Lazard Ltd (LAZ) Key Metrics
LAZ valuation today
Trailing 12 months · as of October 18, 2026- Market cap
- $3.52B
- Enterprise value
- $4.44B
- P/E (TTM)
- 17.7 10-yr median 14.1
- Forward P/E
- 10.4
- PEG ratio
- 1.00
- Price / sales
- 1.1 10-yr median 1.7
- Price / book
- 3.9 10-yr median 5.4
- EV / EBITDA
- 10.3 10-yr median 8.0
- Dividend yield
- 5.54% $2.00 a year
- Beta
- 1.46
LAZ key metrics, 2016–2025
Fiscal year ended December 31, 2025 · U.S. dollarsLAZ valuation Price multiples at each fiscal year-end price.
LAZ returns How much profit the business earns on the capital it uses.
LAZ per-share figures Results divided by the shares outstanding at year-end.
LAZ financial health Debt, liquidity and how easily interest is covered.
LAZ efficiency & capital use Working capital cycle and where the cash goes.
LAZ valuation history
LAZ returns on capital
Net income (ROE, ROA) or after-tax operating income (ROIC) divided by the average of the opening and closing balance.
LAZ debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease liabilities.
LAZ cash returned to shareholders
LAZ price vs earnings per share
LAZ key metrics
2016–2025| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Valuation | ||||||||||
| Market capitalization | $5.16B | $5.27B | $3.10B | $3.50B | $4.96B | $4.80B | $4.64B | $4.79B | $6.96B | $5.45B |
| Enterprise value | $6.07B | $5.89B | $4.08B | $3.84B | $4.49B | $4.57B | $4.55B | $4.25B | $6.04B | $5.59B |
| P/E ratio | 21.8 | 18.8 | — | 9.8 | 9.4 | 11.9 | 16.2 | 9.1 | 27.4 | 14.1 |
| Price / sales | 1.6 | 1.7 | 1.2 | 1.2 | 1.5 | 1.8 | 1.7 | 1.7 | 2.6 | 2.3 |
| Price / book | 5.9 | 8.3 | 7.3 | 2.8 | 3.0 | 5.3 | 7.6 | 4.9 | 5.5 | 4.2 |
| Price / free cash flow | 10.2 | 7.6 | 22.7 | 4.5 | 6.0 | 9.4 | 7.3 | 7.4 | 7.0 | 9.7 |
| Price / operating cash flow | 9.6 | 7.1 | 18.8 | 4.2 | 5.7 | 8.3 | 6.8 | 6.9 | 6.8 | 8.6 |
| EV / sales | 1.9 | 1.9 | 1.6 | 1.4 | 1.4 | 1.7 | 1.7 | 1.5 | 2.2 | 2.3 |
| EV / EBITDA | 13.5 | 11.5 | 100.6 | 5.5 | 5.3 | 7.4 | 8.6 | 5.6 | 6.6 | 8.8 |
| EV / free cash flow | 12.0 | 8.4 | 29.9 | 4.9 | 5.4 | 8.9 | 7.2 | 6.5 | 6.1 | 9.9 |
| Earnings yield | 4.6% | 5.3% | −2.4% | 10.2% | 10.6% | 8.4% | 6.2% | 11.0% | 3.6% | 7.1% |
| Free cash flow yield | 9.8% | 13.2% | 4.4% | 22.4% | 16.7% | 10.7% | 13.7% | 13.6% | 14.2% | 10.3% |
| Dividend yield | 3.6% | 3.4% | 5.6% | 5.2% | 4.0% | 4.1% | 5.5% | 7.5% | 4.9% | 6.2% |
| Shareholder yield (dividends + buybacks) | 5.4% | 4.5% | 8.9% | 24.9% | 12.1% | 6.1% | 16.2% | 19.1% | 9.3% | 11.7% |
| Share price at fiscal year-end | $48.56 | $51.48 | $34.80 | $34.67 | $43.63 | $42.30 | $39.96 | $36.91 | $52.50 | $41.09 |
| Per share | ||||||||||
| Revenue per share | $29.97 | $30.14 | $28.67 | $27.98 | $28.75 | $23.27 | $22.84 | $22.13 | $20.31 | $17.93 |
