Lazard Ltd (LAZ) 10-Year Financial Performance & Capital Metrics

LAZ • • Banking & Credit

Financial ServicesCapital MarketsInvestment Banking & AdvisoryBoutique Advisory Firms

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 -$34M +3.3%
Total Revenue $3.09B +21.0%
Net Income $280M +470.8%
Return on Equity 41.95% +608.1%
Net Interest Margin -0.72% +6.5%
Efficiency Ratio 22.57% -15.9%
ROA 5.94% +512.5%
Equity / Assets 15.95% +29.8%
Book Value per Share 7.47 +16.6%
Tangible BV/Share 3.63 +84.4%
Debt/Equity 2.87 -24.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Strong Piotroski F-Score: 8/9
✓Efficient operations: 22.6% efficiency ratio
✓Well capitalized: 16.0% equity/assets
✓Good 3Y average ROE of 19.4%
✓Healthy dividend yield of 3.3%
✓Diversified revenue: 98.3% from non-interest income

✗Weaknesses

✗High debt to equity ratio of 2.9x
✗Weak NIM of -0.7%
✗Shares diluted 15.1% in last year

Price & Volume

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Growth Metrics

Revenue CAGR

10Y2.73%

5Y3.09%

3Y-1.89%

TTM-

Profit (Net Income) CAGR

10Y-4.14%

5Y-0.46%

3Y-19.07%

TTM6.26%

EPS CAGR

10Y-1.76%

5Y1.89%

3Y-16.66%

TTM1.59%

ROCE

10Y Avg12.06%

5Y Avg9.6%

3Y Avg6.47%

Latest10.31%

Peer Comparison

Boutique Advisory Firms

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
MCMoelis & Company	5.75B	77.75	43.68	39.75%	11.39%	37.92%	7.22%	0.47
EVREvercore Inc.	14.82B	383.12	42.19	22.67%	12.62%	25.34%	6.47%	0.48
PJTPJT Partners Inc.	4.54B	186.67	37.94	29.48%	9%	19.14%	11.63%	0.39
PIPRPiper Sandler Companies	6.23B	374.50	36.57	13.08%	12.23%	16.16%	4.78%	0.07
HLIHoulihan Lokey, Inc.	10.35B	189.78	32.61	24.81%	16.73%	18.98%	7.82%	0.20
LAZLazard Ltd	5.1B	53.75	20.06	20.98%	9.07%	28.55%	13.67%	2.87
MDBHMDB Capital Holdings, LLC Class A common	18.63M	3.63	1.37	-47.54%	5.27%	19.16%		0.01
WAITop KingWin Ltd	3.63M	2.18	-0.22	-31.16%	-231.43%	-40.27%		0.07

