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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. In the quarter to June 2026, revenue grew 1.47%, EPS fell 94.6%, free cash flow grew 434.4% and total debt was flat, each against the same quarter a year earlier. Dividend growth for five consecutive years.

36.09 0.07 −0.19%
Market cap
$3.5B
P/E
16.3×
Fwd P/E
14.6×
Dividend yield
5.54%
F-score
5/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Insider Decisions trades per month

Total sells 8.73
Totals in millions of $.
Dec 25 Mar 26 Jun 26 Sep 26
Buy — — — — — — — — — — — —
Sell — — — — 2 — — — — 1 — —
Insider Ownership 4.73%

Capital & Financial Ratios $m

Market Cap 3,520.00
Revenue 3,219.05
Net Income 242.01
Free Cash Flow 662.32
Net Debt 386.77
Current Ratio 2.84
Debt/Equity 1.87
P/E ratio 16.33
Fwd P/E 14.60
P/S ratio 1.14
P/B ratio 4.04
Past 5Y EPS Growth (9.32%) (below 0%: weak)
This Y EPS Growth (16.08%) (below 0%: weak)
Next Y EPS Growth 74.76% (at or above 15%: strong)
Next Y revenue growth 7.78%
Next 5Y EPS Growth 19.86% (at or above 15%: strong)

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 72.75%
10-year low 10-year high
P/S against its own 10 years 12.64%
10-year low 10-year high
P/B against its own 10 years 16.37%
10-year low 10-year high

Dividends

Payout Ratio 0.98
Annual Dividend Rate 2.00
Annual Dividend Yield 5.54%
total individual payouts
2028 Powerpack
2027 Powerpack
2026 2.00
0.50
0.50
0.50
2025 2.00
0.50
0.50
0.50
0.50
2024 2.00
0.50
0.50
0.50
0.50
2023 2.00
0.50
0.50
0.50
0.50
2022 1.94
0.47
0.47
0.50
0.50
2021 1.88
0.47
0.47
0.47
0.47
2020 1.88
0.47
0.47
0.47
0.47
2019 1.70
0.44
0.32
0.47
0.47
2018 1.32
1.30
0.44
0.44
0.44
2017 1.23
1.20
0.41
0.41
0.41
2016 1.49
0.35
0.38
0.38
0.38
predictions special payouts not included in total or ratios

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 1,225 1,609 1,671 1,303
Receivables 762 754 898 765
Inventory — — — —
Other — — — —
1,987 2,363 2,568 2,068
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt — — — —
Other 443 308 331 363
1,225 1,153 1,126 729

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%

Revenue $m

Mar Jun Sep Dec Year
’26 757 808 — — —
’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 — — —
’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 — — —
’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.

EPS $

Mar Jun Sep Dec Year
’26 0.91 0.03 — — —
’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.

Target Price Range

Analyst price targets

Recommendation Rating

2.6
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Trend 2026e 2027e 2028e
Price, $
Price, $ Low 26.21 40.22 33.54 31.07 20.94 38.68 30.21 25.82 34.83 31.97

