Lazard Ltd Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Lazard Ltd has an operating margin of 12.7%, meaning the company retains $13 of operating profit per $100 of revenue. This results in a moderate score of 63/100, indicating healthy but not exceptional operating efficiency. This is up from -3.2% the prior year.
Lazard Ltd's revenue surged 21.3% year-over-year to $3.1B, reflecting rapid business expansion. This strong growth earns a score of 89/100.
Lazard Ltd has elevated debt relative to equity (D/E of 2.65), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 13/100, reflecting increased financial risk.
Lazard Ltd converts 22.9% of revenue into free cash flow ($697.3M). This strong cash generation earns a score of 100/100.
Lazard Ltd earns a strong 44.0% return on equity (ROE), meaning it generates $44 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100.
Lazard Ltd passes 7 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Lazard Ltd generates $2.65 in operating cash flow ($742.8M OCF vs $279.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Lazard Ltd earns $4.4 in operating income for every $1 of interest expense ($386.5M vs $88.1M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
This page shows Lazard Ltd (LAZ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Lazard Ltd generated $3.1B in revenue in fiscal year 2024. This represents an increase of 21.3% from the prior year.
Lazard Ltd's EBITDA was $422.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 1239.4% from the prior year.
Lazard Ltd generated $697.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 411.4% from the prior year.
Lazard Ltd reported $279.9M in net income in fiscal year 2024. This represents an increase of 470.8% from the prior year.
Lazard Ltd earned $2.68 per diluted share (EPS) in fiscal year 2024. This represents an increase of 397.8% from the prior year.
Lazard Ltd held $1.3B in cash against $1.7B in long-term debt as of fiscal year 2024.
Lazard Ltd paid $2.00 per share in dividends in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Lazard Ltd had 113M shares outstanding in fiscal year 2024. This represents an increase of 0.0% from the prior year.
Lazard Ltd's operating margin was 12.7% in fiscal year 2024, reflecting core business profitability. This is up 15.8 percentage points from the prior year.
Lazard Ltd's net profit margin was 9.2% in fiscal year 2024, showing the share of revenue converted to profit. This is up 12.2 percentage points from the prior year.
Lazard Ltd's ROE was 44.0% in fiscal year 2024, measuring profit generated per dollar of shareholder equity.
Lazard Ltd spent $59.5M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 41.7% from the prior year.
Lazard Ltd invested $45.5M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 60.8% from the prior year.
LAZ Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $748.1M-6.0% | $796.0M+22.8% | $648.1M-20.7% | $816.9M+19.2% | $685.3M-10.4% | $764.8M-5.1% | $806.0M+53.8% | $523.9M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $94.9M+2.0% | $93.1M+70.4% | $54.6M-49.0% | $107.1M+68.3% | $63.6M+16.6% | $54.6M-24.1% | $71.9M+1580.3% | -$4.9M |
| Interest Expense | $22.6M+7.3% | $21.1M+0.6% | $21.0M-5.6% | $22.2M-1.9% | $22.6M+9.2% | $20.7M+5.0% | $19.7M+2.5% | $19.3M |
| Income Tax | $21.4M-32.5% | $31.8M+531.9% | -$7.4M-125.5% | $28.8M+148.5% | $11.6M-19.2% | $14.3M+3457.6% | $403K+103.5% | -$11.6M |
