Lazard, Inc.

Finance
Investment Managers
www.lazard.com

Earnings Score
Moat Score
Safety Score

Market Cap $3.80B
PE 13
Debt $1.70B
Cash $908.59M
EV $4.60B
FCF $562.59M

Earnings

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Sales & Net Margins

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Earnings	$297.12M
EBIT	$386.55M
ROE	46%
ROA	9%
FCF	$562.59M
Equity	$648.55M
Growth Stability	-19%
PE	12.81
PEG	-2.23
PB	5.87
P/FCF	6.76
P/S	1.26
Price/Cash	0.24
Debt/Equity	2.62
Debt/FCF	3.02
Net Margins	9%
Op. Margins	13%
Earnings CAGR	-2%
Sales Growth YoY	-15%
Sales Growth QoQ	-20%
Sales CAGR	2%
FCF CAGR	-7%
Equity CAGR	-9%
Earnings Stability	0.07
Earnings Growth YoY	70%
Earnings Growth QoQ	-30%

Earnings CAGR 5Y	-6%
Sales CAGR 5Y	1%
FCF CAGR 5Y	-9%
Equity CAGR 5Y	-12%
Earnings CAGR 3Y	1%
Sales CAGR 3Y	1%
FCF CAGR 3Y	-13%
Equity CAGR 3Y	-3%
Market Cap	$3.80B
Revenue	$3.02B
Dividend Yield	5%
Payout Ratio	61%
Assets	$4.23B
Total Debt	$1.70B
Cash	$908.59M
Shares Outstanding	95.26M
EV	4.6B
Earnings Score	6%
Moat Score	92%
Safety Score	53%
Final Score	50%
Shares Growth 3y	-0%
Equity Growth QoQ	-5%
Equity Growth YoY	45%

Assets & ROA

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Stockholders Equity & ROE

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Lazard has a storied history that can be traced back to 1848. The company's revenue is nearly equally split between financial advisory, such as acquisition and restructuring advisory, and asset management. The company's asset management business is primarily equities (over 80% of assets under management), has an international focus, and is geared toward institutional clients. By geography, the company earns approximately 60% of revenue in the Americas, 35% in EMEA, and 5% in Asia-Pacific. Lazard has offices in over 40 cities across more than 25 countries and over 3,000 employees.

SEC Filings

Direct access to Lazard, Inc. (LAZ) Annual Reports (10K) and Quarterly Reports (10Q) from the SEC website.

2025
- 10-Q Mar 31
2024
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31
2023
- 10-K Dec 31
- 10-Q Sep 30
- 10-Q Jun 30
- 10-Q Mar 31

Sector Comparison

How does Lazard, Inc. compare to its competitors?

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Peter Lynch's Chart

This chart shows the current pricing of Lazard, Inc. compared to its past. The addition of the earnings trend line provides further insights into the company's earnings power.

CAGR -2%

Stability 7%

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Lazard, Inc. Discounted Cash Flow

Fully customizable DCF calculator online for Lazard, Inc..

Years

Calculation mode

= $3.6B

	0	1	2	3	4	5	6	7	8	9	10	TV
fcf	$563M	$525M	$490M	$457M	$427M	$398M	$371M	$347M	$323M	$302M	$282M	$2.8B
DCF		$477M	$405M	$343M	$291M	$247M	$210M	$178M	$151M	$128M	$109M	$1.1B
Value	$3.6B

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Net Margins	41%	16%	9%	18%	11%	15%	16%	12%	-3%	9%	9%
ROA	-	11%	17%	14%	7%	8%	10%	9%	-2%	8%	9%
ROE	-	30%	20%	54%	42%	40%	48%	52%	-17%	40%	46%

Net Margins (8.75%)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Safety and Stability

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	TTM
Debt over FCF	-	2.02	1.2	2.23	2.68	3.32	2.06	2.17	12.47	2.44	3.02
Debt over Equity	0.73	0.93	0.95	1.49	2.49	1.7	1.58	2.52	3.53	2.48	2.62
Growth Stability	-	-	-	97%	73%	100%	100%	88%	-19%	100%	-19%

Neutral Debt/FCF ratio (3.02)

Net Margins are at a level that is not too high nor too low. They are not a competitive advantage but they are not a competitive disadvantage either.

Bad Debt/Equity ratio (2.62)

The company is overleveraged and has a bad balance between equity and debt.

Bad Graham’s Stability (-19%)

The company has a bad stability in its earnings, which is a sign of a bad competitive advantage.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Years	12/2015	12/2016	12/2017	12/2018	12/2019	12/2020	12/2021	12/2022	12/2023	12/2024	CAGR 5Y
Revenue YoY growth	-	-1%	13%	7%	-8%	-1%	24%	-13%	-9%	21%	1%
Earnings YoY growth	-	-61%	-35%	108%	-46%	39%	32%	-32%	-123%	-442%	-6%
Equity YoY growth	-	-5%	-3%	-23%	-30%	47%	8%	-37%	-29%	42%	-12%
FCF YoY growth	-	-31%	69%	-35%	-2%	-19%	62%	-5%	-83%	411%	-9%