LAZ

MKT CAP:$4B

Lazard Ltd

Market Cap

$4B

Financial Services·Financial - Capital Markets·🇧🇲 Bermuda·NYSE

Financials·Financial·🇧🇲·NYSE

Stock Price

$48.72-$1.02 (-2.05%)

Apr 21, 2026

Company Details

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. It operates in two segments, Financial Advisory and Asset Manag...

CEO

Peter R. Orszag

IPO Date

May 5, 2005

Website

www.lazard.com

Key Metrics TTM

Revenue

$2.8B

+7.3% YoY

Net Income

$386M

EPS (Diluted)

$3.50

Free Cash Flow

$900M

Revenue / Share

$29.59

Gross Margin

41.2%

Operating Margin

17.4%

Net Margin

13.8%

FCF Margin

32.2%

P/S

1.6x

P/E

11.6x

Earnings Reports

FY 2023

Feb 23, 2024

$2.6BEPS -$0.90

Q3 2023

Oct 27, 2023

$532MEPS $0.06

Q2 2022

Aug 1, 2022

$657MEPS $0.92

Q4 2021

Feb 28, 2022

$1.0BEPS $1.86

FY 2020

Feb 26, 2021

$2.6B-0.4%EPS $3.54

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 17	$636M	$274M	$150M
Q2 17	$728M	$314M	$173M
Q3 17	$637M	$275M	$144M
Q4 17	$690M	$315M	$359M
Q1 18	$765M	$360M	$186M
Q2 18	$769M	$353M	$200M
Q3 18	$638M	$294M	$139M
Q4 18	$699M	$350M	$156M
Q1 19	$658M	$286M	$120M
Q2 19	$647M	$274M	$102M
Q4 19	$739M	$312M	$119M
Q1 20	$556M	$236M	$84M
Q2 20	$591M	$239M	$96M
Q4 21	$1.0B	$451M	$268M
Q2 22	$657M	$293M	$126M
Q3 23	$532M	$167M	-$5M

Valuation

Quarter	P/S	P/E
Q1 17	—	—
Q2 17	1.7x	9.6x
Q3 17	1.7x	9.6x
Q4 17	1.7x	17.7x
Q1 18	1.6x	14.7x
Q2 18	1.6x	13.5x
Q3 18	1.6x	13.6x
Q4 18	1.6x	8.5x
Q1 19	1.6x	9.6x
Q2 19	1.7x	11.7x
Q4 19	1.6x	12.7x
Q1 20	1.7x	14.7x
Q2 20	1.8x	16.0x
Q4 21	1.5x	10.5x
Q2 22	1.6x	10.1x
Q3 23	1.6x	11.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 17	$94M	$91M
Q2 17	$184M	$178M
Q3 17	$400M	$394M
Q4 17	$337M	$325M
Q1 18	-$39M	-$55M
Q2 18	$103M	$88M
Q3 18	$227M	$219M
Q4 18	$408M	$397M
Q1 19	-$161M	-$167M
Q2 19	$244M	$232M
Q4 19	$360M	$357M
Q1 20	-$156M	-$168M
Q2 20	$156M	$143M
Q4 21	$453M	$438M
Q2 22	$299M	$292M
Q3 23	$33M	$26M

Capital Expenditures

Quarter	CapEx
Q1 17	$4M
Q2 17	$6M
Q3 17	$6M
Q4 17	$12M
Q1 18	$16M
Q2 18	$16M
Q3 18	$7M
Q4 18	$10M
Q1 19	$6M
Q2 19	$12M
Q4 19	$2M
Q1 20	$12M
Q2 20	$13M
Q4 21	$14M
Q2 22	$6M
Q3 23	$8M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 17	+2.7%	+4.5%
Q4 17	-2.0%	-39.4%
Q1 18	+20.4%	+19.4%
Q2 18	+5.6%	+2.4%
Q3 18	+0.2%	+1.4%
Q4 18	+1.3%	+63.7%
Q1 19	-14.1%	-7.2%
Q2 19	-15.9%	-4.3%
Q4 19	+15.9%	+24.3%
Q1 20	-20.5%	-13.1%
Q2 20	-10.2%	-8.0%
Q4 21	+56.3%	+36.3%
Q2 22	-11.2%	-14.5%
Q3 23	-4.3%	+13.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 17	$93M	14.6%
Q2 17	$0	0.0%
Q3 17	$58M	9.1%
Q4 17	$52M	7.6%
Q1 18	$101M	13.2%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q4 18	$0	0.0%
Q1 19	$105M	16.0%
Q2 19	$0	0.0%
Q4 19	$27M	3.7%
Q1 20	$101M	18.2%
Q2 20	$69M	11.6%
Q4 21	$38M	3.8%
Q2 22	$0	0.0%
Q3 23	$58M	11.0%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 17	—	$55M	$20M
Q2 17	—	$60M	$24M
Q3 17	—	$58M	$20M
Q4 17	—	$70M	$26M
Q1 18	—	$78M	$26M
Q2 18	—	$79M	$28M
Q3 18	—	$77M	$22M
Q4 18	—	$81M	$33M
Q1 19	—	$71M	$28M
Q2 19	—	$79M	$29M
Q4 19	—	$86M	$31M
Q1 20	—	$73M	$20M
Q2 20	—	$71M	$7M
Q4 21	—	$94M	$17M
Q2 22	—	$75M	$23M
Q3 23	$571.0K	$81M	$21M

