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Lazard
(NYSE:LAZ)
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Rating:63Neutral
Price Target:
$40.00
▼(-6.52% Downside)
Action:Reiterated
Date:10/22/26
The score is driven primarily by improving operating and cash-flow performance but tempered by balance-sheet leverage risk. Technicals remain a headwind with the stock below key longer-term moving averages. Valuation and shareholder returns are supportive (moderate P/E and high dividend yield), and the latest earnings call provided constructive forward signals, including a strengthening advisory pipeline and expected 2027 accretion from Lazard CL, though near-term outflows/comp-ratio noise add risk.
Positive Factors
Advisory growth and pipeline
Strong advisory revenue, record league-table positioning, and a substantially larger forward pipeline indicate improving client relevance and mandate capture. These factors can support durable fee growth as transactions close, while broader sector coverage and rising conflict clearances strengthen Lazard’s competitive position.
Negative Factors
Elevated leverage
Although leverage has improved from prior years, debt remains high relative to equity and limits financial flexibility. A weaker market or slower transaction environment could make it harder to absorb earnings volatility, preserve capital, and fund strategic initiatives without greater balance-sheet pressure.
Read all positive and negative factors
Positive Factors
Negative Factors
Advisory growth and pipeline
Strong advisory revenue, record league-table positioning, and a substantially larger forward pipeline indicate improving client relevance and mandate capture. These factors can support durable fee growth as transactions close, while broader sector coverage and rising conflict clearances strengthen Lazard’s competitive position.
Read all positive factors
Lazard Key Performance Indicators (KPIs)
Any
Revenue by Segment
Highlights the revenue generated from different business segments, providing insight into which areas are driving growth and how diversified the company's income streams are.
Highlights the revenue generated from different business segments, providing insight into which areas are driving growth and how diversified the company's income streams are.
Data provided by:
The Fly
The FlyLazard (LAZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$3.63B
Dividend Yield5.37%
Average Volume (3M)2.01M
Price to Earnings (P/E)20.1
Beta (1Y)1.78
Revenue Growth8.61%
EPS Growth-35.35%
CountryUS
Employees3,309
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.29
Shares Outstanding97,450,570
10 Day Avg. Volume1,999,008
30 Day Avg. Volume2,012,074
Financial Highlights & Ratios
PEG Ratio-1.17
Price to Book (P/B)5.42
Price to Sales (P/S)1.49
P/FCF Ratio9.37
Enterprise Value/Market Cap1.30
Enterprise Value/Revenue1.43
Enterprise Value/Gross Profit3.02
Enterprise Value/Ebitda11.52
Forecast
1Y Price Target
$40.67Price Target Upside-4.96% Downside
Rating ConsensusHold
Number of Analyst Covering7
EPS Forecast (FY)1.33
Revenue Forecast (FY)$3.29B
Lazard Business Overview & Revenue Model
Company Description
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 Advis...
How the Company Makes Money
Lazard makes money mainly through two revenue streams: (1) advisory fees and (2) asset management fees.
1) Financial Advisory (fee-for-service advisory revenue)
- M&A and strategic advisory fees: Lazard earns transaction-based fees for advising o...
Lazard Earnings Call Summary
Earnings Call Date:Oct 22, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
Earnings Call Sentiment Positive
The call was broadly optimistic. Lazard reported 11% firm-wide adjusted net revenue growth, record Financial Advisory revenue, strong pipeline and conflict-clearance indicators, record Asset Management inflows, improving investment performance, and progress toward launching Lazard CL. The main challenges were Asset Management net outflows, subdued private equity and software M&A, a difficult European backdrop, elevated financial-distress risks, and a potential near-term increase in the reported compensation ratio. Management consistently characterized the firm as on track with its long-term strategy and expressed confidence in future growth.Positive Updates
Firm-Wide Revenue Growth
Firm-wide adjusted net revenue increased 11% year over year in the third quarter, with increasing client activity across both Financial Advisory and Asset Management.
Negative Updates
Asset Management Net Outflows
Asset Management reported $2.3 billion of net outflows in the third quarter. AUM was $284 billion as of September 30, 7% higher than September 2025 but approximately even with the prior quarter.
Read all updates
Q3-2026 Updates
Positive
Negative
Firm-Wide Revenue Growth
Firm-wide adjusted net revenue increased 11% year over year in the third quarter, with increasing client activity across both Financial Advisory and Asset Management.
