Lazard (LAZ) Financials

$45.00 -1.03 (-2.24%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for Lazard

This table shows Lazard's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	280	-75	358	528	402	287	527	254	388	1,973
Consolidated Net Income / (Loss)	287	-57	392	543	403	298	532	260	394	6.56
Net Income / (Loss) Continuing Operations	287	-57	392	543	403	298	532	260	394	993
Total Pre-Tax Income	386	-80	517	724	502	393	681	825	517	-17
Total Operating Income	386	-80	517	724	502	393	681	825	517	-17
Total Gross Profit	1,137	647	1,199	1,378	1,096	1,104	1,370	1,185	1,043	1,085
Total Revenue	3,140	2,593	2,855	3,274	2,647	2,667	2,885	2,698	2,384	2,405
Operating Revenue	3,140	2,593	2,855	3,274	2,647	2,667	2,885	2,698	2,384	2,405
Total Cost of Revenue	2,003	1,946	1,656	1,896	1,551	1,563	1,515	1,513	1,341	1,320
Operating Cost of Revenue	2,003	1,946	1,656	1,896	1,551	1,563	1,515	1,513	1,341	1,320
Total Operating Expenses	750	727	682	654	594	711	689	360	526	1,102
Selling, General & Admin Expense	331	352	286	270	239	260	291	92	87	149
Marketing Expense	99	99	83	43	42	115	109	89	83	-
Other Operating Expenses / (Income)	320	276	313	342	311	317	306	169	320	866
Total Other Income / (Expense), net	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Income Tax Expense	100	-23	124	181	99	95	148	566	124	-1,010
Net Income / (Loss) Attributable to Noncontrolling Interest	6.80	18	35	14	0.23	11	5.32	6.26	5.99	6.56
Basic Earnings per Share	$2.93	($0.90)	$3.68	$4.90	$3.69	$2.57	$4.43	$2.09	$3.11	$7.87
Weighted Average Basic Shares Outstanding	93.14M	88.99M	95.66M	106.04M	106.86M	110.19M	119.01M	121.57M	124.77M	125.37M
Diluted Earnings per Share	$2.68	($0.90)	$3.51	$4.63	$3.54	$2.44	$4.06	$1.91	$2.92	$7.40
Weighted Average Diluted Shares Outstanding	102.39M	88.99M	101.00M	113.67M	113.48M	116.08M	129.77M	132.48M	132.63M	133.24M
Weighted Average Basic & Diluted Shares Outstanding	135.63M	138.11M	140.49M	126.25M	121.23M	121.79M	149.53M	141.04M	137.85M	134.22M
Cash Dividends to Common per Share	$2.00	$2.00	$1.94	$1.88	$1.88	$2.35	$3.03	$2.81	$2.69	$2.35

This table shows Lazard's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	60	86	108	50	36	64	7.14	-124	-22	42	106
Consolidated Net Income / (Loss)	62	78	116	52	40	71	6.77	-120	-15	57	123
Net Income / (Loss) Continuing Operations	62	78	116	52	40	71	6.77	-120	-15	57	123
Total Pre-Tax Income	55	107	161	64	55	72	-4.86	-110	-37	73	158
Total Operating Income	55	107	161	64	55	72	-4.86	-110	-37	73	158
Total Gross Profit	239	305	342	255	235	267	179	90	112	257	325
Total Revenue	669	839	807	708	785	826	543	662	562	732	746
Operating Revenue	669	839	807	708	785	826	543	662	562	732	746
Total Cost of Revenue	430	534	465	453	551	559	365	572	450	475	421
Operating Cost of Revenue	430	534	465	453	551	559	365	572	450	475	421
Total Operating Expenses	184	198	181	192	180	195	183	200	149	184	167
Selling, General & Admin Expense	73	95	74	84	77	90	82	91	89	83	70
Marketing Expense	28	29	22	25	24	27	21	29	23	27	20
