A Business at a Glance
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Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha—the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today. Principal Business Lines We focus primarily on two business segments: Financial Advisory and Asset Management.
| Segment | 2021 | 2022 | 2023 | 2024 | 2025 | % of Total |
|---|---|---|---|---|---|---|
Investment banking and other advisory fees | $1.79B | $1.66B | $1.38B | $1.75B | $1.82B | 42% |
Management Fees and Other | $1.30B | $1.14B | $1.12B | $1.14B | $1.20B | 28% |
Asset management fees | $1.35B | $1.13B | $1.08B | $1.12B | $1.20B | 28% |
Incentive Fees | $120M | $67M | $30M | $52M | $72M | 2% |
Investment Banking and Other Advisory Fees | $1.79B | $1.66B | — | — | — | — |
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 3.2B | 3.2B | 3.1B | 2.6B | 2.9B | 3.3B |
| Net Income | 237M | 237M | 280M | -75M | 358M | 528M |
| EPS | $2.17 | $2.17 | $2.68 | $-0.90 | $3.51 | $4.63 |
| Free Cash Flow | 487M | 487M | 697M | 136M | 784M | 826M |
| ROIC | 22.7% | 9.7% | 12.0% | -3.6% | 15.9% | 19.8% |
| Gross Margin | - | - | - | - | - | - |
| Debt/Equity | 1.93 | 1.93 | 2.65 | 3.99 | 3.03 | 1.73 |
| Dividends/Share | $1.71 | $1.71 | $1.71 | $2.06 | $1.79 | $1.72 |
| Operating Income | 328M | 328M | 386M | -80M | 517M | 724M |
| Operating Margin | 10.3% | 10.3% | 12.3% | -3.1% | 18.1% | 22.1% |
| ROE | 27.1% | 31.4% | 44.0% | -17.8% | 64.2% | 54.1% |
| Shares Outstanding | 109M | 109M | 104M | 84M | 102M | 114M |
Lazard, Inc. passes 4 of 9 quality checks, suggesting mixed fundamentals.
Lazard, Inc. trades at 23.1x trailing earnings, compared to its 15-year median P/E of 9.2x, suggesting it is currently Expensive relative to its historical range. On a free-cash-flow basis, the stock trades at 11.5x vs a median of 5.6x. The company's 5-year average ROIC is 10.8%. Total shareholder yield (dividends + buybacks) is 5.1%. At current prices, the estimated annualized return to fair value is -6.9%.
Lazard, Inc. (LAZ) has a current P/E ratio of 23.1, compared to its historical median P/E of 9.2. The stock is currently considered Expensive based on its historical valuation range.
Lazard, Inc. (LAZ) has a 5-year average return on invested capital (ROIC) of 10.8%. This indicates solid capital allocation.
Lazard, Inc. (LAZ) has a market capitalization of $5.5B. It is classified as a mid-cap stock.
Yes, Lazard, Inc. (LAZ) pays a dividend with a trailing twelve-month yield of 3.42%. The company also returns capital through share buybacks, with a buyback yield of 1.67%.
Based on historical P/E analysis, Lazard, Inc. (LAZ) appears expensive. The current P/E of 23.1 is 149% above its historical median of 9.2. The estimated fair value CAGR (P/E method) is -10.1%.
Lazard, Inc. (LAZ) operates in the Investment Advice industry, within the Financials sector.
Lazard, Inc. (LAZ) reported annual revenue of $3.2 billion in its most recent fiscal year, based on SEC EDGAR filings.
Lazard, Inc. (LAZ) has a net profit margin of 7.4%. This is a modest margin.
Lazard, Inc. (LAZ) generated $487 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
Lazard, Inc. (LAZ) has a debt-to-equity ratio of 1.93. This indicates higher leverage, which may increase financial risk.
Lazard, Inc. (LAZ) reported earnings per share (EPS) of $2.17 in its most recent fiscal year.
Lazard, Inc. (LAZ) has a return on equity (ROE) of 31.4%. This indicates the company generates strong returns for shareholders.
The Ledger Terminal provides 16 years of financial data for Lazard, Inc. (LAZ), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
Lazard, Inc. (LAZ) has a book value per share of $8.00, based on its most recent annual SEC filing.