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LAZ logoLazard Ltd(LAZ)Earnings, Financials & Key Ratios

LAZ•NYSE•Banking & Credit
$45.10
$4.24B mkt cap·20.8× P/E·Price updated May 6, 2026
SectorFinancial ServicesIndustryCapital MarketsSub-IndustryInvestment Banking and M&A Advisory
AboutLazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, restructurings, capital advisory, shareholder advisory, capital raising, sovereign advisory, and other strategic advisory matters. This segment serves corporate, partnership, institutional, government, sovereign, and individual clients across various industry areas, including consumers, financial institutions, healthcare and life sciences, industrials, power and energy/infrastructure, and real estate, as well as technology, telecommunication, and media and entertainment. The Asset Management segment offers a range of investment solutions, and investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. The company was founded in 1848 and is based in Hamilton, Bermuda.Show more
  • Net Interest Income-$49M-42.5%
  • Total Revenue$3.19B+3.2%
  • Net Income$237M-15.4%
  • Return on Equity27.01%-35.6%
  • Net Interest Margin-0.99%-38.3%
  • Efficiency Ratio18.76%-16.9%
  • ROA4.87%-18.0%
  • Equity / Assets20.02%+25.5%
  • Book Value per Share9.30+24.5%
  • Tangible BV/Share5.58+54.0%
  • Debt/Equity2.61-9.1%
Technical→

LAZ Key Insights

Lazard Ltd (LAZ) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Excellent 3Y average ROE of 20.2%
  • ✓Efficient operations: 18.8% efficiency ratio
  • ✓Well capitalized: 20.0% equity/assets
  • ✓Healthy dividend yield of 3.9%
  • ✓Diversified revenue: 98.8% from non-interest income

✗Weaknesses

  • ✗High debt to equity ratio of 2.6x
  • ✗Profits declining 10.1% over 5 years
  • ✗Weak NIM of -1.0%

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

LAZ Price & Volume

Lazard Ltd (LAZ) stock price & volume — 10-year historical chart

Loading chart...

LAZ Growth Metrics

Lazard Ltd (LAZ) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years2.88%
5 Years3.83%
3 Years4.09%
TTM-

Profit CAGR

10 Years-13.3%
5 Years-10.06%
3 Years-12.83%
TTM-15.39%

EPS CAGR

10 Years-11.54%
5 Years-9.32%
3 Years-14.81%
TTM-17.29%

Return on Capital

10 Years13.06%
5 Years8.95%
3 Years5.92%
Last Year9.49%

LAZ Recent Earnings

Lazard Ltd (LAZ) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 9/12 qtrs (75%)●Beat Revenue 9/12 qtrs (75%)
Q2 2026Latest
May 1, 2026
EPS
$0.42
Est $0.52
-19.2%
Revenue
$673M
Est $707M
-4.9%
Q1 2026
Jan 29, 2026
EPS
$0.80
Est $0.68
+17.6%
Revenue
$907M
Est $822M
+10.3%
Q4 2025
Oct 23, 2025
EPS
$0.56
Est $0.44
+26.0%
Revenue
$782M
Est $726M
+7.7%
Q3 2025
Jul 24, 2025
EPS
$0.52
Est $0.38
+36.8%
Revenue
$808M
Est $740M
+9.2%
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 1, 2026
$0.42vs $0.52-19.2%
$673Mvs $707M-4.9%
Q1 2026Jan 29, 2026
$0.80vs $0.68+17.6%
$907Mvs $822M+10.3%
Q4 2025Oct 23, 2025
$0.56vs $0.44+26.0%
$782Mvs $726M+7.7%
Q3 2025Jul 24, 2025
$0.52vs $0.38+36.8%
$808Mvs $740M+9.2%
Based on last 12 quarters of dataView full earnings history →

