Lazard

LAZ

Financial - Capital Markets · Financial Services

Price

$43.16

-0.31 (-0.71%)

Market Cap

$4.25B

Winston Score

Winston is serious

Below-average fundamentals — multiple weak pillars.

Share count falling — buybacks

−6.5% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 113.7M (2021) → 106.3M (2025)

Lazard is a financial advisory firm that helps companies, governments, and investors make big financial decisions. Its two main businesses are Financial Advisory — advising on mergers, acquisitions, and debt restructuring — and Asset Management, which invests money on behalf of large institutions like pension funds and sovereign wealth funds. Lazard is one of the oldest and most recognized independent investment banks in the world, founded in 1848.

Lazard earns money through advisory fees when deals close and management fees based on the assets it oversees. It operates globally, with major offices in New York, London, Paris, and other financial centers, and manages roughly $200 billion in client assets. Its main competitive advantage is its independent status — it has no lending business, so clients trust it for unbiased advice — but its revenue is highly sensitive to deal activity, meaning a slowdown in mergers or market volatility can quickly hurt earnings.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

-43.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

0.9%ownership

→ Flat

Insiders holding steady — not selling despite ability to

Cash Position

Cash flow positive

$1.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Lazard is a rare growth stock that's already generating positive cash flow while growing at 13%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

21.9%

Thin — 21.9% gross margin

Operating Margin

11.6%

Modest — 11.6% operating margin

ROCE

3.5%

Weak — 3.5% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+2.3%

Nearly flat sales (2.3% YoY)

EPS YoY

-18.1%

Earnings shrinking (-18.1% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency

4/8 quarters

Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion

221%

Turns 221% of profit into real cash

FCF Margin

14.8%

Converts sales into free cash efficiently (14.8%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

2.49

Heavy debt load (2.49)

Interest Cover

4.00x

Tight — interest eats into profit (4.0x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

18.0x

Fair value — P/E 18.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward

+8.4

GROWING

Earnings expected to grow meaningfully — cheaper on forward P/E (18.0 → 9.6)

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Dividends

Dividend Yield

4.81%

Healthy income — 4.81% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

+0.0%

Dividend flat

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