Lazard Ltd Financials
Lazard Ltd (LAZ) reported $3.1B in revenue for fiscal year 2025, up 1.5% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 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).
A people-cost-heavy, asset-light model turns modest revenue shifts into large margin swings, while cash generation usually stays resilient.
FY2025’s profit dip was not just weaker margins: operating cash flow fell from$743M to$519M while accounts receivable rose to$898M on nearly flat revenue, so more of the year’s earnings were left uncollected. That matters because the firm remained light on capex at only$32M , meaning the cash shortfall came mainly from working-capital timing rather than heavy reinvestment.
Revenue in FY2025 was back above FY2021, but operating margin was only
The balance-sheet posture improved without major debt repayment: long-term debt stayed near
Financial Health Signals
Scored against banks for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Lazard Ltd's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Lazard Ltd, and counted as zero in the overall score.
Not available for Lazard Ltd, and counted as zero in the overall score.
Lazard Ltd passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Lazard Ltd generates $2.19 in operating cash flow ($519.3M OCF vs $237.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Lazard Ltd earns $3.75 in operating income for every $1 of interest expense ($327.6M vs $87.3M). This adequate coverage means the company can meet its interest obligations, but has limited cushion if earnings fall.
Key Financial Metrics
Earnings & Revenue
Lazard Ltd generated $3.1B in revenue in fiscal year 2025. This represents an increase of 1.5% from the prior year.
Lazard Ltd's EBITDA was $361.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 14.4% from the prior year.
Lazard Ltd reported $237.0M in net income in fiscal year 2025. This represents a decrease of 15.4% from the prior year.
Lazard Ltd earned $2.17 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 19.0% from the prior year.
Cash & Balance Sheet
Lazard Ltd generated $487.4M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 30.1% from the prior year.
Lazard Ltd held $1.5B in cash against $1.7B in long-term debt as of fiscal year 2025.
Lazard Ltd paid $2.00 per share in dividends in fiscal year 2025. That is unchanged from the prior year.
Margins & Returns
Lazard Ltd's operating margin was 10.6% in fiscal year 2025, reflecting core business profitability. This is down 2.1 percentage points from the prior year.
Lazard Ltd's net profit margin was 7.6% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.5 percentage points from the prior year.
Lazard Ltd's ROE was 27.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 16.7 percentage points from the prior year.
Not reported for fiscal year 2025.
Capital Allocation
Lazard Ltd spent $91.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 53.0% from the prior year.
Lazard Ltd invested $31.9M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 29.8% from the prior year.
Not reported for fiscal year 2025.
LAZ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.2B | $3.1B+1.5% | $3.1B+21.3% | $2.5B-9.3% | $2.8B-13.1% | $3.2B+24.4% | $2.6B-0.8% | $2.6B-8.5% | $2.8B+6.9% | $2.6B+13.3% | $2.3B-0.9% | $2.4B+2.3% | $2.3B+15.9% | $2.0B+3.8% | $1.9B-0.4% | $1.9B |
