Lazard Ltd. (LAZ)
NYSE:LAZ
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Lazard
(NYSE:LAZ)
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Rating:62Neutral
Price Target:
$48.00
▼(-2.12% Downside)
Action:ReiteratedDate:05/02/26
The score is driven primarily by improving financial results and cash generation, but constrained by elevated leverage and a weaker technical backdrop (trading below major moving averages). Valuation is supported by an attractive dividend and reasonable P/E, while the latest earnings call adds optimism from strong Asset Management trends and the strategic Campbell Lutyens deal, tempered by advisory softness and cost/execution risks.
Positive Factors
Strong Asset Management momentum
Sustained AUM growth and outsized net inflows point to a more recurring, fee-driven revenue base. Higher management fees and stable inflows improve revenue visibility and cash generation, reducing reliance on episodic advisory fees and supporting durable earnings and dividends over the medium term.
Negative Factors
Elevated leverage
Material leverage for a capital-markets firm increases sensitivity to cyclical earnings and limits financial flexibility. Even after equity rebuild, high debt amplifies earnings volatility, constrains optionality for opportunistic capital allocation, and raises refinancing and interest‑rate risks over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Asset Management momentum
Sustained AUM growth and outsized net inflows point to a more recurring, fee-driven revenue base. Higher management fees and stable inflows improve revenue visibility and cash generation, reducing reliance on episodic advisory fees and supporting durable earnings and dividends over the medium term.
Read all positive factors
Lazard (LAZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$4.24B
Dividend Yield4.06%
Average Volume (3M)1.58M
Price to Earnings (P/E)10.5
Beta (1Y)1.67
Revenue Growth8.41%
EPS Growth-12.22%
CountryUS
Employees3,253
SectorFinancial
Sector Strength70
IndustryFinancial - Capital Markets
Share Statistics
EPS (TTM)2.40
Shares Outstanding93,907,880
10 Day Avg. Volume1,442,177
30 Day Avg. Volume1,584,019
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 Cap0.87
Enterprise Value/Revenue1.17
Enterprise Value/Gross Profit3.74
Enterprise Value/Ebitda8.20
Forecast
1Y Price Target
$52.33Price Target Upside6.72% Upside
Rating ConsensusHold
Number of Analyst Covering6
EPS Forecast (FY)3.2
Revenue Forecast (FY)$3.40B
Lazard Business Overview & Revenue Model
Company Description
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 Management. ...
How the Company Makes Money
Lazard primarily makes money through two main segments: Financial Advisory and Asset Management. (1) Financial Advisory: The company earns advisory fees for advising clients on transactions and strategic situations. The largest component is typica...
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 Earnings Call Summary
Earnings Call Date:May 01, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 23, 2026
Earnings Call Sentiment Positive
The call presents a generally constructive strategic and operational picture: strong Asset Management results (notably $9B net inflows, +17% AM revenue, +25% management fees YoY), a transformational acquisition (Campbell Lutyens) that accelerates private capital connectivity toward a 50% advisory target, and evidence of improved client engagement. Offsetting these positives are near-term softness in Financial Advisory (−4% YoY), a high Q1 compensation ratio (69.9%) driven by accruals and recent hiring, FX and divestiture headwinds to AUM, and conversion risk from deal pipeline to revenue. On balance, the strengths — especially in Asset Management performance and the strategic acquisition — outweigh the near-term advisory and expense challenges, suggesting a positive outlook provided execution on pipeline, cost discipline and integration progress continue.Positive Updates
Firmwide Revenue Growth
Adjusted net revenue of $673 million for Q1 2026, up 5% year-over-year.
Negative Updates
Financial Advisory Revenue Softness
Financial Advisory adjusted net revenue of $356 million was down 4% YoY. Management said several large transactions were moved to later in the year, creating quarter-to-quarter unevenness and weaker-than-expected advisory revenue in Q1.
Read all updates
Q1-2026 Updates
Positive
Negative
Firmwide Revenue Growth
Adjusted net revenue of $673 million for Q1 2026, up 5% year-over-year.