LAZ Peer Comparison

Lazard Ltd (LAZ) competitors in Investment Banking and M&A Advisory — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
EVR logoEVREvercore Inc.Direct Competitor12.92B326.1723.2129.49%15.26%29.32%9.15%0.50
PJT logoPJTPJT Partners Inc.Direct Competitor3.67B151.9222.7414.77%10.51%20.08%13.08%0.41
MC logoMCMoelis & CompanyDirect Competitor4.66B63.4921.6026.98%15.36%37.88%11.58%0.39
HLI logoHLIHoulihan Lokey, Inc.Direct Competitor10.31B150.1725.8024.81%16.73%19.52%7.85%0.20
PWP logoPWPPerella Weinberg PartnersDirect Competitor1.98B19.5635.56-14.48%4.72%16.26%1.54%1.36
GS logoGSThe Goldman Sachs Group, Inc.Product Competitor285.46B918.8922.6717%11.25%12.59%5.06
MS logoMSMorgan StanleyProduct Competitor301.05B189.2123.8016.83%12.98%14.57%3.42
JPM logoJPMJPMorgan Chase & Co.Product Competitor834.2B309.4015.6714.61%21.59%16.11%2.18

Compare LAZ vs Peers

Lazard Ltd (LAZ) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs EVR

Most directly comparable listed peer for LAZ.

Scale Benchmark

vs JPM

Larger-name benchmark to compare LAZ against a more recognizable public peer.

Peer Set

Compare Top 5

vs EVR, PJT, MC, HLI

LAZ Income Statement

Lazard Ltd (LAZ) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Net Interest Income-46.37M-45.35M-64.4M-74.97M-75.22M-52.06M-35.65M-34.46M-49.13M
NII Growth %-2.92%2.2%-41.99%-16.41%-0.34%30.78%31.53%3.33%-42.55%
Net Interest Margin %-0.94%-0.91%-1.14%-1.26%-1.05%-0.89%-0.77%-0.72%-0.99%
Interest Income7.14M13.13M15.79M5.67M5.55M29.46M42.02M53.6M38.49M
Interest Expense53.52M58.48M80.19M80.63M80.77M81.52M77.67M88.07M87.62M
Loan Loss Provision1.46B1.46B1.48B1.47B1.82B1.57B1.87B1.92B2.09B
Non-Interest Income2.68B2.86B2.64B2.64B3.26B2.8B2.51B3.03B3.15B
Non-Interest Income %99.73%99.54%99.4%99.79%99.83%98.96%98.35%98.26%98.79%
Total Revenue
2.69B▲ 0%
2.87B▲ 6.7%
2.65B▼ 7.7%
2.64B▼ 0.4%
3.27B▲ 23.7%
2.83B▼ 13.5%
2.55B▼ 9.7%
3.09B▲ 21.0%
3.19B▲ 3.2%
Revenue Growth %13.13%6.73%-7.68%-0.38%23.75%-13.54%-9.71%20.98%3.25%
Non-Interest Expense352.37M676.21M695.08M588.28M648.56M652.34M685.09M696.62M597.78M
Efficiency Ratio13.1%23.55%26.22%22.27%19.84%23.09%26.85%22.57%18.76%
Operating Income
825.45M▲ 0%
680.77M▼ 17.5%
392.7M▼ 42.3%
502.14M▲ 27.9%
723.85M▲ 44.2%
516.85M▼ 28.6%
-79.96M▼ 115.5%
386.47M▲ 583.3%
415.32M▲ 7.5%
Operating Margin %30.68%23.71%14.81%19.01%22.15%18.29%-3.13%12.52%13.03%
Operating Income Growth %59.52%-17.53%-42.32%27.87%44.15%-28.6%-115.47%583.35%7.46%
Pretax Income
825.45M▲ 0%
680.77M▼ 17.5%
392.7M▼ 42.3%
502.14M▲ 27.9%
723.85M▲ 44.2%
516.85M▼ 28.6%
-79.96M▼ 115.5%
386.47M▲ 583.3%
327.6M▼ 15.2%
Pretax Margin %30.68%23.71%14.81%19.01%22.15%18.29%-3.13%12.52%10.28%
Income Tax565.6M148.32M94.98M99.45M181.3M124.36M-22.65M99.76M76.58M
Effective Tax Rate %68.52%21.79%24.19%19.8%25.05%24.06%28.33%25.81%23.38%
Net Income
253.58M▲ 0%
527.13M▲ 107.9%
286.5M▼ 45.6%
402.46M▲ 40.5%
528.06M▲ 31.2%
357.52M▼ 32.3%
-75.48M▼ 121.1%
279.91M▲ 470.8%
236.83M▼ 15.4%
Net Margin %9.42%18.36%10.81%15.24%16.16%12.65%-2.96%9.07%7.43%
Net Income Growth %-34.59%107.87%-45.65%40.48%31.21%-32.3%-121.11%470.85%-15.39%
Net Income (Continuing)259.85M532.45M297.72M402.69M542.54M392.48M-57.31M286.71M251.02M
EPS (Diluted)
1.91▲ 0%
4.06▲ 112.6%
2.44▼ 39.9%
3.54▲ 45.1%
4.63▲ 30.8%
3.51▼ 24.2%
-0.90▼ 125.6%
2.68▲ 397.8%
2.17▼ 19.0%
EPS Growth %-34.59%112.57%-39.9%45.08%30.79%-24.19%-125.64%397.78%-19.03%
EPS (Basic)2.094.432.573.694.903.68-0.902.932.43
Diluted Shares Outstanding132.48M129.77M116.08M113.48M113.67M101M88.99M102.39M106.34M