Other Operating Expenses / (Income)	83	74	85	82	80	77	80	81	37	74	77
Total Other Income / (Expense), net	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Income Tax Expense	-7.35	29	45	12	14	0.40	-12	10	-22	16	35
Net Income / (Loss) Attributable to Noncontrolling Interest	1.61	-8.01	8.20	2.14	4.47	7.93	-0.37	3.64	6.97	15	17
Basic Earnings per Share	$0.61	$0.89	$1.13	$0.53	$0.38	$0.71	$0.07	($1.41)	($0.27)	$0.52	$1.11
Weighted Average Basic Shares Outstanding	95.26M	93.14M	93.63M	92.89M	91.26M	88.99M	89.43M	88.73M	87.59M	95.66M	93.28M
Diluted Earnings per Share	$0.56	$0.82	$1.02	$0.49	$0.35	$0.72	$0.06	($1.41)	($0.27)	$0.48	$1.06
Weighted Average Diluted Shares Outstanding	104.83M	102.39M	103.48M	100.63M	99.35M	88.99M	94.31M	88.73M	87.59M	101.00M	98.87M
Weighted Average Basic & Diluted Shares Outstanding	131.38M	135.63M	135.06M	135.36M	135.33M	138.11M	138.12M	138.66M	138.87M	140.49M	139.62M

This table details how cash moves in and out of Lazard's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	384	-1,414	-791	861	-34	192	-73	684	51	66
Net Cash From Operating Activities	743	165	834	866	576	678	699	1,029	633	887
Net Cash From Continuing Operating Activities	743	165	834	866	576	678	699	1,029	633	887
Net Income / (Loss) Continuing Operations	287	-57	392	543	403	298	532	260	394	993
Consolidated Net Income / (Loss)	287	-57	392	543	403	298	532	260	394	993
Depreciation Expense	36	43	42	38	35	36	34	31	33	33
Amortization Expense	448	430	406	394	413	385	356	369	377	326
Non-Cash Adjustments To Reconcile Net Income	-56	71	59	100	-0.44	66	0.03	-203	-9.52	383
Changes in Operating Assets and Liabilities, net	27	-322	-67	-209	-275	-107	-223	571	-162	-848
Net Cash From Investing Activities	134	-38	-56	-39	-63	-42	-46	-27	-38	-26
Net Cash From Continuing Investing Activities	134	-38	-56	-39	-63	-42	-46	-27	-38	-26
Purchase of Property, Plant & Equipment	-45	-28	-50	-40	-64	-43	-50	-28	-39	-27
Acquisitions	-17	-11	0.00	0.00	-	-	-	-	-	-
Purchase of Investments	-98	0.00	0.00	-	-	-	-	-	-	-
Sale of Property, Plant & Equipment	196	0.49	0.57	0.64	1.35	0.51	3.38	0.75	1.10	0.68
Sale and/or Maturity of Investments	100	0.00	0.00	-	-	-	-	-	-	-
Other Investing Activities, net	-0.99	0.00	-7.50	0.00	0.00	-	-	-	-	-
Net Cash From Financing Activities	-440	-1,571	-1,382	196	-547	-444	-726	-319	-480	-747
Net Cash From Continuing Financing Activities	-440	-1,571	-1,382	196	-547	-444	-726	-319	-480	-747
Repayment of Debt	-399	0.00	0.00	-	-	-256	-256	0.00	-103	-511
Repurchase of Common Equity	-60	-688	-692	-406	-95	-495	-553	-307	-300	-173
Payment of Dividends	-181	-179	-214	-207	-199	-268	-373	-347	-338	-307
Issuance of Debt	396	0.00	0.00	-	-	492	491	0.00	297	396
Issuance of Common Equity	2.41	2.08	0.51	575	0.42	1.77	1.71	0.00	0.09	0.28
Other Financing Activities, net	-199	-706	-477	234	-253	81	-38	335	-35	-153
Effect of Exchange Rate Changes	-53	30	-186	-162	-	-	-	-	-	-49

This table details how cash moves in and out of Lazard's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-402	96	429	-120	-20	218	-173	24	-1,483	-323	-263