| Net Income | $71.2M+28.7% | $55.3M-8.3% | $60.4M-30.0% | $86.3M+72.9% | $49.9M+39.6% | $35.8M-43.8% | $63.6M+790.4% | $7.1M |
| EPS (Diluted) | $0.65+25.0% | $0.52-7.1% | $0.56-31.7% | $0.82+67.3% | $0.49+40.0% | $0.35-51.4% | $0.72+1100.0% | $0.06 |
LAZ Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.6B+3.1% | $4.5B+6.2% | $4.2B-11.7% | $4.8B+5.9% | $4.5B-1.3% | $4.6B-1.1% | $4.6B+7.9% | $4.3B |
| Current Assets | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cash & Equivalents | $1.2B+19.8% | $978.3M+7.7% | $908.6M-30.5% | $1.3B+54.4% | $847.6M-8.2% | $923.2M-4.9% | $971.3M+48.7% | $653.4M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $774.7M+2.6% | $754.8M+10.5% | $683.0M-9.4% | $753.6M+3.9% | $725.5M-3.3% | $750.5M-1.6% | $762.3M+20.6% | $632.1M |
| Goodwill | $395.3M0.0% | $395.2M+0.3% | $394.1M+0.1% | $393.6M-0.1% | $394.0M0.0% | $394.1M-0.2% | $394.9M+0.2% | $394.0M |
| Total Liabilities | $3.7B+1.5% | $3.6B+3.5% | $3.5B-13.1% | $4.0B+2.5% | $3.9B-2.9% | $4.0B-0.4% | $4.1B+7.2% | $3.8B |
| Current Liabilities | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Long-Term Debt | $1.7B-0.1% | $1.7B0.0% | $1.7B0.0% | $1.7B-8.9% | $1.9B0.0% | $1.9B+9.5% | $1.7B0.0% | $1.7B |
| Total Equity | $841.5M+13.5% | $741.6M+23.0% | $603.0M-5.2% | $636.2M+38.7% | $458.7M+16.8% | $392.7M-7.3% | $423.8M+17.3% | $361.3M |
| Retained Earnings | $1.5B+1.1% | $1.5B0.0% | $1.5B+0.4% | $1.5B+6.5% | $1.4B-0.2% | $1.4B-1.3% | $1.4B+1.0% | $1.4B |
LAZ Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $287.5M+478.6% | $49.7M+122.8% | -$217.5M-159.9% | $362.9M+105.9% | $176.2M+295.9% | -$90.0M-126.3% | $341.6M+920.1% | $33.5M |
| Capital Expenditures | $2.9M-75.6% | $11.7M-15.5% | $13.8M-7.1% | $14.9M+130.9% | $6.4M-2.7% | $6.6M-24.7% | $8.8M+17.0% | $7.5M |
| Free Cash Flow | $284.6M+649.1% | $38.0M+116.4% | -$231.3M-166.5% | $348.0M+104.9% | $169.8M+275.8% | -$96.6M-129.0% | $332.8M+1181.3% | $26.0M |
| Investing Cash Flow | -$14.9M+43.3% | -$26.3M-16.0% | -$22.7M-166.2% | $34.3M+133.3% | -$102.9M-1457.1% | -$6.6M+23.7% | -$8.7M-19.2% | -$7.3M |
| Financing Cash Flow | -$97.4M-143.7% | -$40.0M+79.1% | -$191.6M+18.1% | -$233.9M-21.4% | -$192.6M-295.6% | $98.5M+165.5% | -$150.3M+15.0% | -$176.7M |
| Dividends Paid | $47.2M+0.2% | $47.1M+4.7% | $45.0M-0.5% | $45.2M+0.4% | $45.0M+3.0% | $43.7M0.0% | $43.7M+0.6% | $43.4M |
| Share Buybacks | $1.1M-71.2% | $3.8M-89.6% | $36.2M+132.2% | $15.6M-17.2% | $18.8M-14.5% | $22.0M | $0-100.0% | $3.0M |
LAZ Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 12.7%+1.0pp | 11.7%+3.3pp | 8.4%-4.7pp | 13.1%+3.8pp | 9.3%+2.2pp | 7.1%-1.8pp | 8.9%+9.8pp | -0.9% |
| Net Margin | 9.5%+2.6pp | 7.0%-2.4pp | 9.3%-1.2pp | 10.6%+3.3pp | 7.3%+2.6pp | 4.7%-3.2pp | 7.9%+6.5pp | 1.4% |
| Return on Equity | 8.5%+1.0pp | 7.5%-2.5pp | 10.0%-3.6pp | 13.6%+2.7pp | 10.9%+1.8pp | 9.1%-5.9pp | 15.0%+13.0pp | 2.0% |
| Return on Assets | 1.5%+0.3pp | 1.2%-0.2pp | 1.4%-0.4pp | 1.8%+0.7pp | 1.1%+0.3pp | 0.8%-0.6pp | 1.4%+1.2pp | 0.2% |
| Current Ratio | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Debt-to-Equity | 2.00-0.3 | 2.28-0.5 | 2.80+0.1 | 2.65-1.4 | 4.04-0.7 | 4.71+0.7 | 3.99-0.7 | 4.68 |
| FCF Margin | 38.0%+33.3pp | 4.8%+40.5pp | -35.7%-78.3pp | 42.6%+17.8pp | 24.8%+37.4pp | -12.6%-53.9pp | 41.3%+36.3pp | 5.0% |
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Frequently Asked Questions
What is Lazard Ltd's annual revenue?