LAZ Balance Sheet

Lazard Ltd (LAZ) balance sheet — assets, liabilities & shareholders' equity

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash & Short Term Investments2.46B2.25B2.41B2.52B2.81B2.01B1.19B1.58B1.67B
Cash & Due from Banks1.48B1.25B1.23B1.39B1.47B1.23B971.32M1.31B1.5B
Short Term Investments935.43M1.01B1.18B1.13B1.35B779.25M219.58M268.68M167.13M
Total Investments1.36B1.58B1.71B1.79B2.31B1.42B859.86M824.4M792.98M
Investments Growth %55%16.11%8.25%4.69%28.56%-38.34%-39.5%-4.12%-3.81%
Long-Term Investments427.19M575.15M532M658.53M957.58M642.03M640.28M555.72M625.85M
Accounts Receivables0000805.81M652.76M762.32M753.62M0
Goodwill & Intangibles391.36M375.32M373.59M384.07M379.57M377.33M394.93M393.57M395.26M
Goodwill385.29M371.56M371.77M383.86M379.42M377.24M394.9M393.57M0
Intangible Assets6.07M3.76M1.82M210K150K90K30K0395.26M
PP&E (Net)205.3M212.95M551.5M513.92M716.06M681.68M639.73M595.34M580.59M
Other Assets228.14M258.63M477.04M564.92M135.4M451.7M173.07M152.86M-793.85M
Total Current Assets3.18B2.98B3.12B3.31B4.52B3.29B2.29B2.62B2.37B
Total Non-Current Assets1.9B2.02B2.55B2.66B2.62B2.56B2.35B2.18B1.27B
Total Assets
4.93B▲ 0%
5B▲ 1.4%
5.66B▲ 13.4%
5.97B▲ 5.4%
7.15B▲ 19.7%
5.85B▼ 18.1%
4.64B▼ 20.8%
4.79B▲ 3.4%
4.94B▲ 3.1%
Asset Growth %8.12%1.43%13.35%5.43%19.68%-18.11%-20.79%3.41%3.06%
Return on Assets (ROA)5.35%10.62%5.37%6.92%8.05%5.5%-1.44%5.94%4.87%
Accounts Payable000000000
Total Debt1.19B1.43B2.32B2.29B2.24B2.2B2.18B2.19B2.58B
Net Debt-293.45M187.72M1.09B899.83M772.73M966.63M1.2B884.32M1.07B
Long-Term Debt1.19B1.43B1.68B1.68B1.69B1.69B1.69B1.69B2.09B
Short-Term Debt0000000080.67M
Other Liabilities797.49M704.11M623.48M847.94M1.1B824.08M854.28M938.81M1.23B
Total Current Liabilities1.63B1.8B1.91B1.83B2.15B1.56B1.03B896.78M80.67M
Total Non-Current Liabilities2.04B2.22B3.05B3.14B3.34B3.03B3.03B3.13B3.87B
Total Liabilities3.67B4.03B4.98B4.97B5.49B4.59B4.07B4.03B3.95B
Total Equity
1.26B▲ 0%
970.09M▼ 23.0%
681.57M▼ 29.7%
999.43M▲ 46.6%
1.65B▲ 65.4%
1.26B▼ 23.8%
569.86M▼ 54.7%
764.78M▲ 34.2%
989.13M▲ 29.3%
Equity Growth %-2.6%-23.02%-29.74%46.64%65.39%-23.84%-54.73%34.2%29.33%
Equity / Assets (Capital Ratio)25.58%19.41%12.03%16.74%23.13%21.51%12.29%15.95%20.02%
Return on Equity (ROE)19.86%47.27%34.69%47.88%39.82%24.56%-8.25%41.95%27.01%
Book Value per Share9.517.485.878.8114.5412.466.407.479.30
Tangible BV per Share6.564.582.655.4211.208.731.973.635.58
Common Stock1.3M1.3M1.13M1.13M1.13M1.13M1.13M1.13M1.12M
Additional Paid-in Capital788.14M750.69M41.02M135.44M144.73M167.89M247.2M327.81M340.35M
Retained Earnings1.08B1.2B1.19B1.3B1.56B1.68B1.4B1.47B1.49B
Accumulated OCI-232.56M-273.82M-293.65M-238.37M-223.85M-295.85M-289.95M-326.74M-271.51M
Treasury Stock-437.53M-756.88M-332.08M-281.81M-507.43M-993.41M-937.26M-838.07M-684.41M
Preferred Stock1.31M00000000