Net Cash From Operating Activities	-218	363	294	176	-90	342	33	201	-411	314	435
Net Cash From Continuing Operating Activities	-218	363	294	176	-90	342	33	201	-411	314	435
Net Income / (Loss) Continuing Operations	62	78	116	52	40	71	6.77	-120	-15	57	123
Consolidated Net Income / (Loss)	62	78	116	52	40	71	6.77	-120	-15	57	123
Depreciation Expense	8.44	9.00	8.97	9.19	9.13	11	11	11	11	10	11
Amortization Expense	104	71	119	137	121	76	104	142	108	73	121
Non-Cash Adjustments To Reconcile Net Income	16	8.67	-97	17	16	12	18	25	16	13	14
Changes in Operating Assets and Liabilities, net	-408	196	147	-38	-277	171	-106	144	-531	161	167
Net Cash From Investing Activities	-23	34	209	-103	-6.61	-8.65	-7.26	-7.28	-15	-24	-13
Net Cash From Continuing Investing Activities	-23	34	209	-103	-6.61	-8.65	-7.26	-7.28	-15	-24	-13
Purchase of Property, Plant & Equipment	-14	-15	-18	-6.44	-6.62	-8.79	-7.52	-7.38	-4.61	-25	-5.29
Sale of Property, Plant & Equipment	0.00	0.12	194	1.92	0.01	0.14	0.25	0.10	0.00	0.30	0.06
Other Investing Activities, net	-8.87	-	-	-	-	-	-	-	-	-	-
Net Cash From Financing Activities	-192	-234	-112	-193	98	-150	-177	-172	-1,072	-781	-539
Net Cash From Continuing Financing Activities	-192	-234	-112	-193	98	-150	-177	-172	-1,072	-781	-539
Repayment of Debt	0.00	-166	-	-	-233	-	-	-	0.00	-	-
Repurchase of Common Equity	-36	-16	-3.11	-19	-22	-	-2.95	-0.17	-685	-80	-237
Payment of Dividends	-45	-43	-47	-46	-45	-44	-44	-45	-45	-48	-64
Issuance of Debt	0.00	-0.05	-	0.01	396	-	-	-	0.00	-	-
Issuance of Common Equity	0.10	0.42	1.76	0.05	0.18	0.83	1.07	0.13	0.05	0.13	0.18
Other Financing Activities, net	-111	-9.56	-63	-128	2.29	-107	-130	-126	-343	-654	-238
Effect of Exchange Rate Changes	30	-68	38	-0.95	-22	36	-23	1.81	16	168	-146

This table presents Lazard's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	4,794	4,636	5,853	7,147	5,972	5,640	4,997	4,929	4,557	4,478
Total Current Assets	2,564	2,234	2,426	3,142	2,012	1,769	1,748	1,972	1,723	1,556
Cash & Equivalents	1,308	971	1,235	1,465	1,390	1,232	1,247	1,484	1,159	1,132
Short-Term Investments	615	702	699	1,007	-	-	-	-	-	-
Accounts Receivable	641	561	492	669	622	537	501	488	564	424
Plant, Property, & Equipment, net	160	233	250	250	258	220	213	205	209	207
Total Noncurrent Assets	2,070	2,169	3,177	3,755	3,703	3,651	3,036	2,752	2,624	2,715
Goodwill	394	395	377	380	384	374	375	391	382	327
Noncurrent Deferred & Refundable Income Taxes	480	497	408	435	538	587	598	650	1,076	1,131
Other Noncurrent Operating Assets	1,197	1,277	2,392	2,940	2,780	2,690	2,063	1,710	1,167	1,257
Total Liabilities & Shareholders' Equity	4,794	4,636	5,853	7,147	5,972	5,640	4,997	4,929	4,557	4,478
Total Liabilities	4,029	4,066	4,594	5,494	4,972	4,958	4,027	3,670	3,263	3,110
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	4,029	4,066	4,594	5,494	4,972	4,958	4,027	3,670	3,263	3,110
Long-Term Debt	1,687	1,690	1,688	1,685	1,683	1,680	1,434	1,190	1,189	989
Noncurrent Deferred & Payable Income Tax Liabilities	1.08	3.86	3.92	1.83	1.04	3.51	5.57	9.41	9.17	11