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Net Interest Income+	-45.87M	-45.06M	-46.37M	-45.35M	-64.4M	-74.97M	-75.22M	-52.06M	-35.65M	-34.46M
NII Growth %	0.2%	0.02%	-0.03%	0.02%	-0.42%	-0.16%	-0%	0.31%	0.32%	0.03%
Net Interest Margin %	-	-	-	-	-	-	-	-	-	-
Interest Income	5.29M	5.23M	7.14M	13.13M	15.79M	5.67M	5.55M	29.46M	42.02M	53.6M
Interest Expense	51.16M	50.29M	53.52M	58.48M	80.19M	80.63M	80.77M	81.52M	77.67M	88.07M
Loan Loss Provision	1.27B	1.29B	1.46B	1.46B	1.48B	1.47B	1.82B	1.57B	1.87B	1.92B
Non-Interest Income+	2.39B	2.37B	2.68B	2.86B	2.64B	2.64B	3.26B	2.8B	2.51B	3.03B
Non-Interest Income %	-	-	-	-	-	-	-	-	-	-
Total Revenue+	2.4B	2.38B	2.69B	2.87B	2.65B	2.64B	3.27B	2.83B	2.55B	3.09B
Revenue Growth %	0.02%	-0.01%	0.13%	0.07%	-0.08%	-0%	0.24%	-0.14%	-0.1%	0.21%
Non-Interest Expense	1.1B	520.43M	352.37M	676.21M	695.08M	588.28M	648.56M	652.34M	685.09M	696.62M
Efficiency Ratio	-	-	-	-	-	-	-	-	-	-
Operating Income+	-16.62M	517.46M	825.45M	680.77M	392.7M	502.14M	723.85M	516.85M	-79.96M	386.47M
Operating Margin %	-	-	-	-	-	-	-	-	-	-
Operating Income Growth %	-1.03%	32.13%	0.6%	-0.18%	-0.42%	0.28%	0.44%	-0.29%	-1.15%	5.83%
Pretax Income+	-16.62M	517.46M	825.45M	680.77M	392.7M	502.14M	723.85M	516.85M	-79.96M	386.47M
Pretax Margin %	-	-	-	-	-	-	-	-	-	-
Income Tax+	-1.01B	123.77M	565.6M	148.32M	94.98M	99.45M	181.3M	124.36M	-22.65M	99.76M
Effective Tax Rate %	-	-	-	-	-	-	-	-	-	-
Net Income+	986.37M	387.7M	253.58M	527.13M	286.5M	402.46M	528.06M	357.52M	-75.48M	279.91M
Net Margin %	-	-	-	-	-	-	-	-	-	-
Net Income Growth %	1.31%	-0.61%	-0.35%	1.08%	-0.46%	0.4%	0.31%	-0.32%	-1.21%	4.71%
Net Income (Continuing)	992.93M	393.69M	259.85M	532.45M	297.72M	402.69M	542.54M	392.48M	-57.31M	286.71M
EPS (Diluted)+	7.40	2.92	1.91	4.06	2.44	3.54	4.63	3.51	-0.90	2.68
EPS Growth %	1.31%	-0.61%	-0.35%	1.13%	-0.4%	0.45%	0.31%	-0.24%	-1.26%	3.98%
EPS (Basic)	7.87	3.11	2.09	4.43	2.57	3.69	4.90	3.68	-0.90	2.93
Diluted Shares Outstanding	133.25M	132.63M	132.48M	129.77M	116.08M	113.48M	113.67M	101M	88.99M	102.39M

