In order to retrieve results comparable under different flight parameters and among different flight campaigns, passive remote sensing data such as hyperspectral imagery need to undergo a radiometric calibration. While this calibration, aiming at the derivation of physically meaningful surface attributes such as a reflectance value, is quite cumbersome for passively sensed data and relies on a number of external parameters, the situation is by far less complicated for active remote sensing techniques such as lidar. This fact motivates the investigation of the suitability of full-waveform lidar as a “single-wavelength reflectometer” to support radiometric calibration of hyperspectral imagery. In this paper, this suitability was investigated by means of an airborne hyperspectral imagery campaign and an airborne lidar campaign recorded over the same area. Criteria are given to assess diffuse reflectance behaviour; the distribution of reflectance derived by the two techniques were found comparable in four test areas where these criteria were met. This is a promising result especially in the context of current developments of multi-spectral lidar systems.