Noncurrent Employee Benefit Liabilities	845	781	736	972	735	603	585	594	542	570
Other Noncurrent Operating Liabilities	1,496	1,590	2,166	2,835	2,554	2,672	2,002	1,876	1,523	1,531
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	80	88	583	575	0.00	-	-	-	-	-
Total Equity & Noncontrolling Interests	685	482	675	1,078	999	682	970	1,259	1,294	1,367
Total Preferred & Common Equity	636	424	556	975	912	610	917	1,200	1,236	1,313
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	636	424	556	975	912	610	917	1,200	1,236	1,313
Common Stock	329	248	169	146	137	42	752	789	690	601
Retained Earnings	1,472	1,403	1,677	1,561	1,295	1,194	1,196	1,080	1,134	1,124
Accumulated Other Comprehensive Income / (Loss)	-327	-290	-296	-224	-238	-294	-274	-233	-314	-234
Other Equity Adjustments	-838	-937	-993	-507	-282	-332	-757	-438	-274	-177
Noncontrolling Interest	49	58	119	103	88	72	53	59	58	54

This table presents Lazard's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q3 2024	Q2 2024	Q1 2024	Q3 2023	Q2 2023	Q1 2023	Q3 2022
Period end date	3/31/2025	9/30/2024	6/30/2024	3/31/2024	9/30/2023	6/30/2023	3/31/2023	9/30/2022
Total Assets	4,232	4,820	4,527	4,587	4,296	4,603	4,568	6,208
Total Current Assets	1,947	2,383	2,090	2,004	1,817	1,916	1,848	2,210
Cash & Equivalents	909	1,166	848	923	653	698	597	1,000
Short-Term Investments	506	688	688	621	658	690	742	639
Accounts Receivable	531	529	555	460	506	528	510	571
Plant, Property, & Equipment, net	168	158	221	228	230	237	246	219
Total Noncurrent Assets	2,117	2,278	2,217	2,356	2,249	2,450	2,474	3,779
Goodwill	394	395	394	394	394	395	394	376
Noncurrent Deferred & Refundable Income Taxes	497	527	508	506	508	524	368	391
Other Noncurrent Operating Assets	1,226	1,357	1,315	1,456	1,347	1,531	1,712	3,013
Total Liabilities & Shareholders' Equity	4,232	4,820	4,527	4,587	4,296	4,603	4,568	6,208
Total Liabilities	3,500	4,056	3,932	4,050	3,794	4,103	3,970	4,952
Total Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Noncurrent Liabilities	3,500	4,056	3,932	4,050	3,794	4,103	3,970	4,952
Long-Term Debt	1,688	1,853	1,852	1,851	1,690	1,689	1,688	1,687
Noncurrent Deferred & Payable Income Tax Liabilities	1.08	2.17	3.94	2.18	5.38	6.58	4.79	8.96
Noncurrent Employee Benefit Liabilities	248	634	550	496	497	602	443	531
Other Noncurrent Operating Liabilities	1,563	1,567	1,526	1,700	1,602	1,806	1,834	2,725
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	84	84	81	88	82	84	89	578
Total Equity & Noncontrolling Interests	649	680	514	449	420	416	508	677
Total Preferred & Common Equity	603	624	459	393	361	360	451	561
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	603	624	459	393	361	360	451	561
Common Stock	133	285	220	136	204	169	95	128
Retained Earnings	1,478	1,438	1,383	1,385	1,389	1,431	1,605	1,682
Accumulated Other Comprehensive Income / (Loss)	-307	-272	-306	-304	-293	-282	-283	-334
Other Equity Adjustments	-701	-827	-837	-824	-938	-958	-966	-915
Noncontrolling Interest	46	56	56	56	58	56	57	117

