Lazard Ltd (LAZ) Balance Sheet
LAZ balance sheet, 2025
December 31, 2025 · U.S. dollars$4.94B assets = $3.95B liabilities + $989.1M equity
Both columns are drawn to the same scale: what LAZ owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LAZ financial health
Debt / equity2.95
High leverage · $2.95 of debt for each $1 of equity
Equity / assets17.7%
Thin equity · of assets funded by shareholders
Cash / debt64.8%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles16.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
LAZ balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $4.56B2016 | $4.94B2025 | +0.9%/yr | |
| Total liabilities | $3.26B2016 | $3.95B2025 | +2.2%/yr | |
| Shareholders’ equity | $1.29B2016 | $873.7M2025 | −4.3%/yr | |
| Cash & short-term investments | $1.58B2016 | $1.67B2025 | +0.6%/yr | |
| Total debt | $1.71B2016 | $2.58B2025 | +4.6%/yr | |
| Net cash (debt) | −$135.4M2016 | −$907.1M2025 | −$771.7M | |
| Working capital | $1.77B2016 | $2.29B2025 | +$513.1M | |
| Book value per share | $9.752016 | $8.222025 | −1.9%/yr | |
| Debt / equity | 1.322016 | 2.952025 | +1.63 | |
| Shares outstanding | 132.6M2016 | 106.3M2025 | −2.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LAZ assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
LAZ liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
LAZ debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LAZ balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $1.67B | $1.58B | $1.19B | $2.01B | $2.81B | $2.52B | $2.41B | $2.25B | $2.42B | $1.58B |
| Cash & equivalents | $1.50B | $1.31B | $971.3M | $1.23B | $1.47B | $1.39B | $1.23B | $1.25B | $1.48B | $1.16B |
| Short-term investments | $167.1M | $268.7M | $219.6M | $779.2M | $1.35B | $1.13B | $1.18B | $1.01B | $935.4M | $419.7M |
| Receivables | $897.8M | $800.3M | $832.0M | $652.8M | $805.8M | $792.3M | $722.2M | $685.5M | $571.6M | $638.3M |
| Inventory | $0 | $0 | $0 | −$217.8M | $3.56B | −$183.9M | −$117.7M | −$142.6M | −$117.0M | −$85.4M |
| Other current assets | $0 | $239.7M | $267.5M | $843.2M | $0 | $179.2M | $101.9M | $181.0M | $152.5M | $114.4M |
| Total current assets | $2.37B | $2.62B | $2.29B | $3.29B | $4.24B | $3.31B | $3.12B | $2.98B | $3.03B | $2.25B |
| Property, plant & equipment (net) | $580.6M | $595.3M | $639.7M | $681.7M | $466.1M | $513.9M | $551.5M | $212.9M | $205.3M | $209.0M |
| Goodwill & intangible assets | $790.5M | $393.6M | $394.9M | $377.3M | $379.6M | $384.1M | $373.6M | $375.3M | $391.4M | $382.0M |
| Long-term investments | $573.1M | $555.7M | $640.3M | $699.0M | $1.01B | $658.5M | $532.0M | $575.1M | $427.2M | $459.4M |
| Other non-current assets | $629.3M | $632.4M | $670.4M | $802.4M | $1.06B | $1.10B | $1.09B | $856.4M | $876.4M | $1.26B |
| Total assets | $4.94B | $4.79B | $4.64B | $5.85B | $7.15B | $5.97B | $5.66B | $5.00B | $4.93B | $4.56B |
| Liabilities | ||||||||||
