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Global financial advisory firm providing M&A advisory and asset management services to corporations and investors.
Global financial advisory firm providing M&A advisory and asset management services to corporations and investors.
Advisory work pays success fees when a deal completes plus retainers, so revenue is lumpy and follows deal volume; asset management charges ongoing fees based on assets managed, which smooths the cycle. Advice to governments on debt and restructuring is a long-standing specialty. It was owned by its partners until a 2005 listing.
Moat: narrow (brand, scale, distribution). Long global relationship history and dual advisory/asset-management model versus pure-play advisory boutiques.
Headquarters: New York, New York, United States · Founded: 1848 · Employees: 3,309
Size Lazard (LAZ) is a United States Financials company (Investment Banks/Brokers) with a market value of $3.74B, the 1389th largest of 3,117 United States companies the cockpit tracks. Shares closed at $38.31 on 6 Nov 2026.
Performance Over six months the shares fell 20.3%, against -12.5% for the median peer and -1.1% for the United States market (cap-weighted) — 6th lowest of 21 in its peer set.
Growth Revenue grew 8.9% over the last twelve months (peer median +9.8%); the operating margin is 10.6% (peer median 34.3%).
Valuation It trades at 16.7× forward earnings against a peer median of 16.9× (8th cheapest of 16).
Credit Lazard has 4 bonds outstanding ($1.70B), rated BBB+ by the agencies and trading like BBB at a weighted spread of 93 bp.
Short interest Short interest is 9.1% of the free float (15 Oct 2026).
Next results Next results expected around 4 Feb 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $3.40B | $3.20B | $3.15B | $2.56B | $2.95B |
| Revenue growth | — | +2% | +23% | -13% | — |
| Gross profit | $3.22B | $3.05B | $3.00B | $2.45B | $2.84B |
| EBITDA | $391M | $450M | $511M | -$57.9M | $701M |
| Net income | $177M | $231M | $273M | -$79.9M | $352M |
| Free cash flow | $635M | $505M | $697M | $136M | $784M |
| Capital expenditure | $15.3M | $31.9M | $45.5M | $28.3M | $49.5M |
| Total debt | $2.16B | $2.17B | $2.19B | $2.18B | $2.20B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Lazard LAZ | $3.74B | -20% | +9% | 11% | 16.7× | n/a |
| Evercore EVR | $10.9B | -17% | +37% | 22% | 14.2× | n/a |
| Moelis & MC | $4.62B | -13% | +14% | 18% | 16.9× | n/a |
| PJT Partners PJT | $3.80B | -4% | +10% | 21% | 18.0× | n/a |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | LAZ | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +7.0% | -0.6% | 4th highest of 21 |
| 6-month return | -20.3% | -12.5% | 6th lowest of 21 |
| Distance from 52-week high | -34.8% | -27.8% | 7th lowest of 21 |
| Revenue growth (TTM) | +8.9% | +9.8% | 10th lowest of 21 |
| Operating margin | 10.6% | 34.3% | lowest of 21 |
| Forward P/E | 16.7× | 16.9× | 8th cheapest of 16 |
| Bond spread | 93 bp | n/a | — |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Lazard LAZ | United States | $3.74B | -20% | +9% | 11% | 16.7× | n/a | n/a |
| PJT Partners PJT | United States | $3.80B | -4% | +10% | 21% | 18.0× | n/a | n/a |
| Western Securities 002673.SZ | China | $3.83B | -14% | -2% | 29% | n/a | n/a | n/a |
| Southwest Securities 600369.SS | China | $3.90B | -8% | -13% | 27% | 20.6× | n/a | n/a |
| XTB Spolka Akcyjna XTB.WA | Poland | $3.98B | +22% | +63% | 48% | 9.6× | n/a | n/a |
| J-Yuan Trust 600816.SS | China | $3.50B | -18% | +139% | 13% | n/a | n/a | n/a |
| Kiwoom 039490.KS | South Korea | $3.48B | -53% | +100% | 41% | 2.9× | n/a | n/a |
| Pacific Securities 601099.SS | China | $3.47B | -8% | -11% | 14% | n/a | n/a | n/a |
| Miami International MIAX | United States | $3.45B | -34% | +14% | 12% | 18.8× | n/a | n/a |
| IG Group Holdings plc IGG.L | United Kingdom | $4.23B | -38% | +16% | 40% | 8.7× | n/a | n/a |
| Nanjing Securities 601990.SS | China | $4.30B | -11% | -9% | 37% | 24.1× | n/a | n/a |
| BOC International (China) 601696.SS | China | $4.37B | -16% | +6% | 35% | 24.7× | n/a | n/a |
| Angel One ANGELONE.NS | India | $3.20B | +3% | +21% | 28% | 23.1× | n/a | n/a |
| Minmetals Capital 600390.SS | China | $3.15B | -11% | -62% | 60% | 51.9× | n/a | n/a |
| Plus500 PLUS.L | United Kingdom | $3.12B | -26% | +3% | 41% | 10.4× | n/a | n/a |
| Guoyuan Securities 000728.SZ | China | $4.53B | -6% | -23% | 34% | 10.3× | n/a | n/a |
| China Great Wall Securities 002939.SZ | China | $4.53B | -16% | -5% | 35% | n/a | n/a | n/a |
| Tata Investment TATAINVEST.NS | India | $3.06B | -22% | +18% | 89% | n/a | n/a | n/a |
| Sinolink Securities 600109.SS | China | $4.60B | -7% | +10% | 30% | 11.8× | n/a | n/a |
| Moelis & MC | United States | $4.62B | -13% | +14% | 18% | 16.9× | n/a | n/a |
| HUAXI Securities 002926.SZ | China | $3.01B | -12% | +10% | 36% | 11.4× | n/a | n/a |
Lazard has 4 bonds outstanding with $1.70B face value. The agencies rate it BBB+; its bonds trade like BBB. Weighted yield 5.53%, a spread of 93 bp over government bonds.