This table displays calculated financial ratios and metrics derived from Lazard's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	21.08%	-9.17%	-12.79%	23.69%	-0.76%	-7.55%	6.93%	13.18%	-0.88%	1.77%
EBITDA Growth	121.83%	-59.32%	-16.50%	21.63%	16.86%	-24.00%	-12.68%	32.12%	170.92%	-60.00%
EBIT Growth	583.35%	-115.47%	-28.60%	44.15%	27.87%	-42.32%	-17.53%	59.52%	3,213.48%	-103.20%
NOPAT Growth	612.25%	-114.26%	-27.66%	34.73%	35.26%	-44.09%	104.91%	-34.00%	3,483.98%	-102.68%
Net Income Growth	600.30%	-114.60%	-27.66%	34.73%	35.26%	-44.09%	104.91%	-34.00%	5,902.32%	-98.49%
EPS Growth	397.78%	-125.64%	-24.19%	30.79%	45.08%	-39.90%	112.57%	-34.59%	-60.54%	131.25%
Operating Cash Flow Growth	351.12%	-80.26%	-3.71%	50.38%	-15.05%	-3.02%	-32.07%	62.68%	-28.70%	20.55%
Free Cash Flow Firm Growth	-6.83%	50.76%	-74.67%	303.86%	-26.40%	-4.14%	-44.97%	103.52%	163.08%	-192.06%
Invested Capital Growth	-9.90%	-42.07%	16.98%	-33.00%	14.41%	-2.44%	19.92%	-27.06%	7.30%	61.50%
Revenue Q/Q Growth	0.42%	3.76%	-8.96%	3.62%	6.22%	1.49%	0.42%	-0.50%	4.42%	-1.81%
EBITDA Q/Q Growth	3.42%	0.45%	-32.42%	29.58%	21.42%	-5.95%	-16.13%	17.38%	4.44%	-13.06%
EBIT Q/Q Growth	10.02%	-1.58%	-27.41%	7.55%	24.41%	-8.68%	-22.90%	32.33%	3.50%	-138.10%
NOPAT Q/Q Growth	2.43%	-1.58%	-28.21%	3.14%	40.09%	-10.29%	58.56%	-44.92%	-6.27%	-101.15%
Net Income Q/Q Growth	2.43%	20.11%	-28.21%	3.14%	40.09%	-10.29%	58.56%	-44.92%	169.52%	-99.35%
EPS Q/Q Growth	3.88%	21.05%	-28.22%	4.51%	37.74%	-7.92%	60.47%	-45.43%	-6.71%	-1.46%
Operating Cash Flow Q/Q Growth	2.95%	19.85%	-14.24%	18.03%	-6.35%	-6.62%	13.64%	-0.94%	-5.16%	5.63%
Free Cash Flow Firm Q/Q Growth	-13.02%	0.28%	-81.05%	650.32%	-30.08%	-6.49%	56.49%	0.79%	-9.13%	-191.04%
Invested Capital Q/Q Growth	-30.73%	-33.30%	-22.32%	-57.82%	-4.31%	-19.67%	-18.63%	-25.99%	-8.45%	-9.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	36.20%	24.96%	41.98%	42.09%	41.41%	41.38%	47.49%	43.92%	43.76%	45.12%
EBITDA Margin	27.75%	15.15%	33.82%	35.32%	35.92%	30.50%	37.10%	45.44%	38.92%	14.24%
Operating Margin	12.31%	-3.08%	18.10%	22.11%	18.97%	14.72%	23.60%	30.60%	21.71%	-0.69%
EBIT Margin	12.31%	-3.08%	18.10%	22.11%	18.97%	14.72%	23.60%	30.60%	21.71%	-0.69%
Profit (Net Income) Margin	9.13%	-2.21%	13.75%	16.57%	15.21%	11.16%	18.46%	9.63%	16.52%	0.27%
Tax Burden Percent	74.19%	71.67%	75.94%	74.95%	80.20%	75.81%	78.21%	31.48%	76.08%	-39.46%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	25.81%	0.00%	24.06%	25.05%	19.81%	24.19%	21.79%	68.52%	23.92%	0.00%
Return on Invested Capital (ROIC)	51.41%	-7.00%	41.78%	50.28%	33.26%	26.03%	50.15%	22.70%	30.79%	-1.16%
ROIC Less NNEP Spread (ROIC-NNEP)	51.41%	-5.83%	41.78%	50.28%	33.26%	26.03%	50.15%	22.70%	30.79%	-27.17%
Return on Net Nonoperating Assets (RNNOA)	-8.44%	0.73%	-14.83%	-9.37%	14.66%	10.02%	-2.38%	-2.34%	-1.20%	1.78%
Return on Equity (ROE)	42.96%	-6.27%	26.96%	40.91%	47.91%	36.05%	47.77%	20.36%	29.59%	0.61%
Cash Return on Invested Capital (CROIC)	61.83%	46.27%	26.13%	89.80%	19.81%	28.50%	32.03%	54.00%	23.75%	-48.20%
