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Lazard, Inc.

LAZ Financial Capital Markets

Lazard, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 1.54% from fiscal 2024.

Revenue
+8.84%
EPS
−62.0%
Free cash flow
+9.21%
Total debt
+0.18%

Quarter to September 2026, against a year earlier

38.88 0.35 +0.91%
Market cap
$3.8B
P/E
22.0×
Fwd P/E
22.9×
Dividend yield
5.14%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Sold, $m 8.73
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — 2 — — — — 1 — — —
Insider Ownership 4.22%

Capital & Financial Ratios $m

Size
Market Cap 3,760.00
Revenue ttm 3,285.14
Net income ttm 198.18
Free cash flow ttm 688.52
Net debt Q 237.52
Valuation
P/E 21.97
Forward P/E 22.90
Price / sales 1.20
Forward P/S Powerpack
Price / FCF 5.71
Price / book 4.18
Financial health
Current ratio Q 2.66
Debt / equity Q 1.80
Interest coverage Q —
Growth
Revenue growth Q +8.84% (above 0%: growing)
Operating income growth Q −42.32% (below 0%: shrinking)
EPS, this year −49.61% (below 0%: weak)
EPS, next year A +161.31% (at or above 15%: strong)
Revenue, next year A +5.97%
EPS, past 5 yrs −9.32% (below 0%: weak)
EPS, next 5 yrs A +18.87% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 93.74%
10-year low 10-year high
P/S against its own 10 years 17.53%
10-year low 10-year high
P/B against its own 10 years 20.13%
10-year low 10-year high

Dividends

Yield
5.14%
Annual rate
2.00
Payout ratio
121.2%
Growth, 2018–26
+5.33%/yr
  1. 1.32 ’18
  2. 1.70 ’19 +28
  3. 1.88 ’20 +11
  4. 1.88 ’21 +0
  5. 1.94 ’22 +3
  6. 2.00 ’23 +3
  7. 2.00 ’24 +0
  8. 2.00 ’25 +0
  9. 2.00 ’26 +0
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,225 1,609 1,671 1,453
Receivables 762 754 898 843
Inventory — — — —
Other — — — —
1,987 2,363 2,568 2,296
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other 443 308 331 369
1,225 1,153 1,126 864

Compound Annual Growth %

10y 5y 3y
Sales 2.79% 3.84% 3.77%
Cash Flow (5.22%) (2.05%) (14.61%)
Earnings (13.52%) (10.17%) (13.56%)
Book Value (3.98%) (1.84%) 10.48%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.43 Actual 0.36

