Lazard, Inc.
Description
Lazard, Inc., together with its subsidiaries, operates as a financial advisory and asset management firm in North and South America, Europe, the Middle East, Asia, and Australia. It operates in 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 advisory, 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, financial institutions, healthcare and life sciences, industrials, power and energy/infrastructure, real estate, technology, telecommunication, and media and entertainment. 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.
About
CEO
Mr. Peter R. Orszag
Employees
3,249
Instrument type
Common Stock
Sector
Financial Services
Industry
Capital Markets
MIC code
XNYS
Address
30 Rockefeller Plaza, New York, NY 10112, United States
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Summary
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Earnings
| Date | Estimate EPS | Actual EPS | Difference | % Surprise |
|---|---|---|---|---|
| Oct 29, 2025 | — | — | — | — |
| Jul 23, 2025 | — | — | — | — |
| Apr 23, 2025 | — | — | — | — |
| Jan 30, 2025 | 0.55 | 0.78 | 0.23 | 41.82% |
| Oct 31, 2024 | 0.40 | 0.38 | -0.02 | -5.00% |
Earnings estimate
|
Current Quarter
(Mar 2025)
|
Next Quarter
(Jun 2025)
|
Current Year
(Dec 2025)
|
Next Year
(Dec 2026)
|
|
|---|---|---|---|---|
| Number of analysts | 7 | 8 | 9 | 8 |
| Average estimate | 0.72 | 0.76 | 3.76 | 4.76 |
| Low estimate | 0.54 | 0.66 | 3.49 | 4.44 |
| High estimate | 0.89 | 0.90 | 4.12 | 5.44 |
| Last year EPS | 0.66 | 0.52 | 2.34 | 3.76 |
[stock_revenue_estimate]
Growth estimates
Current qtr (Mar 2025)
7.380%
Next qtr. (Jun 2025)
47.290%
Current year (Dec 2025)
58.590%
Next year (Dec 2026)
28.270%
Next 5 years (per annum)
—
Past 5 years (per annum)
—
Income statement
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total reported revenue | 2.55B | 2.83B | 3.27B | 2.64B | 2.65B |
| Cost of revenue | 1.95B | 1.66B | 1.90B | 1.55B | 1.56B |
| Gross profit | 605.13M | 1.17B | 1.37B | 1.09B | 1.09B |
| Operating expense | |||||
| Research & development | — | — | — | — | — |
| Selling general and admin | 430.66M | 384.87M | 379.00M | 339.48M | 424.08M |
| Other operating expenses | 218.44M | 215.35M | 194.28M | 172.04M | 187.19M |
| Operating income | -44.31M | 568.91M | 799.07M | 577.11M | 476.51M |
| Non operating interest income | |||||
| Income | 42.02M | 29.46M | 5.55M | 5.67M | 15.79M |
| Expense | 77.67M | 81.52M | 80.77M | 80.63M | 80.19M |
| Other income expense | — | — | -60,000 | -1.80M | -19.41M |
| Pretax income | -79.96M | 516.85M | 723.85M | 502.14M | 392.70M |
| Tax provision | -22.65M | 124.37M | 181.30M | 99.45M | 94.98M |
| Net income | -57.31M | 392.48M | 542.55M | 402.69M | 297.72M |
| Basic EPS | -0.90 | 3.68 | 4.90 | 3.69 | 2.57 |
| Diluted EPS | -0.90 | 3.51 | 4.63 | 3.54 | 2.44 |
| Basic average shares | 88.99M | 95.66M | 106.04M | 106.86M | 110.19M |
| Diluted average shares | 88.99M | 95.66M | 106.04M | 106.86M | 110.19M |
| EBITDA | 40.90M | 640.77M | 842.99M | 619.66M | 547.28M |
| Net income from continuing op. | -57.31M | 392.48M | 542.55M | 402.69M | 297.72M |
| Minority interests | -18.17M | -34.97M | -14.48M | -231,000 | -11.22M |
| Preferred stock dividends | 4.44M | 5.73M | 8.65M | 7.67M | 3.39M |
Balance sheet
| 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|
| Fiscal date | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 |
| Total assets | 4.64B | 5.85B | 7.15B | 5.97B | 5.64B |
| Current assets | |||||
| Cash | — | — | — | — | 1.23B |
| Cash equivalents | — | — | — | — | 2.41B |
| Cash and cash equivalents | 971.32M | 1.23B | 1.47B | 1.39B | 1.23B |
| Other short term investments | 219.58M | 779.25M | 1.35B | 1.13B | 1.18B |
| Accounts receivable | 762.32M | 652.76M | 805.81M | 743.14M | 663.14M |
| Other receivables | — | — | — | — | — |
| Inventory | — | — | — | — | — |
