The Filing Desk

Lazard

LAZ · NYSE · Financials · Financials, fiscal 2016 to 2025

LAZ · Last close · October 26, 2026
$37.70
Value Lazard yourself

Lazard's revenue rose 1.5% to $3.2 billion in fiscal 2025. Its operating margin was 10.3%, down from 12.3% a year earlier. Free cash flow was $487 million, down 30.1%. It paid out $278 million in dividends and buybacks, 57% of free cash flow. The diluted share count rose 3.9%.

LAZARD, INC. Latest fiscal year ended December 31, 2025 10-K filed February 23, 2026 · 0001311370-26-000008 Updated
Revenue
$3.2B
1.5%
Operating margin
10.3%
2.0 pts
Net income
$237M
15.4%
Free cash flow
$487M
30.1%
Return on capital
22.9%
2.4 pts
Market cap
$4.0B
Oct 26 close
P/E
22.8x
On $1.65 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

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.

About 82% of AUM at the end of 2025 was managed for institutional and intermediary clients. Lazard says that having several lines of business, regions and industries helps even out its revenue. It also has a Corporate segment. Financial Advisory had 216 managing directors and Asset Management had 124.

Its biggest risks, as it describes them

  • 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.
  • Reliance on advisory fees that are not long-term contracts, and on restructuring work that depends on defaults and bankruptcies.
From Lazard's annual report on Form 10-K, filed February 23, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

From fiscal 2016 to 2025, earnings per share fell 3.2% a year and net income 5.3% a year, while buybacks cut the share count by 20%.

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Lazard yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Lazard's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Lazard's fiscal 2025 free cash flow of $487M, net cash of −$219M at December 31, 2025 and 106 million diluted shares, from its filings. The scenarios are fitted to Lazard: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 3.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Diversified Capital Markets), plus 1 point as a smaller company, worth $4.0B, plus 1 point for unsteady results (a loss in fiscal 2023); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings
Cash from operations minus capital spending in fiscal 2025.
Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.
Weighted-average diluted shares in fiscal 2025.
Your assumptions
Start from
Fitted to Lazard's own revenue growth, as above. Cautious: growth of 1.5% then 2% a year, 2% after year 10, a 12% discount rate. Base: growth of 3.5% then 3% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 5.5% then 4% a year, 3% after year 10, a 10% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$37.70
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Lazard's earnings per share of $1.65 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 22.8×, the middle of Lazard's own P/E today, its peers' median and its sector's median (Lazard's own P/E today) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Diluted earnings per share over the four quarters to September 30, 2026, from the 10-Qs and 10-K.
P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: MSCI, Primerica, BGC Group.
Starts at Lazard's revenue growth over the last 3 years, 3.7% a year, as the base scenario does.
Earnings per share in the years ahead, US$
Type your own estimate for any year; the years after it carry on at the growth rate.
Apply the multiple to earnings
A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.
The yearly return an investor wants for the risk, as in the cash flow model.
Value per share today at this multiple
—
—
Last close, October 26, 2026
$37.70
Value at this multiple, against the last close
—
Lazard's P/E at the last close
22.8×
CompanyLast closeEarnings per shareP/E today
MSCIMSCI$617.67$18.9032.7×
BGC GroupBGC$11.79$0.4128.8×
LazardLAZ$37.70$1.6522.8×
PrimericaPRI$276.79$24.8911.1×
How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments1,4651,2359711,3081,469
Debt incl. finance leases1,6851,6881,6901,6871,688
Net debt (negative means net cash)220453719379219
Net debt to EBITDA0.3x0.8x—0.9x0.6x
Debt to equity1.7x3.0x4.0x2.6x1.9x
Interest coverage9.0x6.3x−1.0x4.4x3.8x
Current ratio—————
Quick ratio—————
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Lazard shares on the open market, and 2 insiders sold $8.7 million, all of it under trading plans set up in advance.

DateInsiderTradeSharesPriceValueFiling
Aug 25, 2026Peter Richard OrszagCEO & Chairman, DirectorSold plan125,000$43.52$5.4 millionForm 4
Mar 19, 2026Christopher HogbinCEO Asset ManagementSold plan3,944$39.37$155,275Form 4
Mar 18, 2026Christopher HogbinCEO Asset ManagementSold plan7,885$40.37$318,317Form 4
Mar 17, 2026Peter Richard OrszagCEO & Chairman, DirectorSold plan69,170$40.76$2.8 millionForm 4
Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY23FY24FY25
Net income is positiveFailPassPass
Cash from operations is positivePassPassPass
Return on assets roseFailPassFail
Cash from operations exceeds net incomePassPassPass
Debt fell relative to assetsFailFailPass
Current ratio rose———
Share count didn't risePassFailFail
Gross margin rose———
Revenue rose relative to assetsPassPassFail
F-score———
Accruals ratio−4.6%−9.8%−5.8%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Lazard side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
LazardFY251.5%10.3%15.3%22.9%0.6x—
MSCIFY259.8%54.7%49.4%44.5%3.3x7Compare
PrimericaFY256.6%——34.5%−0.2x—Compare
Ryan SpecialtyFY2521.3%16.2%21.0%8.7%4.1x—Compare
BGC GroupFY2530.0%—12.7%13.2%1.7x—Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue2,3842,6982,8852,6672,6473,2742,8552,5933,1403,186
Revenue growth−0.9%13.2%6.9%−7.5%−0.8%23.7%−12.8%−9.2%21.1%1.5%
Gross profit——————————
Research and development——————————
Operating income518825681393502724517−80386328
Net income388254527286402528358−76280237
Diluted EPS (US$)2.921.914.062.443.544.633.51−0.902.682.17
Diluted shares (millions)13313213011611411410189102106
Cash flow
Cash from operations6331,029699678576866834165743519
Capital expenditure39285043644050284632
Free cash flow5941,001649635512826784136697487
Dividends paid336341360255197196182173179187
Share buybacks300307553495954066921026091
Acquisitions00000001000
Stock-based compensation262273268253218234241251278360
Balance sheet at fiscal year end
Cash and short-term investments1,1591,4841,2461,2321,3901,4651,2359711,3081,469
Debt incl. finance leases1,1891,1901,4341,6801,6831,6851,6881,6901,6871,688
Total assets4,5564,9294,9975,6405,9727,1475,8534,6364,7944,941
Total liabilities3,2633,6704,0274,9584,9725,4944,5944,0664,0293,952
Shareholders' equity1,2361,200917610912975556424636874
Margins and ratios
Gross margin——————————
Operating margin21.7%30.6%23.6%14.7%19.0%22.1%18.1%−3.1%12.3%10.3%
Net margin16.3%9.4%18.3%10.7%15.2%16.1%12.5%−2.9%8.9%7.4%
Free cash flow margin24.9%37.1%22.5%23.8%19.3%25.2%27.5%5.3%22.2%15.3%
Return on capital30.8%36.1%50.0%25.8%33.2%41.6%31.6%−5.4%25.3%22.9%
Return on equity30.4%20.8%49.8%37.5%52.9%56.0%46.7%−15.4%52.8%31.4%
Return on assets8.6%5.3%10.6%5.4%6.9%8.1%5.5%−1.4%5.9%4.9%
Net debt to EBITDA0.1x−0.3x0.3x1.1x0.6x0.3x0.8x—0.9x0.6x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Lazard's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Lazard.