| SG&A Expenses | $2.1B | $2.1B+4.1% | $2.0B+2.9% | $1.9B+17.5% | $1.7B-12.6% | $1.9B+22.3% | $1.6B-0.8% | $1.6B+3.2% | $1.5B+0.1% | $1.5B+12.9% | $1.3B+1.6% | $1.3B+0.5% | $1.3B+2.7% | $1.3B-5.4% | $1.4B+15.6% | $1.2B |
| Operating Income | $362.5M | $327.6M-15.2% | $386.5M+583.3% | -$80.0M-115.5% | $516.8M-28.6% | $723.8M+44.2% | $502.1M+27.9% | $392.7M-42.3% | $680.8M-17.5% | $825.4M+59.5% | $517.5M+3213.5% | -$16.6M-103.2% | $519.5M+139.6% | $216.8M+75.0% | $123.9M-47.4% | $235.5M |
| Interest Expense | $89.0M | $87.3M-0.9% | $88.1M+13.4% | $77.7M-4.7% | $81.5M+0.9% | $80.8M+0.2% | $80.6M+0.6% | $80.2M+37.1% | $58.5M+9.3% | $53.5M+6.4% | $50.3M-1.7% | $51.2M-18.2% | $62.6M-21.2% | $79.4M-2.7% | $81.6M-9.5% | $90.1M |
| Income Tax | $72.9M | $76.6M-23.2% | $99.8M+540.5% | -$22.6M-118.2% | $124.4M-31.4% | $181.3M+82.3% | $99.4M+4.7% | $95.0M-36.0% | $148.3M-73.8% | $565.6M+357.0% | $123.8M+112.3% | -$1.0B-1282.1% | $85.4M+65.2% | $51.7M+66.2% | $31.1M-30.8% | $44.9M |
| Net Income | $277.5M | $237.0M-15.4% | $280.0M+473.3% | -$75.0M-120.9% | $358.0M-32.2% | $528.0M+31.2% | $402.5M+40.5% | $286.5M-45.6% | $527.1M+107.9% | $253.6M-34.6% | $387.7M-60.7% | $986.4M+130.9% | $427.3M+166.7% | $160.2M+90.0% | $84.3M-51.8% | $174.9M |
| EPS (Diluted) | — | $2.17-19.0% | $2.68+397.8% | -$0.90-125.6% | $3.51-24.2% | $4.63+30.8% | $3.54+45.1% | $2.44-39.9% | $4.06+112.6% | $1.91-34.6% | $2.92-60.5% | $7.40+131.3% | $3.20+164.5% | $1.21+86.2% | $0.65-52.2% | $1.36 |
Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses.
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LAZ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $4.9B+3.0% | $4.8B+3.4% | $4.6B-20.8% | $5.9B-18.1% | $7.1B+19.7% | $6.0B+5.9% | $5.6B+12.9% | $5.0B+1.4% | $4.9B+8.2% | $4.6B+1.8% | $4.5B+34.7% | $3.3B+10.4% | $3.0B+0.8% | $3.0B-3.1% | $3.1B |
| Cash & Equivalents | $1.5B+12.3% | $1.3B+34.7% | $971.3M-21.3% | $1.2B-15.7% | $1.5B+5.4% | $1.4B+12.9% | $1.2B-1.2% | $1.2B-16.0% | $1.5B+28.1% | $1.2B+2.4% | $1.1B+6.1% | $1.1B+26.8% | $841.5M-1.0% | $850.2M-15.3% | $1.0B |
| Accounts Receivable | $897.8M+19.1% | $753.6M-1.1% | $762.3M+16.8% | $652.8M-19.0% | $805.8M+8.4% | $743.1M+12.1% | $663.1M-3.3% | $685.5M+19.9% | $571.6M-10.4% | $638.3M+28.4% | $497.2M-10.8% | $557.6M+8.8% | $512.7M+7.2% | $478.0M | N/A |
| Goodwill | $395.3M+0.4% | $393.6M-0.3% | $394.9M+4.7% | $377.2M-0.6% | $379.4M-1.2% | $383.9M+3.3% | $371.8M+0.1% | $371.6M-3.6% | $385.3M+3.3% | $373.1M+16.3% | $320.8M-4.4% | $335.4M-2.9% | $345.5M-5.2% | $364.3M+2.2% | $356.7M |
| Total Liabilities | $4.0B-1.9% | $4.0B-0.9% | $4.1B-11.5% | $4.6B-16.4% | $5.5B+10.5% | $5.0B+0.3% | $5.0B+23.1% | $4.0B+9.7% | $3.7B+12.5% | $3.3B+4.9% | $3.1B+21.4% | $2.6B+7.6% | $2.4B+2.0% | $2.3B+5.4% | $2.2B |
| Long-Term Debt | $1.7B+0.1% | $1.7B-0.2% | $1.7B+0.1% | $1.7B+0.1% | $1.7B+0.1% | $1.7B+0.2% | $1.7B+17.1% | $1.4B+20.5% | $1.2B+0.2% | $1.2B+20.1% | $989.4M | N/A | N/A | N/A | N/A |
| Total Equity | $869.2M+36.6% | $636.2M+50.1% | $423.8M-23.8% | $556.5M-42.9% | $975.2M+7.0% | $911.8M+49.5% | $610.0M-33.5% | $916.9M-23.6% | $1.2B-2.9% | $1.2B-5.9% | $1.3B+85.8% | $706.7M+26.2% | $560.2M-1.7% | $569.7M-21.6% | $726.1M |
| Retained Earnings | $1.5B+3.1% | $1.5B+5.0% | $1.4B-16.3% | $1.7B+7.4% | $1.6B+20.5% | $1.3B+8.5% | $1.2B-0.2% | $1.2B+10.7% | $1.1B-4.7% | $1.1B+0.9% | $1.1B+141.8% | $464.7M+128.6% | $203.2M+11.3% | $182.6M-29.4% | $258.6M |
Not reported in any period shown, so not listed: Current Assets, Inventory, Current Liabilities.
