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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

Dividend growth 5 yrs

38.32 0.21 −0.55%

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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

	Dec '25	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16
P/E ratio Full definition →	20.49	17.57	0.00	9.64	8.87	11.46	15.61	8.35	25.53	13.39
Piotroski F-Score Full definition →	5	6	4	5	8	7	4	6	6	5
P/S ratio Full definition →	1.53	1.57	1.28	1.21	1.45	1.76	1.70	1.55	2.42	2.23
P/FCF ratio Full definition →	9.71	5.37	23.49	4.27	5.59	8.81	6.93	6.73	9.26	8.73
P/Operating CF Full definition →	11.84	13.21	9.41	10.66	10.22	14.10	12.25	10.78	233.67	15.58
P/B ratio Full definition →	5.22	7.00	6.67	4.96	4.29	4.52	6.46	4.53	5.08	4.02
Price to Tangible BV Full definition →	9.26	16.44	36.84	11.24	6.62	7.35	14.30	7.39	7.37	5.70
EV/Sales Full definition →	1.53	1.60	1.46	0.86	0.90	1.42	1.40	1.25	1.94	2.05
EV/EBITDA Full definition →	5.78	5.59	9.37	2.48	2.49	4.10	4.46	3.30	4.50	5.15
EV/Operating CF Full definition →	9.15	6.56	22.35	2.87	3.33	6.31	5.35	5.06	7.27	7.55
EV/FCF Full definition →	9.75	5.45	26.89	3.05	3.48	7.08	5.71	5.41	7.43	8.03
Quick Ratio Full definition →	2.28	2.05	1.62	1.99	1.75	1.71	1.69	1.71	1.91	2.22
Current Ratio Full definition →	2.28	2.05	1.62	1.99	1.75	1.71	1.69	1.71	1.91	2.22
Net Debt/EBITDA Full definition →	0.02	0.09	1.18	(0.99)	(1.51)	(1.00)	(0.95)	(0.80)	(1.03)	(0.45)
Debt/Assets Full definition →	34.17%	35.19%	36.46%	28.84%	23.58%	28.18%	29.78%	28.70%	24.15%	26.09%
Debt/Equity Full definition →	1.85	2.46	3.51	2.50	1.56	1.68	2.46	1.48	0.95	0.92
Asset Turnover Full definition →	0.64	0.65	0.48	0.43	0.49	0.44	0.49	0.57	0.56	0.52
Operating CF/Net income Full definition →	2.25	2.72	(2.06)	2.33	1.67	1.46	2.39	1.33	4.06	1.63
Capex/Depreciation Full definition →	(0.06)	0.31	(0.06)	(0.11)	(0.09)	(0.16)	(0.10)	(0.12)	(0.07)	(0.09)
ROE Full definition →	28.94%	46.78%	(13.81%)	40.78%	50.01%	46.97%	34.28%	47.30%	19.87%	29.14%
ROA Full definition →	4.74%	5.79%	(1.52%)	5.50%	7.92%	6.80%	5.32%	10.62%	5.35%	8.58%
ROIC Full definition →	22.06%	31.66%	(5.27%)	0.00%	0.00%	276.88%	0.00%	378.31%	0.00%	36.96%
Return on Tangible Assets Full definition →	14.34%	19.93%	(8.03%)	18.97%	25.08%	24.16%	19.01%	36.34%	15.41%	26.91%
Average Days of Receivables Full definition →	105.75	90.13	110.61	85.90	92.11	105.70	93.57	88.53	78.90	99.84
Research and Development Expense of Revenue Full definition →	6.23%	6.01%	7.54%	6.19%	4.60%	5.20%	5.56%	4.94%	4.60%	4.18%
Selling, General and Administrative Expense of Revenue Full definition →	82.18%	79.62%	94.48%	73.60%	71.24%	73.66%	76.83%	68.60%	69.82%	70.37%
Intangible Assets out of Total Assets Full definition →	0.08	0.08	0.09	0.06	0.05	0.06	0.07	0.08	0.08	0.08
Share Based Compensation of Revenue Full definition →	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Graham Net Nets Full definition →	(0.31)	(0.36)	(0.67)	(0.56)	(0.40)	(0.37)	(0.42)	(0.24)	(0.10)	(0.20)