Revenue Segments

Quarter	Asset Management Segment	Financial Advisory Segment	Asset Management1	Financial Advisory Fees	Other Types Of Revenue	Asset Management
Q1 17	$283M	$336M	—	—	—	—
Q2 17	$310M	$411M	—	—	—	—
Q3 17	$320M	$306M	—	—	—	—
Q4 17	$342M	$335M	—	—	—	—
Q2 18	—	—	$336M	$421M	—	—
Q3 18	—	—	$313M	$310M	$15M	—
Q4 18	—	—	$282M	$414M	$3M	—
Q1 19	—	—	$292M	$336M	$30M	—
Q2 19	—	—	$297M	$329M	$21M	—
Q4 19	—	—	$305M	$401M	$33M	—
Q1 20	—	—	$269M	$298M	-$11M	—
Q2 20	—	—	$245M	$304M	$41M	—
Q4 21	—	—	$357M	$609M	—	—
Q2 22	—	—	$269M	$405M	—	—
Q3 23	—	—	—	$265M	—	$266M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$878M	$1.6B	$2.5B
Q2 22	$907M	$1.7B	$2.6B
Q3 22	$1.0B	$1.3B	$2.3B
Q4 22	$1.2B	$779M	$2.0B
Q1 23	$597M	$523M	$1.1B
Q2 23	$698M	$447M	$1.1B
Q3 23	$653M	$319M	$973M
Q4 23	$971M	$220M	$1.2B
Q1 24	$923M	$248M	$1.2B
Q2 24	$848M	$204M	$1.1B
Q3 24	$1.2B	$313M	$1.5B
Q4 24	$1.3B	$269M	$1.6B
Q1 25	$909M	$265M	$1.2B
Q2 25	$978M	$237M	$1.2B
Q3 25	$1.2B	$218M	$1.4B
Q4 25	$1.5B	$167M	$1.7B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 17	133M	-0.2%	—
Q2 17	132M	-0.4%	—
Q3 17	132M	+0.2%	+0.1%
Q4 17	120M	-9.5%	-9.9%
Q1 18	132M	+10.2%	-0.4%
Q2 18	130M	-1.4%	-1.4%
Q3 18	130M	-0.3%	-1.9%
Q4 18	127M	-2.3%	+5.8%
Q1 19	121M	-4.7%	-8.6%
Q2 19	116M	-3.8%	-10.8%
Q4 19	113M	-2.4%	-12.6%
Q1 20	114M	+0.6%	-10.0%
Q2 20	111M	-2.3%	-7.7%
Q4 21	112M	+0.7%	-3.4%
Q2 22	103M	-8.5%	-9.4%
Q3 23	94M	-8.2%	-17.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 17	$228.6K	3K
Q2 17	$261.9K	3K
Q3 17	$228.9K	3K
Q4 17	$242.7K	3K
Q1 18	$269.3K	3K
Q2 18	$270.6K	3K
Q3 18	$224.3K	3K
Q4 18	$233.3K	3K
Q1 19	$219.6K	3K
Q2 19	$215.9K	3K
Q4 19	$245.0K	3K
Q1 20	$184.1K	3K
Q2 20	$195.8K	3K
Q4 21	$318.1K	3K
Q2 22	$206.5K	3K
Q3 23	$156.3K	3K

Revenue / Employee