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TPG vs Lazard: TPG and LAZ compared
TPG is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $836M for Lazard (Q3 2026). Lazard is growing faster (+8% against -0.2% a year earlier). TPG is more profitable, with an operating margin of 26.4% against 6.5%.
Where the money goes: TPG and LAZ
TPG (TPG) · Q3 2026
TPG, Q3 2026: revenue $1.2B (-0.2% year over year), operating margin 26.4%, net earnings $99.6M, operating cash flow $249M. The chart follows the revenue to costs, profit and cash.
Lazard (LAZ) · Q3 2026
Lazard, Q3 2026: revenue $836M (+8% year over year), operating margin 6.5%, net earnings $29.2M, operating cash flow $316M. The chart follows the revenue to costs, profit and cash.
| TPG (TPG) | Lazard (LAZ) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q3 2026 |
| Revenue | $1.2B | $836M |
| Revenue growth, Y/Y | -0.2% | +8% |
| Operating margin | 26.4% | 6.5% |
| Net earnings | $99.6M | $29.2M |
| Net margin | 8.2% | 3.5% |
| Operating cash flow | $249M | $316M |
| Free cash flow | — | $311M |
| Market value | $18.0B | $4.1B |
| P/E | 52.9× | 23.4× |
| Analysts’ mean target | $59.24 | $43.00 |
Where the revenue comes from
TPG
- Management fees: $573M (47%)
- Other revenues: $508M (42%)
- Expense reimbursements and other: $67.6M (6%)
- Transaction fees: $51.7M (4%)
Questions
Which is bigger, TPG or Lazard?
TPG is the larger company: $1.2B of revenue in its latest quarter (Q3 2026) against $836M for Lazard (Q3 2026).
Is TPG or Lazard growing faster?
Lazard is growing faster (+8% against -0.2% a year earlier).
Which is more profitable, TPG or Lazard?
TPG is more profitable, with an operating margin of 26.4% against 6.5%.
More: TPG earnings · how TPG makes money · Lazard earnings · how Lazard makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 3, 2026; 10-Q filed Oct 26, 2026). Fiscal quarters can end on different dates. Not investment advice.