# Lazard (LAZ.US)

Canonical: https://gigainvestors.com/s/LAZ

Analysis as of: 2026-10-16T07:29:45.827Z. Financial observations: FY2001–FY2025.

Listing currency: USD. Reporting currency: USD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: $36.16 per share; close as of 2026-10-15.

Estimated value: low $32.94 per share, central $37.48 per share, high $43.53 per share. Buy at or below the central value $37.48 per share. Valuation as of 2026-10-16T07:29:45.827Z; scenarios are not confidence intervals.

Expected annual return: 10.3% at the stated quote. About 10.3% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; US 10-year bond 5.1% + 4 points).

## Checklist

### understandable: fail

- 5 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 5

- Years with a net loss: 1

- Operating margin variation: 0.50×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.22×

- FY2017: 0.31×

- FY2018: 0.24×

- FY2019: 0.15×

- FY2020: 0.19×

- FY2021: 0.22×

- FY2022: 0.18×

- FY2023: -0.03×

- FY2024: 0.12×

- FY2025: 0.13×

### moat: fail

- Years with nonpositive invested capital use equity plus debt and leases; positive earnings with no positive capital are shown above 100%.

- Recent gross margin fell 9.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 57.8%

- ROIC, second-lowest year: 19.8%

- Typical minus recent gross margin: 9.3 pp

- Typical gross margin (annual median): 41.1%

- Recent gross margin (lower of latest and 3-year median): 31.8%

- Years with nonpositive capital: 1

- Capital spending / revenue: 1.5%

- ROIC including acquisitions, ten-year median: 45.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 39.4%

- FY2017: 19.8%

- FY2018: >100%

- FY2019: >100%

- FY2020: >100%

- FY2021: >100%

- FY2022: 76.2%

- FY2023: -6.2%

- FY2024: 33.4%

- FY2025: 23.0%

### economics: fail

- working capital as a share of revenue rose more than 10pp and ends positive

- Owner earnings / net income, 5-yr: 1.05×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: $1.4B

- Net income, five-year total: $1.3B

- Return on incremental invested capital: 39.0%

- Working capital / revenue, annual change: 2.1 pp

- Working capital / revenue, change between three-year averages: 10.2 pp

- Working capital / revenue, final three-year average: 8.1%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 1.14×

- FY2023: 0.81×

- FY2024: 1.00×

- FY2025: 1.01×

### management: fail

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 39.4% vs 23.0%

- Per-share earnings: 2.92 to 2.23 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -2.2%

- Ordinary dilution, 5-year annual growth: -1.3%

- Market cap gain: -$286M

- Cumulative retained earnings: $354M

- Diluted shares, 10-year annual growth: -2.2%

- Diluted shares, 5-year annual growth: -1.3%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: -3.3%

- Per-share value change: -$0.70

- Per-share value, starting three-year median: $2.92

- Per-share value, ending three-year median: $2.23

- Buybacks concentrated in cheaper years (correlation): 0.62

- Average buyback yield: 6.8%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: $85M

- Cumulative net income, 10 years: $3.2B

- ROIC, first three-year median: 39.4%

- ROIC, last three-year median: 23.0%

Chart: Earnings per share; fiscal year observations.

- FY2016: $2.92

- FY2017: $1.91

- FY2018: $4.06

- FY2019: $2.47

- FY2020: $3.55

- FY2021: $4.65

- FY2022: $3.54

- FY2023: -$0.85

- FY2024: $2.73

- FY2025: $2.23

### accounting: pass

- Sloan accruals: -6.1%

- Receivables to sales index (DSRI): 1.11×

- Restructuring years, last five: 2

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 2.27×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.90×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -5.4%

- FY2017: -15.7%

- FY2018: -3.4%

- FY2019: -6.9%

- FY2020: -2.9%

- FY2021: -4.7%

- FY2022: -8.1%

- FY2023: -5.2%

- FY2024: -9.7%

- FY2025: -6.1%

## Holders

- [John Rogers](https://gigainvestors.com/AI): tracked 13F investor; follow the investor page for holding quarter and amounts.

- [Mason Hawkins](https://gigainvestors.com/SE): tracked 13F investor; follow the investor page for holding quarter and amounts.

## Price story

Down 38% since Nov 2024 · "LAZ Stock Down as Q2 Earnings Lag on Higher Costs, Expands Buyback Plan" (finance.yahoo.com, Jul 2026) · sales +1.5%

Story as of 2026-10-16T09:59:03.215Z; price observation 2026-10-15.