LAZ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $517.6M | $519.3M-30.1% | $742.8M+351.1% | $164.7M-80.3% | $834.0M-3.7% | $866.1M+50.4% | $575.9M-15.0% | $678.0M-3.0% | $699.0M-32.1% | $1.0B+62.7% | $632.6M-28.7% | $887.3M+20.6% | $736.0M+39.7% | $526.7M+9.3% | $481.9M+21.1% | $397.8M |
| Capital Expenditures | $20.3M | $31.9M-29.8% | $45.5M+60.8% | $28.3M-42.8% | $49.5M+24.7% | $39.7M-38.2% | $64.3M+50.4% | $42.8M-13.8% | $49.6M+79.2% | $27.7M-28.6% | $38.7M+45.5% | $26.6M+20.0% | $22.2M-63.6% | $61.0M-31.7% | $89.3M+92.3% | $46.4M |
| Free Cash Flow | $497.3M | $487.4M-30.1% | $697.3M+411.4% | $136.4M-82.6% | $784.5M-5.1% | $826.4M+61.5% | $511.6M-19.5% | $635.2M-2.2% | $649.4M-35.1% | $1.0B+68.6% | $593.9M-31.0% | $860.7M+20.6% | $713.8M+53.3% | $465.7M+18.6% | $392.6M+11.7% | $351.4M |
| Investing Cash Flow | -$106.8M | -$82.0M-161.1% | $134.1M+449.8% | -$38.3M+32.1% | -$56.4M-44.5% | -$39.1M+37.9% | -$62.9M-49.0% | -$42.2M+8.6% | -$46.2M-71.7% | -$26.9M+28.5% | -$37.7M | N/A | N/A | -$54.6M+35.8% | -$84.9M-87.6% | -$45.3M |
| Financing Cash Flow | -$425.4M | -$463.6M-5.5% | -$439.7M+72.0% | -$1.6B-13.7% | -$1.4B-805.7% | $195.8M+135.8% | -$547.4M-23.3% | -$444.1M+38.8% | -$726.1M-128.0% | -$318.5M+33.6% | -$479.8M | N/A | N/A | -$487.1M+13.5% | -$563.2M-2.0% | -$552.4M |
| Dividends Paid | $188.6M | $186.6M+4.2% | $179.0M+3.4% | $173.1M-4.8% | $181.9M-7.2% | $195.9M-0.3% | $196.6M-22.9% | $254.9M-29.1% | $359.6M+5.3% | $341.4M+1.6% | $336.1M+15.6% | $290.7M+98.8% | $146.2M+20.2% | $121.6M-10.0% | $135.1M+91.4% | $70.6M |
| Share Buybacks | $56.5M | $91.0M+53.0% | $59.5M-41.7% | $102.1M-85.2% | $691.7M+70.3% | $406.1M+326.5% | $95.2M-80.8% | $494.7M-10.5% | $552.9M+80.2% | $306.7M+2.2% | $300.2M+73.8% | $172.8M-10.3% | $192.7M+45.4% | $132.5M-62.6% | $354.5M+73.0% | $204.8M |
TTM is the trailing twelve months, Q2 FY2025 through Q1 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
LAZ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 | FY11 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Margin | 10.6%-2.1pp | 12.7%+15.8pp | -3.2%-21.8pp | 18.6%-4.0pp | 22.7%+3.1pp | 19.6%+4.4pp | 15.2%-8.9pp | 24.1%-7.1pp | 31.2%+9.0pp | 22.2%+22.9pp | -0.7%-23.3pp | 22.6%+11.7pp | 10.9%+4.4pp | 6.5%-5.8pp | 12.3% |
| Net Margin | 7.6%-1.5pp | 9.2%+12.2pp | -3.0%-15.9pp | 12.9%-3.6pp | 16.5%+0.9pp | 15.7%+4.6pp | 11.1%-7.6pp | 18.6%+9.1pp | 9.6%-7.0pp | 16.6%-25.3pp | 41.9%+23.3pp | 18.6%+10.5pp | 8.1%+3.7pp | 4.4%-4.7pp | 9.1% |
| Return on Equity | 27.3%-16.7pp | 44.0%+61.7pp | -17.7%-82.0pp | 64.3%+10.2pp | 54.1%+10.0pp | 44.1%-2.8pp | 47.0%-10.5pp | 57.5%+36.3pp | 21.1%-10.2pp | 31.4%-43.7pp | 75.1%+14.6pp | 60.5%+31.9pp | 28.6%+13.8pp | 14.8%-9.3pp | 24.1% |