Operating Return on Assets (OROA)	8.20%	-1.52%	7.95%	11.04%	8.65%	7.38%	13.72%	17.41%	11.46%	-0.43%
Return on Assets (ROA)	6.08%	-1.09%	6.04%	8.27%	6.94%	5.60%	10.73%	5.48%	8.72%	0.17%
Return on Common Equity (ROCE)	34.12%	-3.36%	14.18%	29.10%	43.37%	33.33%	45.37%	19.43%	28.35%	0.58%
Return on Equity Simple (ROE_SIMPLE)	45.06%	-13.52%	70.53%	55.63%	44.17%	48.81%	58.07%	21.66%	31.85%	0.50%
Net Operating Profit after Tax (NOPAT)	287	-56	392	543	403	298	532	260	394	-12
NOPAT Margin	9.13%	-2.16%	13.75%	16.57%	15.21%	11.16%	18.46%	9.63%	16.52%	-0.48%
Net Nonoperating Expense Percent (NNEP)	0.00%	-1.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	26.01%
Return On Investment Capital (ROIC_SIMPLE)	12.09%	-2.58%	16.61%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	63.80%	75.04%	58.02%	57.91%	58.59%	58.62%	52.51%	56.08%	56.24%	54.88%
SG&A Expenses to Revenue	10.54%	13.57%	10.02%	8.24%	9.02%	9.73%	10.07%	3.41%	3.64%	6.18%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.39%
Operating Expenses to Revenue	23.89%	28.04%	23.88%	19.98%	22.44%	26.65%	23.90%	13.33%	22.05%	45.81%
Earnings before Interest and Taxes (EBIT)	386	-80	517	724	502	393	681	825	517	-17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	871	393	965	1,156	951	814	1,070	1,226	928	342
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	10.83	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	28.38	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	2.19	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	24.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	3.92%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	4.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	12.82	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	2.16	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	7.78	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	17.54	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	23.65	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	9.13	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	19.66	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.21	2.97	1.34	1.02	1.68	2.46	1.48	0.95	0.92	0.73
Long-Term Debt to Equity	2.21	2.97	1.34	1.02	1.68	2.46	1.48	0.95	0.92	0.73
Financial Leverage	-0.16	-0.13	-0.35	-0.19	0.44	0.38	-0.05	-0.10	-0.04	-0.07
Leverage Ratio	7.07	5.74	4.46	4.95	6.91	6.44	4.45	3.72	3.39	3.65
Compound Leverage Factor	7.07	5.74	4.46	4.95	6.91	6.44	4.45	3.72	3.39	3.65
Debt to Total Capital	68.81%	74.79%	57.28%	50.48%	62.74%	71.13%	59.65%	48.60%	47.88%	42.20%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	68.81%	74.79%	57.28%	50.48%	62.74%	71.13%	59.65%	48.60%	47.88%	42.20%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.24%	6.46%	23.84%	20.30%	3.27%	3.03%	2.21%	2.41%	2.33%	2.28%
Common Equity to Total Capital	25.95%	18.75%	18.89%	29.21%	33.99%	25.83%	38.13%	48.99%	49.79%	55.52%
Debt to EBITDA	1.94	4.30	1.75	1.46	1.77	2.06	1.34	0.97	1.28	2.92
Net Debt to EBITDA	-0.27	0.04	-0.25	-0.68	0.31	0.55	0.18	-0.24	0.03	-0.39
