LAZ vs MC: Which Is the Better Buy in 2026?
Last updated August 2026
Short answer
LAZ and MC are similarly sized, but LAZ trades noticeably cheaper on forward earnings (11.02x vs 17.06x): the market is paying up for MC's profile and pricing LAZ more conservatively, or for faster growth. Which you prefer comes down to the drivers you believe, and whether adding either over-concentrates what you already own.
LAZ vs MC: the tie-breaker metrics
Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | LAZ | MC | What it tells you |
|---|---|---|---|
| Market cap | $4.13B | $4.97B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 11.02 | 17.06 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 20.88 | 23.37 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 1.42 | 1.85 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 18% of range | 59% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 4.70 | 9.82 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Reading it: LAZ is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.
Before you buy: how LAZ and MC affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. LAZ and MC share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined LAZ and MC exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does Lazard (LAZ) do?
Lazard Inc. operates two core businesses. Financial Advisory provides mergers and acquisitions, restructuring, capital-markets, and sovereign advice to companies, governments, and institutions worldwide, and Asset Management runs equity, fixed-income, multi-asset, and alternatives strategies for institutional and private clients. As of mid-2026 the firm managed roughly $285 billion in assets and generated about $3 billion in trailing net revenue, split between the two segments. It carries a market capitalization near $4.4 billion, making it a mid-cap franchise with an outsized brand relative to its size.
What does Moelis & Company (MC) do?
Moelis & Company is a global independent investment bank founded in 2007 by Ken Moelis. It advises corporations, governments, and financial sponsors on mergers and acquisitions, restructurings and liability management, private capital raising, and other strategic matters. Unlike bulge-bracket banks, Moelis takes no principal trading or lending risk, so essentially all of its revenue comes from advisory fees earned when transactions close. The firm competes at the large-cap end of the market against other elite independents while also running a well-regarded restructuring practice that tends to stay busy when deal-making cools.
LAZ vs MC: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- LAZ drivers: M&A and restructuring cycle; Asset Management inflows and AUM.
- MC drivers: M&A recovery and large-cap momentum; Restructuring and liability management.
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Advisory revenue is highly cyclical and can drop sharply when M&A and capital-markets activity slows, which directly pressures earnings and the ability to sustain the dividend. For MC, advisory revenue is highly cyclical and tied to the pace of deal closings, so a slowdown in M&A or capital markets can compress results quickly.
LAZ or MC: which should you pick?
LAZ vs MC: the full fundamentals
LAZ. Lazard trades as a mid-cap value-and-income name, with a dividend yield near 4% that reflects both the firm's payout and the market's discount for cyclical advisory earnings. First-quarter 2026 net revenue of about $757 million and net income near $101 million showed improvement, driven mainly by the asset-management rebound. Valuation debates hinge on whether the advisory cycle reaccelerates and whether asset-management flows can stay positive.
MC. Moelis trades around $70 per share, within a 52-week range of roughly $51 to $78. Full-year 2025 adjusted revenue rose about 28% to $1.54 billion with adjusted EPS near $2.99, and the trailing multiple reflects a recovering deal cycle. The valuation embeds expectations for continued M&A and restructuring activity, so results can move sharply with the deal environment.
Headline figures (approximate, July 2026): LAZ shows market cap ~$4.4B, revenue (ttm, net) ~$3.0B, q1 2026 net revenue ~$757M, assets under management ~$285B; MC shows revenue (ttm) ~$1.55B, q1 2026 revenue ~$320M (+4% YoY), q1 2026 adjusted eps ~$0.50, market cap ~$5.7B.
The bottom line: LAZ vs MC
LAZ and MC are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined LAZ and MC exposure against your real portfolio. It is not an investment adviser.
Wondering how LAZ or MC fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in Lazard with AI
Connect the broker you already use and ask Walnut's AI how LAZ fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between LAZ and MC?
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Lazard Inc. Moelis & Company is a global independent investment bank founded in 2007 by Ken Moelis. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is LAZ or MC the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, LAZ or MC?
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On forward P/E (as of August 2026), LAZ trades at 11.02x and MC at 17.06x, so LAZ is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both LAZ and MC?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of LAZ vs MC?
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LAZ: Advisory revenue is highly cyclical and can drop sharply when M&A and capital-markets activity slows, which directly pressures earnings and the ability to sustain the dividend. Asset-management flows have been inconsistent, with net outflows in some recent months offsetting the record first-quarter inflows, and AUM is sensitive to equity-market swings. Lazard competes against faster-growing boutiques such as Evercore, Moelis, and Houlihan Lokey, several of which have outgrown its advisory business over the past five years. Talent is the core asset, so senior-banker departures can move revenue, and integration risk accompanies the Campbell Lutyens acquisition. Compensation costs consume a large share of revenue and compress margins in weaker quarters. MC: Advisory revenue is highly cyclical and tied to the pace of deal closings, so a slowdown in M&A or capital markets can compress results quickly. Compensation is the largest expense and rising banker pay can squeeze margins even when revenue grows. Geopolitical uncertainty and disruption in private credit markets can delay transactions, and the business depends heavily on retaining a relatively small group of senior rainmakers. Early 2026 results showed record quarterly revenue but adjusted earnings per share came in below analyst expectations, underscoring the sensitivity to costs and timing.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell LAZ or MC; figures are approximate and dated (as of August 2026). Verify current data before investing.