LAZ Cash Flow Statement

Lazard Ltd (LAZ) cash flow — operating, investing & free cash flow history

Line itemDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25
Cash from Operations1.03B699.04M677.95M575.93M866.08M833.98M164.66M742.83M537.18M
Operating CF Growth %62.68%-32.07%-3.02%-15.05%50.38%-3.71%-80.26%351.12%-27.68%
Net Income253.58M527.13M286.5M402.69M542.54M392.48M-75.48M273.03M230.91M
Depreciation & Amortization41.01M34.1M54.98M36.89M112.4M103.02M43.19M36.28M34.19M
Deferred Taxes298.62M38.89M24.87M47.15M92.84M41.5M-124.96M2.83M0
Other Non-Cash Items6.26M-4.05M77.27M64.28M23.64M32K562.78M-34.06M547.1M
Working Capital Changes70.26M-268.46M-131.49M-322M-299.47M-109.29M-240.87M16.27M-275.02M
Cash from Investing-26.92M-46.21M-42.25M-62.94M-39.06M-56.44M-38.32M134.07M-78.28M
Purchase of Investments00-2.27M-1.77M-976K-1.09M0-115.84M0
Sale/Maturity of Investments01.71M1.76M423K334K514K0100M3.71M
Net Investment Activity01.71M-509K-1.35M-642K-573K0-15.84M3.71M
Acquisitions750K3.38M509K1.35M642K573K-10.52M00
Other Investing0-1.71M509K1.35M642K-6.93M490K149.91M-50.04M
Cash from Financing-740.39M-726.1M-444.05M-547.35M195.84M-1.38B-1.57B-439.67M-467.34M
Dividends Paid-341.45M-359.64M-254.92M-196.6M-195.94M-181.88M-173.07M-179.02M-186.58M
Share Repurchases-306.74M-552.87M-494.69M-95.23M-406.15M-691.71M-102.05M-59.5M-91.01M
Stock Issued0000575M0000
Net Stock Activity-306.74M-552.87M-494.69M-95.23M168.85M-691.71M-102.05M-59.5M-91.01M
Debt Issuance (Net)-1000K1000K1000K0000-1000K1000K
Other Financing-84.86M-49.02M69.28M-255.53M222.93M-508.45M-1.3B-197.96M-191.4M
Net Change in Cash
325.05M▲ 0%
-162.92M▼ 150.1%
163.67M▲ 200.5%
113.27M▼ 30.8%
861.19M▲ 660.3%
-790.61M▼ 191.8%
-1.41B▼ 78.9%
384.38M▲ 127.2%
162.75M▼ 57.7%
Exchange Rate Effect76.92M-89.65M-27.98M147.63M-161.67M-186.13M30.44M-52.85M171.19M
Cash at Beginning1.16B2.45B2.29B2.46B2.57B3.43B2.64B1.22B1.34B
Cash at End1.48B2.29B2.46B2.57B3.43B2.64B1.22B1.61B1.5B
Interest Paid49.6M50.81M70.4M78.26M77.99M77.44M73.68M84.42M0
Income Taxes Paid48.74M101.67M89.45M43.75M74.09M144.31M44.23M33.97M0
Free Cash Flow
987.77M▲ 0%
649.45M▼ 34.3%
635.2M▼ 2.2%
511.64M▼ 19.5%
826.38M▲ 61.5%
784.47M▼ 5.1%
136.37M▼ 82.6%
697.33M▲ 411.4%
505.23M▼ 27.5%
FCF Growth %75.59%-34.25%-2.19%-19.45%61.51%-5.07%-82.62%411.37%-27.55%