| Earnings per share | $2.23 | $2.73 | −$0.85 | $3.54 | $4.65 | $3.55 | $2.47 | $4.06 | $1.91 | $2.92 |
| Operating cash flow per share | $5.05 | $7.25 | $1.85 | $8.26 | $7.62 | $5.08 | $5.84 | $5.39 | $7.77 | $4.77 |
| Free cash flow per share | $4.75 | $6.81 | $1.53 | $7.77 | $7.27 | $4.51 | $5.47 | $5.00 | $7.46 | $4.24 |
| Cash per share | $15.71 | $15.40 | $13.38 | $19.94 | $24.74 | $22.24 | $20.78 | $17.37 | $18.26 | $11.90 |
| Book value per share | $8.22 | $6.21 | $4.76 | $12.46 | $14.54 | $8.03 | $5.25 | $7.48 | $9.51 | $9.75 |
| Tangible book value per share | $0.78 | $2.37 | $0.32 | $8.73 | $11.20 | $4.65 | $2.04 | $4.58 | $6.56 | $6.87 |
| Dividends per share | $1.75 | $1.75 | $1.94 | $1.80 | $1.72 | $1.73 | $2.20 | $2.77 | $2.58 | $2.53 |
| Capex per share | $0.30 | $0.44 | $0.32 | $0.49 | $0.35 | $0.57 | $0.37 | $0.38 | $0.21 | $0.29 |
| Debt per share | $24.24 | $21.41 | $24.44 | $23.27 | $20.59 | $20.18 | $20.02 | $13.17 | $11.38 | $12.92 |
| Shares outstanding | 106.3M | 102.4M | 89.0M | 101.0M | 113.7M | 113.5M | 116.1M | 129.8M | 132.5M | 132.6M |
| Change in shares outstanding | +3.9% | +15.1% | −11.9% | −11.2% | +0.2% | −2.2% | −10.5% | −2.0% | −0.1% | −0.5% |
| Returns & profitability | ||||||||||
| Return on equity (ROE) | 31.4% | 52.8% | −9.0% | 24.6% | 41.2% | 52.9% | 36.3% | 47.3% | 19.9% | 29.1% |
| Return on invested capital (ROIC) | 21.0% | 21.6% | −4.2% | 28.3% | 58.4% | 67.2% | 62.9% | 137.5% | 46.4% | 19.7% |
| Return on assets (ROA) | 4.9% | 5.9% | −1.4% | 5.5% | 8.1% | 6.9% | 5.4% | 10.6% | 5.3% | 8.6% |
| Return on tangible assets | 5.7% | 6.4% | −1.8% | 6.5% | 7.8% | 7.2% | 5.4% | 11.4% | 5.6% | 9.3% |
| Free cash flow margin | 15.9% | 22.6% | 5.3% | 27.8% | 25.3% | 19.4% | 24.0% | 22.6% | 36.7% | 23.7% |
| Income quality (OCF / net income) | 2.27 | 2.65 | — | 2.33 | 1.64 | 1.43 | 2.37 | 1.33 | 4.06 | 1.63 |
| Financial health | ||||||||||
| Total debt | $2.58B | $2.19B | $2.18B | $2.35B | $2.34B | $2.29B | $2.32B | $1.71B | $1.51B | $1.71B |
| Cash & short-term investments | $1.67B | $1.58B | $1.19B | $2.01B | $2.81B | $2.52B | $2.41B | $2.25B | $2.42B | $1.58B |
| Net debt | $907.1M | $615.6M | $984.5M | $336.1M | −$471.8M | −$234.6M | −$88.4M | −$544.7M | −$911.3M | $135.4M |
| Debt / equity | 2.95 | 3.45 | 5.13 | 1.87 | 1.42 | 2.51 | 3.81 | 1.76 | 1.20 | 1.32 |
| Debt / assets | 0.52 | 0.46 | 0.47 | 0.40 | 0.33 | 0.38 | 0.41 | 0.34 | 0.31 | 0.38 |
| Net debt / EBITDA | 2.02 | 1.21 | 24.27 | 0.48 | −0.56 | −0.38 | −0.17 | −0.72 | −0.99 | 0.21 |
| Current ratio | 29.35 | 2.92 | 2.22 | 3.57 | 2.94 | 1.81 | 1.63 | 2.58 | 3.05 | 4.76 |
| Quick ratio | 29.35 | 2.92 | 2.22 | 3.81 | 0.47 | 1.91 | 1.70 | 2.70 | 3.17 | 4.94 |
| Interest coverage | 4.7 | 4.4 | -1.0 | 6.3 | 9.0 | 6.2 | 4.9 | 11.6 | 15.4 | 10.3 |
| Working capital | $2.29B | $1.72B | $1.26B | $2.37B | $2.79B | $1.48B | $1.21B | $1.82B | $2.03B | $1.77B |