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash & Short Term Investments+	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Cash & Due from Banks	1.13B	1.16B	1.48B	1.25B	1.23B	1.39B	1.47B	1.23B	971.32M	1.31B
Short Term Investments	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K	1000K
Total Investments+	931.77M	879.09M	1.36B	1.58B	1.71B	1.79B	2.31B	1.42B	859.86M	824.4M
Investments Growth %	0.13%	-0.06%	0.55%	0.16%	0.08%	0.05%	0.29%	-0.38%	-0.4%	-0.04%
Long-Term Investments	541.91M	459.42M	427.19M	575.15M	532M	658.53M	957.58M	642.03M	640.28M	555.72M
Accounts Receivables	0	0	0	0	0	0	1000K	1000K	1000K	1000K
Goodwill & Intangibles+	-	-	-	-	-	-	-	-	-	-
Goodwill	320.76M	373.12M	385.29M	371.56M	371.77M	383.86M	379.42M	377.24M	394.9M	393.57M
Intangible Assets	6.21M	8.91M	6.07M	3.76M	1.82M	210K	150K	90K	30K	0
PP&E (Net)	207.16M	209.02M	205.3M	212.95M	551.5M	513.92M	716.06M	681.68M	639.73M	595.34M
Other Assets	226.01M	184.5M	228.14M	258.63M	477.04M	564.92M	135.4M	451.7M	173.07M	152.86M
Total Current Assets	2.05B	2.36B	3.18B	2.98B	3.12B	3.31B	4.52B	3.29B	2.29B	2.62B
Total Non-Current Assets	2.43B	2.31B	1.9B	2.02B	2.55B	2.66B	2.62B	2.56B	2.35B	2.18B
Total Assets+	4.49B	4.56B	4.93B	5B	5.66B	5.97B	7.15B	5.85B	4.64B	4.79B
Asset Growth %	0.34%	0.02%	0.08%	0.01%	0.13%	0.05%	0.2%	-0.18%	-0.21%	0.03%
Return on Assets (ROA)	0.25%	0.09%	0.05%	0.11%	0.05%	0.07%	0.08%	0.06%	-0.01%	0.06%
Accounts Payable	0	0	0	0	0	0	0	0	0	0
Total Debt+	998.35M	1.19B	1.19B	1.43B	2.32B	2.29B	2.24B	2.2B	2.18B	2.19B
Net Debt	-133.7M	37.02M	-293.45M	187.72M	1.09B	899.83M	772.73M	966.63M	1.2B	884.32M
Long-Term Debt	989.36M	1.19B	1.19B	1.43B	1.68B	1.68B	1.69B	1.69B	1.69B	1.69B
Short-Term Debt	0	0	0	0	0	0	0	0	0	0
Other Liabilities	772.06M	776.4M	797.49M	704.11M	623.48M	847.94M	1.1B	824.08M	854.28M	938.81M
Total Current Liabilities	1.3B	1.25B	1.63B	1.8B	1.91B	1.83B	2.15B	1.56B	1.03B	896.78M
Total Non-Current Liabilities	1.81B	2.02B	2.04B	2.22B	3.05B	3.14B	3.34B	3.03B	3.03B	3.13B
Total Liabilities	3.12B	3.26B	3.67B	4.03B	4.98B	4.97B	5.49B	4.59B	4.07B	4.03B
Total Equity+	1.37B	1.29B	1.26B	970.09M	681.57M	999.43M	1.65B	1.26B	569.86M	764.78M
Equity Growth %	0.78%	-0.05%	-0.03%	-0.23%	-0.3%	0.47%	0.65%	-0.24%	-0.55%	0.34%
Equity / Assets (Capital Ratio)	-	-	-	-	-	-	-	-	-	-
Return on Equity (ROE)	0.92%	0.29%	0.2%	0.47%	0.35%	0.48%	0.4%	0.25%	-0.08%	0.42%
Book Value per Share	10.26	9.75	9.51	7.48	5.87	8.81	14.54	12.46	6.40	7.47
Tangible BV per Share	-	-	-	-	-	-	-	-	-	-
Common Stock	1.3M	1.3M	1.3M	1.3M	1.13M	1.13M	1.13M	1.13M	1.13M	1.13M
Additional Paid-in Capital	600.03M	688.23M	788.14M	750.69M	41.02M	135.44M	144.73M	167.89M	247.2M	327.81M