Analyst estimates 2026–2028

Powerpack
High 44.90 52.98 60.00 41.76 44.95 53.00 46.74 43.44 61.14 58.07
People
People Employees 2,781 2,843 2,996 3,018 3,100 3,179 3,402 3,291 3,263 3,309
Revenue/emp, $m 0.84 0.93 0.94 0.86 0.83 1.00 0.82 0.76 0.94 0.94
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
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
EBT 517 825 681 393 502 724 517 (80) 386 328
EBT margin, % 22.18 31.22 24.09 15.18 19.57 22.67 18.63 (3.18) 12.66 10.57
Net income 394 260 532 298 403 543 392 (57) 287 251
Depreciation 410 400 390 421 384 432 449 473 485 494
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
Earnings 3.11 2.09 4.43 2.57 3.69 4.90 3.68 (0.90) 2.93 2.37
Cash flow 5.07 8.47 5.87 6.15 5.39 8.17 8.72 1.85 7.98 5.33
Capex (0.30) (0.22) (0.39) (0.38) (0.59) (0.37) (0.51) (0.31) 1.62 (0.33)
Free cash flow 4.77 8.24 5.49 5.77 4.80 7.80 8.21 1.54 9.60 5.00
Book value 10.37 10.36 8.15 6.19 9.35 10.17 7.06 5.42 7.36 9.34
Shares, m 125 122 119 110 107 106 96 89 93 97
Valuation, ×
Valuation, × P/E 13.39 25.53 8.35 15.61 11.46 8.87 9.64 0.00 17.57 20.49
P/S 2.23 2.42 1.55 1.70 1.76 1.45 1.21 1.28 1.57 1.53
P/B 4.02 5.08 4.53 6.46 4.52 4.29 4.96 6.67 7.00 5.22
EV/Sales 2.05 1.94 1.25 1.40 1.42 0.90 0.86 1.46 1.60 1.53
EV/FCF 8.03 7.43 5.41 5.71 7.08 3.48 3.05 26.89 5.45 9.75
Cash, $m
Cash, $m Operating cash flow 633 1,029 699 678 576 866 834 165 743 519
Capex (38) (27) (46) (42) (63) (39) (49) (28) 151 (32)
Free cash flow 595 1,002 653 636 513 827 785 137 894 487
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
Total debt 1,189 1,190 1,434 1,680 1,683 1,685 1,688 1,690 1,687 1,688
Net debt (419) (1,264) (858) (776) (886) (1,745) (952) 465 78 18
Shareholders’ equity 1,294 1,259 970 682 999 1,078 675 482 685 911
Returns, %
Returns, % ROA 8.58 5.35 10.62 5.32 6.80 7.92 5.50 (1.52) 5.79 4.74
ROIC 36.96 0.00 378.31 0.00 276.88 0.00 0.00 (5.27) 31.66 22.06
ROE 29.14 19.87 47.30 34.28 46.97 50.01 40.78 (13.81) 46.78 28.94
Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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
MRX Marex Group PLC $5.2B 16.7× 11.3× +76.97% (above 0%: growing) +94.87% (above 0%: growing) +54.74% (above 0%: growing) 100.00% 21.10% Compare
PIPR Piper Sandler Companies $4.6B 14.2× 16.3× +24.88% (above 0%: growing) +58.10% (above 0%: growing) +58.77% (above 0%: growing) 98.91% 20.27% Compare
MC Moelis & Company $4.5B 18.0× 21.5× +12.05% (above 0%: growing) +16.36% (above 0%: growing) +8.25% (above 0%: growing) 100.00% 17.79% Compare
LAZ Lazard, Inc. $3.5B 16.3× 14.6× +1.47% (above 0%: growing) −94.64% (below 0%: shrinking) +434.39% (above 0%: growing) 100.00% 4.66%
PJT PJT Partners Inc. $3.5B 17.9× 23.7× +19.52% (above 0%: growing) +34.65% (above 0%: growing) +26.53% (above 0%: growing) 33.04% 20.99% Compare
MARA Marathon Digital Holdings, Inc. $3.2B — (loss-making) — (loss-making) −26.67% (below 0%: shrinking) n/m +85.60% (above 0%: growing) 17.19% (297.96%) Compare
MIAX Miami International Holdings, Inc. $3.1B 26.0× 15.2× +18.26% (above 0%: growing) +26.97% (above 0%: growing) +162.65% (above 0%: growing) 36.40% 7.17% Compare
PURR Hyperliquid Strategies Inc $2.7B — (loss-making) — (loss-making) +6,940.21% (above 0%: growing) n/m −6,672.51% (below 0%: shrinking) 100.00% 7,380.58% Compare
CLSK Cleanspark, Inc. $2.4B — (loss-making) — (loss-making) −30.53% (below 0%: shrinking) n/m +202.37% (above 0%: growing) 38.06% (168.40%) Compare
Median of peers $3.4B 17.9× 16.3× +18.89% +34.65% +56.76% 68.49% 19.03%

All 93 Capital Markets stocks →

Lazard, Inc. (LAZ) key facts

  • Strength: Lazard, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 1.54% from fiscal 2024.
  • Lazard, Inc. (LAZ) is a Capital Markets company in the Financial sector, listed on the New York Stock Exchange.
  • As of October 16, 2026, LAZ traded at $36.09, a market capitalization of $3.5 billion.
  • Lazard, Inc. pays an annual dividend of $2.00 per share, a yield of 5.54%, with a payout ratio of 98.0%.
  • Return on equity was 28.9% and debt-to-equity 1.87.
  • Its Piotroski F-score is 5 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Lazard, Inc. (LAZ) Latest News

24 Apr

Impact 5 ·
stockrow.com/LAZ · Data as of Jun 30, 2026 · For information only; not investment advice. · © 2026 stockrow.com