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Lazard, Inc. (LAZ) stock

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NYSE: LAZ NYSE Investment Banking & Brokerage Next results ~January 28, 2027

C Fundamentals grade

Lazard, Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$40

Valuation models combined (4)

Base case. Range ~$27–$47. Weighted average of 4 models (forward price-to-earnings vs peers, residual income, justified price-to-book, dividend discount (two-stage)), the forward price-to-earnings vs peers counting double.

Price vs value

Modestly undervalued

The price is inside our value range, 2% below our base value.

Price used: $39.16, November 2, 2026

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 2 selling0 purchases and 5 sales by directors and officers, last 12 monthsInsider trades
  • Funds174 adding, 158 cuttingOf 43 active managers that changed their stake, 14 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Lazard files

10-Q filed October 26: Lazard

Revenue for the twelve months to September 2026 was $3.38bn, up 9.0% on a year earlier, faster than the 5.6% growth a quarter earlier. That puts it 18 of 21 for growth among the investment banking & brokerage companies we cover.

Source: 10-Q filed October 26, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 28: Lazard

Revenue reached $3.38bn in the twelve months to June 2026, a gain of 9.0% on the prior year. That marks an acceleration from the 5.6% rate recorded a quarter earlier. On the back of this improvement, the fundamentals grade moves up a notch, from E to D. Our model value is little changed at $34.02 a share. The shares, meanwhile, trade at $37.80, leaving them above that estimate. Given the gap, the rating stays Hold.

10-Q on SEC EDGAR

Where Lazard stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $3.31bn, up 5.6% on a year earlier, slower than 9.0% a quarter earlier. The diluted share count is up 2.5% on a year earlier, which dilutes existing holders. Our valuation models combined value is $32.88 a share, against a share price of $36.71.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Lazard, Inc.'s trailing-twelve-month revenue grew 9.0% year on year, with a free-cash-flow margin of 20.3%. Where it stands out: operating margin of 7.9% ranks 4 of 17 investment banking & brokerage companies we cover. Where it lags: stock pay as % of revenue of 12.3% ranks 29 of 36 investment banking & brokerage companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 55.9% while net income fell 32.4%: a 88pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Strengths

  • Growth speeding up. The growth rate is 3.4 points higher than a quarter earlier.
  • Strong cash generation. 20.3% of revenue turned into free cash flow.

Things to watch

  • Margins narrowing. Operating margin is down 3.4 points on a year ago.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 12.3% ranks 29 of 36 investment banking & brokerage companies we cover (median 4.8%).
  • Heavily shorted. 10.3% of the shares available to trade are sold short (4.3 days of average volume to cover).
  • Missing expectations. Earnings per share fell short of the consensus estimate in 3 of the last four quarters.
  • Estimates being cut. Analysts' consensus for next year's earnings per share has fallen 16.4% over 90 days.

Latest results: FY2026 Q3

Filed October 26, 2026
Earnings per share
$0.36 against an average estimate of $0.41: missed by 13.0%
Revenue
$836m, up 8.5% on a year earlier
Next report
October 22, 2026; average EPS estimate $0.25

Lazard's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.5%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
7.9%
Net margin
5.5%
EPS (TTM, diluted)
$1.72

Growth

Revenue growth
+9.0%
Change in growth rate
+3.4 pts
Share count change
+1.2%

Earnings

Last results
October 22, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 3, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement
  2. Deal
  3. Our research
  4. Results
  5. Leadership
  6. Insider trade
  7. Results
  8. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$40
Price used
$38.68close November 3, 2026
Implied change
▲ +4%
Uncertainty
Medium

How we got here: the combined value of 4 valuation models built for a business like Lazard, Inc. (see the models table below and how they are combined) , with a 9.45% cost of equity. The models span ~$27–~$47; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Valuation models