Long-Term Debt to EBITDA	1.94	4.30	1.75	1.46	1.77	2.06	1.34	0.97	1.28	2.92
Debt to NOPAT	5.88	-30.20	4.30	3.11	4.18	5.64	2.69	4.58	3.02	-85.82
Net Debt to NOPAT	-0.82	-0.30	-0.63	-1.45	0.73	1.50	0.35	-1.13	0.08	11.49
Long-Term Debt to NOPAT	5.88	-30.20	4.30	3.11	4.18	5.64	2.69	4.58	3.02	-85.82
Altman Z-Score	3.02	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	20.58%	46.40%	47.40%	28.86%	9.47%	7.56%	5.04%	4.58%	4.20%	5.48%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	345	370	245	969	240	326	340	618	304	-481
Operating Cash Flow to CapEx	0.00%	592.16%	1,704.16%	2,217.53%	915.06%	1,604.70%	1,512.77%	3,822.86%	1,680.08%	3,418.99%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.67	0.49	0.44	0.50	0.46	0.50	0.58	0.57	0.53	0.62
Accounts Receivable Turnover	5.23	4.93	4.92	5.07	4.57	5.13	5.83	5.13	4.82	5.30
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	15.98	10.75	11.42	12.90	11.09	12.32	13.79	13.02	11.45	11.19
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	69.81	74.07	74.23	71.99	79.94	71.09	62.58	71.17	75.65	68.87
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	69.81	74.07	74.23	71.99	79.94	71.09	62.58	71.17	75.65	68.87
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	529	587	1,013	866	1,292	1,130	1,158	965	1,324	1,234
Invested Capital Turnover	5.63	3.24	3.04	3.03	2.19	2.33	2.72	2.36	1.86	2.41
Increase / (Decrease) in Invested Capital	-58	-426	147	-426	163	-28	192	-358	90	470
Enterprise Value (EV)	6,780	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Market Capitalization	6,888	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Book Value per Share	$4.71	$3.07	$3.99	$7.95	$7.57	$5.06	$6.48	$8.60	$9.07	$9.80
Tangible Book Value per Share	$1.80	$0.21	$1.28	$4.86	$4.38	$1.96	$3.83	$5.79	$6.27	$7.36
Total Capital	2,452	2,260	2,947	3,338	2,682	2,361	2,404	2,449	2,482	2,366
Total Debt	1,687	1,690	1,688	1,685	1,683	1,680	1,434	1,190	1,189	998
Total Long-Term Debt	1,687	1,690	1,688	1,685	1,683	1,680	1,434	1,190	1,189	998
Net Debt	-236	17	-246	-787	293	448	188	-293	30	-134
Capital Expenditures (CapEx)	-151	28	49	39	63	42	46	27	38	26
Debt-free, Cash-free Net Working Capital (DFCFNWC)	641	561	492	669	622	537	501	488	564	424
Debt-free Net Working Capital (DFNWC)	2,564	2,234	2,426	3,142	2,012	1,769	1,748	1,972	1,723	1,556
Net Working Capital (NWC)	2,564	2,234	2,426	3,142	2,012	1,769	1,748	1,972	1,723	1,556
Net Nonoperating Expense (NNE)	0.00	1.34	0.00	0.00	0.00	0.00	0.00	0.00	0.00	-18
Net Nonoperating Obligations (NNO)	-236	17	-246	-787	293	448	188	-293	30	-134
Total Depreciation and Amortization (D&A)	485	473	449	432	449	421	390	400	410	359
Debt-free, Cash-free Net Working Capital to Revenue	20.40%	21.62%	17.23%	20.45%	23.50%	20.15%	17.38%	18.08%	23.67%	17.62%
Debt-free Net Working Capital to Revenue	81.65%	86.14%	84.96%	95.97%	76.01%	66.33%	60.59%	73.08%	72.29%	64.70%
Net Working Capital to Revenue	81.65%	86.14%	84.96%	95.97%	76.01%	66.33%	60.59%	73.08%	72.29%	64.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.93	($0.90)	$3.68	$4.90	$3.69	$2.57	$4.43	$2.09	$3.11	$7.87
