Lazard Inc.
LAZFinancial Snapshot
ticker: LAZ step: 04 generated: 2026-05-13 source: quick-research
Lazard Inc. (LAZ) — Financial Snapshot
Income Statement Summary
| Metric | FY2022 | FY2023 | FY2024 | YoY |
|---|---|---|---|---|
| Revenue (GAAP) | $2.774B | $2.515B | $3.052B | +21.3% |
| Adj. Net Revenue | ~$2.5B | ~$2.4B | $2.890B | +18% |
| Comp Ratio (adj.) | 59.8% | 69.8% | 65.9% | improving |
| GAAP Net Income | $358M | ($75M) loss | ~$281M | recovery |
| EPS (diluted) | $3.51 | ($0.90) loss | $3.01 | recovery |
FY2023 was a restructuring year — Lazard undertook significant cost-cutting including ~$150M in annualized savings, generating a net GAAP loss. FY2024 represented a strong recovery (+28% in Financial Advisory revenue). Q3 2025: Firm-wide quarterly revenue $725M (+12% YoY); FA $422M (+14%), AM $294M (+8%). Q1 2026: EPS $0.56 (annualized ~$2.24, reflecting slower advisory activity vs. exceptional Q1 2025 comparisons). LTM Sept 2025: $3.009B (-1% YoY — slight deceleration after FY2024 surge).
Cash Flow & Balance Sheet
| Metric | Value |
|---|---|
| Asset Management AUM | $265B (44bps avg mgmt fee; 62% non-USD) |
| FA Private Capital Share | 40%+ of FA revenue in H1 2025 (target 50%) |
| Compensation Ratio (adj.) | 65.9% (FY2024); target: 60% long-term |
| 2030 Revenue Target | ~$5B (double 2023's $2.5B) |
| Campbell Lutyens deal | ~$500M combined 2027 revenue expected |
Lazard's higher compensation ratio (65.9% vs. Evercore's ~55–60%) is the structural profitability drag. Each 1% improvement in the comp ratio flows directly to pre-tax income. Management targets 60% long-term. The 2023 restructuring was supposed to accelerate this; the 2030 plan (doubling revenue with controlled comp growth) is the framework for margin expansion.
Key Ratios (approximate)
- P/E: ~17x (FY2024 $3.01 EPS; trailing); forward P/E lower if EPS recovers to $4–5
- Revenue Growth: +21.3% (FY2024); +12% Q3 2025 (moderating)
- Net Margin: ~9.2% (FY2024); -3% (FY2023 loss); ~12.9% (FY2022)
- AUM: $265B (flat to modestly growing)
Growth Profile
Lazard is in a multi-year recovery arc: from the 2023 restructuring/loss → FY2024 strong advisory recovery (+28% FA revenue) → moderating growth in 2025 as the surge normalizes. The 2030 plan targets ~$5B revenue through: (1) private capital advisory share expanding from 40% to 50% of FA; (2) Campbell Lutyens contributing ~$500M in 2027 combined revenue; (3) Asset Management AUM growing toward $300B+ through international institutional mandates. The comp ratio path from 65.9% → 60% would add ~$175M to pre-tax income on current revenues.
Forward Estimates
- FY2026: Revenue ~$3.1–3.5B; EPS recovery toward $4–5 range if comp ratio improves
- Analyst consensus PT: $53.50 (14 analysts); range $40 (Goldman Sachs) to $62 (KBW)
- Consensus: 29% Buy, 43% Hold, 14% Sell, 14% Strong Sell — mixed outlook
- Key debate: Can Lazard achieve structural comp ratio improvement while investing in talent?
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $LAZ.