Price needs cash profits to grow 0.4% a year for ten years

- 2025-04-25: Lazard's first-quarter earnings surpass estimates, CEO warns of pressure on dealmaking ([finance.yahoo.com](https://finance.yahoo.com/news/lazard-first-quarter-profit-dives-104442783.html))

- 2025-07-24: Lazard beats Q2 expectations as Financial Advisory revenue surges 20% ([investing.com](https://www.investing.com/news/earnings/lazard-beats-q2-expectations-as-financial-advisory-revenue-surges-20-93CH-4150434))

- 2025-12-14: Lazard (LAZ): Valuation Check After Surprise One-Time Client Withdrawal Hits November AUM ([finance.yahoo.com](https://finance.yahoo.com/news/lazard-laz-valuation-check-surprise-190616080.html))

- 2026-03-13: Lazard Faces Redemption Limits As Private Credit Risks Hit Valuation ([finance.yahoo.com](https://finance.yahoo.com/news/lazard-faces-redemption-limits-private-141200121.html))

- 2026-04-30: A Look At Lazard (LAZ) Valuation As Earnings Forecasts Signal A 7.1% EPS Decline ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/look-lazard-laz-valuation-earnings-190517807.html))

- 2026-05-04: Lazard Shares Down as Q1 Earnings Miss Estimates, Expenses Rise Y/Y ([finance.yahoo.com](https://finance.yahoo.com/markets/stocks/articles/lazard-shares-down-q1-earnings-173400601.html))

### Sales · FY2024–2025

sales +1.5%; source https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm; observed 2026-02-23.

- FY2016: $2.4B 

- FY2017: $2.7B 

- FY2018: $2.9B 

- FY2019: $2.7B 

- FY2020: $2.6B 

- FY2021: $3.3B 

- FY2022: $2.9B 

- FY2023: $2.6B 

- FY2024: $3.1B 

- FY2025: $3.2B 

### Gross margin · FY2025

gross margin 31.8%; source https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm; observed 2026-02-23.

- FY2016: 43.5% 

- FY2017: 43.7% 

- FY2018: 47.0% 

- FY2019: 40.8% 

- FY2020: 41.2% 

- FY2021: 41.9% 

- FY2022: 41.0% 

- FY2023: 23.3% 

- FY2024: 34.5% 

- FY2025: 31.8% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in capital markets; annual sales are USD 3.2 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm#000131137026000008 (filed 2026-02-23); FY2025: revenue 3186466000; grossProfit 1012997000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAZ.US: Lazard, Inc. operates as a financial advisory and asset management firm in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through two segments, Financial Advisory and Asset Management. The Financial Advisory segment offers financial advisory services, such as mergers and acquisitions, capital markets, shareholder, sovereign, geopolitical, and other strategic advisory services, as well as restructuring and liability management, and capital raising and placement services. This segment offers its services to corporate, partnership, institutional, government, sovereign, and individual clients to various industry areas, including consumers and retail; financial institutions; financial sponsors; healthcare and life sciences; industrials; media, entertainment, and sports; power, energy, and infrastructure; real estate; technology; and telecom and digital infrastructure. The Asset Management segment offers a range of investment solutions; investment and wealth management services in equity and fixed income strategies; asset allocation strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. Lazard, Inc. was incorporated in 1848 and is headquartered in New York, New York.

### Why customers stay

Margins ranged from 23.3% to 34.5% during 2023–25; it earns 57.8% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2023: grossProfit / revenue = 23.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: grossProfit / revenue = 34.5%.

- Source: https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm (filed 2026-02-23); FY2025: grossProfit / revenue = 31.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); 10-year return on capital observations [[2016,0.3943568857093059],[2017,0.19814613270778222],[2018,868.5954323001631],[2019,1.9868131281448955],[2020,1.3730820114840627],[2021,4.373634612129078],[2022,0.7616429690031845],[2023,-0.06233325767742954],[2024,0.3340424887393423],[2025,0.2296851683415894]]; median 0.5779999273562452. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back USD 91 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2016: growth capex 0; upkeep 38749000; owner earnings 417460000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2017: growth capex 0; upkeep 27670000; owner earnings 266925000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2018: growth capex 12455000; upkeep 37138000; owner earnings 527125000. Growth capex / owner earnings = 0.023628171686032724.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2019: growth capex 0; upkeep 42757000; owner earnings 281741295.39561194. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2020: growth capex 0; upkeep 64286000; owner earnings 375065000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2021: growth capex 1323000; upkeep 38375000; cash acquisitions 0; owner earnings 528064000. Growth capex plus acquisitions / owner earnings = 0.0025053781359835174.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2022: growth capex 0; upkeep 49511000; cash acquisitions 0; owner earnings 406258925.5177931. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); FY2024: growth capex 9217000; upkeep 36281000; cash acquisitions 0; owner earnings 279912000. Growth capex plus acquisitions / owner earnings = 0.03292820600760239.