Retained Earnings	1.12B	1.13B	1.08B	1.2B	1.19B	1.3B	1.56B	1.68B	1.4B	1.47B
Accumulated OCI	-234.36M	-314.22M	-232.56M	-273.82M	-293.65M	-238.37M	-223.85M	-295.85M	-289.95M	-326.74M
Treasury Stock	-177.25M	-273.51M	-437.53M	-756.88M	-332.08M	-281.81M	-507.43M	-993.41M	-937.26M	-838.07M
Preferred Stock	0	1.13B	1.31M	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	887.3M	632.6M	1.03B	699.04M	677.95M	575.93M	866.08M	833.98M	164.66M	742.83M
Operating CF Growth %	0.21%	-0.29%	0.63%	-0.32%	-0.03%	-0.15%	0.5%	-0.04%	-0.8%	3.51%
Net Income	986.37M	387.7M	253.58M	527.13M	286.5M	402.69M	542.54M	392.48M	-75.48M	273.03M
Depreciation & Amortization	38.61M	68.51M	41.01M	34.1M	54.98M	36.89M	112.4M	103.02M	43.19M	36.28M
Deferred Taxes	-553.09M	63.66M	298.62M	38.89M	24.87M	47.15M	92.84M	41.5M	-124.96M	2.83M
Other Non-Cash Items	42.39M	-10.72M	6.26M	-4.05M	77.27M	64.28M	23.64M	32K	562.78M	-34.06M
Working Capital Changes	52.55M	-218.37M	70.26M	-268.46M	-131.49M	-322M	-299.47M	-109.29M	-240.87M	16.27M
Cash from Investing+	-25.95M	-37.65M	-26.92M	-46.21M	-42.25M	-62.94M	-39.06M	-56.44M	-38.32M	134.07M
Purchase of Investments	0	0	0	0	-2.27M	-1.77M	-976K	-1.09M	0	-115.84M
Sale/Maturity of Investments	0	0	0	1000K	1000K	423K	334K	514K	0	1000K
Net Investment Activity	-	-	-	-	-	-	-	-	-	-
Acquisitions	0	-12.67M	750K	3.38M	509K	1.35M	642K	573K	-10.52M	0
Other Investing	677K	13.76M	0	-1.71M	509K	1.35M	642K	-6.93M	490K	149.91M
Cash from Financing+	-746.8M	-486.95M	-740.39M	-726.1M	-444.05M	-547.35M	195.84M	-1.38B	-1.57B	-439.67M
Dividends Paid	-290.68M	-336.14M	-341.45M	-359.64M	-254.92M	-196.6M	-195.94M	-181.88M	-173.07M	-179.02M
Share Repurchases	-172.77M	-300.22M	-306.74M	-552.87M	-494.69M	-95.23M	-406.15M	-691.71M	-102.05M	-59.5M
Stock Issued	0	0	0	0	0	0	575M	0	0	0
Net Stock Activity	-	-	-	-	-	-	-	-	-	-
Debt Issuance (Net)	-1000K	1000K	-1000K	1000K	1000K	0	0	0	0	-1000K
Other Financing	-168.7M	-44.29M	-84.86M	-49.02M	69.28M	-255.53M	222.93M	-508.45M	-1.3B	-197.96M
Net Change in Cash+	65.5M	26.7M	325.05M	-162.92M	163.67M	113.27M	861.19M	-790.61M	-1.41B	384.38M
Exchange Rate Effect	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K	-1000K	1000K	-1000K
Cash at Beginning	1.07B	1.13B	1.16B	2.45B	2.29B	2.46B	2.57B	3.43B	2.64B	1.22B
Cash at End	1.13B	1.16B	1.48B	2.29B	2.46B	2.57B	3.43B	2.64B	1.22B	1.61B
Interest Paid	45.36M	46.26M	49.6M	50.81M	70.4M	78.26M	77.99M	77.44M	73.68M	84.42M
Income Taxes Paid	60.72M	72.42M	48.74M	101.67M	89.45M	43.75M	74.09M	144.31M	44.23M	33.97M
Free Cash Flow+	860.67M	562.54M	987.77M	649.45M	635.2M	511.64M	826.38M	784.47M	136.37M	697.33M
FCF Growth %	0.21%	-0.35%	0.76%	-0.34%	-0.02%	-0.19%	0.62%	-0.05%	-0.83%	4.11%