We value Lazard, Inc. as an asset manager, broker or exchange, with every model that fits that kind of business. Cost of equity 9.5%: the 10-year Treasury yield (4.9%) plus a beta of 1 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$47 ~$36–$74 Primary model, counts double
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$27 ~$23–$33 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$39 ~$34–$46 Included
Price-to-book vs peers Book value per share times peers' typical (harmonic-mean) price-to-book. ~$0.9 ~$9.1–$38 Left out: out of range vs price (0.02x)
Dividend discount (two-stage) Dividends for five years at the growth the business can fund, then a steady payout and growth. ~$40 ~$34–$48 Included
Combined value Weighted average of the models that apply: the primary model (forward price-to-earnings vs peers) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$40 ~$27–$47 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Lazard, Inc. with brokers, investment banks and exchanges in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Moat

51 /100

Moderate moat

How hard Lazard's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 5.9% of total assets over 10 years.

  • Durability 5 / 20

    Operating margin has been a median 16.4%; its worst year was -3.1%.

  • Discipline 9 / 20

    The diluted share count fell 6.2% over five years; stock-based pay has been a median 9.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (56 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Analysts' consensus

Lazard, Inc.: consensus estimates
Fiscal yearEPSGrowthRevenueGrowth
Current $1.25 −49% $3.3bn +8%
Next $3.21 +156% $3.9bn +20%

Next year's EPS estimate has moved −16.4% in 90 days, across 10 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −43.6% on 90 days ago. In the last 30 days, 1 analyst raised Lazard, Inc.'s forecast and 5 cut it.

Consensus EPS forecast Lazard, Inc., last 90 days
$0.00 $1.00 $2.00 $3.00 $4.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.23 Current fiscal year, 60 days ago: $2.23 Current fiscal year, 30 days ago: $2.23 Current fiscal year, 7 days ago: $2.05 Current fiscal year, Now: $1.25 $1.25 Next fiscal year, 90 days ago: $3.85 Next fiscal year, 60 days ago: $3.85 Next fiscal year, 30 days ago: $3.85 Next fiscal year, 7 days ago: $3.57 Next fiscal year, Now: $3.21 $3.21

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.23$3.85
60 days ago $2.23$3.85
30 days ago $2.23$3.85
7 days ago $2.05$3.57
Now $1.25$3.21

Earnings against estimates

Lazard, Inc.: reported EPS against the consensus estimate
Quarter toEstimateActualSurprise
Sept 2026 $0.41 $0.36 −13.0%
Jun 2026 $0.35 $0.12 −66.0%
Mar 2026 $0.51 $0.42 −17.2%
Dec 2025 $0.69 $0.80 +16.2%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, October 22, 2026

No numeric guidance in Lazard, Inc.'s latest earnings release (filed October 22, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

10 analysts, Oct 2026
Buy440%
Hold440%
Sell220%

Monthly trend

  1. Oct 2026134210
  2. Sep 2026134210
  3. Aug 2026134210

Counts of recommendations published by analysts covering Lazard, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
10.3%
of tradable shares
Days to cover
4.28
at average volume
Short interest, 1 month
−11%
to October 15, 2026
Held by institutions
—
of shares
Held by insiders
0.9%
of shares
Employees
3,362
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Price behaviour

52-week range
Not enough history
From 52-week high
—
vs 50-day average
—
vs 200-day average
—
Volatility (1 year)
—
Beta vs S&P 500
—

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Options strategies

All options ideas

How Lazard, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Cash-secured put

Not offered: fundamentals grade C (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

Covered call

Not offered: no liquid call at or above our price target — the model says the upside is worth more than any listed strike.

For holders: sell a call at a strike at or above our fair value, so the shares are only sold at a price the model calls full value.