| Return on Assets | 4.8%-1.0pp | 5.8%+7.5pp | -1.6%-7.7pp | 6.1%-1.3pp | 7.4%+0.6pp | 6.7%+1.7pp | 5.1%-5.5pp | 10.5%+5.4pp | 5.1%-3.4pp | 8.5%-13.5pp | 22.0%+9.2pp | 12.8%+7.5pp | 5.3%+2.5pp | 2.8%-2.9pp | 5.7% |
| Debt-to-Equity | 1.94-0.7x | 2.65-1.3x | 3.99+1.0x | 3.03+1.3x | 1.73-0.1x | 1.85-0.9x | 2.75+1.2x | 1.56+0.6x | 0.990.0x | 0.96+0.2x | 0.75-2.9x | 3.63-0.6x | 4.25+0.2x | 4.10+1.0x | 3.05 |
| FCF Margin | 15.7%-7.1pp | 22.9%+17.4pp | 5.4%-22.9pp | 28.3%+2.4pp | 25.9%+5.9pp | 19.9%-4.6pp | 24.6%+1.6pp | 23.0%-14.9pp | 37.9%+12.4pp | 25.4%-11.1pp | 36.6%+5.5pp | 31.0%+7.6pp | 23.5%+2.9pp | 20.5%+2.2pp | 18.3% |
Not reported in any period shown, so not listed: Gross Margin, Current Ratio.
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Where Lazard Ltd Ranks
Frequently Asked Questions
What is Lazard Ltd's annual revenue?
Lazard Ltd (LAZ) reported $3.1B in total revenue for fiscal year 2025. This represents a 1.5% 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 1.5% year-over-year, from $3.1B to $3.1B in fiscal year 2025.
Is Lazard Ltd profitable?
Yes, Lazard Ltd (LAZ) reported a net income of $237.0M in fiscal year 2025, with a net profit margin of 7.6%.
What is Lazard Ltd's EBITDA?
Lazard Ltd (LAZ) had EBITDA of $361.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Lazard Ltd have?
As of fiscal year 2025, Lazard Ltd (LAZ) had $1.5B 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 10.6% in fiscal year 2025, 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 7.6% in fiscal year 2025, 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 2025.
What is Lazard Ltd's return on equity (ROE)?
Lazard Ltd (LAZ) has a return on equity of 27.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Lazard Ltd's free cash flow?
Lazard Ltd (LAZ) generated $487.4M in free cash flow during fiscal year 2025. This represents a -30.1% 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 $519.3M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Lazard Ltd's total assets?
Lazard Ltd (LAZ) had $4.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Lazard Ltd's capital expenditures?
Lazard Ltd (LAZ) invested $31.9M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
What is Lazard Ltd's debt-to-equity ratio?
Lazard Ltd (LAZ) had a debt-to-equity ratio of 1.94 as of fiscal year 2025, 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 4.8% for fiscal year 2025, 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 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.19x, 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 3.75x, 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 45 out of 100 on our Financial Health Score, indicating moderate standing within its banks peer group. The score is a 0-100 composite of six dimensions (Earnings, Growth, Capital, Efficiency, Credit Quality, Stability), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.