Lazard Ltd
- Open
- 43.41
- Day high
- 43.41
- Day low
- 42.05
- Prev close
- 43.16
- Volume
- 1.4M
- Mkt cap
- $4.1B
- P/E (TTM)
- 15.0
- EPS (TTM)
- $2.80
- P/B
- 4.7
- P/S
- 1.3
- Yield
- 4.75%
- Per share
- $2.00
Lazard Ltd (LAZ) is a Financial Services company listed on NYSE. The stock is down 20% over the past year.
Lazard Ltd (LAZ) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 4 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
LAZ earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 1, 2026 | $0.52 | $0.42 | -19.2% | $673M | -4.9% |
| Jan 29, 2026 | $0.68 | $0.80 | +17.6% | $929M | +22.9% |
| Oct 23, 2025 | $0.44 | $0.56 | +26.0% | $782M | +7.7% |
| Jul 24, 2025 | $0.38 | $0.52 | +36.8% | $808M | +9.2% |
| Apr 25, 2025 | $0.29 | $0.56 | +93.1% | $658M | -5.2% |
| Jan 30, 2025 | $0.69 | $0.78 | +13.0% | $825M | +14.1% |
| Oct 31, 2024 | $0.41 | $0.38 | -7.3% | $792M | +21.5% |
| Jul 25, 2024 | $0.35 | $0.52 | +48.6% | $695M | +4.3% |
| Apr 25, 2024 | $0.58 | $0.66 | +13.8% | $780M | +14.9% |
| Feb 1, 2024 | $0.41 | $0.66 | +61.0% | $826M | +26.5% |
| Oct 26, 2023 | $0.19 | $0.10 | -47.4% | $532M | -8.6% |
| Jul 27, 2023 | $0.11 | $0.24 | +118.2% | $651M | +14.7% |
LAZ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 26, 2026 | Farr Tracyofficer: Chief Financial Officer | Grant | 393 | — |
| May 26, 2026 | Soto Alexandraofficer: Chief Operating Officer | Grant | 3,138 | — |
| May 26, 2026 | Hogbin Christopherofficer: CEO Asset Management | Grant | 2,716 | — |
| May 26, 2026 | Gathy Michaelofficer: Chief Accounting Officer | Grant | 134 | — |
| May 19, 2026 | Alper Andrew Mdirector | Grant | 857 | — |
| May 19, 2026 | Howe Stephen R. Jr.director | Grant | 100 | — |
| Mar 19, 2026 | Hogbin Christopherofficer: CEO Asset Management | Sell | 3,944 | $39.37 |
| Mar 19, 2026 | Hogbin Christopherofficer: CEO Asset Management | Option | 48,332 | — |
| Mar 19, 2026 | Hogbin Christopherofficer: CEO Asset Management | Tax | 24,674 | $40.06 |
| Mar 19, 2026 | Hogbin Christopherofficer: CEO Asset Management | Sell | 7,885 | $40.37 |
| Mar 18, 2026 | Orszag Peter Richarddirector, officer: CEO & Chairman | Sell | 67,170 | $40.73 |
| Mar 18, 2026 | Soto Alexandraofficer: Chief Operating Officer | Grant | 101,739 | — |
| Mar 18, 2026 | Gathy Michaelofficer: Chief Accounting Officer | Grant | 5,564 | — |
| Mar 18, 2026 | Farr Tracyofficer: Chief Financial Officer | Grant | 12,982 | — |
| Mar 18, 2026 | Orszag Peter Richarddirector, officer: CEO & Chairman | Option | 138,340 | — |
Source: LAZ SEC Form 4 filings, latest May 26, 2026. For informational purposes only — not investment advice.
See the full LAZ insider & 13F page →Lazard Ltd company profile
Overview
Lazard Ltd (NYSE:LAZ) is a prestigious financial services firm founded in 1848, making it one of the oldest investment banks in the world. Originally established in New Orleans by the Lazard brothers, the firm has evolved into a global financial advisory and asset management company headquartered in Hamilton, Bermuda. With operations spanning North America, Europe, Asia, Australia, and Central and South America, Lazard has built a reputation as a leading independent investment bank serving corporations, governments, and institutions worldwide. The company went public in 2005 and converted from a partnership structure to a C-Corporation in 2024 to attract broader institutional investment.
Business
Lazard operates as a boutique investment bank and asset manager through two primary business segments. The Financial Advisory segment, which generates approximately 55% of total revenue, provides strategic advisory services for mergers and acquisitions, restructurings, capital raising, and other complex financial transactions. This division serves corporate clients, governments, sovereign entities, and private equity firms across various industries including healthcare, technology, energy, and financial services. The firm's advisory work includes helping companies navigate major corporate transactions, providing strategic counsel during financial distress, and advising on capital structure optimization. The Asset Management segment, contributing roughly 35% of revenue, offers investment management services to institutional and individual clients. This division manages approximately $226 billion in assets under management through various investment strategies including equity and fixed income funds, quantitative strategies, emerging market investments, and alternative investments. The asset management business serves pension funds, endowments, sovereign wealth funds, insurance companies, and high-net-worth individuals through both traditional mutual funds and increasingly through exchange-traded funds (ETFs). A smaller portion of revenue comes from Corporate activities and other miscellaneous services. The firm has been strategically expanding its private capital advisory services, which now represents about 40% of its financial advisory revenue, reflecting the growing importance of private equity and alternative investment transactions in the global financial markets.
