Lazard Ratios (2009-2025) | LAZ

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Ratios	Mar2009	Jun2009	Sep2009	Dec2009	Mar2010	Jun2010	Sep2010	Dec2010	Mar2011	Jun2011	Sep2011	Dec2011	Mar2012	Jun2012	Sep2012	Dec2012	Mar2013	Jun2013	Sep2013	Dec2013	Mar2014	Jun2014	Sep2014	Dec2014	Mar2015	Jun2015	Sep2015	Dec2015	Mar2016	Jun2016	Sep2016	Dec2016	Mar2017	Jun2017	Sep2017	Dec2017	Mar2018	Jun2018	Sep2018	Dec2018	Mar2019	Jun2019	Sep2019	Dec2019	Mar2020	Jun2020	Sep2020	Dec2020	Mar2021	Jun2021	Sep2021	Dec2021	Mar2022	Jun2022	Sep2022	Dec2022	Mar2023	Jun2023	Sep2023	Dec2023	Mar2024	Jun2024	Sep2024	Dec2024	Mar2025	Jun2025	Sep2025
Profitability
Gross Margin																																		49.55%	42.10%			46.56%	45.09%
EBT Margin	-42.86%	7.41%	10.63%	-47.62%	-13.71%	16.00%	17.53%	22.12%	16.77%	13.80%	14.18%	-8.02%	3.58%	5.54%	6.08%	-4.52%	0.36%	4.21%	12.69%	8.88%	17.10%	14.69%	17.34%	29.06%	10.13%	-133.46%	97.46%	21.51%	17.36%	18.94%	22.47%	20.62%	21.85%	22.27%	20.96%	50.83%	22.83%	24.59%	19.85%	20.26%	15.36%	12.53%	5.30%	13.43%	11.46%	12.81%	14.10%	21.97%	16.84%	17.33%	18.24%	24.47%	19.34%	15.85%	18.55%	7.33%	-10.04%	-19.52%	-4.44%	6.32%	4.31%	5.79%	17.17%	10.12%	5.01%	8.80%	9.37%
EBIT Margin	-32.90%	14.14%	16.69%	-42.48%	-7.87%	16.00%	17.53%	22.12%	16.77%	18.69%	18.97%	-3.30%	7.78%	10.19%	10.90%	-0.93%	5.37%	8.35%	16.89%	11.94%	20.09%	17.46%	20.08%	31.48%	12.92%	-131.57%	99.52%	23.49%	19.75%	21.18%	24.47%	22.68%	24.09%	24.05%	23.08%	52.82%	24.62%	26.38%	22.14%	22.75%	18.08%	15.62%	8.57%	16.49%	15.07%	16.19%	17.50%	24.21%	19.75%	19.72%	21.00%	26.49%	22.30%	19.05%	21.19%	9.99%	-6.57%	-16.62%	-0.89%	8.71%	6.95%	8.99%	19.96%	12.76%	8.16%	11.39%	12.32%
EBITDA Margin	-32.90%	14.14%	16.69%	-42.48%	-7.87%	16.00%	17.53%	22.12%	16.77%	18.69%	18.97%	-3.30%	7.78%	10.19%	10.90%	-0.93%	5.37%	8.35%	16.89%	11.94%	20.09%	17.46%	20.08%	31.48%	12.92%	-131.57%	99.52%	23.49%	19.75%	21.18%	24.47%	22.68%	24.09%	24.05%	23.08%	52.82%	24.62%	26.38%	22.14%	22.75%	18.08%	15.62%	8.57%	16.49%	15.07%	16.19%	17.50%	24.21%	19.75%	19.72%	21.00%	26.49%	22.30%	19.05%	21.19%	9.99%	-6.57%	-16.62%	-0.89%	8.71%	6.95%	8.99%	19.96%	12.76%	8.16%	11.39%	12.32%
Operating Margin	-32.90%	14.14%	16.69%	-42.48%	-7.87%	16.00%	17.53%	22.12%	16.77%	18.69%	18.97%	-3.30%	7.78%	10.19%	10.90%	-0.93%	5.37%	8.35%	16.89%	11.94%	20.09%	17.46%	20.08%	31.48%	12.92%	-131.57%	99.52%	23.49%	19.75%	21.18%	24.47%	22.68%	24.09%	24.05%	23.08%	52.82%	24.62%	26.38%	22.14%	22.75%	18.08%	15.62%	8.57%	16.49%	15.07%	16.19%	17.50%	24.21%	19.75%	19.72%	21.00%	26.49%	22.30%	19.05%	21.19%	9.99%	-6.57%	-16.62%	-0.89%	8.71%	6.95%	8.99%	19.96%	12.76%	8.16%	11.39%	12.32%