- Source: https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm (filed 2026-02-23); FY2025: growth capex 0; upkeep 31946000; cash acquisitions 0; owner earnings 238947213.5805912. Growth capex plus acquisitions / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Dividend observations: [[2016,336138000],[2017,341450000],[2018,359639000],[2019,254924000],[2020,196598000],[2021,195944000],[2022,181880000],[2023,173075000],[2024,179017000],[2025,186579000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm (filed 2026-02-23); FY2025: cash repurchases 91011000 USD.

### Are managers owners

Insiders own 0.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); LAZ.US SharesStats.PercentInsiders = 0.9039999999999999 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 0.4% yearly over ten years; actual decline was 11.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-02-23); Ten-year compound average after fade. Initial solved rate -0.00637836036467937. Price 36.16; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.492614369371636 → FY2025 2.247052192663657. Closing-price date 2026-10-15.

## Monthly share-price history (USD per share)

- 2016-10: $36.46 per share

- 2016-11: $38.85 per share

- 2016-12: $41.09 per share

- 2017-01: $42.48 per share

- 2017-02: $43.06 per share

- 2017-03: $45.99 per share

- 2017-04: $42.94 per share

- 2017-05: $44.50 per share

- 2017-06: $46.33 per share

- 2017-07: $46.71 per share

- 2017-08: $42.89 per share

- 2017-09: $45.22 per share

- 2017-10: $47.54 per share

- 2017-11: $49.25 per share

- 2017-12: $52.50 per share

- 2018-01: $58.57 per share

- 2018-02: $53.97 per share

- 2018-03: $52.56 per share

- 2018-04: $54.42 per share

- 2018-05: $51.44 per share

- 2018-06: $48.91 per share

- 2018-07: $54.30 per share

- 2018-08: $48.14 per share

- 2018-09: $48.13 per share

- 2018-10: $39.74 per share

- 2018-11: $40.12 per share

- 2018-12: $36.91 per share

- 2019-01: $39.79 per share

- 2019-02: $37.43 per share

- 2019-03: $36.14 per share

- 2019-04: $38.88 per share

- 2019-05: $31.16 per share

- 2019-06: $34.39 per share

- 2019-07: $38.71 per share

- 2019-08: $34.34 per share

- 2019-09: $35.00 per share

- 2019-10: $37.33 per share

- 2019-11: $38.64 per share

- 2019-12: $39.96 per share

- 2020-01: $41.96 per share

- 2020-02: $35.82 per share

- 2020-03: $23.56 per share

- 2020-04: $27.50 per share

- 2020-05: $26.86 per share

- 2020-06: $28.63 per share

- 2020-07: $29.32 per share

- 2020-08: $31.67 per share

- 2020-09: $33.05 per share

- 2020-10: $33.67 per share

- 2020-11: $37.32 per share

- 2020-12: $42.30 per share

- 2021-01: $41.20 per share

- 2021-02: $38.69 per share

- 2021-03: $43.51 per share

- 2021-04: $44.99 per share

- 2021-05: $47.18 per share

- 2021-06: $45.25 per share

- 2021-07: $47.20 per share

- 2021-08: $47.40 per share

- 2021-09: $45.80 per share

- 2021-10: $48.99 per share

- 2021-11: $42.62 per share

- 2021-12: $43.63 per share

- 2022-01: $43.64 per share

- 2022-02: $34.58 per share

- 2022-03: $34.50 per share

- 2022-04: $32.77 per share

- 2022-05: $35.26 per share

- 2022-06: $32.41 per share

- 2022-07: $37.67 per share

- 2022-08: $36.35 per share

- 2022-09: $31.83 per share

- 2022-10: $37.71 per share

- 2022-11: $36.61 per share

- 2022-12: $34.67 per share

- 2023-01: $40.08 per share

- 2023-02: $37.36 per share

- 2023-03: $33.11 per share

- 2023-04: $31.30 per share

- 2023-05: $28.69 per share

- 2023-06: $32.00 per share

- 2023-07: $35.10 per share

- 2023-08: $34.74 per share

- 2023-09: $31.01 per share

- 2023-10: $27.77 per share

- 2023-11: $29.98 per share

- 2023-12: $34.80 per share

- 2024-01: $38.98 per share

- 2024-02: $38.54 per share

- 2024-03: $41.87 per share

- 2024-04: $38.50 per share

- 2024-05: $40.23 per share

- 2024-06: $38.18 per share

- 2024-07: $49.17 per share