| Prepaid assets | 233.42M | 217.84M | 238.16M | 183.86M | 117.70M |
| Restricted cash | 34.09M | 625.38M | 617.45M | 44.49M | 43.28M |
| Assets held for sale | — | — | — | — | — |
| Hedging assets | — | — | — | — | — |
| Other current assets | — | — | — | — | — |
| Non current assets | |||||
| Properties | 407.21M | 431.61M | 466.05M | 513.92M | 551.50M |
| Land and improvements | — | — | — | — | — |
| Machinery furniture equipment | 230.71M | 236.19M | 218.53M | 240.83M | 215.25M |
| Construction in progress | 11.79M | 65.56M | 46.05M | 42.82M | 32.48M |
| Leases | 233.73M | 208.32M | 209.47M | 220.98M | 197.36M |
| Accumulated depreciation | -414.55M | -395.11M | -367.51M | -402.47M | -367.55M |
| Goodwill | 789.83M | 754.57M | 758.99M | 767.93M | 745.37M |
| Investment properties | — | — | — | — | — |
| Financial assets | 61.68M | 56.95M | 49.76M | — | — |
| Intangible assets | 30,000 | 90,000 | 150,000 | 210,000 | 1.82M |
| Investments and advances | 640.28M | 642.03M | 957.58M | 658.53M | 532.00M |
| Other non current assets | 608.73M | 510.90M | 520.95M | 612.78M | 667.21M |
| Total liabilities | 4.07B | 4.59B | 5.49B | 4.97B | 4.96B |
| Current liabilities | |||||
| Accounts payable | — | — | — | — | — |
| Accrued expenses | 195.57M | 196.62M | 197.44M | 180.72M | 179.28M |
| Short term debt | — | — | — | — | — |
| Deferred revenue | 140.42M | 137.33M | 130.66M | 90.72M | 97.96M |
| Tax payable | 253.14M | 308.50M | 383.28M | 361.16M | 385.71M |
| Pensions | — | — | — | — | — |
| Other current liabilities | — | — | — | — | — |
| Non current liabilities | |||||
| Long term debt | 2.18B | 2.20B | 2.24B | 2.29B | 2.32B |
| Provision for risks and charges | — | — | — | — | — |
| Deferred liabilities | 3.86M | 3.92M | 1.83M | 1.04M | 3.51M |
| Derivative product liabilities | — | — | — | — | — |
| Other non current liabilities | 49.07M | 37.80M | 54.51M | 52.80M | 67.30M |
| Shareholders equity | |||||
| Common stock | 1.13M | 1.13M | 1.13M | 1.13M | 1.13M |
| Retained earnings | 1.40B | 1.68B | 1.56B | 1.30B | 1.19B |
| Other shareholders equity | -289.95M | -295.85M | -223.85M | -238.37M | -293.65M |
| Total shareholders equity | 569.86M | 1.26B | 1.65B | 999.43M | 681.57M |
| Additional paid in capital | 247.20M | 167.89M | 144.73M | 135.44M | 41.02M |
| Treasury stock | 937.26M | 993.41M | 507.43M | 281.81M | 332.08M |
| Minority interest | 146.10M | 702.41M | 677.74M | 87.66M | 71.58M |
Cash flow statement
| 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||||||||||||||
| Net Income | -57.31M | 392.48M | 542.55M | 402.69M | 297.72M | 532.45M | 259.85M | 393.69M | 992.93M | 434.06M | 165.11M | 92.79M | 190.56M | 194.42M | -188.25M | -239,000 | 155.04M | 92.99M | 143.49M | 246.97M |
| Depreciation | 43.19M | 42.40M | 38.38M | 36.89M | 54.98M | 18.21M | 41.01M | 68.51M | 38.61M | 40.85M | 44.86M | 39.21M | 36.50M | 30.58M | 27.53M | 25.42M | 38.26M | 40.60M | 18.24M | 16.94M |
| Deferred Taxes | -124.96M | 41.50M | 92.84M | 46.71M | 24.37M | 38.89M | 298.62M | 63.66M | -553.09M | 33.94M | 15.70M | -4.46M | 7.21M | 8.12M | -23.43M | -31.65M | -16.39M | -4.29M | -7.56M | 452,000 |
| Stock-Based Compensation | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Non-Cash Items | 493.08M | 466.87M | 468.14M | 411.64M | 425.87M | 371.43M | 359.38M | 329.16M | 320.47M | 295.83M | 310.04M | 360.75M | 300.29M | 316.23M | — | 64.51M | 182.64M | 151.72M | 122.32M | 87.55M |
| Accounts Receivable | -100.50M | 140.75M | -81.61M | -72.15M | 35.69M | -131.64M | 95.98M | -156.13M | 33.15M | -76.20M | -30.13M | 31.16M | 61.15M | -52.69M | -26.36M | 348.41M | 229.51M | — | — | — |
| Accounts Payable | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Other Assets & Liabilities | -192.68M | 122.58M | -217.86M | -249.85M | -167.19M | -136.83M | 372.03M | 4.61M | -1.44M | -171.69M | -64.88M | -108.55M | -13.20M | -309.67M | 67.32M | 509.89M | -311.17M | — | — | — |