| Invested capital | $1.78B | $1.25B | $1.41B | $1.59B | $1.18B | $677.1M | $521.6M | $425.4M | $348.9M | $1.43B |
| Tangible asset value | $198.6M | $371.2M | $174.9M | $881.5M | $1.27B | $615.4M | $308.0M | $594.8M | $868.8M | $911.8M |
| Net current asset value | −$1.58B | −$1.41B | −$1.78B | −$1.30B | −$1.26B | −$1.66B | −$1.86B | −$1.05B | −$640.1M | −$1.02B |
| Graham number | $20.29 | $19.55 | — | $31.51 | $38.99 | $25.32 | $17.08 | $26.14 | $20.24 | $25.33 |
| Graham net-net per share | −$15.12 | −$18.09 | −$25.29 | −$21.77 | −$2.64 | −$17.15 | −$17.99 | −$10.26 | −$6.62 | −$9.41 |
| Capital allocation | ||||||||||
| Dividends paid | $186.6M | $179.0M | $173.1M | $181.9M | $195.9M | $196.6M | $254.9M | $359.6M | $341.4M | $336.1M |
| Share buybacks (net) | $91.0M | $59.5M | $102.1M | $691.7M | $406.1M | $95.2M | $494.7M | $552.9M | $306.7M | $300.2M |
| Dividend payout ratio | 78.8% | 64.0% | — | 50.9% | 37.1% | 48.8% | 89.0% | 68.2% | 134.7% | 86.7% |
| Dividends + buybacks / free cash flow | 54.9% | 34.2% | 201.8% | 111.4% | 72.9% | 57.0% | 118.0% | 140.5% | 65.6% | 113.1% |
| Capex / revenue | 1.0% | 1.5% | 1.1% | 1.8% | 1.2% | 2.4% | 1.6% | 1.7% | 1.0% | 1.6% |
| Capex / operating cash flow | 5.9% | 6.1% | 17.2% | 5.9% | 4.6% | 11.2% | 6.3% | 7.1% | 2.7% | 6.1% |
| Capex / depreciation | 0.93 | 1.25 | 0.66 | 1.17 | 1.03 | 1.74 | 0.78 | 1.45 | 0.67 | 0.57 |
| Stock-based compensation / revenue | — | 14.5% | 9.8% | 14.4% | 0.7% | 13.1% | 0.2% | 12.9% | 13.4% | 14.4% |
| R&D / revenue | — | — | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| SG&A / revenue | 18.2% | 13.8% | 16.9% | 13.6% | 11.6% | 12.9% | 16.0% | 14.8% | 12.4% | 12.7% |
| Efficiency | ||||||||||
| Days sales outstanding | 97.3 | 96.5 | 106.2 | 94.2 | 89.2 | 104.7 | 96.9 | 79.9 | 82.1 | 87.1 |
| Days of inventory on hand | — | — | — | 367.7 | 324.5 | -35.5 | -30.4 | -31.3 | -24.4 | -30.5 |
| Days payables outstanding | — | — | 94.6 | 12.0 | 4.7 | 0.9 | 69.4 | 142.1 | 137.0 | 151.4 |
| Cash conversion cycle (days) | — | — | 11.6 | 449.9 | 409.0 | 68.3 | -2.9 | -93.5 | -79.3 | -94.8 |
| Receivables turnover | 3.75 | 3.78 | 3.44 | 3.87 | 4.09 | 3.49 | 3.77 | 4.57 | 4.45 | 4.19 |
| Payables turnover | — | — | 3.86 | 30.54 | 77.61 | 407.11 | 5.26 | 2.57 | 2.66 | 2.41 |
| Inventory turnover | — | — | — | — | 1.12 | — | — | — | — | — |
| Asset turnover | 0.65 | 0.65 | 0.49 | 0.43 | 0.50 | 0.45 | 0.50 | 0.58 | 0.57 | 0.53 |
| Average receivables | $849.1M | $816.2M | $742.4M | $729.3M | $799.0M | $757.2M | $703.9M | $628.6M | $604.9M | $567.7M |
| Average payables | — | — | $504.2M | $54.2M | $24.4M | $3.8M | $297.2M | $589.6M | $567.7M | $556.0M |
| Average inventory | — | — | — | $1.67B | $1.69B | −$150.8M | −$130.2M | −$129.8M | −$101.2M | −$112.1M |