- 2024-08: $50.11 per share

- 2024-09: $50.38 per share

- 2024-10: $52.99 per share

- 2024-11: $58.07 per share

- 2024-12: $51.48 per share

- 2025-01: $54.37 per share

- 2025-02: $50.15 per share

- 2025-03: $43.30 per share

- 2025-04: $38.90 per share

- 2025-05: $43.40 per share

- 2025-06: $47.98 per share

- 2025-07: $51.98 per share

- 2025-08: $57.16 per share

- 2025-09: $52.78 per share

- 2025-10: $48.80 per share

- 2025-11: $50.50 per share

- 2025-12: $48.56 per share

- 2026-01: $53.72 per share

- 2026-02: $50.60 per share

- 2026-03: $42.48 per share

- 2026-04: $48.50 per share

- 2026-05: $47.33 per share

- 2026-06: $41.94 per share

- 2026-07: $42.38 per share

- 2026-08: $43.23 per share

- 2026-09: $36.23 per share

- 2026-10: $36.16 per share

## Annual estimated value (USD per share)

- FY2016: low $34.40 per share, central $39.15 per share, high $45.46 per share

- FY2017: low $38.98 per share, central $44.36 per share, high $51.51 per share

- FY2018: low $44.40 per share, central $50.52 per share, high $58.67 per share

- FY2019: low $43.98 per share, central $50.04 per share, high $58.12 per share

- FY2020: low $36.12 per share, central $41.11 per share, high $47.74 per share

- FY2021: low $54.56 per share, central $76.61 per share, high $89.92 per share

- FY2022: low $51.98 per share, central $70.48 per share, high $82.59 per share

- FY2023: low $45.13 per share, central $51.36 per share, high $59.64 per share

- FY2024: low $47.50 per share, central $54.05 per share, high $62.76 per share

- FY2025: low $29.20 per share, central $33.22 per share, high $38.58 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

[Original 10-K filing](https://www.sec.gov/Archives/edgar/data/1311370/000131137026000008/laz-20251231.htm); period 2025-12-31, filed 2026-02-23.

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations

- [John Rogers](https://gigainvestors.com/AI): 5,755,404 LAZ shares; USD 241,381,000 reported position value; 2.41% of portfolio; reduce; quarter 2026 Q2.
- [Mason Hawkins](https://gigainvestors.com/SE): 18,608 LAZ shares; USD 780,000 reported position value; 0.04% of portfolio; hold; quarter 2026 Q2.

# LAZ — Lazard Inc.

Held by 2 investors · USD 242,161,000 total · 2026 Q2 · reported price USD 41.94 (split-adjusted).
Page: https://gigainvestors.com/s/LAZ

## Holders (2026 Q2)

| Investor | Value | % of their portfolio | This quarter |
|---|---:|---:|---|
| John Rogers (https://gigainvestors.com/AI) | USD 241,381,000 | 2.4% | reduce -1.22% |
| Mason Hawkins (https://gigainvestors.com/SE) | USD 780,000 | <0.1% | hold |

## Total held by quarter

- 2020 Q2: USD 3,435,600 · 1 holder · USD 28.63
- 2020 Q3: USD 4,461,750 · 1 holder · USD 33.05
- 2020 Q4: USD 21,125,297 · 2 holders · USD 42.30
- 2021 Q1: USD 21,844,544 · 2 holders · USD 43.51
- 2021 Q2: USD 22,718,125 · 2 holders · USD 45.25
- 2021 Q3: USD 22,490,456 · 2 holders · USD 45.80
- 2021 Q4: USD 21,424,861 · 2 holders · USD 43.63
- 2022 Q1: USD 17,518,445 · 2 holders · USD 34.50
- 2022 Q2: USD 17,409,971 · 2 holders · USD 32.41
- 2022 Q3: USD 19,032,207 · 2 holders · USD 31.83
- 2022 Q4: USD 20,229,460 · 2 holders · USD 34.67
- 2023 Q1: USD 22,023,117 · 2 holders · USD 33.11
- 2023 Q2: USD 17,606,592 · 1 holder · USD 32.00
- 2023 Q3: USD 17,072,892 · 1 holder · USD 31.03
- 2023 Q4: USD 0 · 0 holders
- 2024 Q1: USD 288,389,404 · 3 holders · USD 41.87
- 2024 Q2: USD 252,573,223 · 3 holders · USD 38.18
- 2024 Q3: USD 329,296,303 · 3 holders · USD 50.38
- 2024 Q4: USD 289,373,095 · 2 holders · USD 51.48
- 2025 Q1: USD 244,304,792 · 2 holders · USD 43.30
- 2025 Q2: USD 277,173,743 · 2 holders · USD 47.98
- 2025 Q3: USD 278,084,959 · 2 holders · USD 52.79
- 2025 Q4: USD 258,117,653 · 2 holders · USD 48.58
- 2026 Q1: USD 248,290,667 · 2 holders · USD 42.48
- 2026 Q2: USD 242,161,000 · 2 holders · USD 41.94