| Operating Cash Flow | 60.81M | 1.21B | 842.43M | 575.93M | 671.45M | 692.52M | 1.43B | 703.50M | 830.63M | 556.79M | 440.71M | 410.90M | 582.51M | 186.99M | -143.19M | 916.34M | 277.88M | 281.01M | 276.49M | 351.92M |
| Investing Activities | ||||||||||||||||||||
| Capital Expenditures | -27.81M | -48.94M | -39.06M | -62.94M | -42.25M | -46.21M | -26.92M | -37.65M | -25.95M | -20.10M | -54.55M | -84.93M | -45.28M | -12.95M | -11.33M | -17.77M | -14.53M | -8.19M | 3.88M | -10.41M |
| Net Intangibles | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| Net Acquisitions | -10.52M | — | — | — | — | — | — | — | — | — | — | — | — | — | -39.14M | -74.86M | -135.06M | — | — | — |
| Purchase of Investments | — | — | — | — | — | — | — | — | — | — | — | — | — | — | -139.56M | -147.34M | -73.24M | — | — | — |
| Sale of Investments | — | — | — | — | — | — | — | — | — | — | — | — | — | 373.24M | 93.47M | 88.03M | — | — | — | — |
| Investing Cash Flow | -38.32M | -56.44M | -39.06M | -62.94M | -42.25M | -46.21M | -26.92M | -37.65M | -25.95M | -20.10M | -54.55M | -84.93M | -45.28M | 360.29M | -96.56M | -151.93M | -222.82M | -8.19M | 15.57M | -1.69M |
| Financing Activities | ||||||||||||||||||||
| Long-Term Debt Issuance | — | — | — | — | 492.03M | 490.97M | — | 296.76M | 396.27M | — | 493.40M | — | — | — | — | — | 593.49M | 3.56M | 578.42M | 15.05M |
| Long-Term Debt Payments | — | — | — | — | -255.75M | -255.54M | — | -103.06M | -510.92M | -2.17M | -581.12M | -2.52M | -134.15M | -12.78M | -3.62M | -482.02M | -147.42M | -35.70M | -96.17M | -16.42M |
| Other Financing Charges | -1.24B | -446.53M | 290.94M | -182.89M | 169.23M | 61.34M | 397.58M | 18.98M | -48.58M | -8.86M | -12.72M | -26.25M | -48.26M | 275,000 | -64.73M | -92.38M | -21.86M | -69.45M | -2.47B | -468.51M |
| Financing Cash Flow | -1.52B | -1.32B | 263.85M | -474.72M | -344.09M | -615.74M | -250.61M | -423.68M | -626.69M | -349.93M | -354.54M | -518.34M | -458.61M | -220.31M | -165.56M | -444.96M | 243.27M | -115.07M | -1.99B | -469.89M |
| Other Cash Details | ||||||||||||||||||||
| End Cash Position | 1.22B | 2.64B | 3.43B | 2.57B | 2.46B | 2.29B | 2.45B | 1.61B | 1.13B | 1.07B | 841.48M | 850.19M | 1.00B | 1.21B | 917.33M | 909.71M | 1.06B | 969.48M | 492.31M | 305.75M |
| Income Tax Paid | 44.23M | 144.31M | 74.10M | 43.75M | 89.45M | 101.67M | 48.74M | 72.42M | 60.72M | 49.24M | 22.62M | 23.27M | 35.04M | 69.45M | 31.48M | 111.82M | 81.68M | — | — | — |
| Interest Paid | 73.68M | 77.44M | 77.99M | 78.26M | 70.40M | 50.81M | 49.60M | 46.26M | 45.36M | 60.41M | 78.67M | 78.44M | 92.70M | 102.11M | 99.49M | 142.89M | 141.35M | — | — | — |
| Free Cash Flow | 136.37M | 784.47M | 826.38M | 511.65M | 635.20M | 649.45M | 1.00B | 593.85M | 860.67M | 713.83M | 465.73M | 392.61M | 351.36M | 155.42M | 232.86M | 487.39M | 55.29M | 229.85M | 894.56M | 523.65M |
Top Institutional Holders
| Holder | Date Reported | Shares | Value | % Held |
|---|---|---|---|---|
| Smallcap World Fund | Sep 30, 2024 | 3,746,261 | 195.55M | 3.32% |
| Vanguard Total Stock Market Index Fund | Sep 30, 2024 | 3,386,310 | 176.77M | 3.00% |
| Vanguard Small-Cap Index Fund | Sep 30, 2024 | 2,681,438 | 139.97M | 2.38% |
| Fidelity Low-Priced Stock Fund | Oct 31, 2024 | 2,570,604 | 134.19M | 2.28% |
| iShares Select Dividend ETF | Nov 30, 2024 | 2,358,154 | 123.10M | 2.09% |
| Ariel Fund | Sep 30, 2024 | 2,013,817 | 105.12M | 1.79% |
| Vanguard Small Cap Value Index Fund | Sep 30, 2024 | 1,815,331 | 94.76M | 1.61% |
| Vanguard Extended Market Index Fund | Sep 30, 2024 | 1,696,029 | 88.53M | 1.50% |
| Fidelity Small Cap Value Fund | Oct 31, 2024 | 1,319,300 | 68.87M | 1.17% |
| Invesco Small Cap Value Fd | Oct 31, 2024 | 1,068,800 | 55.79M | 0.95% |
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