Net Margin	-41.34%	4.05%	6.08%	-43.15%	-15.17%	-10.26%	15.52%	18.73%	13.69%	12.47%	13.58%	-1.06%	1.78%	5.85%	7.77%	-0.96%	-0.62%	3.13%	8.86%	5.56%	13.03%	12.38%	13.14%	24.83%	8.05%	9.19%	69.49%	26.60%	11.81%	12.50%	18.48%	18.51%	15.47%	15.00%	17.48%	-12.31%	21.16%	19.39%	17.09%	16.50%	14.67%	8.21%	4.61%	7.97%	6.84%	8.97%	9.39%	19.44%	10.45%	12.43%	12.89%	18.84%	13.92%	10.68%	13.81%	5.14%	-6.17%	-21.07%	-2.30%	6.27%	2.48%	4.15%	11.59%	6.69%	6.11%	4.91%	6.59%
FCF Margin	-6.45%	16.52%	16.10%	21.77%	-53.24%	32.55%	29.44%	19.98%	-16.36%	16.94%	55.18%	19.26%	-22.44%	21.65%	42.57%	40.04%	-25.45%	15.19%	29.42%	57.49%	9.50%	12.91%	49.00%	49.31%	5.35%	27.41%	52.84%	60.64%	-21.14%	21.04%	44.33%	45.81%	15.31%	37.32%	52.30%	45.89%	-7.27%	11.56%	35.02%	57.82%	-25.26%	35.59%	34.90%	49.55%	-30.10%	24.11%	41.20%	32.33%	-19.24%	15.24%	52.89%	43.29%	-31.70%	44.27%	57.51%	39.60%	-74.04%	29.23%	4.78%	40.30%	-12.30%	23.98%	34.20%	41.47%	-34.57%	4.65%	36.93%
Efficiency
Assets Average							2,966.29M	3,273.11M	3,290.95M	3,120.19M	3,108.74M	3,109.20M	2,994.97M	2,942.93M	2,986.40M	2,990.92M	2,857.53M	2,824.70M	2,938.84M	2,983.80M	2,954.67M	2,988.84M	3,061.18M	3,184.11M	3,076.53M	3,489.84M	4,149.99M	4,312.91M	4,244.68M	4,113.61M	4,258.96M	4,429.41M	4,470.88M	4,577.51M	4,803.07M	4,882.53M	4,706.89M	4,556.54M	4,786.39M	4,971.01M	5,248.36M	5,503.48M	5,529.68M	5,595.73M	5,367.35M	5,203.62M	5,389.56M	5,719.43M	6,090.71M	6,308.18M	6,566.69M	6,936.88M	6,997.76M	6,780.07M	6,459.86M	6,030.24M	5,210.04M	4,585.23M	4,449.22M	4,465.64M	4,611.38M	4,557.08M	4,673.60M	4,807.00M	4,513.03M	4,362.73M	4,563.65M
Equity Average			500.29M	573.85M	546.01M	576.93M	610.47M	716.06M	818.29M	849.13M	887.89M	892.42M	863.82M	843.59M	830.12M	742.68M	614.32M	584.66M	624.64M	643.53M	592.82M	561.17M	602.18M	703.86M	653.68M	703.34M	1,040.62M	1,289.59M	1,295.03M	1,213.55M	1,252.74M	1,338.25M	1,294.27M	1,257.95M	1,335.59M	1,313.69M	1,157.54M	1,084.64M	1,117.34M	1,045.84M	870.73M	744.62M	702.05M	683.90M	620.60M	621.79M	731.33M	889.07M	933.07M	899.28M	954.78M	1,027.84M	1,023.80M	898.29M	752.14M	676.36M	591.90M	462.15M	417.72M	450.87M	465.36M	481.36M	597.09M	682.57M	666.85M	717.52M	832.55M
Invested Capital		375.98M	624.59M	523.10M	568.92M	584.94M	635.99M	796.12M	840.46M	857.79M	917.98M	2,004.86M	860.78M	2,012.41M	833.83M	651.54M	577.10M	592.21M	657.06M	630.00M	555.64M	566.70M	637.66M	770.06M	537.30M	869.37M	1,211.87M	2,365.66M	2,221.10M	2,202.69M	2,299.49M	2,575.36M	2,413.19M	2,502.71M	2,568.47M	2,458.91M	2,256.18M	2,313.10M	2,571.59M	2,420.09M	2,553.43M	2,417.88M	2,386.22M	2,381.57M	2,259.62M	2,383.97M	2,478.70M	2,699.43M	2,566.70M	2,631.86M	2,677.71M	2,777.96M	2,669.63M	2,526.96M	2,377.32M	2,363.11M	2,208.41M	2,104.84M	2,109.14M	2,172.39M	2,299.97M	2,366.34M	2,532.83M	2,372.21M	2,336.39M	2,475.11M	2,565.91M
