LAZ
Lazard Ltd
LAZ's fundamentals are mixed, but it looks expensive: trading at 25x earnings, above its usual 15x. Analysts expect earnings growth, though they disagree widely on how much.
LAZ Fundamentals
| Metric | Status |
|---|---|
| Stable | |
| Stable | |
| N/A | |
| N/A |
LAZ's revenue and profitability are currently stable. Free cash flow and net leverage aren't meaningful measures for financial services companies like LAZ.
LAZ PE Valuation
| Level | PE | Price | Vs current |
|---|---|---|---|
| Cheap | 8.3x | $13.66 | -67% |
| Fair | 14x | $23.64 | -42% |
| Forward | 18x | $40.87 | — |
| Expensive | 20x | $32.49 | -21% |
| Current | 25x | $40.87 | — |
Historical ranges are pointers, not guarantees.
LAZ's PE is in its expensive range at 25x. If earnings grow as analysts expect, today's price would be 18x next year's earnings.
LAZ Forward outlook
| Metric | Outlook |
|---|---|
| Strongly improving | |
| Growth | |
| Strong growth | |
| Stable | |
| Limited | |
| Low |
Analysts expect earnings and revenue growth for LAZ, with profitability holding steady. However, they disagree widely on these estimates.
LAZ Earnings Per Share
| Quarter | TTM EPS | YoY |
|---|---|---|
| Forward | $2.29 | +40% |
| Q3 2026 | $1.64 | -36% |
| Q2 2026 | $2.03 | -30% |
| Q1 2026 | $2.52 | -13% |
| Q4 2025 | $2.17 | -19% |
| Q3 2025 | $2.55 | -1.2% |
| Q2 2025 | $2.92 | +80% |
| Q1 2025 | $2.89 | +$3.17 |
| Q4 2024 | $2.68 | +$3.58 |
LAZ's earnings per share have fallen from their peak: $1.64 over the past year, against $4.93 in early 2022.
LAZ Quarterly Revenue
| Quarter | Revenue | YoY |
|---|---|---|
| Q3 2026 | $814.2M | +8.8% |
| Q2 2026 | $807.7M | +1.5% |
| Q1 2026 | $756.6M | +17% |
| Q4 2025 | $906.7M | +11% |
| Q3 2025 | $748.1M | -4.7% |
| Q2 2025 | $796M | +16% |
| Q1 2025 | $648.1M | -15% |
| Q4 2024 | $816.9M | +1.3% |
LAZ's revenue is recovering but still below its 2021 peak: $814M last quarter, up 8.8% from the same quarter a year ago.
| Quarter | Margin | YoY |
|---|---|---|
| Q3 2026 | 6.7% | -6 points |
| Q2 2026 | 4.7% | -7 points |
| Q1 2026 | 12% | +3.4 points |
| Q4 2025 | 9.4% | -3.7 points |
| Q3 2025 | 13% | -7.8 points |
| Q2 2025 | 12% | +2.4 points |
| Q1 2025 | 8.4% | +1.3 points |
| Q4 2024 | 13% | +4.2 points |
LAZ's operating margin was 6.7% last quarter, down 6 points from the same quarter a year ago.
LAZ Free Cash Flow
| Quarter | Free cash flow | YoY |
|---|---|---|
| Q3 2026 | $310.8M | +9.2% |
| Q2 2026 | $199.5M | +425% |
| Q1 2026 | -$221.5M | +$9.9M |
| Q4 2025 | $396.1M | +14% |
| Q3 2025 | $284.6M | +3.1% |
| Q2 2025 | $38M | -78% |
| Q1 2025 | -$231.4M | -$134.7M |
| Q4 2024 | $348M | +4.6% |
LAZ's free cash flow was $685M over the past year, up 56% from the year before. Free cash flow isn't a meaningful measure for financial services companies like LAZ.
LAZ Total Shares
| Period | Change % | Net change |
|---|---|---|
| Quarterly | -0.1% | -56.7K shares |
| 1 year | -0.7% | -717K shares |
| 3 years | +21% | +18.6M shares |
| 5 years | -5.6% | -6.3M shares |
| Available history | -7.6% | -8.8M shares |
LAZ has 107M diluted shares, down 0.7% from a year ago, with $135M in buybacks over the past year.
| Quarter | Spent |
|---|---|
| Q3 2026 | $33.3M |
| Q2 2026 | $50M |
| Q1 2026 | $1.7M |
| Q4 2025 | $50M |
| Q3 2025 | $1.1M |
| Q2 2025 | $3.8M |
| Q1 2025 | $36.2M |
| Q4 2024 | $15.6M |
LAZ spent $135M buying back its own shares over the past year, up 139% from the year before.
LAZ Net Leverage
| Quarter | Net Leverage | Status |
|---|---|---|
| Q3 2026 | 1.4x | Healthy |
| Q2 2026 | 1.7x | Healthy |
| Q1 2026 | 1.7x | Healthy |
| Q4 2025 | 0.6x | Very low |
| Q3 2025 | 1.3x | Healthy |
| Q2 2025 | 1.6x | Healthy |
| Q1 2025 | 1.9x | Healthy |
| Q4 2024 | 0.9x | Very low |
LAZ's net debt is about 1.4 years of its operating earnings (EBITDA), about the same as a year ago. Net leverage isn't a meaningful measure for financial services companies like LAZ.
LAZ Weekly Momentum
| Metric | Value | Status |
|---|---|---|
| RSI | 49.0 | Neutral |
| Stochastic | 39.4 | Neutral |
LAZ's weekly RSI is 49 (neutral) and its Stochastic is 39 (neutral).
LAZ PE vs Financial Services Sector
| Metric | LAZ | Sector median | Relative |
|---|---|---|---|
| PE | 25x | 13x | 91% above |
| PE % | 96 | 63 | 33 pts above |
LAZ is trading at 25x earnings, a 91% premium to the Financial Services sector's median of 13x.
LAZ Weekly Moving Averages
| Moving average | MA price | Relative |
|---|---|---|
| 8 week MA | $37.6 | 8.8% above |
| 20 week MA | $40.6 | 0.7% above |
| 50 week MA | $44.9 | 8.9% below |
| 100 week MA | $46.8 | 13% below |
| 200 week MA | $42.7 | 4.3% below |
LAZ has bounced recently, but its long-term trend is still down: it's above its 8- and 20-week averages, but 4.3% below its 200-week average.
LAZ Yearly ROI
| Year | Start price | End price | ROI |
|---|---|---|---|
| 2020 | $39.6 | $41.6 | +5.2% |
| 2021 | $41.6 | $44.0 | +5.7% |
| 2022 | $44.0 | $35.6 | -19% |
| 2023 | $35.6 | $34.8 | -2.3% |
| 2024 | $34.8 | $52.0 | +49% |
| 2025 | $52.0 | $50.0 | -3.7% |
| 2026 YTD | $50.0 | $40.9 | -18% |
LAZ has finished lower in three of the last six years. It's down 18% so far in 2026.