Lazard vs Ryan Specialty
Add, change or remove companies; up to four.
The short version
- 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%).
| 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 | 14.7x | — |
| Piotroski F-score | — | — |
Revenue
FY16
LAZ $2.4B
RYAN —
FY17
LAZ $2.7B
RYAN —
FY18
LAZ $2.9B
RYAN —
FY19
LAZ $2.7B
RYAN $765M
FY20
LAZ $2.6B
RYAN $1.0B
FY21
LAZ $3.3B
RYAN $1.4B
FY22
LAZ $2.9B
RYAN $1.7B
FY23
LAZ $2.6B
RYAN $2.1B
FY24
LAZ $3.1B
RYAN $2.5B
FY25
LAZ $3.2B
RYAN $3.1B
LAZ
RYAN
Operating margin
FY16
LAZ 21.7%
RYAN —
FY17
LAZ 30.6%
RYAN —
FY18
LAZ 23.6%
RYAN —
FY19
LAZ 14.7%
RYAN 13.2%
FY20
LAZ 19.0%
RYAN 15.6%
FY21
LAZ 22.1%
RYAN 13.0%
FY22
LAZ 18.1%
RYAN 16.8%
FY23
LAZ −3.1%
RYAN 17.3%
FY24
LAZ 12.3%
RYAN 17.0%
FY25
LAZ 10.3%
RYAN 16.2%
LAZ
RYAN
Free cash flow
FY16
LAZ $594M
RYAN —
FY17
LAZ $1.0B
RYAN —
FY18
LAZ $649M
RYAN —
FY19
LAZ $635M
RYAN $149M
FY20
LAZ $512M
RYAN $130M
FY21
LAZ $826M
RYAN −$69.7M
FY22
LAZ $784M
RYAN $328M
FY23
LAZ $136M
RYAN $477M
FY24
LAZ $697M
RYAN $515M
FY25
LAZ $487M
RYAN $641M
LAZ
RYAN
Return on capital
FY16
LAZ 30.8%
RYAN —
FY17
LAZ 36.1%
RYAN —
FY18
LAZ 50.0%
RYAN —
FY19
LAZ 25.8%
RYAN —
FY20
LAZ 33.3%
RYAN —
FY21
LAZ 41.6%
RYAN —
FY22
LAZ 31.6%
RYAN 18.5%
FY23
LAZ −5.4%
RYAN 15.0%
FY24
LAZ 25.3%
RYAN 12.1%
FY25
LAZ 22.9%
RYAN 8.7%
LAZ
RYAN
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.