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LAZ

Lazard Ltd

LAZ

Lazard Ltd • NYSE
$50.50 ▲ 0.16% (+0.08)
Market Cap $4.79 B
52w High $58.87
52w Low $31.97
Dividend Yield 2.00%
P/E 20.04
Volume 288.26K
Outstanding Shares 94.88M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $782.426M ▼ $170.686M ▼ $71.247M ▲ 9.106% ▲ $0.73 ▲ $39.943M ▼
Q2-2025 $807.953M ▲ $195.664M ▲ $55.346M ▼ 6.85% ▼ $0.56 ▼ $122.871M ▲
Q1-2025 $657.502M ▼ $172.597M ▼ $60.375M ▼ 9.182% ▼ $0.61 ▼ $84.191M ▼
Q4-2024 $824.744M ▲ $183.237M ▲ $86.31M ▼ 10.465% ▼ $0.89 ▼ $138.041M ▼
Q3-2024 $792.409M $165.817M $107.938M 13.622% $1.13 $192.753M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.39B ▲ $4.634B ▲ $3.677B ▲ $841.522M ▲
Q2-2025 $1.215B ▲ $4.493B ▲ $3.623B ▲ $741.603M ▲
Q1-2025 $1.174B ▼ $4.232B ▼ $3.5B ▼ $603.028M ▼
Q4-2024 $1.577B ▲ $4.794B ▼ $4.029B ▼ $636.24M ▲
Q3-2024 $1.479B $4.82B $4.056B $624.273M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $73.5M ▲ $287.473M ▲ $-14.936M ▲ $-97.411M ▼ $194.735M ▲ $312.983M ▲
Q2-2025 $61.317M ▼ $49.68M ▲ $-26.321M ▼ $-39.974M ▲ $40.526M ▲ $37.994M ▲
Q1-2025 $61.989M ▼ $-217.526M ▼ $-22.693M ▼ $-191.574M ▲ $-401.586M ▼ $-231.35M ▼
Q4-2024 $84.156M ▼ $362.854M ▼ $34.257M ▼ $-233.873M ▼ $95.629M ▼ $347.981M ▼
Q3-2024 $105.359M $383.735M $209.298M $-111.671M $519.302M $396.796M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Asset Management
Asset Management
 $290.00M ▲$260.00M ▼$280.00M ▲$310.00M ▲
Financial Advisory Fees
Financial Advisory Fees
 $520.00M ▲$360.00M ▼$490.00M ▲$430.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Lazard’s revenue has been cyclical but generally resilient, with a noticeable soft patch in 2023 followed by a solid rebound in 2024. Profitability weakened meaningfully during that downturn, even slipping into a small loss, but margins have recovered as activity picked up again. Still, earnings are not yet back to the strong levels seen a few years ago, suggesting the firm is in a rebuilding phase rather than fully back to peak performance. Overall, the trend shows a business that can bounce back after market slowdowns, but with earnings still sensitive to deal flow and market conditions.

Balance Sheet

Balance Sheet The balance sheet looks relatively stable, with total assets drifting down from earlier highs and then inching up again more recently. Cash levels have improved from the prior year’s low, which provides some flexibility, though not an unlimited buffer. Debt has remained broadly steady over time, so leverage has become more noticeable as equity shrank during weaker years and is now recovering. Equity has started to rebuild, but it remains below prior peaks, which underlines that the firm is still restoring its financial cushion after a tougher period.

Cash Flow

Cash Flow Lazard’s cash generation is a key strength. Operating cash flow dipped sharply during the recent weak year but has since recovered to more historically normal levels. Free cash flow has generally tracked this pattern, remaining positive even in challenging conditions, helped by relatively modest spending on property and equipment. This pattern suggests that the business can continue to fund itself and invest selectively through cycles, although cash flows will likely remain tied to broader capital markets activity.

Competitive Edge

Competitive Edge Lazard’s main edge lies in its reputation as an independent, advice‑focused firm without the conflicts that can come from lending or trading businesses. Its long history, global reach, and concentration of senior expertise give it strong credibility on complex cross‑border M&A, restructurings, and sovereign advisory work. A balanced mix of advisory and asset management, plus a meaningful restructuring franchise, helps cushion the business when regular deal activity slows. Newer, specialized offerings—such as geopolitical advisory, ESG and activism advice, and differentiated asset management strategies—further deepen relationships with boards and governments and support its positioning against larger universal banks and boutique rivals.

Innovation and R&D

Innovation and R&D Lazard is leaning into technology, particularly artificial intelligence, as part of its long‑term “Lazard 2030” plan. The development of in‑house tools like “LazardGPT” and the use of AI “champions” inside the firm show a structured effort to embed data‑driven tools in research, client work, and internal productivity. At the same time, the firm is innovating in its service offering, building out areas like geopolitical risk, private capital advisory, and specialized ESG advice. The big open question is execution: whether these initiatives can meaningfully boost productivity, deepen client relationships, and ultimately support the ambitious goal of significantly growing revenue by the end of the decade.

Summary

Lazard appears to be emerging from a mid‑cycle slump: revenues and profits weakened notably in 2023 but have rebounded, though not yet to earlier highs. The balance sheet and cash flows look sound enough to support ongoing investment, with steady debt levels and improving cash, despite some past pressure on equity. Strategically, the firm benefits from a strong brand, an independent advisory model, and a business mix that provides some resilience across market cycles. Its 2030 plan, AI initiatives, and expansion into geopolitical and private capital advisory reflect a clear push to modernize and diversify its revenue base. The main factors to monitor are the sustainability of the current earnings recovery and how effectively Lazard converts its innovation and strategic ambitions into durable, higher‑quality profitability over time.

NEWS

November 25, 2025 · 7:45 AM UTC

Lazard Bolsters Global Industrials Practice by Adding Three New Managing Directors

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November 24, 2025 · 4:40 PM UTC

Lazard Global Total Return and Income Fund Declares Monthly Distribution and Issues Estimated Sources of the Distribution Announced in October

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November 20, 2025 · 8:00 AM UTC

Lazard CEO and Chairman Peter R. Orszag to Speak at the 2025 Goldman Sachs U.S. Financial Services Conference

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November 12, 2025 · 6:45 AM UTC

Lazard Reports October 2025 Assets Under Management

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October 23, 2025 · 6:30 AM UTC

Lazard Reports Third Quarter and Nine Month 2025 Results

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