Lazard Inc (LAZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-3.7%

$37.90

vs $39.37 price

Levered DCF

$77.73

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.46

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	19.98×	17.57×	-38.67×	9.42×	8.9×	11.46×	15.55×	8.33×
P/B	5.42×	7.54×	7.31×	5.96×	4.74×	4.96×	7.6×	4.79×
P/S	1.49×	1.55×	1.21×	1.17×	1.42×	1.71×	1.75×	1.53×
EV / EBITDA	12.92×	11.12×	106.02×	6.11×	5.89×	8.75×	10.51×	6.05×
Gross margin	31.8%	35.1%	23.7%	41.4%	42.0%	41.3%	41.0%	47.3%
Operating margin	13.0%	12.5%	-3.1%	18.3%	22.1%	19.0%	14.8%	23.7%
Net margin	7.4%	9.1%	-3.0%	12.7%	16.2%	15.2%	10.8%	18.4%
Current ratio	29.35×	2.92×	2.22×	2.1×	2.1×	1.81×	1.63×	1.65×
Debt / equity	2.95×	3.45×	5.13×	3.96×	2.29×	2.51×	3.81×	1.56×
Interest coverage	4.74×	4.39×	-1.03×	6.34×	8.96×	6.23×	4.9×	11.64×
Dividend yield	3.9%	3.7%	5.6%	5.5%	4.2%	4.3%	5.5%	8.2%
Payout ratio	78.8%	64.0%	-229.3%	50.9%	37.1%	48.8%	89.0%	68.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	27.1%	44.0%	-17.8%	64.2%	54.1%	44.1%	47.0%	57.5%
Return on invested capital	8.8%	7.4%	-1.6%	9.2%	10.9%	9.7%	7.9%	16.7%
Return on assets	4.8%	5.8%	-1.6%	6.1%	7.4%	6.7%	5.1%	10.5%
Free cash flow yield	10.7%	14.5%	4.4%	23.7%	17.9%	11.3%	13.7%	14.8%
Earnings yield	5.0%	5.8%	-2.4%	10.8%	11.4%	8.9%	6.2%	12.0%
Enterprise value	$5.8B	$5.7B	$4.3B	$4.3B	$5.4B	$5.4B	$5.7B	$4.6B
Net debt / EBITDA	2.39×	1.73×	29.68×	1.38×	0.84×	1.45×	2×	0.25×
Cash conversion cycle (days)	103	95	119	36	95	66	72	57