Read all positive updates
Company Guidance
Lazard guided to a constructive 2026 with firmwide adjusted net revenue of $673 million (up 5% YoY) driven by Financial Advisory adjusted net revenue of $356 million (down 4% YoY) and Asset Management adjusted net revenue of $309 million (up 17% YoY); Asset Management reported management fees of $296 million (up 25% YoY and +3% sequential) and $11 million of incentive fees, AUM of $259 billion as of March 31 with $9 billion of Q1 net inflows (the strongest quarterly inflow in nearly 20 years), $354 million market appreciation, $3 billion FX depreciation, $1.5 billion of divestitures and average AUM of $266 billion (+2% QoQ, +15% YoY) with average management fees of 44.6 bps (vs 43.9 bps in Q4 and 41.2 bps a year ago); they expect full‑year comp ratio to normalize closer to ~65.5% (Q1 comp ratio was 69.9% with adjusted comp expense $471 million and non‑comp expense $149 million, non‑comp ratio 22.1%), an adjusted effective tax rate in the high‑20s percent for 2026, and continued net inflows for the year (not necessarily linear), while announcing the Campbell Lutyens acquisition (reference share price $46.50; $460M upfront, $115M deferred, $85M performance earnout) that is expected to be EPS‑accretive in 2027, materially add ~ $500M of pro forma 2027 revenue, move private capital connectivity from ~25% of advisory revenue in 2019 to 40% today toward a ~50% target post‑close, and benefit from conflict clearances for >$5B deals up 50% YoY and a stronger recruiting pipeline (28 net MD additions in 2025; ~40% of MDs still in ramp).Lazard Financial Statement Overview
Summary
Income Statement
73
Positive
Balance Sheet
48
Neutral
Cash Flow
66
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 3.19B | 3.09B | 2.55B | 2.83B | 3.27B |
| Gross Profit | 1.01B | 1.08B | 605.13M | 1.17B | 1.37B |
| EBITDA | 449.41M | 511.27M | 40.90M | 640.77M | 842.99M |
| Net Income | 236.83M | 279.91M | -75.48M | 357.52M | 528.06M |
Balance Sheet | |||||
| Total Assets | 4.94B | 4.79B | 4.64B | 5.85B | 7.15B |
| Cash, Cash Equivalents and Short-Term Investments | 1.67B | 1.58B | 1.19B | 2.01B | 2.81B |
| Total Debt | 2.58B | 2.19B | 2.18B | 2.20B | 2.24B |
| Total Liabilities | 3.95B | 4.03B | 4.07B | 4.59B | 5.49B |
| Stockholders Equity | 873.65M | 636.24M | 423.76M | 556.46M | 975.22M |
Cash Flow | |||||
| Free Cash Flow | 505.23M | 697.33M | 136.37M | 784.47M | 826.38M |
| Operating Cash Flow | 537.18M | 742.83M | 164.66M | 833.98M | 866.08M |
| Investing Cash Flow | -78.28M | 134.07M | -38.32M | -56.44M | -39.06M |
| Financing Cash Flow | -467.34M | -439.67M | -1.57B | -1.38B | 195.84M |
Lazard Technical Analysis
Positive
49.04
Price Trends
46.54
Positive
48.73
Positive
50.01
Negative
Market Momentum
1.18
Negative
63.30
Neutral
80.14
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For LAZ, the sentiment is Positive. The current price of 49.04 is above the 20-day moving average (MA) of 43.57, above the 50-day MA of 46.54, and below the 200-day MA of 50.01, indicating a neutral trend. The MACD of 1.18 indicates Negative momentum. The RSI at 63.30 is Neutral, neither overbought nor oversold. The STOCH value of 80.14 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $5.43B | 27.05 | 18.76% | 1.66% | 3.74% | -8.43% | |
75 Outperform | $5.66B | 19.90 | 22.08% | 1.63% | 31.21% | 32.50% | |
74 Outperform | $7.44B | 5.19 | 69.74% | 2.88% | 28.84% | 73.53% | |
74 Outperform | $8.28B | 5.77 | 16.43% | ― | 32.54% | 22.72% | |
73 Outperform | $5.21B | 27.97 | 42.05% | 3.69% | 19.19% | 26.01% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
62 Neutral | $4.24B | 10.47 | 30.96% | 4.06% | 8.41% | -12.22% |
* Financial Sector Average
LAZ
Lazard
45.13
5.80
14.76%
SNEX
StoneX Group
105.19
43.57
70.71%
MKTX
Marketaxess Holdings
152.87
-70.26
-31.49%
PIPR
Piper Sandler
79.42
19.34
32.19%
MC
Moelis
64.76
12.87
24.81%
VIRT
Virtu Financial
48.12
7.18
17.53%
Lazard Corporate Events
Business Operations and StrategyM&A Transactions
Lazard to Acquire Campbell Lutyens, Expanding Private Capital
Positive
May 1, 2026
On April 30, 2026, Lazard entered into a sale and purchase agreement to acquire 100% of Campbell Lutyens Holdings, creating what it positions as a leading global private capital advisory platform under the Lazard CL banner. The transaction, which ...
Business Operations and StrategyM&A Transactions
Lazard to Acquire Campbell Lutyens, Form Global Advisory Unit
Positive
Apr 30, 2026
On April 30, 2026, Lazard announced it had entered a definitive agreement to acquire Campbell Lutyens, a global private markets advisor focused on fund placement, secondary advisory and GP capital advisory. The acquisition will create Lazard CL, a...
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.