Revenue model
Lazard generates revenue through multiple fee-based business models across its two main segments. In Financial Advisory, the firm earns transaction-based fees typically calculated as a percentage of deal value for completed mergers, acquisitions, and other advisory mandates. These fees can range from 0.5% to 2% of transaction value depending on deal size and complexity, with smaller deals commanding higher percentage fees. The firm also earns retainer fees for ongoing advisory relationships and success fees upon transaction completion. Revenue timing can be lumpy as it depends on deal closure, and the business is cyclical based on M&A market conditions. The Asset Management division operates on a recurring revenue model, charging annual management fees typically ranging from 0.5% to 2% of assets under management, depending on the investment strategy and client type. More specialized strategies like emerging markets or alternative investments command higher fees. The firm also earns performance fees when investment returns exceed predetermined benchmarks, though these are less predictable and represent a smaller portion of total revenue. Several factors influence Lazard's profitability margins. Positive margin drivers include increased M&A activity driven by corporate strategic needs, interest rate changes that spur refinancing and restructuring activity, geopolitical events creating advisory opportunities, and strong equity market performance boosting asset management fees. The firm's ability to attract and retain top-tier managing directors also directly impacts revenue generation capacity. Negative margin pressures come from economic uncertainty reducing deal activity, competitive fee pressure from larger investment banks, regulatory changes affecting transaction structures, and market volatility causing asset management outflows. The firm's high compensation ratio (typically 60-66% of revenue) means that managing talent costs while maintaining productivity is crucial for margin expansion.
Competitive moat
Lazard's competitive moat is moderate but meaningful, built primarily on its reputation, relationships, and specialized expertise rather than structural barriers. The firm's 175-year history and independent status provide credibility when advising on sensitive transactions, particularly cross-border deals where conflicts of interest with commercial banking relationships could be problematic. This independence allows Lazard to provide objective advice without the potential conflicts that universal banks face when their lending or trading divisions have competing interests. The firm's relationship-based moat is strengthened by its network of senior managing directors who maintain long-term client relationships and industry expertise. These relationships are particularly valuable in complex, high-stakes transactions where trust and experience matter more than price. Lazard's geographic reach and local market knowledge in Europe, where it maintains strong positions in countries like France, provides additional competitive advantages. However, the moat faces several competitive pressures. Large investment banks like Goldman Sachs and Morgan Stanley can offer one-stop shopping with lending, trading, and advisory services bundled together, potentially winning mandates through cross-selling. Boutique competitors like Evercore and Centerview Partners compete directly for advisory mandates, while asset management faces pressure from low-cost index funds and robo-advisors. The firm's relatively small size compared to bulge bracket banks can limit its ability to handle the largest transactions, and its asset management business lacks the scale advantages of firms like BlackRock or Vanguard. The moat is sustainable but requires continuous investment in talent and client relationships to maintain its competitive position.
Risks & safety
Lazard presents a moderate margin of safety with solid liquidity but elevated leverage ratios typical of financial services firms. • Liquidity position: Strong with $1.3 billion in cash and short-term investments as of Q4 2024, providing substantial operational flexibility • Debt levels: Debt-to-equity ratio of 3.45x reflects typical investment banking leverage, though higher than industrial companies • Cash flow: Positive operating cash flow of $743 million for FY 2024, though quarterly variations can be significant due to bonus payments and deal timing • Solvency risk: Low given strong cash position and asset-light business model, though earnings volatility creates some uncertainty • Valuation metrics: Trading at 17.1x P/E ratio and 7.5x price-to-book, which appears reasonable for a financial services firm but not deeply discounted • Current ratio: 2.92x indicates adequate short-term liquidity coverage • Free cash flow: $697 million annually provides good dividend coverage and share repurchase capacity • Other considerations: Revenue cyclicality tied to M&A markets creates earnings volatility, and high compensation ratios limit downside expense flexibility during revenue declines.
Recent development
Over the past few years, Lazard has executed several strategic initiatives under its "Lazard 2030" plan aimed at doubling revenue by 2030. The firm has significantly expanded its private capital advisory capabilities, with private capital now representing 40% of financial advisory revenue, reflecting the growing importance of private equity transactions. This expansion includes building deeper relationships with private equity sponsors and enhancing coverage of the alternative investment ecosystem. The company completed a major corporate structure conversion from a partnership to a C-Corporation in January 2024, making it more attractive to institutional investors and potentially enabling future inclusion in major stock indices. This change has already attracted new investors like Capital Group and improved stock liquidity. In asset management, Lazard has been diversifying its product offerings by launching active ETFs, including Japanese equity and infrastructure strategies, to capture growing demand for thematic investing. The firm established a partnership with Elaia Partners to develop private market solutions and has been investing heavily in quantitative investment capabilities and emerging market strategies. The firm has also been expanding geographically, opening new offices in strategic locations like Abu Dhabi to capture Middle Eastern advisory opportunities, while strengthening its European presence where it achieved record revenue in 2024. Technology investments include implementing artificial intelligence tools across the platform and enhancing digital client engagement capabilities. Throughout this expansion, Lazard has maintained disciplined cost management, including a 10% workforce reduction in 2023, while continuing to hire selectively in high-growth areas and targeting 10-15 net new managing director additions annually.
LAZ company profile · for informational purposes only — not investment advice.
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