Lazard, Inc. LAZ
Founded in 1848, Lazard is a global financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. We aim to deliver independent, differentiated advice and solutions grounded in contextual alpha—the broad insight and judgment needed to navigate macroeconomic, geopolitical, and other factors that we believe help leaders see beyond what the world sees today.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.19B | $3.14B | $2.59B | $2.86B | $3.27B | $2.65B | $2.67B | $2.88B | $2.70B | $2.38B |
| Total operating expenses | $2.77B | $2.67B | $2.60B | $2.26B | $2.47B | $2.06B | $2.19B | $2.15B | $1.82B | $1.82B |
| Operating income | $327.6M | $386.5M | -$80.0M | $516.8M | $723.8M | $502.1M | $392.7M | $680.8M | $825.4M | $517.5M |
| Interest expense | $87.3M | $87.8M | $77.5M | $81.5M | $80.8M | $80.6M | $80.2M | $58.5M | $53.5M | $50.3M |
| Pre-tax income | $327.6M | $386.5M | -$80.0M | $482.4M | $709.3M | $501.9M | $381.5M | $675.4M | $819.2M | $511.5M |
| Income tax | $76.6M | $99.8M | $22.6M | $124.4M | $181.3M | $99.4M | $95.0M | $148.3M | $565.6M | $123.8M |
| Net income | $237.0M | $280.0M | -$75.0M | $358.0M | $528.0M | $402.5M | $286.5M | $527.1M | $253.6M | $387.7M |
| EPS, basic | 2.37 | 2.93 | -0.90 | 3.68 | 4.90 | 3.69 | 2.57 | 4.43 | 2.09 | 3.11 |
| EPS, diluted | 2.17 | 2.68 | -0.90 | 3.51 | 4.63 | 3.54 | 2.44 | 4.06 | 1.91 | 2.92 |
| Shares, diluted (wtd. avg.) | $106.3M | $102.4M | $89.0M | $101.0M | $113.7M | $113.5M | $116.1M | $129.8M | $132.5M | $132.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.47B | $1.31B | $971.3M | $1.23B | $1.47B | $1.39B | $1.23B | $1.25B | $1.48B | $1.16B |
| Property, plant and equipment | $168.0M | $160.4M | $232.5M | $250.1M | $250.0M | $257.6M | $219.8M | $212.9M | $205.3M | $209.0M |
| Goodwill | $395.3M | $393.6M | $394.9M | $377.2M | $379.4M | $383.9M | $371.8M | $371.6M | $385.3M | $373.1M |
| Other intangibles | — | — | — | — | $150.0K | $210.0K | $1.8M | $3.8M | $6.1M | $8.9M |
| Total assets | $4.94B | $4.79B | $4.64B | $5.85B | $7.15B | $5.97B | $5.64B | $5.00B | $4.93B | $4.56B |
| Long-term debt | $1.69B | $1.69B | $1.69B | $1.69B | $1.69B | $1.68B | $1.68B | $1.43B | $1.19B | $1.19B |
| Total liabilities | $3.95B | $4.03B | $4.07B | $4.59B | $5.49B | $4.97B | $4.96B | $4.03B | $3.67B | $3.26B |
| Retained earnings | $1.49B | $1.47B | $1.40B | $1.68B | $1.56B | $1.30B | $1.19B | $1.20B | $1.08B | $1.13B |
| Total equity | $873.7M | $636.2M | $482.2M | $675.4M | $1.08B | $999.4M | $681.6M | $970.1M | $1.26B | $1.29B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $519.3M | $742.8M | $164.7M | $834.0M | $866.1M | $575.9M | $678.0M | $699.0M | $1.03B | $632.6M |
| Depreciation and amortisation | $34.2M | $36.3M | $42.9M | $42.3M | $38.3M | $35.1M | $35.6M | $34.1M | $31.5M | $33.3M |
| Capital expenditure | $31.9M | $45.5M | $28.3M | $49.5M | $39.7M | $64.3M | $42.8M | $49.6M | $27.7M | $38.7M |
| Investing cash flow | -$82.0M | $134.1M | -$38.3M | -$56.4M | -$39.1M | -$62.9M | -$42.2M | -$46.2M | -$26.9M | -$37.7M |
| Financing cash flow | -$463.6M | -$439.7M | -$1.57B | -$1.38B | $195.8M | -$547.4M | -$444.1M | -$726.1M | -$318.5M | -$479.8M |
| Dividends paid | $186.6M | $179.0M | $173.1M | $181.9M | $195.9M | $196.6M | $254.9M | $359.6M | $341.4M | $336.1M |
| Buybacks | $91.0M | $59.5M | $102.1M | $691.7M | $406.1M | $95.2M | $494.7M | $552.9M | $306.7M | $300.2M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-024088.
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