Lazard, Inc. (LAZ)
Lazard, Inc. operates as a financial advisory and asset management firm in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services. This segment offers its services to corporate, partnership, institutional, government, sovereign, and individual clients to various industry areas, including consumers and retail; financial institutions; financial sponsors; healthcare and life sciences; industrials; media, entertainment, and sports; power, energy, and infrastructure; real estate; technology; and telecom and digital infrastructure. The Asset Management segment offers a range of investment solutions; investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. Lazard, Inc. was incorporated in 1848 and is headquartered in New York, New York.
- Symbol
- LAZ
- Exchange
- NYSE
- Sector
- Financial Services
- Industry
- Capital Markets
- Market cap
- $3.64B
- 52 week range
- 35.16 - 58.75
Valuation
- Share price
- $36.82 (close of 2026-09-23)
- P/E (TTM)
- 13.36x
- Price to book
- 4.17x
- Price to free cash flow
- 7.32x
- Enterprise value
- $4.78B
- Book value per share
- $8.77
Price performance
| Period | Change |
|---|
| 1 day | +0.93% |
| 5 days | -4.69% |
| 1 month | -16.60% |
| 3 months | -12.98% |
| 6 months | -8.32% |
| Year to date | -24.18% |
| 1 year | -34.40% |
| 3 years | +17.11% |
| 5 years | -21.73% |
| 10 years | +0.49% |
| All time | +53.42% |
Profitability and growth
- Return on equity
- 26.00%
- Return on invested capital
- 15.55%
- Return on assets
- 4.79%
- Gross margin
- 14.00%
- Net margin
- 7.43%
- EBITDA margin
- 11.35%
- Revenue growth
- 1.48%
- Net income growth
- -15.39%
- Free cash flow growth
- -30.11%
Cash flow and balance sheet
- Free cash flow yield (TTM)
- 13.66%
- Net debt to EBITDA
- 2.35x
Latest reported year
- Period end
- 2025-12-31
- Fiscal year
- 2025
- Revenue
- $3.19B
- Cost of revenue
- $2.74B
- Gross profit
- $446.08M
- EBITDA
- $361.79M
- Net income
- $236.83M
- Earnings per share
- $2.37
- Interest expense
- $87.62M
- Shares outstanding
- 97.48M
Income statement by year
| Period end | Revenue | Gross profit | Net income | EPS |
|---|
| 2025-12-31 | $3.19B | $446.08M | $236.83M | $2.37 |
| 2024-12-31 | $3.14B | $485.92M | $279.91M | $2.93 |
| 2023-12-31 | $2.59B | $19.40M | $-75.48M | $-0.90 |
| 2022-12-31 | $2.86B | $599.95M | $357.52M | $3.68 |
| 2021-12-31 | $3.27B | $766.60M | $528.06M | $4.90 |
| 2020-12-31 | $2.65B | $544.57M | $402.46M | $3.69 |
| 2019-12-31 | $2.67B | $507.73M | $286.50M | $2.57 |
| 2018-12-31 | $2.88B | $789.41M | $527.13M | $4.43 |
| 2017-12-31 | $2.70B | $914.65M | $253.58M | $2.09 |
| 2016-12-31 | $2.38B | $600.66M | $387.70M | $3.11 |
Margins and returns by year
| Period end | Gross margin | Net margin | Return on equity | Return on capital |
|---|
| 2025-12-31 | 14.00% | 7.43% | 26.00% | 15.55% |
| 2024-12-31 | 15.48% | 8.91% | 40.85% | 18.27% |
| 2023-12-31 | 0.75% | -2.91% | -15.65% | -3.40% |
| 2022-12-31 | 21.01% | 12.52% | 52.93% | 23.90% |
| 2021-12-31 | 23.42% | 16.13% | 48.99% | 29.32% |
| 2020-12-31 | 20.57% | 15.21% | 40.27% | 21.20% |
| 2019-12-31 | 19.04% | 10.74% | 42.04% | 16.78% |
| 2018-12-31 | 27.36% | 18.27% | 54.34% | 30.62% |
| 2017-12-31 | 33.90% | 9.40% | 20.14% | 42.75% |
| 2016-12-31 | 25.20% | 16.26% | 29.97% | 29.74% |
Cash and debt by year
| Period end | Cash | Debt |
|---|
| 2025-12-31 | $1.47B | $1.69B |
| 2024-12-31 | $1.31B | $1.69B |
| 2023-12-31 | $971.32M | $1.69B |
| 2022-12-31 | $1.23B | $1.69B |
| 2021-12-31 | $1.47B | $1.69B |
| 2020-12-31 | $1.39B | $1.68B |
| 2019-12-31 | $1.23B | $1.68B |
| 2018-12-31 | $1.25B | $1.43B |
| 2017-12-31 | $1.48B | $1.19B |
| 2016-12-31 | $1.16B | $1.19B |
Free cash flow by year
| Period end | Free cash flow | Stock-based compensation |
|---|
| 2025-12-31 | $487.38M | $359.69M |
| 2024-12-31 | $697.33M | $277.74M |
| 2023-12-31 | $136.37M | $250.57M |
| 2022-12-31 | $784.47M | $240.64M |
| 2021-12-31 | $826.38M | $233.96M |
| 2020-12-31 | $511.64M | $218.45M |
| 2019-12-31 | $635.20M | $253.28M |
| 2018-12-31 | $649.45M | $267.57M |
| 2017-12-31 | $1.00B | $272.96M |
| 2016-12-31 | $593.85M | $261.46M |
Dividend history
- Most recent payment
- 2026-08-03
- Paid in the last twelve months
- $2.00
| Payment date | Dividend per share |
|---|
| 2026-08-03 | $0.50 |
| 2026-05-11 | $0.50 |
| 2026-02-09 | $0.50 |
| 2025-11-03 | $0.50 |
| 2025-08-04 | $0.50 |
| 2025-05-05 | $0.50 |
| 2025-02-10 | $0.50 |
| 2024-11-08 | $0.50 |
Investor relations
Next earnings report
- Next confirmed report
- 2026-10-22
- Consensus EPS estimate
- $0.60
Past earnings dates
| Reported | Fiscal period | EPS estimate |
|---|
| 2026-07-23 | Jun/2026 | $0.42 |
| 2026-05-01 | - | - |
| 2026-01-29 | - | - |
| 2025-10-23 | - | - |
| 2025-07-24 | - | - |
| 2025-04-25 | - | - |
| 2025-01-30 | - | - |
| 2024-10-31 | - | - |
Filings and sources
- Company website
- lazard.com
- SEC filings
- 10-K, 10-Q and 8-K on EDGAR
- Earnings calendar
- All upcoming reports
Similar companies
Morgan Stanley (MS) · Goldman Sachs Group Inc (GS) · Charles Schwab Corp (SCHW) · MarketAxess Holdings Inc (MKTX) · BlackRock, Inc. (BLK) · Blackstone Inc. (BX) · KKR & Co. Inc. (KKR) · Ameriprise Financial Inc (AMP)
All Financial Services companies
Understanding these figures
Price-to-earnings ratio · Discounted cash flow · Free cash flow · Earnings per share · Return on equity · Gross margin vs net margin · Reading a balance sheet · Debt and leverage · Dividend yield · Insider transactions and Form 4 · How to read a stock chart
Explore
Company directory · S&P 500 heatmap · Earnings calendar · Super investor holdings · Congress trades