Collar

Not offered: no liquid put and call pair for the same expiry.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Lazard, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Lazard, Inc.
$2.4B $2.6B $2.8B $3B $3.2B $3.4B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $2.6B Revenue (TTM), FY24 Q1: $2.8B Revenue (TTM), FY24 Q2: $2.9B Revenue (TTM), FY24 Q3: $3.1B Revenue (TTM), FY24 Q4: $3.1B Revenue (TTM), FY25 Q1: $3B Revenue (TTM), FY25 Q2: $3.1B Revenue (TTM), FY25 Q3: $3.1B Revenue (TTM), FY25 Q4: $3.2B Revenue (TTM), FY26 Q1: $3.3B Revenue (TTM), FY26 Q2: $3.3B Revenue (TTM), FY26 Q3: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $2.6B
FY24 Q1 $2.8B
FY24 Q2 $2.9B
FY24 Q3 $3.1B
FY24 Q4 $3.1B
FY25 Q1 $3B
FY25 Q2 $3.1B
FY25 Q3 $3.1B
FY25 Q4 $3.2B
FY26 Q1 $3.3B
FY26 Q2 $3.3B
FY26 Q3 $3.4B
Revenue growth, TTM YoY Lazard, Inc.
-10% 0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: -9.2% Revenue growth, TTM YoY, FY24 Q1: 4.3% Revenue growth, TTM YoY, FY24 Q2: 5.9% Revenue growth, TTM YoY, FY24 Q3: 25.1% Revenue growth, TTM YoY, FY24 Q4: 21.1% Revenue growth, TTM YoY, FY25 Q1: 7.3% Revenue growth, TTM YoY, FY25 Q2: 9.4% Revenue growth, TTM YoY, FY25 Q3: -1.0% Revenue growth, TTM YoY, FY25 Q4: 1.5% Revenue growth, TTM YoY, FY26 Q1: 9.0% Revenue growth, TTM YoY, FY26 Q2: 5.6% Revenue growth, TTM YoY, FY26 Q3: 9.0% 9.0%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 -9.2%
FY24 Q1 4.3%
FY24 Q2 5.9%
FY24 Q3 25.1%
FY24 Q4 21.1%
FY25 Q1 7.3%
FY25 Q2 9.4%
FY25 Q3 -1.0%
FY25 Q4 1.5%
FY26 Q1 9.0%
FY26 Q2 5.6%
FY26 Q3 9.0%
Operating margin (TTM) Lazard, Inc.
-5% 0% 5% 10% 15% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: -3.1% Operating margin (TTM), FY24 Q1: 0.4% Operating margin (TTM), FY24 Q2: 6.5% Operating margin (TTM), FY24 Q3: 11.2% Operating margin (TTM), FY24 Q4: 12.3% Operating margin (TTM), FY25 Q1: 12.8% Operating margin (TTM), FY25 Q2: 13.3% Operating margin (TTM), FY25 Q3: 11.3% Operating margin (TTM), FY25 Q4: 10.3% Operating margin (TTM), FY26 Q1: 11.0% Operating margin (TTM), FY26 Q2: 9.3% Operating margin (TTM), FY26 Q3: 7.9% 7.9%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 -3.1%
FY24 Q1 0.4%
FY24 Q2 6.5%
FY24 Q3 11.2%
FY24 Q4 12.3%
FY25 Q1 12.8%
FY25 Q2 13.3%
FY25 Q3 11.3%
FY25 Q4 10.3%
FY26 Q1 11.0%
FY26 Q2 9.3%
FY26 Q3 7.9%
FCF margin (TTM) Lazard, Inc.
0% 10% 20% 30% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 5.3% FCF margin (TTM), FY24 Q1: 16.2% FCF margin (TTM), FY24 Q2: 15.1% FCF margin (TTM), FY24 Q3: 21.8% FCF margin (TTM), FY24 Q4: 22.2% FCF margin (TTM), FY25 Q1: 18.6% FCF margin (TTM), FY25 Q2: 13.8% FCF margin (TTM), FY25 Q3: 14.2% FCF margin (TTM), FY25 Q4: 15.3% FCF margin (TTM), FY26 Q1: 15.1% FCF margin (TTM), FY26 Q2: 19.9% FCF margin (TTM), FY26 Q3: 20.3% 20.3%