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.68 0.80 Beat by 0.12
Q1 FY26 0.52 0.42 Miss by 0.10
Q2 FY26 0.42 0.12 Miss by 0.30
Q3 FY26 0.43 0.36 Miss by 0.07
Q4 FY26 0.43 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.91 0.03 0.26 — —
’25 0.56 0.52 0.65 0.45 2.17
’24 0.35 0.49 1.02 0.80 2.68
’23 (0.27) (1.41) 0.06 0.65 (0.90)
’22 1.05 0.92 1.06 0.44 3.51
’21 0.75 1.08 0.94 1.86 4.63
’20 0.56 0.66 0.66 1.64 3.54
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 757 808 814 — —
’25 648 796 748 907 3,099
’24 765 685 785 817 3,052
’23 542 643 524 806 2,515
’22 695 640 727 712 2,774
’21 660 823 717 992 3,193
’20 538 572 578 878 2,566
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (219) 203 316 — —
’25 (218) 50 287 400 519
’24 (90) 176 294 363 743
’23 (411) 201 33 342 165
’22 (214) 299 435 314 834
’21 (123) 138 398 453 866
’20 (156) 156 256 321 576
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (221) 203 311 — —
’25 (231) 38 285 396 487
’24 (97) 172 471 348 894
’23 (416) 194 26 333 137
’22 (227) 293 429 290 785
’21 (130) 129 390 438 827
’20 (168) 143 246 292 513
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 2,333 2,644 2,826 2,587 2,566 3,193 2,774 2,515 3,052 3,099 3,285 +3.2% 3,284 3,925 4,161 +10.3%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 517 825 681 393 502 724 517 (80) 386 328 267 (5.0%)
EBT margin, % 22.18 31.22 24.09 15.18 19.57 22.67 18.63 (3.18) 12.66 10.57 8.12 (11.6) pt
Net income 394 260 532 298 403 543 392 (57) 287 251 198 (4.9%)
Per share, $
Per share, $ Revenue 18.70 21.75 23.75 23.48 24.01 30.11 28.99 28.27 32.77 31.79 32.52 +6.1%
Earnings 3.11 2.09 4.43 2.57 3.69 4.90 3.68 (0.90) 2.93 2.37 1.77 (3.0%)
Cash flow 5.07 8.47 5.87 6.15 5.39 8.17 8.72 1.85 7.98 5.33 6.93 +0.6%
Capex (0.30) (0.22) (0.39) (0.38) (0.59) (0.37) (0.51) (0.31) 1.62 (0.33) (0.12) +0.9%
Free cash flow 4.77 8.24 5.49 5.77 4.80 7.80 8.21 1.54 9.60 5.00 6.82 +0.5%
Book value 10.37 10.36 8.15 6.19 9.35 10.17 7.06 5.42 7.36 9.34 9.31 (1.2%)
Shares, m 125 122 119 110 107 106 96 89 93 97 100 (2.7%)
Valuation, ×
Valuation, × P/E 13.39 25.53 8.35 15.61 11.46 8.87 9.64 0.00 17.57 20.49 21.97 13.1
P/S 2.23 2.42 1.55 1.70 1.76 1.45 1.21 1.28 1.57 1.53 1.20 1.7
P/B 4.02 5.08 4.53 6.46 4.52 4.29 4.96 6.67 7.00 5.22 4.18 5.3
EV/Sales 2.05 1.94 1.25 1.40 1.42 0.90 0.86 1.46 1.60 1.53 — 1.4
EV/FCF 8.03 7.43 5.41 5.71 7.08 3.48 3.05 26.89 5.45 9.75 — 8.2
Cash, $m
Cash, $m Operating cash flow 633 1,029 699 678 576 866 834 165 743 519 700 (2.2%)
Capex (38) (27) (46) (42) (63) (39) (49) (28) 151 (32) (12) (1.8%)
Free cash flow 595 1,002 653 636 513 827 785 137 894 487 689 (2.2%)
Balance, $m
Balance, $m Working capital 1,232 1,440 1,238 1,270 1,376 1,821 1,635 763 1,210 1,443 1,431 +1.8%
Net debt (419) (1,264) (858) (776) (886) (1,745) (952) 465 78 18 238 n/m
Shareholders’ equity 1,294 1,259 970 682 999 1,078 675 482 685 911 940 (3.8%)
Returns, %
Returns, % ROA 8.58 5.35 10.62 5.32 6.80 7.92 5.50 (1.52) 5.79 4.74 3.86 (3.8) pt
ROIC 36.96 0.00 378.31 0.00 276.88 0.00 0.00 (5.27) 31.66 22.06 14.16 (14.9) pt
ROE 29.14 19.87 47.30 34.28 46.97 50.01 40.78 (13.81) 46.78 28.94 19.46 (0.2) pt
People
People Employees 2,781 2,843 2,996 3,018 3,100 3,179 3,402 3,291 3,263 3,309 — +2.0%
Revenue/emp, $m 0.84 0.93 0.94 0.86 0.83 1.00 0.82 0.76 0.94 0.94 — +1.2%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Lazard, Inc. vs peers in Capital Markets (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
GLXY Galaxy Digital Inc. $5.0B — (loss-making) 205× −0.99% (below 0%: shrinking) n/m +80.14% (above 0%: growing) 0.86% (1.21%) Compare
BGC BGC Group, Inc. $4.9B 25.7× 7.4× +7.85% (above 0%: growing) +36.36% (above 0%: growing) +164.18% (above 0%: growing) 97.58% 12.38% Compare
PIPR Piper Sandler Companies $4.7B 15.8× 14.2× −7.56% (below 0%: shrinking) −33.84% (below 0%: shrinking) +58.77% (above 0%: growing) 98.61% 15.04% Compare
MC Moelis & Company $4.7B 19.3× 21.1× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
FIGR Figure Technology Solutions, Inc. $4.7B 19.6× 20.3× +112.66% (above 0%: growing) +254.55% (above 0%: growing) −119.20% (below 0%: shrinking) 87.18% 34.46% Compare
MRX Marex Group PLC $4.7B 15.3× 10.4× +76.97% (above 0%: growing) +94.87% (above 0%: growing) +54.74% (above 0%: growing) 100.00% 21.10% Compare
PJT PJT Partners Inc. $3.9B 18.7× 35.4× −13.86% (below 0%: shrinking) +35.37% (above 0%: growing) +26.53% (above 0%: growing) 32.91% 17.86% Compare
LAZ Lazard, Inc. $3.8B 22.0× 22.9× +8.84% (above 0%: growing) −61.97% (below 0%: shrinking) +9.21% (above 0%: growing) 100.00% 6.72%
MIAX Miami International Holdings, Inc. $3.5B 10.7× 12.0× +10.71% (above 0%: growing) n/m −62.61% (below 0%: shrinking) 34.83% 12.55% Compare
Median of peers $4.7B 18.7× 17.3× +9.28% +35.87% +40.64% 92.38% 16.42%

All 97 Capital Markets stocks →

Pay and ownership Proxy statement filed 7 April 2026

Ownership

Directors and executive officers, together 1.13% of the votes
FMR LLC245 Summer StreetBoston, MA 11.99% of the votes
The Vanguard Group100 Vanguard Blvd.Malvern, PA 11.21% of the votes
T. Rowe Price Associates, Inc.1307 Point StreetBaltimore, MD 8.26% of the votes
BlackRock, Inc.50 Hudson YardsNew York, NY 7.96% of the votes
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Lazard, Inc. (LAZ) Latest News

3 Nov

Impact 3 · · Zacks

2 Nov

Impact 3 · · PR Newswire

29 Oct

Impact 4 · · The Motley Fool
Impact 3 · · StockStory

28 Oct

Impact 3 · · StockStory

23 Oct

Impact 4 · · StockStory
Impact 4 · · Simply Wall St.

22 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Simply Wall St.
Impact 4 · · MarketBeat transcript
Impact 4 · · The Motley Fool transcript
Impact 4 · · Moby transcript
Impact 4 · · PR Newswire earnings
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Associated Press
Impact 3 · · StockStory

21 Oct

Impact 3 · · Zacks
Impact 3 · · StockStory

19 Oct

Impact 3 · · PR Newswire

15 Oct

Impact 3 · · Zacks

12 Oct

Impact 3 · · StockStory

9 Oct

Impact 3 · · Bloomberg

2 Oct

Impact 4 · · Zacks

28 Sep

Impact 3 ·

21 Sep

Impact 3 · · Trefis
Impact 3 · · PR Newswire

17 Sep

Impact 3 ·

LAZ metrics, ten years each

stockrow.com/LAZ · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com