Lazard Ltd (LAZ) reported $3.1B in total revenue for fiscal year 2024. This represents a 21.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Lazard Ltd's revenue growing?
Lazard Ltd (LAZ) revenue grew by 21.3% year-over-year, from $2.5B to $3.1B in fiscal year 2024.
Is Lazard Ltd profitable?
Yes, Lazard Ltd (LAZ) reported a net income of $279.9M in fiscal year 2024, with a net profit margin of 9.2%.
What is Lazard Ltd's earnings per share (EPS)?
Lazard Ltd (LAZ) reported diluted earnings per share of $2.68 for fiscal year 2024. This represents a 397.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Lazard Ltd's EBITDA?
Lazard Ltd (LAZ) had EBITDA of $422.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Lazard Ltd have?
As of fiscal year 2024, Lazard Ltd (LAZ) had $1.3B in cash and equivalents against $1.7B in long-term debt.
What is Lazard Ltd's operating margin?
Lazard Ltd (LAZ) had an operating margin of 12.7% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Lazard Ltd's net profit margin?
Lazard Ltd (LAZ) had a net profit margin of 9.2% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does Lazard Ltd pay dividends?
Yes, Lazard Ltd (LAZ) paid $2.00 per share in dividends during fiscal year 2024.
What is Lazard Ltd's return on equity (ROE)?
Lazard Ltd (LAZ) has a return on equity of 44.0% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is Lazard Ltd's free cash flow?
Lazard Ltd (LAZ) generated $697.3M in free cash flow during fiscal year 2024. This represents a 411.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Lazard Ltd's operating cash flow?
Lazard Ltd (LAZ) generated $742.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Lazard Ltd's total assets?
Lazard Ltd (LAZ) had $4.8B in total assets as of fiscal year 2024, including both current and long-term assets.
What are Lazard Ltd's capital expenditures?
Lazard Ltd (LAZ) invested $45.5M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does Lazard Ltd buy back shares?
Yes, Lazard Ltd (LAZ) spent $59.5M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
How many shares does Lazard Ltd have outstanding?
Lazard Ltd (LAZ) had 113M shares outstanding as of fiscal year 2024.
What is Lazard Ltd's debt-to-equity ratio?
Lazard Ltd (LAZ) had a debt-to-equity ratio of 2.65 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Lazard Ltd's return on assets (ROA)?
Lazard Ltd (LAZ) had a return on assets of 5.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Lazard Ltd's Piotroski F-Score?
Lazard Ltd (LAZ) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Lazard Ltd's earnings high quality?
Lazard Ltd (LAZ) has an earnings quality ratio of 2.65x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Lazard Ltd cover its interest payments?
Lazard Ltd (LAZ) has an interest coverage ratio of 4.4x, meaning it can adequately cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Lazard Ltd?
Lazard Ltd (LAZ) scores 73 out of 100 on our Financial Profile, indicating strong overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.