Lazard
LAZ NYSE· Diversified Capital Markets
Last close · Oct 26, 2026
$37.70
KIRA · Stoqly’s AI analyst, in plain words
- Lazard had $3.2B of revenue in fiscal 2025, up 1.5% on the year before. Over five years, revenue changed +3.8% a year on average.
- Its operating margin was 10.3%, down 2.0 pts: of every 100 in sales, about 10 is left after running the business.
- Lazard made $237M of net profit in fiscal 2025. From fiscal 2016 to 2025, diluted EPS grew −3.2% a year.
- Free cash flow was $487M in fiscal 2025, 15.3% of revenue.
- Lazard returned $278M to shareholders in fiscal 2025, 57% of free cash flow. The diluted share count rose 3.9%.
- Lazard owes $219M more than it holds in cash, about 0.6 years of operating profit.
Market cap
$4.0B
P/E
14.9x
Revenue
$3.2B
Net income
$237M
Free cash flow
$487M
Operating margin
10.3%
Lazard in 30 seconds · fiscal 2025
Are sales growing?
+1.5%
Only a little. Sales grew 1.5% last year.
Does it make a profit?
7.4%
A little. It keeps 7.4% of every sale as profit.
Does profit turn into cash?
15.3%
Yes. 15.3% of sales ends up as free cash.
Is debt under control?
0.6x
Yes. It could repay its debt with 0.6 years of operating profit.
How is the share priced?
14.9x
One share costs 14.9 times its yearly profit per share. Typical for its sector: 13.7x.
What Lazard does
Lazard, founded in 1848, is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia and Australia. It advises companies and governments on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics and other strategic matters. It also manages money for institutions and individuals. It has two main segments. Financial Advisory earns fees for advice, and these fees are not long-term contracted revenue. The ten largest fee-paying clients made up approximately 17% of the segment's net revenue in 2025, and no client was more than 10%. Asset Management offers equity, fixed income, asset allocation and alternative investment strategies, plus private equity funds and wealth management, to corporations, public funds, endowments, labor unions and others. Its top ten clients held 24% of assets under management (AUM), the money it manages for clients.
Biggest risks, in its own words
- Difficult market conditions that reduce deal volumes and the value of the assets it manages.
- Conflicts of interest that it handles badly, which could damage its reputation.
- Financial results that can differ widely from period to period, making steady growth hard.
- Hiring and keeping productive people, in a very competitive industry.
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 23, 2026
- Legal name
- LAZARD, INC.
- CIK
- 0001311370
Lazard · LAZ
Results and finances
The last 5 fiscal years. Amounts in USD.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Sales and profit | |||||
| Revenue | $3.3B | $2.9B | $2.6B | $3.1B | $3.2B |
| Revenue growth | 23.7% | −12.8% | −9.2% | 21.1% | 1.5% |
| Operating margin | 22.1% | 18.1% | −3.1% | 12.3% | 10.3% |
| Net income | $528M | $358M | −$75.5M | $280M | $237M |
| Net margin | 16.1% | 12.5% | −2.9% | 8.9% | 7.4% |
| Diluted EPS | $4.63 | $3.51 | −$0.90 | $2.68 | $2.17 |
| Cash | |||||
| Cash from operations | $866M | $834M | $165M | $743M | $519M |
| Capital expenditure | $39.7M | $49.5M | $28.3M | $45.5M | $31.9M |
| Free cash flow | $826M | $784M | $136M | $697M | $487M |
| FCF margin | 25.2% | 27.5% | 5.3% | 22.2% | 15.3% |
| Dividends paid | $196M | $182M | $173M | $179M | $187M |
| Share buybacks | $406M | $692M | $102M | $59.5M | $91.0M |
| Share count change | 0.2% | −11.2% | −11.9% | 15.1% | 3.9% |
| Debt and strength | |||||
| Cash and short-term investments | $1.5B | $1.2B | $971M | $1.3B | $1.5B |
| Debt incl. finance leases | $1.7B | $1.7B | $1.7B | $1.7B | $1.7B |
| Shareholders' equity | $975M | $557M | $424M | $636M | $874M |
| Net debt / EBITDA | 0.3x | 0.8x | — | 0.9x | 0.6x |
| Interest coverage | 9.0x | 6.3x | −1.0x | 4.4x | 3.8x |
| Returns and quality | |||||
| Return on capital | 41.6% | 31.6% | −5.4% | 25.3% | 22.9% |
| Return on equity | 56.0% | 46.7% | −15.4% | 52.8% | 31.4% |
Insiders bought, 12 months
$0.0M
0 insiders
Insiders sold, 12 months
$8.7M
2 insiders
Of sales under plans
100%
$8.7M
How to read these numbers
- Revenue:
- Total sales reported in the income statement.
- Operating margin:
- Operating income as a share of revenue.
- Net income:
- Profit after all expenses, interest and tax.
- Free cash flow:
- Cash from operations minus capital spending.
- Net debt / EBITDA:
- Years of EBITDA needed to pay off net debt. Below zero means more cash than debt.
- Return on capital:
- After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Lazard · LAZ
Charts and comparison
Ten years at a glance, and how it stacks up against similar companies.
Revenue
Net income
Margins, % of revenue
Cash vs debt (incl. leases)
Free cash flow
Dividends and buybacks
Similar companies
Each company’s latest fiscal year. Fiscal years end in different months, so periods don’t line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score |
|---|---|---|---|---|---|---|---|
| Lazard LAZ | $4.0B | 1.5% | 10.3% | 15.3% | 22.9% | 14.9x | — |
| MSCI MSCI | $44.7B | 9.8% | 54.7% | 49.4% | 44.5% | 32.7x | 7 |
| Primerica PRI | $8.6B | 6.6% | — | — | 34.5% | 11.1x | — |
| Ryan Specialty RYAN | — | 21.3% | 16.2% | 21.0% | 8.7% | — | — |
| BGC Group BGC | $5.6B | 30.0% | — | 12.7% | 13.2% | 28.8x | — |
Price compared with profit (P/E)
How many times its yearly profit per share one share costs. Higher means investors pay more for each unit of profit.
KIRA
At $37.70 a share, the company is worth $4.0B: 14.9 times its earnings of the last four quarters.
Lazard grew sales faster than 0 of its 4 similar companies. Its P/E is higher than 1 of 3.
Source: SEC EDGAR XBRL filings (CIK 0001311370). Data updated October 11, 2026. For information only — not investment advice. Check the original filings before relying on any figure.