Asset Utilization Ratio							0.62	0.58	0.58	0.63	0.63	0.59	0.63	0.62	0.60	0.64	0.64	0.67	0.66	0.67	0.72	0.73	0.74	0.72	0.76	0.68	0.58	0.55	0.54	0.53	0.52	0.53	0.55	0.58	0.55	0.54	0.59	0.62	0.59	0.57	0.52	0.48	0.47	0.47	0.47	0.48	0.46	0.46	0.45	0.48	0.48	0.47	0.47	0.46	0.49	0.47	0.52	0.59	0.56	0.58	0.61	0.63	0.67	0.65	0.67	0.72	0.68
Leverage & Solvency
Interest Coverage Ratio	-3.31	2.10	2.75	-8.28	-1.35					3.83	3.96	-0.70	1.85	2.19	2.26	-0.26	1.07	2.02	4.02	3.90	6.72	6.30	7.33	12.96	4.63	-69.70	48.38	11.88	8.27	9.47	12.22	11.02	10.76	13.51	10.87	26.51	13.76	14.71	9.69	9.16	6.65	5.06	2.62	5.39	4.17	4.80	5.15	10.78	6.78	8.26	7.60	13.11	7.52	5.96	8.03	3.76	-1.90	-5.73	-0.25	3.64	2.63	2.81	7.15	4.83	2.59	4.40	4.18
Debt to Equity		2.89	1.74	2.08	1.91	1.84	0.24	1.35	1.28	1.26	1.17	1.24	1.25	1.30	1.29	1.65	1.87	1.82	1.64	1.66	1.89	1.85	1.64	1.36	1.86	1.15	0.82	0.73
Debt Ratio				0.35		0.38	0.05	0.31	0.34	0.35	0.34	0.35	0.37	0.36	0.36	0.36	0.39	0.37	0.36	0.35	0.36	0.34	0.34	0.32	0.35	0.24	0.24	0.22
Equity Ratio				0.17		0.21	0.20	0.23	0.27	0.28	0.29	0.28	0.30	0.28	0.28	0.22	0.21	0.20	0.22	0.21	0.19	0.18	0.21	0.23	0.19	0.21	0.29	0.31	0.30	0.29	0.30	0.30	0.28	0.27	0.28	0.26	0.24	0.24	0.23	0.19	0.14	0.13	0.12	0.12	0.11	0.13	0.14	0.17	0.14	0.15	0.15	0.15	0.14	0.12	0.11	0.12	0.11	0.09	0.10	0.10	0.10	0.11	0.14	0.14	0.15	0.18	0.19
Times Interest Earned	-3.31	2.10	2.75	-8.28	-1.35					3.83	3.96	-0.70	1.85	2.19	2.26	-0.26	1.07	2.02	4.02	3.90	6.72	6.30	7.33	12.96	4.63	-69.70	48.38	11.88	8.27	9.47	12.22	11.02	10.76	13.51	10.87	26.51	13.76	14.71	9.69	9.16	6.65	5.06	2.62	5.39	4.17	4.80	5.15	10.78	6.78	8.26	7.60	13.11	7.52	5.96	8.03	3.76	-1.90	-5.73	-0.25	3.64	2.63	2.81	7.15	4.83	2.59	4.40	4.18
Dividends & Payouts
FCF Payout Ratio	0.38	0.30	0.14	0.09	-0.05	0.09	0.10	0.12	-0.20	0.23	0.07	0.22	-0.22	0.20	0.13	0.31	-0.03	0.37	0.22	0.17	0.71	0.51	0.13	0.12	5.12	0.27	0.15	0.12	-1.85	0.42	0.18	0.15	2.01	0.19	0.15	0.16	-3.69	0.60	0.24	0.13	-0.62	0.22	0.24	0.14	-0.29	0.34	0.20	0.17	-0.38	0.39	0.12	0.11	-0.21	0.16	0.11	0.15	-0.10	0.22	1.67	0.13	-0.45	0.27	0.16	0.13	-0.19	1.24	0.17
Valuation
Enterprise Value	1,431.39M	1,216.38M	3,041.46M	2,749.53M	2,757.33M	2,064.88M	3,257.42M	3,536.86M	4,107.84M	3,601.73M	1,695.78M	2,337.96M	2,869.90M	2,565.52M	2,888.03M	2,980.38M	3,870.42M	3,587.85M	4,034.21M	5,076.61M	5,480.18M	6,036.24M	5,798.86M	5,404.36M	6,282.28M	6,656.04M	4,816.11M	5,888.72M	4,391.02M	3,276.12M	3,922.38M	5,386.00M	5,136.60M	5,116.11M	4,674.65M	6,867.90M	5,917.85M	5,559.63M	5,167.71M	4,838.77M	3,748.54M	3,642.51M	3,655.59M	4,574.98M	1,936.48M	2,415.02M	2,702.06M	4,857.21M	4,506.76M	4,697.77M	4,554.91M	5,493.78M	3,587.26M	3,322.99M	3,167.74M	3,258.30M	3,226.56M	2,994.34M	2,925.30M	3,040.62M	3,886.74M	3,538.79M	4,599.90M	4,576.61M	4,058.00M	4,515.84M	4,858.33M