Source: SEC EDGAR filings. Retrieved October 27, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 5.3%
FY24 Q1 16.2%
FY24 Q2 15.1%
FY24 Q3 21.8%
FY24 Q4 22.2%
FY25 Q1 18.6%
FY25 Q2 13.8%
FY25 Q3 14.2%
FY25 Q4 15.3%
FY26 Q1 15.1%
FY26 Q2 19.9%
FY26 Q3 20.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Lazard, Inc.: annual financial statements
Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 1,638 2,003 1,920 1,994 2,065 2,363 2,405 2,384 2,698 2,885 2,667 2,647 3,274 2,855 2,593 3,140 3,186 3,375
EBITDA — — 260 155 252 554 16 551 857 715 428 537 762 559 −37 423 362 298
Operating income −182 244 235 124 217 519 −17 517 825 681 393 502 724 517 −80 386 328 267
Net income −130 175 175 84 160 427 986 388 254 527 287 402 528 358 −75 280 237 185
Diluted EPS −$1.68 $1.36 $1.36 $0.65 $1.21 $3.20 $7.40 $2.92 $1.91 $4.06 $2.44 $3.54 $4.63 $3.51 −$0.90 $2.68 $2.17 $1.72
Growth (year on year)
Revenue −3.5% +22.3% −4.2% +3.9% +3.5% +14.4% +1.8% −0.9% +13.2% +6.9% −7.6% −0.8% +23.7% −12.8% −9.2% +21.1% +1.5% +9.0%
EBITDA — — — −40.5% +62.6% +120.2% −97.1% — +55.6% −16.6% −40.1% +25.4% +41.9% −26.6% −106.6% — −14.4% −22.4%
Operating income — — −3.3% −47.4% +75.0% +139.6% −103.2% — +59.5% −17.5% −42.3% +27.9% +44.2% −28.6% −115.5% — −15.2% −23.7%
Net income — — −0.0% −51.8% +90.0% +166.7% +130.9% −60.7% −34.6% +107.9% −45.6% +40.5% +31.2% −32.3% −121.1% — −15.4% −32.4%
Diluted EPS — — 0.0% −52.2% +86.2% +164.5% +131.3% −60.5% −34.6% +112.6% −39.9% +45.1% +30.8% −24.2% −125.6% — −19.0% −33.2%
Margins
EBITDA margin — — 13.5% 7.8% 12.2% 23.4% 0.7% 23.1% 31.8% 24.8% 16.1% 20.3% 23.3% 19.6% −1.4% 13.5% 11.4% 8.8%
Operating margin −11.1% 12.2% 12.3% 6.2% 10.5% 22.0% −0.7% 21.7% 30.6% 23.6% 14.7% 19.0% 22.1% 18.1% −3.1% 12.3% 10.3% 7.9%
Net margin −7.9% 8.7% 9.1% 4.2% 7.8% 18.1% 41.0% 16.3% 9.4% 18.3% 10.7% 15.2% 16.1% 12.5% −2.9% 8.9% 7.4% 5.5%
Free-cash-flow margin 14.2% 7.8% 18.3% 19.7% 22.6% 30.2% 35.8% 24.9% 37.1% 22.5% 23.8% 19.3% 25.2% 27.5% 5.3% 22.2% 15.3% 20.3%
Cash flow
Cash from operations 245 169 398 482 527 736 887 633 1,029 699 678 576 866 834 165 743 519 700
Capital spending 12 13 46 89 61 22 27 39 28 50 43 64 40 50 28 45 32 15
Free cash flow 233 155 351 393 466 714 861 594 1,001 649 635 512 826 784 136 697 487 685
Stock-based pay 359 305 275 310 236 206 227 261 273 268 253 218 234 241 251 278 360 416
Free cash flow after stock pay −127 −150 76 82 230 508 634 332 728 382 382 293 592 544 −114 420 128 269
Balance sheet
Cash 917 1,210 1,004 850 841 1,067 1,132 1,159 1,484 1,247 1,232 1,390 1,465 1,235 971 1,308 1,469 1,264
Total debt 0 0 0 0 0 0 998 1,200 1,200 1,450 1,700 1,700 1,700 1,700 1,700 1,700 1,700 1,700
Net debt (negative = net cash) −917 −1,210 −1,004 −850 −841 −1,067 −134 41 −284 203 468 310 235 465 729 392 231 436
Diluted shares 78m 138m 138m 129m 134m 134m 133m 133m 132m 130m 116m 113m 114m 101m 89m 102m 106m 107m
Returned to shareholders
Dividends 33 51 71 135 122 146 291 336 341 360 255 197 196 182 173 179 187 192
Buybacks 50 150 205 354 132 193 173 300 307 553 495 95 406 692 102 60 91 135
Total returned 84 201 275 490 254 339 463 636 648 913 750 292 602 874 275 239 278 327

