Fundamentals snapshot
LAZ · NYQ · Financial Services · Capital Markets
Current price
$36.72
52-week range
$35.16 - $58.75
Market cap
$3.58B
One-glance verdict
We don't put a cash-flow fair value on banks and insurers. For these companies the reported 'cash flow' is really just money moving between loans, deposits and trades — not the leftover profit the owners could actually pocket — so the usual method would print a misleading number.
Balance sheet
Net debt $1.19B. Interest coverage shows how many times profit covers the interest bill.
What stands out
What this company does
Lazard is a financial firm that makes money in two main ways: advising on big corporate deals like mergers and acquisitions (when one company buys another), and managing investments for large clients like governments and pension funds. Because their income relies on deal-making and the performance of financial markets, their business tends to do well when the economy is strong and a lot of deals are happening. This makes their revenue less predictable than a company that sells the same amount of products every month.
Founded in 1848 in New Orleans by three French brothers as a dry goods merchant, Lazard quickly pivoted to finance during the California Gold Rush. The firm expanded to Paris and London, operating as three distinct but allied 'Houses of Lazard' for much of its history. Over the 20th century, it became a powerhouse in advising on mergers and acquisitions (when one company buys another), famously helping to save New York City from bankruptcy in the 1970s. The three houses formally united in 2000 and the company became publicly traded on the stock market in 2005.
Lazard is a professional services firm that operates in two main areas: giving financial advice and managing investments. Think of them as a highly specialized consultant for huge financial decisions and a manager for large pools of money. Unlike big banks that also lend money, Lazard focuses purely on providing expert guidance and investment services, which helps avoid conflicts of interest (situations where serving one party could hurt another). Their clients are typically large corporations, governments, and very wealthy individuals, not everyday consumers.
This is the larger of Lazard's two businesses, bringing in more than half of the company's revenue. In this segment, Lazard acts as an expert guide for companies and governments on their most important financial moves. This includes advising on mergers and acquisitions (helping one company buy another), restructuring (reorganizing a company that's in financial trouble), and raising capital (finding ways for a company to get money for its projects). Companies and governments pay Lazard fees for this high-level, independent advice.
This part of the company manages large amounts of money for institutions like pension funds, foundations, and very wealthy families. Lazard's experts decide how to invest this money across different assets, such as stocks and bonds, aiming to grow it over time. The company earns fees based on the amount of money it manages, known as assets under management (AUM). This business provides a more steady stream of income compared to the deal-based nature of the advisory side.
Under its 'Lazard 2030' plan, the company aims to double its revenue by continuing to hire top-tier advisors and expanding its global reach, especially in high-growth regions like the Middle East. A key focus is growing its advice related to private capital (investments not traded on a public stock exchange) to make its revenue more diverse. The firm is also investing heavily in technology, including artificial intelligence (AI), to provide deeper insights for its clients and improve its own operations. Management is also working to make the two main business segments, Financial Advisory and Asset Management, collaborate more closely to serve clients in a more integrated way.
Price history
Earnings history
Click any quarter to read the call summary and what the numbers say.
Is it cheap or expensive?
For a bank or insurer, the "free cash flow" shown on its statements is mostly money flowing through loans, deposits and trades — not the leftover profit the owners could actually keep, which is what this kind of valuation needs. Running that through the usual method would spit out a meaningless number, so we leave the cash-flow fair value out here rather than show you something misleading.
Is it drowning in debt?
Net debt $1.2B. Interest coverage 4.3x.
Lazard, Inc.'s profit covers its interest bill about 4.3 times over. which is weaker than most peers shown here.
Total debt $2.29B Interest coverage 4.30x This is the baseline the peer rows are being compared against.
Total debt $179.28M Interest coverage 173.95x +3,946% vs LAZ Carries about 40.5x more debt cushion than LAZ.
What you should know
The numbers
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Valuation
Profitability
Health
Growth
Cash flow
Dividend
Metric explainer
Debt comparison
What you should know