Graham Number Full definition →	22.27	22.02	0.00	24.01	33.55	27.87	18.88	28.47	21.91	26.94
Earnings Yield Full definition →	4.88%	5.69%	(2.55%)	10.37%	11.28%	8.72%	6.41%	11.98%	3.92%	7.47%
Free Cash Flow Yield Full definition →	10.30%	18.64%	4.26%	23.44%	17.88%	11.35%	14.44%	14.86%	10.79%	11.45%
Revenue per Share Full definition →	31.79	32.77	28.27	28.99	30.11	24.01	23.48	23.75	21.75	18.70
Operating CF per Share Full definition →	5.33	7.98	1.85	8.72	8.17	5.39	6.15	5.87	8.47	5.07
Capex per Share Full definition →	(0.33)	1.62	(0.31)	(0.51)	(0.37)	(0.59)	(0.38)	(0.39)	(0.22)	(0.30)
Free Cash Flow per Share Full definition →	5.00	9.60	1.54	8.21	7.80	4.80	5.77	5.49	8.24	4.77
Cash per Share Full definition →	17.14	17.28	13.76	27.59	32.35	24.04	22.28	19.26	20.19	12.88
Shareholders Equity per Share Full definition →	9.34	7.36	5.42	7.06	10.17	9.35	6.19	8.15	10.36	10.37
Interest Debt per Share Full definition →	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book value per Share Full definition →	9.34	7.36	5.42	7.06	10.17	9.35	6.19	8.15	10.36	10.37
Free Cash Flow Full definition →	487.38	893.72	136.86	785.05	827.02	512.99	635.71	652.83	1,002.20	594.95
Working Capital Full definition →	1,442.75	1,209.83	762.67	1,634.75	1,820.82	1,376.27	1,269.72	1,237.73	1,440.30	1,231.89
Capital Expenditures Full definition →	(31.95)	150.90	(27.81)	(48.94)	(39.06)	(62.94)	(42.25)	(46.21)	(26.92)	(37.65)
Net Current Asset Value Full definition →	(1,461.63)	(1,745.85)	(2,166.29)	(1,885.00)	(1,833.39)	(1,660.46)	(1,839.31)	(1,049.73)	(643.35)	(1,016.93)
EV/EBIT Full definition →	14.50	12.61	0.00	4.64	3.98	7.24	9.24	5.19	6.22	9.23
Capex to Sales Full definition →	0.01	(0.05)	0.01	0.02	0.01	0.02	0.02	0.02	0.01	0.02
Price to Operating Income Full definition →	14.45	12.41	0.00	6.48	6.39	9.00	11.21	6.45	7.75	10.04
Other line items
Depreciation/Fixed assets Full definition →	2.94	3.02	2.03	1.79	1.73	1.49	1.91	1.83	1.95	1.96
Cash ROIC Full definition →	11.42%	22.45%	4.03%	15.69%	13.35%	9.77%	13.20%	13.90%	20.44%	14.55%
Accounts Receivable Turnover Full definition →	3.75	4.03	3.56	3.80	4.12	3.65	3.84	4.50	4.37	4.11
Accounts Payable Turnover Full definition →	—	—	—	—	—	—	—	—	0.00	0.00
Average Days of Payables Full definition →	—	—	—	—	—	—	—	—	0.00	0.00
Average Receivables Full definition →	825.70	757.97	707.54	729.28	774.48	703.14	674.34	628.58	604.95	567.75
Average Payables Full definition →	—	—	—	—	—	—	—	—	205.87	(6.03)
Average Assets Full definition →	4,867.36	4,714.89	5,244.17	6,499.87	6,559.52	5,805.72	5,318.41	4,962.96	4,742.59	4,517.14
Average Common Equity Full definition →	797.95	583.67	578.79	876.68	1,038.70	840.50	825.83	1,114.50	1,276.36	1,330.56

Show all line items

Columns are period end dates · fundamentals updated 2 Nov 2026

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