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$135M
Dividends (TTM)
$192M
Returned to shareholders
48%
of free cash flow
Buybacks, last 3 fiscal years
$253M
Diluted share count
+1.2%
year over year
Total shareholder yield
7.8%
dividends 4.6% + buybacks 3.2% of market value
Dividend payout ratio
104%
of net income paid out

Competitors: side by side with peers

Closest by revenue in investment banking & brokerage
Growth, margins and cash generation against peers
Last 12 months unless stated LAZ BGC CNCK FUTU VIRT HLI Median
Revenue, last 12 months $3.4bn $3.3bn $3.2bn $2.9bn $4.1bn $2.6bn $2.0bn
Revenue growth, last 12 months 9.0% 27.6% 26.8% 68.3% 20.8% −0.4% 20.7%
Revenue growth, 3-year average 10.5% 20.6% — — 23.1% 12.7% 16.2%
Revenue growth, latest quarter 8.5% 7.8% — — 19.0% 4.8% 17.4%
Gross margin — — −0.3% 87.1% — 32.7% 3.6%
Operating margin 7.9% — — 61.6% — 20.3% −2.3%
Operating margin, 3-year average 10.1% — — 35.8% — 20.3% 9.4%
Net margin 5.5% 6.0% −0.4% 49.6% 13.5% 15.8% 5.8%
Cash from operations / revenue 20.7% 15.3% −0.1% 178.5% 13.7% 16.7% 7.7%
Free-cash-flow margin 20.3% 14.7% −0.1% 178.3% 12.8% 15.7% 5.2%
Free-cash-flow margin, 3-year average 18.8% 16.8% — 284.9% 17.7% 23.3% 16.8%
Stock pay / revenue 12.3% 0.2% 0.3% 1.5% 3.0% 7.8% 4.7%
Change in share count 1.2% −0.8% 8.6% 0.9% −0.6% −1.6% 1.2%

Median of all 40 companies we cover in investment banking & brokerage. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

40 investment banking & brokerage companies
Measures ranked against peers
Measure Company Peer median Rank
Revenue growth Growth 9.0% 20.8% 29 of 40
Change in growth rate Growth +3.4pp -0.3pp 13 of 40
Operating margin Profitability 7.9% -2.3% 4 of 17
Net margin Profitability 5.5% 6.0% 22 of 40
Stock pay as % of revenue Cash generation 12.3% 4.8% 29 of 36
Change in share count Balance sheet 1.2% 1.2% 19 of 35

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Segments
Line of business Revenue YoY
Financial Advisory $1.8B ▲ 4.4%
Asset Management $1.3B ▲ 7.4%

These categories overlap or exclude eliminations, so shares aren't shown.

Products and services
Line of business Revenue YoY
Financial Advisory Fees $1.8B ▲ 4.2%
Asset Management1 $1.2B ▲ 7.3%

These categories overlap or exclude eliminations, so shares aren't shown.

