EBITDA | 0.6x | −0.2x |
| Dividends and buybacks | $278M | $586M |
| Valuation & quality | ||
| P/E | 14.7x | 11.0x |
| Piotroski F-score | — | — |
Ten years
Revenue
FY16
LAZ $2.4B
PRI $1.5B
FY17
LAZ $2.7B
PRI $1.7B
FY18
LAZ $2.9B
PRI $1.9B
FY19
LAZ $2.7B
PRI $2.1B
FY20
LAZ $2.6B
PRI $2.2B
FY21
LAZ $3.3B
PRI $2.7B
FY22
LAZ $2.9B
PRI $2.7B
FY23
LAZ $2.6B
PRI $2.7B
FY24
LAZ $3.1B
PRI $3.1B
FY25
LAZ $3.2B
PRI $3.3B
LAZ
PRI
Operating margin
FY16
LAZ 21.7%
PRI —
FY17
LAZ 30.6%
PRI —
FY18
LAZ 23.6%
PRI —
FY19
LAZ 14.7%
PRI —
FY20
LAZ 19.0%
PRI —
FY21
LAZ 22.1%
PRI —
FY22
LAZ 18.1%
PRI —
FY23
LAZ −3.1%
PRI —
FY24
LAZ 12.3%
PRI —
FY25
LAZ 10.3%
PRI —
LAZ
PRI
Free cash flow
FY16
LAZ $594M
PRI —
FY17
LAZ $1.0B
PRI —
FY18
LAZ $649M
PRI —
FY19
LAZ $635M
PRI —
FY20
LAZ $512M
PRI —
FY21
LAZ $826M
PRI —
FY22
LAZ $784M
PRI —
FY23
LAZ $136M
PRI —
FY24
LAZ $697M
PRI —
FY25
LAZ $487M
PRI —
LAZ
PRI
Return on capital
FY16
LAZ 30.8%
PRI 17.3%
FY17
LAZ 36.1%
PRI 26.0%
FY18
LAZ 50.0%
PRI 22.5%
FY19
LAZ 25.8%
PRI 23.3%
FY20
LAZ 33.3%
PRI 23.8%
FY21
LAZ 41.6%
PRI —
FY22
LAZ 31.6%
PRI 37.1%
FY23
LAZ −5.4%
PRI 29.6%
FY24
LAZ 25.3%
PRI 34.9%
FY25
LAZ 22.9%
PRI 34.5%
LAZ
PRI
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.