Read all positive updates
Company Guidance
Lazard expects to close the acquisition of Campbell Lutyens and launch Lazard CL in early November, with Lazard CL anticipated to generate approximately $500 million of revenue and be accretive to earnings in 2027, even before accounting for potential synergies; asset management remains on track to deliver positive net flows for the year, and the company expects the full-year effective tax rate to be in the high 20s percentage range. Lazard continues to expect the second half to be stronger than the first half, with the ratio of the second half this year to the first half stronger than in 2025, expects to continue buybacks throughout the remainder of the year, and expects to provide specifics on how its operating initiatives will reduce expenses beginning in 2027. The company is considering a potential reduction in its deferral rate, which would raise the reported compensation ratio by a few percentage points this year and reduce it thereafter, but has not made a definitive decision.Lazard Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
48
Neutral
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.29B | 3.19B | 3.09B | 2.55B | 2.83B | 3.27B |
| Gross Profit | 1.56B | 1.01B | 1.08B | 605.13M | 1.17B | 1.37B |
| EBITDA | 407.52M | 449.41M | 510.82M | 40.57M | 701.39M | 917.01M |
| Net Income | 226.83M | 236.83M | 279.91M | -75.48M | 357.52M | 528.06M |
Balance Sheet | ||||||
| Total Assets | 4.36B | 4.94B | 4.79B | 4.64B | 5.85B | 7.15B |
| Cash, Cash Equivalents and Short-Term Investments | 1.30B | 1.67B | 1.58B | 1.19B | 2.01B | 2.81B |
| Total Debt | 2.15B | 2.58B | 2.19B | 2.18B | 2.20B | 2.24B |
| Total Liabilities | 3.46B | 3.95B | 4.03B | 4.07B | 4.59B | 5.49B |
| Stockholders Equity | 914.30M | 873.65M | 636.24M | 423.76M | 556.46M | 975.22M |
Cash Flow | ||||||
| Free Cash Flow | 696.96M | 505.23M | 697.33M | 136.37M | 784.47M | 826.38M |
| Operating Cash Flow | 675.03M | 537.18M | 742.83M | 164.66M | 833.98M | 866.08M |
| Investing Cash Flow | -78.48M | -78.28M | 134.07M | -38.32M | -56.44M | -39.06M |
| Financing Cash Flow | -608.50M | -467.34M | -439.67M | -1.57B | -1.38B | 195.84M |
Lazard Technical Analysis
Neutral
42.79
Price Trends
39.28
Negative
41.01
Negative
43.92
Negative
Market Momentum
-0.50
Negative
50.18
Neutral
81.25
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAZ, the sentiment is Neutral. The current price of 42.79 is above the 20-day moving average (MA) of 36.25, above the 50-day MA of 39.28, and below the 200-day MA of 43.92, indicating a neutral trend. The MACD of -0.50 indicates Negative momentum. The RSI at 50.18 is Neutral, neither overbought nor oversold. The STOCH value of 81.25 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for LAZ.
Lazard Risk Analysis
Lazard disclosed 37 risk factors in its most recent earnings report. Lazard reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Lazard Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $4.42B | 18.00 | 43.55% | 4.77% | 13.69% | 12.33% | |
78 Outperform | $8.68B | 7.08 | 41.25% | 1.72% | 27.58% | 36.35% | |
73 Outperform | $5.80B | 20.13 | 24.09% | 1.88% | 3.30% | 38.95% | |
68 Neutral | $6.82B | 9.18 | 20.18% | ― | 20.57% | 50.19% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | $4.57B | 14.20 | 22.90% | 3.09% | 32.10% | 40.51% | |
63 Neutral | $3.63B | 20.14 | 20.43% | 5.37% | 8.61% | -35.35% |
* Financial Sector Average
LAZ
Lazard
37.21
-11.03
-22.86%
SNEX
StoneX Group
56.55
12.89
29.52%
MKTX
Marketaxess Holdings
164.67
0.29
0.18%
PIPR
Piper Sandler
64.63
-20.89
-24.43%
MC
Moelis
54.53
-14.74
-21.27%
VIRT
Virtu Financial
55.93
22.77
68.68%
Lazard Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and Compliance
Lazard Announces Leadership Transition in Finance and Accounting
Neutral
Oct 13, 2026
Lazard, Inc. announced that Chief Accounting Officer and principal accounting officer Michael Gathy informed the company on October 12, 2026, of his decision to resign effective December 11, 2026, to pursue other opportunities. The planned change ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.