# Lazard Inc. (LAZ) fundamentals

Data as of 2026-11-04. NYSE, United States. Sector: Financial Services / Capital Markets. Price $38.33, market value $4.1 billion.

## Valuation
- **P/E (trailing): 23.2×** (5-yr avg 14.0×, 3-yr avg 20.0×). Lazard Inc. trades at 23.2× trailing earnings, well above its own five-year average of 14.0×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×. Forward P/E is 11.9×, lower than trailing, so analysts expect earnings to grow.
- **Price / sales: 1.2×**. Each dollar of revenue is priced at 1.2×.
- **Price / book: 3.9×**. The shares trade at 3.9× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 14.5×**. Enterprise value is 14.5× operating earnings before depreciation, the multiple that ignores how the company is financed.
- **Free-cash-flow yield: 16.7%** (5-yr avg 15.2%). Free cash flow equals 16.7% of the market value, in line with its five-year average of 15.2%. Above 5% is generally attractive.
- **Earnings yield: 4.3%**. The inverse of the P/E: 4.3% of the price is earned each year.

## Profitability
- **Operating margin: 7.9%**. 7.9% of revenue is left after running the business.
- **Net margin: 7.4%**. 7.4% of each dollar of sales reaches the bottom line.
- **Return on equity: 27.2%**. 27.2% on shareholders' equity is excellent if it is not driven by leverage; sustained above 20% usually signals a competitive advantage.
- **Return on invested capital: 19.4%**. Return on all capital, debt included, is 19.4%: comfortably above what that capital costs.
- **Return on assets: 3.7%**. Each dollar of assets produces 3.7% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): 1.5%** (3-yr 3.7%/yr, 5-yr 3.8%/yr). Revenue grew 1.5% over the last year, against 3.8% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -19.0%** (3-yr -14.8%/yr, 5-yr -9.3%/yr). Earnings per share fell 19.0%, slower than revenue, so margins compressed.
- **Free-cash-flow growth (3 yr): -14.7%/yr**. Free cash flow has compounded at -14.7% a year over three years, keeping pace with earnings: the growth is real cash.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: $1.5 billion**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend yield: 5.22%** ($2.00 per share, trailing). Lazard Inc. yields 5.22%, an income-level yield.
- **Payout ratio: 79%** (28% of free cash flow). 79% of earnings goes out as dividends, leaving a thin cushion.
- **Consecutive years of increases: 5**. 5 straight years of increases.
- **Dividend growth (5 yr): 1.2%/yr** (1-yr 0.0%). The dividend has grown 1.2% a year over five years.

## Analyst view
- **Analyst consensus: hold** (8 analysts). 8 analysts cover Lazard Inc.; the consensus is hold, with an average price target of $43.00 (+12% from the current price). Analyst opinion is shown for context; it is not part of the Fundamental Score.

## Price and momentum
- **Total return (1 yr): -19.0%** (YTD -19.5%, 3-mo -9.5%). The shares are down 19.0% over twelve months including dividends.
- **From 52-week high: -34.8%** (12.3% above the low). Trading 35% below its 52-week high, deep in a drawdown.
- **200-day average: below**. The price sits below its 200-day moving average, the usual definition of a downtrend.
- **RSI (14-day): 54**. An RSI of 54 is neutral.
- **Beta (1 yr): 1.82** (volatility 42%). Beta of 1.82 against the S&P 500: the shares move much more than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=LAZ · Page: https://foliofundamentals.com/stocks/laz

Not investment advice.