| Intangibles / total assets | 16.0% | 8.2% | 8.5% | 6.4% | 5.3% | 6.4% | 6.6% | 7.5% | 7.9% | 8.4% |
Computed from LAZ's annual financial statements (latest annual report filed February 23, 2026) and the closing share price on each fiscal year-end, adjusted for stock splits. Figures in U.S. dollars; data from EODHD. Averages use the opening and closing balance of each year.
LAZ valuation and financial ratios
At the end of fiscal 2025 (December 31, 2025), Lazard traded at 21.8 times earnings, against a 10-year median of 14.1. Based on the latest twelve months, the trailing P/E is 17.7 and the forward P/E is 10.4. Lazard earned a return on equity of 31.4% and a return on invested capital of 21.0% in fiscal 2025. It ended the year with $2.6 billion of debt and $1.7 billion in cash and short-term investments, net debt of $907.1 million. It returned $277.6 million to shareholders: $186.6 million in dividends and $91.0 million in share buybacks, 55% of free cash flow. The share count fell 19.8% from 132.6M to 106.3M over 9 years.
See the LAZ income statement, the LAZ chart for price history, or the LAZ stock overview for the latest quote and news.
LAZ key metrics FAQ
What is Lazard's P/E ratio?
Lazard's trailing P/E ratio is 17.7 based on the last twelve months of earnings (as of October 18, 2026), and its forward P/E is 10.4. At the end of fiscal 2025 it was 21.8, compared with a 10-year median of 14.1.
What is Lazard's EV/EBITDA?
Lazard's enterprise value was 13.5 times EBITDA at the end of fiscal 2025 (enterprise value $6.1 billion, EBITDA $449.4 million); the current EV/EBITDA is 10.3.
What is Lazard's return on equity?
Lazard's return on equity (ROE) was 31.4% in fiscal 2025: net income of $236.8 million on average shareholders' equity of $754.9 million.
What is Lazard's ROIC?
Lazard's return on invested capital was 21.0% in fiscal 2025, using after-tax operating income divided by average debt plus equity minus cash.
How much debt does Lazard have?
Lazard had total debt of $2.6 billion at the end of fiscal 2025, a debt-to-equity ratio of 2.95 and $907.1 million of net debt (2.02 times EBITDA).
What is Lazard's dividend yield?
Lazard's forward dividend yield is 5.54%. Lazard paid $186.6 million in dividends in fiscal 2025 ($1.75 per share), a payout ratio of 78.8%.
Does Lazard buy back its shares?
Yes. Lazard spent $91.0 million on net share repurchases in fiscal 2025 Shares outstanding changed +3.9% over the year, to 106.3M..
What is Lazard's free cash flow yield?
Lazard generated $505.2 million of free cash flow in fiscal 2025, a free cash flow yield of 9.8% on its market value at year-end ($5.2 billion).
What is Lazard's current ratio?
Lazard's current ratio was 29.35 at the end of fiscal 2025: current assets were 29.35 times current liabilities.