LAZ Banking Ratios

Lazard Ltd (LAZ) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric2016201720182019202020212022202320242025
Return on Equity (ROE)29.14%19.86%47.27%34.69%47.88%39.82%24.56%-8.25%41.95%27.01%
Return on Assets (ROA)8.57%5.35%10.62%5.37%6.92%8.05%5.5%-1.44%5.94%4.87%
Net Interest Margin-0.99%-0.94%-0.91%-1.14%-1.26%-1.05%-0.89%-0.77%-0.72%-0.99%
Efficiency Ratio21.88%13.1%23.55%26.22%22.27%19.84%23.09%26.85%22.57%18.76%
Equity / Assets28.39%25.58%19.41%12.03%16.74%23.13%21.51%12.29%15.95%20.02%
Book Value / Share9.759.517.485.878.8114.5412.466.47.479.3
NII Growth1.77%-2.92%2.2%-41.99%-16.41%-0.34%30.78%31.53%3.33%-42.55%
Dividend Payout86.7%134.65%68.23%88.98%48.85%37.11%50.87%-63.95%78.78%

LAZ SEC Filings & Documents

Lazard Ltd (LAZ) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 1, 2026·SEC

Material company update

Apr 30, 2026·SEC

Material company update

Feb 2, 2026·SEC

10-K Annual Reports

3
FY 2026

Feb 23, 2026·SEC

FY 2025

Feb 24, 2025·SEC

FY 2024

Feb 23, 2024·SEC

10-Q Quarterly Reports

6
FY 2025

Oct 27, 2025·SEC

FY 2025

Jul 25, 2025·SEC

FY 2025

May 1, 2025·SEC

LAZ Frequently Asked Questions

Lazard Ltd (LAZ) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Lazard Ltd (LAZ) grew revenue by 3.2% over the past year. Growth has been modest.

Yes, Lazard Ltd (LAZ) is profitable, generating $236.8M in net income for fiscal year 2025 (7.4% net margin).

Dividend & Returns

Yes, Lazard Ltd (LAZ) pays a dividend with a yield of 3.89%. This makes it attractive for income-focused investors.

Lazard Ltd (LAZ) has a return on equity (ROE) of 27.0%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Lazard Ltd (LAZ) has a net interest margin (NIM) of -1.0%. NIM has been under pressure due to interest rate environment.

Lazard Ltd (LAZ) has an efficiency ratio of 18.8%. This is excellent, indicating strong cost control.

Explore More LAZ

Lazard Ltd (LAZ) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

→

Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

→
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