Lazard IncLazard Inc
Lazard Inc

Lazard Inc

LAZ
Financials·Capital Markets

Lazard, Inc. is a financial advisory and asset management firm, which engages in the provision of crafting solutions to the clients, including corporations, governments, institutions, partnerships, and individuals. It operates through the Financial Advisory and Asset Management segments. The Financial Advisory segment offers corporate, partnership, institutional, government, sovereign, and individual clients, an array of financial advisory services regarding mergers and acquisitions, restructurings, capital structure, capital raising, and corporate preparedness. The Asset Management segment provides global investment solutions and investment management services. The company was founded by Alexandre Lazard, Lazare Lazard, and Simon Lazard in 1848 and is headquartered in New York, NY.

Bermuda
Market cap
$4BNo data
Revenue
$3.2B+1.5% YoY
Net income
$236.8M−15.4% YoY
Free cash flow
$487.4M−30.1% YoY

Market

Listed stock
LAZPriceNYSE
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Financial performance

Revenue
$3.2B+1.5% YoY
Operating income
$327.6M−15.2% YoY
Net income
$236.8M−15.4% YoY
Free cash flow
$487.4M−30.1% YoY

Revenue, profit & cash trend

Revenue
Operating income
Net income
Free cash flow
Reference
Revenue: 2021 $3.3B, 2022 $2.9B, 2023 $2.6B, 2024 $3.1B, 2025 $3.2B. Operating income: 2021 $723.8M, 2022 $516.8M, 2023 $-80M, 2024 $386.5M, 2025 $327.6M. Net income: 2021 $528.1M, 2022 $357.5M, 2023 $-75.5M, 2024 $279.9M, 2025 $236.8M. Free cash flow: 2021 $826.4M, 2022 $784.5M, 2023 $136.4M, 2024 $697.3M, 2025 $487.4M. Reference line: Reference at $0.

Growth & profitability

Revenue growth
1.5%−1960 bps YoY
Gross margin
No dataNo data
Operating margin
No dataNo data
FCF margin
No dataNo data

Earnings power over time

Operating income
Net income
Free cash flow
Operating income: 2021-12-31 $723.8M, 2022-12-31 $516.8M, 2023-12-31 $-80M, 2024-12-31 $386.5M, 2025-12-31 $327.6M. Net income: 2021-12-31 $528.1M, 2022-12-31 $357.5M, 2023-12-31 $-75.5M, 2024-12-31 $279.9M, 2025-12-31 $236.8M. Free cash flow: 2021-12-31 $826.4M, 2022-12-31 $784.5M, 2023-12-31 $136.4M, 2024-12-31 $697.3M, 2025-12-31 $487.4M

Growth heatmap

2022202320242025CAGR
Revenue
-12.8%
-9.2%
+21.1%
+1.5%
-0.7%
Gross profit
-12.8%
-9.2%
+21.1%
+1.5%
-0.7%
Operating income
-28.6%
-115.5%
+583.3%
-15.2%
-18.0%
Free cash flow
-5.1%
-82.6%
+411.4%
-30.1%
-12.4%

Earnings quality

Operating cash flow
$519.3M−30.1% YoY
Net income
$236.8M−15.4% YoY
Free cash flow
$487.4M−30.1% YoY
Diluted EPS
No dataNo data

Cash conversion quality

Operating cash flow
Free cash flow
Net income = 100%
Operating cash flow: 2025-12-31 219%, 2024-12-31 265%, 2023-12-31 -218%, 2022-12-31 233%, 2021-12-31 164%. Free cash flow: 2025-12-31 206%, 2024-12-31 249%, 2023-12-31 -181%, 2022-12-31 219%, 2021-12-31 156%. Reference line: Net income = 100% at 100%.

Per-share economics

Diluted EPS
Latest
No data
FCF / share
Latest
No data
Diluted shares
Latest
No data

Financial flexibility

Cash & equivalents
No dataNo data
Total debt
No dataNo data
Net debt
No dataNo data
Current ratio
No dataNo data

Cash Coverage of Debt

Cash / Total debt
No data

Returns

Return on equity
No dataNo data
Return on assets
No dataNo data
Return on invested capital
No dataNo data
Asset turnover
No dataNo data

Return on capital

No data

Valuation

Price to earnings
No dataNo data
Price to sales
No dataNo data
EV / EBITDA
No dataNo data
Free cash flow yield
No dataNo data

Valuation vs its own 5Y history

Metric
Own five-year range
Current
Own 5Y median
Position in own range
Price to earnings
No data
No data
No data
No data
Price to sales
No data
No data
No data
No data
EV / EBITDA
No data
No data
No data
No data
Free cash flow yield
No data
No data
No data
No data