From Lazard, Inc.'s 10-K filed February 23, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Reported value
$4.3B
Institutions reporting
341
Shares held vs prior quarter
▲ 10.4%
Positions opened / closed
59 / 53

Top buyers and sellers, Q2 2026: 174 institutions bought and 158 sold ; the biggest buyer was Goldman Sachs Group Inc (+2.0M shares) and the biggest seller Qube Research & Technologies Ltd (−952K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $468M 11.2M 11.0% ▲ 5.1%
Blackrock, Inc. $379M 9.0M 8.9% ▲ 19.2%
Price T Rowe Associates Inc $376M 9.0M 8.8% ▼ 6.7%
Vanguard Portfolio Management LLC $257M 6.1M 6.0% ▲ 23.9%
Ariel Investments, LLC $241M 5.8M 5.7% ▼ 1.2%
Vanguard Capital Management LLC $211M 5.0M 4.9% ▲ 1.2%
State Street Corp $152M 3.6M 3.6% ▲ 93.0%
Goldman Sachs Group Inc $125M 3.0M 2.9% ▲ 217.8%
Geode Capital Management, LLC $107M 2.6M 2.5% ▲ 3.9%
Capital Research Global Investors $94M 2.2M 2.2% ▼ 8.7%
Fisher Asset Management, LLC $90.1M 2.1M 2.1% ▼ 1.0%
Morgan Stanley $89.6M 2.1M 2.1% ▲ 42.1%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Lazard, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Recent insider open-market transactions
Insider Date Trade Shares Price Value
Orszag Peter Richard CEO & Chairman August 25, 2026 Sell pre-set plan 125,000 $43.52 $5.4M
Hogbin Christopher CEO Asset Management March 19, 2026 Sell pre-set plan 3,944 $39.37 $155,275
Hogbin Christopher CEO Asset Management March 18, 2026 Sell pre-set plan 7,885 $40.37 $318,317
Orszag Peter Richard CEO & Chairman March 17, 2026 Sell pre-set plan 2,000 $41.66 $83,320
Orszag Peter Richard CEO & Chairman March 17, 2026 Sell pre-set plan 67,170 $40.73 $2.7M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 2 trades and filings

No trades in Lazard, Inc. disclosed in the last 12 months; 2 earlier trades on record.

  • J. French Hill(R-AR 2):Sale (full), $50,001 - $100,000, traded June 23, 2025, filed July 24, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded March 31, 2025, filed April 11, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 22, 2026
  • July 23, 2026
  • May 1, 2026
  • January 29, 2026
  • October 23, 2025
  • July 24, 2025

Recent SEC filings

Data status

When each part of this page on Lazard, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Lazard, Inc. in brief

What does Lazard, Inc. do?
Lazard, Inc. is a US-listed company in the investment banking & brokerage industry. Its financial year ends in December.
What is Lazard, Inc.'s stock ticker?
Lazard, Inc. trades under the ticker LAZ on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Lazard, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Lazard, Inc. reported revenue of $3.4B, 9.0% higher than a year earlier, according to its SEC filings.
What is Lazard, Inc.'s free cash flow?
Lazard, Inc.'s free-cash-flow margin is 20.3% of revenue over the trailing twelve months.
Who are Lazard, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Blackrock, Inc. and Price T Rowe Associates Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Lazard, Inc. buying back stock, and does it pay a dividend?
Lazard, Inc. spent $135M on share repurchases over the trailing twelve months, and its diluted share count still rose 1.2% over the year.
What is Lazard, Inc.'s market cap?
On November 2, 2026, Lazard, Inc.'s market capitalisation was about $4.2B, with a price-to-earnings ratio of 22.7 and net debt of $436M. Market figures come from third-party market data and may be delayed.
Does Lazard, Inc. pay a dividend?
Yes: Lazard, Inc. paid $192M in dividends over the trailing twelve months, a dividend yield of 4.58% and a payout ratio of 104.1%.
Who are Lazard, Inc.'s competitors?
In our Investment Banking & Brokerage peer group, the companies closest to Lazard, Inc. are BGC Group, Inc., Coincheck Group N.V., Futu Holdings Ltd, Virtu Financial, Inc. and Houlihan Lokey, Inc. The side-by-side comparison below sets their revenue, margins and growth against Lazard, Inc.'s.
Are insiders buying or selling Lazard, Inc. stock?
Over the last 12 months, Lazard, Inc.'s directors and officers reported 0 open-market purchases and 5 sales on Form 4. The insider trading page charts every trade.
When is Lazard, Inc.'s next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Lazard, Inc. announces its own schedule.