Market Capitalization	2,243.07M	2,060.45M	3,639.61M	3,499.15M	3,290.32M	2,707.96M	3,957.43M	4,604.71M	4,977.04M	4,440.79M	2,541.00M	3,208.17M	3,513.15M	3,199.23M	3,601.02M	3,749.62M	4,376.03M	4,122.16M	4,648.60M	5,848.82M	6,077.25M	6,654.13M	6,579.14M	6,492.20M	6,824.40M	7,298.04M	5,618.87M	5,840.77M	5,034.92M	3,864.43M	4,718.30M	5,332.09M	5,967.94M	6,012.06M	5,868.02M	6,812.72M	6,820.51M	6,346.86M	6,245.64M	4,789.67M	4,689.75M	4,462.66M	4,541.81M	4,506.13M	2,656.77M	3,228.49M	3,726.92M	4,770.01M	4,906.45M	5,102.67M	5,164.69M	4,919.98M	3,890.43M	3,654.75M	3,589.34M	3,909.60M	3,733.69M	3,608.51M	3,496.88M	3,924.26M	4,721.52M	4,305.41M	5,681.16M	5,805.20M	4,882.77M	5,410.52M	5,951.79M
Return Ratios
Return on Sales	-0.14%	-0.16%	-0.03%	-0.18%	-0.14%	-0.12%	-0.09%	0.09%	0.15%	0.15%	0.13%	0.07%	0.04%	0.02%	0.00%	0.00%	0.00%	0.00%	0.01%	0.04%	0.07%	0.10%	0.11%	0.16%	0.15%	0.27%	0.40%	0.40%	0.42%	0.30%	0.17%	0.15%	0.15%	0.16%	0.16%	0.08%	0.09%	0.10%	0.10%	0.17%	0.15%	0.12%	0.10%	0.08%	0.07%	0.07%	0.08%	0.12%	0.13%	0.13%	0.14%	0.14%	0.15%	0.15%	0.15%	0.11%	0.07%	-0.01%	-0.06%	-0.05%	-0.03%	0.03%	0.06%	0.06%	0.07%	0.07%	0.06%
Return on Invested Capital								0.26%	0.36%	0.36%	0.34%	0.12%	0.09%	0.06%	0.02%	0.03%			0.09%	0.21%	0.35%	0.48%	0.50%	0.60%	0.61%					0.31%	0.18%	0.16%	0.17%	0.19%	0.18%	0.09%	0.12%	0.13%	0.12%	0.21%	0.18%	0.15%	0.13%	0.11%	0.10%	0.10%	0.11%	0.15%	0.16%	0.18%	0.19%	0.19%	0.20%	0.20%	0.21%	0.16%	0.10%		-0.04%	-0.03%		0.07%	0.10%	0.10%	0.12%	0.12%	0.10%
Return on Assets							-0.06%	0.05%	0.09%	0.09%	0.09%	0.04%	0.02%	0.01%	0.00%	0.00%	0.00%	0.00%	0.01%	0.03%	0.05%	0.07%	0.08%	0.12%	0.11%	0.18%	0.23%	0.22%	0.22%	0.16%	0.09%	0.08%	0.09%	0.09%	0.09%	0.04%	0.05%	0.06%	0.06%	0.10%	0.08%	0.06%	0.05%	0.04%	0.03%	0.03%	0.04%	0.06%	0.06%	0.06%	0.07%	0.07%	0.07%	0.07%	0.07%	0.05%	0.03%	-0.01%	-0.03%	-0.03%	-0.02%	0.02%	0.04%	0.04%	0.05%	0.05%	0.04%
Return on Equity			-0.08%	-0.52%	-0.46%	-0.37%	-0.27%	0.24%	0.36%	0.34%	0.30%	0.14%	0.08%	0.05%	0.01%	0.01%	-0.01%	-0.01%	0.04%	0.13%	0.27%	0.39%	0.41%	0.53%	0.53%	0.91%	0.92%	0.73%	0.74%	0.54%	0.30%	0.26%	0.29%	0.33%	0.31%	0.16%	0.22%	0.26%	0.25%	0.45%	0.46%	0.43%	0.37%	0.32%	0.29%	0.28%	0.28%	0.36%	0.38%	0.45%	0.47%	0.45%	0.48%	0.51%	0.62%	0.46%	0.30%	-0.07%	-0.36%	-0.30%	-0.17%	0.18%	0.33%	0.29%	0.33%	0.32%	0.23%

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Lazard Ratios (2009-2025) | LAZ

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