LAZNYSEInvestment AdviceFiscal year ends December 31
Lazard, Inc.
Financials through Q1 FY2026, quarter ended Mar 31, 2026Last filing: 10-Q on Jul 28, 2026
$35.61−0.48 (-1.33%)
Close on Oct 19, 2026
- Market cap
- $3.80B
- P/E (TTM)
- 14.1
- Dividend yield
- 5.62%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
10.3%−8.7 pts over 5 years
Net margin
7.4%−7.8 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +1.5% | +3.7% | +3.8% | +2.9% | |
| Operating income | -15.2% | -14.1% | -8.2% | – | |
| Net income | -15.4% | -12.8% | -10.1% | -13.3% | |
| EPS, diluted | -19.0% | -14.8% | -9.3% | -11.5% | |
| Free cash flow | -30.1% | -14.7% | -1.0% | -5.5% | |
| Dividend per share | 0.0% | +1.0% | +1.2% | -1.6% |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 30.4% | 52.9% | 31.5% | |
| Return on assets | 8.6% | 6.9% | 4.9% | |
| Interest coverage | 10.3× | 6.2× | 3.8× | |
| Capex to revenue | 1.6% | 2.4% | 1.0% | |
| Diluted shares | 133M | 113M | 106M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Lazard generated $3.13B from operations and spent $2.46B on capital expenditure, dividends and share buybacks. 8% of that went back into the business.
Generated
$3.13B
Used
$2.46B
Capital expenditure$194.95M8%Dividends$916.50M37%Share buybacks$1.35B55%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin7.4%
×Asset turnover0.65×
×Equity multiplier6.46×
=Return on equity, FY202531.5%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 7.4% | 0.65× | 6.46× | 31.5% |
| FY2024 | 8.9% | 0.67× | 8.90× | 52.8% |
| FY2023 | -2.9% | 0.49× | 10.70× | -15.4% |
| FY2022 | 12.5% | 0.44× | 8.49× | 46.7% |
| FY2021 | 16.1% | 0.50× | 6.95× | 56.0% |
| FY2020 | 15.2% | 0.46× | 7.63× | 52.9% |
| FY2019 | 10.7% | 0.50× | 6.97× | 37.5% |
| FY2018 | 18.3% | 0.58× | 4.69× | 49.8% |
| FY2017 | 9.4% | 0.57× | 3.89× | 20.8% |
| FY2016 | 16.3% | 0.53× | 3.54× | 30.4% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 6 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$236.83M
- Cash generatingOperating cash flow above zero$519.33M
- Return on assets improvedROA up on the prior year6.0% → 4.9%
- Earnings backed by cashOperating cash flow above net income$519.33M vs $236.83M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise102M → 106M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.68 → 0.66