15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 3.8% per year over the past 5 years.
Net income has grown slower than revenue (-10.0% vs 3.8% per year).
Operating margin has contracted, at 10.3% in the latest year.
Free cash flow has declined 1.0% per year over the past 5 years.
Financial health
Total debt ($1.7B) exceeds cash ($1.5B); net debt is $219M.
Total debt has grown slower than revenue (0.1% vs 3.8% per year).
Operating income covered interest expense 3.8× in the latest year.
Total debt is 4.7× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 78.7% of earnings and 38.3% of free cash flow.
The dividend has declined 1.0% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$3.2B
$237M
0.0%
10.3%
$487M
$1.7B
$1.5B
2024
$3.1B
$280M
0.0%
12.3%
$697M
$1.7B
$1.3B
2023
$2.6B
-$75M
0.0%
-3.1%
$136M
$1.7B
$971M
2022
$2.9B
$358M
0.0%
18.1%
$784M
$1.7B
$1.2B
2021
$3.3B
$528M
0.0%
22.1%
$826M
$1.7B
$1.5B
2020
$2.6B
$402M
0.0%
19.0%
$512M
$1.7B
$1.4B
2019
$2.7B
$287M
0.0%
14.7%
$635M
$1.7B
$1.2B
2018
$2.9B
$527M
0.0%
23.6%
$649M
$1.4B
$1.2B
2017
$2.7B
$254M
0.0%
30.6%
$1.0B
$1.2B
$1.5B
2016
$2.4B
$388M
0.0%
21.7%
$594M
$1.2B
$1.2B
2015
$2.4B
$986M
0.0%
-0.7%
—
$989M
$1.1B
2014
$2.4B
$427M
0.0%
22.0%
—
—
$1.1B
2013
$2.1B
$160M
0.0%
10.5%
$466M
—
$841M
2012
$2.0B
$84M
0.0%
6.2%
$393M
—
$850M
2011
$1.9B
$175M
0.0%
12.3%
$351M
—
$1.0B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$779M
$101M
0.0%
11.5%
-$221M
$1.7B
$1.0B
Dec '25
$929M
$50M
0.0%
9.1%
$396M
$1.7B
$1.5B
Sep '25
$771M
$71M
0.0%
12.3%
$285M
$1.7B
$1.2B
Jun '25
$817M
$55M
0.0%
11.4%
$38M
$1.7B
$978M
Mar '25
$669M
$60M
0.0%
8.2%
-$231M
$1.7B
$909M
Dec '24
$839M
$86M
0.0%
12.8%
$348M
$1.7B
$1.3B
Sep '24
$807M
$108M
0.0%
20.0%
$276M
$1.9B
$1.2B
Jun '24
$708M
$50M
0.0%
9.0%
$170M
$1.9B
$848M
Mar '24
$785M
$36M
0.0%
6.9%
-$97M
$1.9B
$923M
Dec '23
$826M
$64M
0.0%
8.7%
$333M
$1.7B
$971M
Sep '23
$543M
$7M
0.0%
-0.9%
$26M
$1.7B
$653M
Jun '23
$662M
-$124M
0.0%
-16.6%
$194M
$1.7B
$698M
Mar '23
$562M
-$22M
0.0%
-6.6%
-$416M
$1.7B
$597M
Dec '22
$732M
$42M
0.0%
10.0%
$290M
$1.7B
$1.2B
Sep '22
$746M
$106M
0.0%
21.2%
$429M
$1.7B
$1.0B
Jun '22
$661M
$95M
0.0%
19.0%
$292M
$1.7B
$907M
Mar '22
$716M
$114M
0.0%
22.3%
-$227M
$1.7B
$878M
Dec '21
$1.0B
$210M
0.0%
26.5%
$438M
$1.7B
$1.5B
Sep '21
$738M
$107M
0.0%
21.0%
$390M
$1.7B
$1.2B
Jun '21
$843M
$123M
0.0%
19.7%
$129M
$1.7B
$980M
Valuation over time
How the market has priced LAZ against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 10.3× (Mar '23) to 19.1× (Jun '26).
The price-to-sales ratio has risen from 1.3× (Mar '23) to 1.4× (Jun '26).
The dividend yield has fallen from 4.9% (Mar '23) to 4.1% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is LAZ growing its revenue and profit?
Over the past 5 years, Lazard, Inc.'s revenue has grown 3.8% per year, and net income declined 10.0% per year. These are computed facts, not advice.
How much debt does LAZ have?
As of FY2025, Lazard, Inc. reported $1.7B of total debt against $1.5B of cash; operating income covered interest expense 3.8×.
What is LAZ's profit margin?
In FY2025, gross margin was —, operating margin 10.3%, and net margin 7.4%.
What is LAZ's P/E ratio?
As of Jun '26, Lazard, Inc. traded at a price-to-earnings ratio of about 19.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.