| Accounts payable | — | — | $950.1M | $58.4M | $50.1M | −$1.2M | $8.8M | $585.5M | $593.8M | $541.6M |
| Short-term debt | $80.7M | $77.5M | $82.3M | $78.9M | $80.6M | $91.9M | $89.1M | $3.9M | $7.3M | $4.5M |
| Deferred revenue | $330.9M | $136.5M | $140.4M | $921.8M | $1.44B | $90.7M | $98.0M | $1.15B | $992.3M | $472.3M |
| Total current liabilities | $80.7M | $896.8M | $1.03B | $921.8M | $1.44B | $1.83B | $1.91B | $1.15B | $992.3M | $472.3M |
| Long-term debt | $1.77B | $1.77B | $1.78B | $2.27B | $2.26B | $221.5M | $1.93B | $1.70B | $1.50B | $1.71B |
| Lease obligations | $485.1M | $505.5M | $485.2M | $513.7M | $552.5M | $607.0M | $644.3M | — | — | $7.2M |
| Other long-term liabilities | $2.10B | $1.37B | $1.26B | $1.40B | $1.79B | $2.92B | $1.12B | $1.17B | $1.17B | $1.08B |
| Total liabilities | $3.95B | $4.03B | $4.07B | $4.59B | $5.49B | $4.97B | $4.98B | $4.03B | $3.67B | $3.26B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.3M | $789.4M | $689.5M |
| Retained earnings (deficit) | $1.49B | $1.47B | $1.40B | $1.68B | $1.56B | $1.30B | $1.19B | $1.20B | $1.08B | $1.13B |
| Treasury stock | — | — | — | — | −$507.4M | −$281.8M | −$332.1M | −$756.9M | −$437.5M | −$273.5M |
| Accumulated other comprehensive income | −$271.5M | −$326.7M | −$289.9M | −$295.9M | −$223.8M | −$238.4M | −$293.6M | −$273.8M | −$232.6M | −$314.2M |
| Minority interest | $115.5M | $128.5M | $146.1M | $118.9M | $102.7M | $87.7M | $71.6M | $53.2M | $59.1M | $57.8M |
| Total shareholders' equity | $873.7M | $636.2M | $423.8M | $1.26B | $1.65B | $911.8M | $610.0M | $970.1M | $1.26B | $1.29B |
| Key figures | ||||||||||
| Total debt | $2.58B | $2.19B | $2.18B | $2.35B | $2.34B | $2.29B | $2.32B | $1.71B | $1.51B | $1.71B |
| Net cash (debt) | −$907.1M | −$615.6M | −$984.5M | −$336.1M | $471.8M | $234.6M | $88.4M | $544.7M | $911.3M | −$135.4M |
| Working capital | $2.29B | $1.72B | $1.26B | $2.37B | $2.79B | $1.48B | $1.21B | $1.82B | $2.03B | $1.77B |
| Tangible book value | $83.1M | $242.7M | $28.8M | $881.5M | $1.27B | $527.7M | $236.4M | $594.8M | $868.8M | $911.8M |
| Book value per share | $8.22 | $6.21 | $4.76 | $12.46 | $14.54 | $8.03 | $5.25 | $7.48 | $9.51 | $9.75 |
| Shares outstanding | 106.3M | 102.4M | 89.0M | 101.0M | 113.7M | 113.5M | 116.1M | 129.8M | 132.5M | 132.6M |
| Current ratio | 29.35 | 2.92 | 2.22 | 3.57 | 2.94 | 1.81 | 1.63 | 2.58 | 3.05 | 4.76 |
| Quick ratio | 31.84 | 2.65 | 1.96 | 2.89 | 2.51 | 1.81 | 1.64 | 2.55 | 3.01 | 4.69 |
| Debt / equity | 2.95 | 3.45 | 5.13 | 1.87 | 1.42 | 2.51 | 3.81 | 1.76 | 1.20 | 1.32 |
| Equity / assets | 17.7% | 13.3% | 9.1% | 21.5% | 23.1% | 15.3% | 10.8% | 19.4% | 25.6% | 28.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $1.30B | $1.23B | $1.67B | $1.39B | $1.22B | $1.17B | $1.58B | $1.48B | $1.05B | $1.17B | $1.19B | $972.7M |
| Cash & equivalents | $1.10B | $1.03B | $1.50B | $1.17B | $978.3M | $908.6M | $1.31B | $1.17B | $847.6M | $923.2M | $971.3M | $653.4M |
