Lazard Inc. Common Stock (LAZ)

FairStock Score: 50/100 — MIXED

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

I approach Lazard as a financial company, so I judge it by returns on equity, book value, leverage, and earnings consistency rather than free cash flow. It is a people business: financial advisory and asset management, with a brand that can attract mandates but no durable asset moat. In fiscal 2023, the year ended 2023-12-31, Lazard reported revenue of $2.6B and a net loss of $75.5M, or diluted EPS of -$0.90. In fiscal 2024, the year ended 2024-12-31, revenue was $3.1B, net income $279.9M, and diluted EPS $2.68. In fiscal 2025, the year ended 2025-12-31, revenue edged to $3.2B but net income fell to $236.8M, or diluted EPS $2.17. The latest filed quarter, fiscal Q1 2026, the quarter ended 2026-03-31, showed revenue of $779.4M, net income of $100.9M, and diluted EPS of $0.91, so the current year started better. FairStock calculations show ROE of 25.66%, but ROCE of only 5.46% and debt-to-equity of 2.26; the balance sheet uses leverage. At the 2026-10-13 close of $36.52, FairStock calculations show a P/E of 17.99 and a P/B of 3.89, while the dividend yield is 5.59%. A P/B near 4 for a cyclical, talent-dependent adviser does not scream bargain. FairStock's Piotroski score is 4/9 and its FairStock score is 50/100. The Lynch category is TURNAROUND, because it returned to profit after a loss within the last three years. I would want evidence that advisory revenues and margins are durable, and I note that bank-specific measures like CET1, NIM, and combined ratio are not in the data. The stock may be fair value, not obviously mispriced.

In plain English: Lazard helps companies with mergers and other financial advice, and it also manages money for clients. Its business is profitable and revenue has grown, but profits have bounced around and it uses a lot of borrowed money. At the recent price of $36.52, the stock looks about fair rather than clearly cheap, with a high dividend and some risk if deal-making slows.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · fiscal Q1 2025 10-Q (period ended 2025-03-31) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer