• Lazard average ebitda margin for 2023 was 20.91%, a 42.78% increase from 2022.
• Lazard average ebitda margin for 2022 was 36.54%, a 3.25% decline from 2021.
• Lazard average ebitda margin for 2021 was 35.39%, a 9.53% increase from 2020.

Ebitda margin can be defined as earnings before interest, taxes, depreciation and amortization as a portion of total revenue.