| Short-term investments | $197.2M | $207.2M | $167.1M | $217.6M | $237.1M | $264.9M | $268.7M | $313.0M | $203.8M | $247.8M | $219.6M | $319.4M |
| Receivables | $765.2M | $773.8M | $897.8M | $774.7M | $754.8M | $683.0M | $800.3M | $682.0M | $725.5M | $750.5M | $832.0M | $632.1M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $2.20B | $0 | $0 | $0 | $1.35B |
| Other current assets | $0 | $0 | $0 | $0 | $0 | $34.3M | $239.7M | $0 | $33.1M | $33.6M | $267.5M | $0 |
| Total current assets | $2.06B | $2.01B | $2.37B | $1.95B | $1.73B | $1.89B | $2.62B | $2.20B | $1.81B | $1.96B | $2.29B | $1.64B |
| Property, plant & equipment (net) | $546.3M | $562.6M | $412.6M | $437.0M | $443.4M | $598.7M | $595.3M | $608.9M | $672.4M | $617.4M | $639.7M | $642.8M |
| Goodwill & intangible assets | $447.6M | $789.2M | $790.5M | $395.3M | $395.2M | $394.1M | $393.6M | $394.6M | $394.0M | $394.1M | $394.9M | $394.1M |
| Long-term investments | $0 | $464.7M | $573.1M | $573.7M | $607.7M | $478.4M | $555.7M | $628.9M | $629.8M | $561.2M | $640.3M | $657.9M |
| Other non-current assets | $1.31B | $415.9M | $797.3M | $1.28B | $1.31B | $870.1M | $632.4M | $991.9M | $1.02B | $1.06B | $670.4M | $961.8M |
| Total assets | $4.36B | $4.24B | $4.94B | $4.63B | $4.49B | $4.23B | $4.79B | $4.82B | $4.53B | $4.59B | $4.64B | $4.30B |
| Liabilities | ||||||||||||
| Accounts payable | $362.9M | — | — | — | — | — | — | $164.3M | — | $487.2M | $950.1M | — |
| Short-term debt | — | — | $80.7M | $351.0M | $518.2M | $503.9M | $505.5M | $521.5M | $164.2M | $164.2M | $82.3M | $464.6M |
| Deferred revenue | — | — | $330.9M | — | $400.3M | $335.4M | $136.5M | $346.8M | — | $136.3M | $140.4M | — |
| Total current liabilities | $728.7M | $357.7M | $80.7M | $857.7M | $476.2M | $411.2M | $896.8M | $431.0M | $466.3M | $651.3M | $1.03B | $581.4M |
| Long-term debt | $0 | $1.69B | $1.77B | $1.77B | $1.77B | $1.77B | $1.77B | $1.94B | $1.85B | $1.85B | $1.69B | $1.77B |
| Lease obligations | — | $472.6M | $485.1M | $510.8M | $518.2M | $503.9M | $505.5M | $521.5M | $522.9M | $467.4M | $485.2M | $492.0M |
| Other long-term liabilities | $2.62B | $1.60B | $2.10B | $1.05B | $1.37B | $1.32B | $1.37B | $1.69B | $1.61B | $1.55B | $1.34B | $1.44B |
| Total liabilities | $3.46B | $3.29B | $3.95B | $3.68B | $3.62B | $3.50B | $4.03B | $4.06B | $3.93B | $4.05B | $4.07B | $3.79B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $1.1M | $1.1M | $1.1M | −$671.8M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M | $1.1M |
| Retained earnings (deficit) | $1.51B | $1.56B | $1.49B | $1.49B | $1.48B | $1.48B | $1.47B | $1.44B | $1.38B | $1.38B | $1.40B | $1.39B |
| Accumulated other comprehensive income | −$278.8M | −$276.7M | −$271.5M | −$272.9M | −$268.9M | −$306.8M | −$326.7M | −$271.8M | −$306.3M | −$304.0M | −$289.9M | −$293.1M |
| Minority interest | — | $72.6M | $115.5M | $115.6M | $128.5M | $129.3M | — | — | — | — | — | — |