Banking Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	92.32%	29.14%	19.86%	47.27%	34.69%	47.88%	39.82%	24.56%	-8.25%	41.95%
Return on Assets (ROA)	25.17%	8.57%	5.35%	10.62%	5.37%	6.92%	8.05%	5.5%	-1.44%	5.94%
Net Interest Margin	-1.02%	-0.99%	-0.94%	-0.91%	-1.14%	-1.26%	-1.05%	-0.89%	-0.77%	-0.72%
Efficiency Ratio	45.69%	21.88%	13.1%	23.55%	26.22%	22.27%	19.84%	23.09%	26.85%	22.57%
Equity / Assets	30.47%	28.39%	25.58%	19.41%	12.03%	16.74%	23.13%	21.51%	12.29%	15.95%
Book Value / Share	10.26	9.75	9.51	7.48	5.87	8.81	14.54	12.46	6.4	7.47
NII Growth	19.82%	1.77%	-2.92%	2.2%	-41.99%	-16.41%	-0.34%	30.78%	31.53%	3.33%
Dividend Payout	29.47%	86.7%	134.65%	68.23%	88.98%	48.85%	37.11%	50.87%	-	63.95%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Financial Advisory Fees	-	-	-	1.55B	-	1.42B	1.79B	1.66B	1.38B	1.75B
Financial Advisory Fees Growth	-	-	-	-	-	-	25.98%	-7.13%	-16.59%	26.26%
Asset Management	-	-	-	-	-	-	-	-	1.08B	1.12B
Asset Management Growth	-	-	-	-	-	-	-	-	-	3.46%
Asset Management1	-	-	-	1.27B	1.18B	1.12B	1.35B	1.13B	-	-
Asset Management1 Growth	-	-	-	-	-6.90%	-5.37%	21.23%	-16.88%	-	-
Other Types Of Revenue	-	-	-	49.19M	98.89M	-	-	-	-	-
Other Types Of Revenue Growth	-	-	-	-	101.03%	-	-	-	-	-
Financial Advisory	1.28B	1.3B	1.39B	-	-	-	-	-	-	-
Financial Advisory Growth	-	1.67%	6.66%	-	-	-	-	-	-	-
Asset Management	1.11B	1.05B	1.26B	-	-	-	-	-	-	-
Asset Management Growth	-	-5.38%	19.45%	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Americas	-	-	1.56B	1.62B	1.54B	1.53B	1.78B	1.49B	1.19B	1.54B
Americas Growth	-	-	-	3.70%	-4.44%	-0.90%	16.39%	-16.50%	-19.77%	28.77%
EMEA	-	-	-	-	-	-	-	-	1.16B	1.36B
EMEA Growth	-	-	-	-	-	-	-	-	-	17.10%
Asia Pacific	-	-	182.72M	187.62M	169.7M	150.11M	161.18M	149.88M	160.38M	154.75M
Asia Pacific Growth	-	-	-	2.69%	-9.55%	-11.54%	7.37%	-7.01%	7.01%	-3.51%
E M E A	-	-	903.52M	1.02B	873.01M	885.92M	1.25B	1.14B	-	-
E M E A Growth	-	-	-	13.22%	-14.66%	1.48%	41.22%	-9.15%	-	-
UNITED STATES	1.31B	1.37B	-	-	-	-	-	-	-	-
UNITED STATES Growth	-	4.80%	-	-	-	-	-	-	-	-
FRANCE	350.84M	311.03M	-	-	-	-	-	-	-	-
FRANCE Growth	-	-11.35%	-	-	-	-	-	-	-	-
Other Western Europe	151.89M	168.33M	-	-	-	-	-	-	-	-
Other Western Europe Growth	-	10.82%	-	-	-	-	-	-	-	-
Rest Of World	233.23M	167.04M	-	-	-	-	-	-	-	-
Rest Of World Growth	-	-28.38%	-	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Lazard Ltd (LAZ) has a price-to-earnings (P/E) ratio of 20.1x. This is roughly in line with market averages.

Growth & Financials

Lazard Ltd (LAZ) grew revenue by 21.0% over the past year. This is strong growth.

Yes, Lazard Ltd (LAZ) is profitable, generating $273.3M in net income for fiscal year 2024 (9.1% net margin).

Dividend & Returns

Yes, Lazard Ltd (LAZ) pays a dividend with a yield of 3.25%. This makes it attractive for income-focused investors.

Lazard Ltd (LAZ) has a return on equity (ROE) of 41.9%. This is excellent, indicating efficient use of shareholder capital.

Industry Metrics

Lazard Ltd (LAZ) has a net interest margin (NIM) of -0.7%. NIM has been under pressure due to interest rate environment.

Lazard Ltd (LAZ) has an efficiency ratio of 22.6%. This is excellent, indicating strong cost control.

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