Stocktoria

Lazard, Inc. LAZ

NYSE · stock · Investment Advice · website · IPO 2005-05-05 · LEI

Lazard, Inc. statistics & valuation

Market cap$3.9B
P / E16.7×
P / S1.2×
P / B4.4×
P / FCF8.1×
Dividend yield4.72%
Net margin7.4%
Return on equity26.1%
FCF margin15.3%
Net debt$218.7M
Net debt / EBITDA0.6×
Enterprise value USD$4.2B
EV / EBITDA11.5×
Earnings yield EBIT/EV7.9%
Graham number -53.1%$20.40

Market cap as of 2026-06-29. Multiples are price-derived and refreshed daily; everything else from the latest financial reports. The Graham number is Benjamin Graham's rough maximum fair value ($20.40); a green figure means the price is below it.

Profitability & efficiency

Net margin (%)
16.30% 9.40% 18.30% 10.70% 15.20% 16.10% 12.50% -2.90% 8.90% 7.40% 2016201720182019202020212022202320242025
Gross margin (%)
2016201720182019202020212022202320242025
Operating margin (%)
21.70% 30.60% 23.60% 14.70% 19.00% 22.10% 18.10% -3.10% 12.30% 10.30% 2016201720182019202020212022202320242025
Return on equity (%)
30.00% 20.10% 54.30% 42.00% 40.30% 49.00% 52.90% -15.70% 41.10% 26.10% 2016201720182019202020212022202320242025
Shares outstanding
132.6M 132.5M 129.8M 116.1M 113.5M 113.7M 101.0M 89.0M 102.4M 106.3M 2016201720182019202020212022202320242025
Net debt ($)
$29.8M -$293.5M $187.7M $448.0M $292.9M $220.2M $452.9M $718.9M $378.8M $218.7M 2016201720182019202020212022202320242025
Share buybacks ($)
2016201720182019202020212022202320242025
Return on assets (%)
8.50% 5.10% 10.50% 5.10% 6.70% 7.40% 6.10% -1.60% 5.80% 4.80% 2016201720182019202020212022202320242025
Free cash flow margin (%)
24.90% 37.10% 22.50% 23.80% 19.30% 25.20% 27.50% 5.30% 22.20% 15.30% 2016201720182019202020212022202320242025
Debt / equity (×)
0.92× 0.95× 1.48× 2.46× 1.68× 1.56× 2.50× 3.51× 2.48× 1.86× 2016201720182019202020212022202320242025
EPS ($)
$2.92 $1.91 $4.06 $2.44 $3.54 $4.63 $3.51 -$0.90 $2.68 $2.17 2016201720182019202020212022202320242025

Margins and returns computed from annual filings. Falling shares outstanding = buybacks; rising = dilution. Net debt = debt − cash (negative = net cash).

P / E vs its own history

Lazard, Inc. trades at about 20.1× earnings — above its 10-year norm (10-year range 4.9×–30.7×, median 14.5×).

4.9× 30.7×

Shaded band = 10-year range (4.9×–30.7×); dot = today's 20.1×.

Historical P/E = month-end price near each fiscal year-end ÷ that year's EPS. A read on whether the stock is cheap or dear relative to how it has typically been valued — not a forecast.

Key ratios (by fiscal year)

RatioFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating margin10.3%12.3%-3.1%18.1%22.1%19.0%14.7%23.6%30.6%21.7%
Net margin7.4%8.9%-2.9%12.5%16.1%15.2%10.7%18.3%9.4%16.3%
FCF margin15.3%22.2%5.3%27.5%25.2%19.3%23.8%22.5%37.1%24.9%
Return on assets4.8%5.8%-1.6%6.1%7.4%6.7%5.1%10.5%5.1%8.5%
Return on equity26.1%41.1%-15.7%52.9%49.0%40.3%42.0%54.3%20.1%30.0%
Debt / equity1.86×2.48×3.51×2.50×1.56×1.68×2.46×1.48×0.95×0.92×

Computed from company filings · US · as of 2025-12-31. Facts plus Stocktoria's own computed scores — not investment advice.