| Total shareholders' equity | $914.3M | $881.3M | $873.7M | $841.5M | $741.6M | $603.0M | $636.2M | $624.3M | $458.7M | $392.7M | $423.8M | $361.3M |
| Key figures | ||||||||||||
| Total debt | $2.15B | $2.16B | $2.58B | $2.20B | $2.21B | $2.19B | $2.19B | $2.37B | $2.38B | $2.32B | $2.18B | $2.24B |
| Net cash (debt) | −$856.0M | −$926.9M | −$907.1M | −$808.5M | −$991.4M | −$1.02B | −$615.6M | −$895.6M | −$1.32B | −$1.15B | −$984.5M | −$1.26B |
| Working capital | $1.33B | $1.65B | $2.29B | $1.09B | $1.26B | $1.48B | $1.72B | $1.76B | $1.34B | $1.30B | $1.26B | $1.06B |
| Tangible book value | $466.7M | $92.1M | $83.1M | $446.3M | $346.4M | $208.9M | $242.7M | $229.7M | $64.7M | −$1.4M | $28.8M | −$32.8M |
| Book value per share | $8.52 | $8.25 | $8.12 | $7.95 | $7.07 | $5.75 | $6.00 | $6.03 | $4.56 | $3.95 | $4.46 | $3.83 |
| Shares outstanding | 107.3M | 106.8M | 107.6M | 105.9M | 104.9M | 104.8M | 106.1M | 103.5M | 100.6M | 99.4M | 95.0M | 94.3M |
| Current ratio | 2.83 | 5.61 | 29.35 | 2.27 | 3.64 | 4.60 | 2.92 | 5.09 | 3.88 | 3.00 | 2.22 | 2.82 |
| Quick ratio | 2.83 | 5.61 | 31.84 | 2.52 | 4.14 | 4.51 | 2.65 | 5.01 | 3.81 | 2.95 | 1.96 | 2.76 |
| Debt / equity | 2.35 | 2.45 | 2.95 | 2.61 | 2.98 | 3.63 | 3.45 | 3.80 | 5.18 | 5.90 | 5.13 | 6.19 |
| Equity / assets | 20.9% | 20.8% | 17.7% | 18.2% | 16.5% | 14.2% | 13.3% | 13.0% | 10.1% | 8.6% | 9.1% | 8.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 23, 2026); data from EODHD.
LAZ financial position
At the end of fiscal 2025 (December 31, 2025), Lazard had total assets of $4.9 billion (up 3.1% from a year earlier), total liabilities of $4.0 billion and shareholders' equity of $873.7 million. It held $1.7 billion in cash and short-term investments against $2.6 billion of debt, net debt of $907.1 million. Its current ratio was 29.35. In the latest quarter (ended June 30, 2026) total assets were $4.4 billion and equity $914.3 million.
Related: LAZ income statement, LAZ cash flow statement, LAZ key metrics. See the LAZ stock overview for the latest quote and news.
LAZ balance sheet FAQ
What are Lazard's total assets?
Lazard reported total assets of $4.9 billion at the end of fiscal 2025 (December 31, 2025), compared with $4.8 billion a year earlier.
How much debt does Lazard have?
Lazard had $2.6 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 2.95.
How much cash does Lazard have?
Lazard held $1.7 billion in cash and short-term investments at the end of fiscal 2025; with $2.6 billion of debt that is net debt of $907.1 million.
What is Lazard's book value?
Lazard's shareholders' equity (book value) was $873.7 million at the end of fiscal 2025, or $8.22 per share.
What is Lazard's current ratio?
Lazard had current assets of $2.4 billion and current liabilities of $80.7 million, a current ratio of 29.35 (it can cover its short-term obligations).
How much goodwill does Lazard have?
Lazard carried $790.5 million of goodwill and intangible assets, 16.0% of total assets, at the end of fiscal 2025.