Adjusted Weighted Average Basic Shares Outstanding	93.14M	88.99M	95.66M	106.04M	106.86M	110.19M	119.01M	121.57M	124.77M	125.37M
Adjusted Diluted Earnings per Share	$2.68	($0.90)	$3.51	$4.63	$3.54	$2.44	$4.06	$1.91	$2.92	$7.40
Adjusted Weighted Average Diluted Shares Outstanding	102.39M	88.99M	101.00M	113.67M	113.48M	116.08M	129.77M	132.48M	132.63M	133.24M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	135.63M	138.11M	140.49M	126.25M	121.23M	121.79M	149.53M	141.04M	137.85M	134.22M
Normalized Net Operating Profit after Tax (NOPAT)	287	-56	392	543	403	298	532	578	394	-12
Normalized NOPAT Margin	9.13%	-2.16%	13.75%	16.57%	15.21%	11.16%	18.46%	21.42%	16.52%	-0.48%
Pre Tax Income Margin	12.31%	-3.08%	18.10%	22.11%	18.97%	14.72%	23.60%	30.60%	21.71%	-0.69%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	63.07%	-312.14%	54.51%	38.22%	49.53%	90.08%	69.97%	133.40%	85.92%	4,680.29%
Augmented Payout Ratio	83.83%	-1,512.59%	230.75%	113.08%	73.18%	256.24%	173.80%	251.45%	162.17%	7,314.41%

This table displays calculated financial ratios and metrics derived from Lazard's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-14.81%	1.61%	48.65%	6.90%	39.79%	12.83%	-27.23%	0.25%	-21.54%	-27.74%	1.17%
EBITDA Growth	-9.68%	18.18%	164.18%	395.54%	124.39%	1.12%	-62.21%	-83.63%	-68.34%	-74.72%	60.32%
EBIT Growth	0.14%	48.94%	3,418.65%	157.82%	247.77%	-1.70%	-103.07%	-187.47%	-123.12%	-72.74%	2.05%
NOPAT Growth	54.11%	9.51%	3,515.84%	167.56%	255.62%	25.29%	-102.77%	-184.07%	-121.37%	-72.99%	6.30%
Net Income Growth	54.11%	9.51%	1,614.42%	143.24%	364.65%	25.29%	-94.48%	-231.34%	-112.56%	-72.99%	6.30%
EPS Growth	60.00%	13.89%	1,600.00%	134.75%	229.63%	50.00%	-94.34%	-253.26%	-125.71%	-74.19%	12.77%
Operating Cash Flow Growth	-141.73%	6.22%	777.09%	-12.32%	78.13%	8.68%	-92.29%	-32.69%	-92.67%	-30.59%	9.15%
Free Cash Flow Firm Growth	-168.73%	-72.58%	-44.71%	-111.54%	-89.60%	653.20%	-51.72%	-43.07%	1,802.75%	-114.10%	248.57%
Invested Capital Growth	19.01%	-9.90%	-13.25%	13.96%	-10.88%	-42.07%	-32.53%	-42.60%	-59.71%	16.98%	-36.48%
Revenue Q/Q Growth	-20.24%	3.91%	14.04%	-9.87%	-4.88%	52.03%	-17.99%	17.87%	-23.22%	-1.95%	12.98%
EBITDA Q/Q Growth	-10.71%	-35.20%	37.86%	13.24%	16.83%	44.84%	158.60%	-48.72%	-47.35%	-45.87%	12.00%
EBIT Q/Q Growth	-48.98%	-33.57%	153.28%	16.64%	-24.11%	1,580.28%	95.59%	-198.11%	-150.48%	-53.75%	25.67%
NOPAT Q/Q Growth	-20.83%	-32.58%	123.11%	29.41%	-43.74%	2,202.83%	95.59%	-198.11%	-145.29%	-53.53%	33.98%
Net Income Q/Q Growth	-20.83%	-32.58%	123.11%	29.41%	-43.74%	955.42%	105.63%	-692.00%	-126.63%	-53.53%	33.98%
EPS Q/Q Growth	-31.71%	-19.61%	108.16%	40.00%	-51.39%	1,100.00%	104.26%	-422.22%	-156.25%	-54.72%	15.22%
Operating Cash Flow Q/Q Growth	-159.95%	23.54%	66.66%	295.85%	-126.34%	920.05%	-83.34%	148.85%	-230.89%	-27.67%	45.52%
Free Cash Flow Firm Q/Q Growth	-172.24%	-41.37%	489.80%	-141.63%	-71.18%	18.25%	-18.62%	-62.50%	1,632.95%	-110.32%	-4.03%
Invested Capital Q/Q Growth	90.12%	-30.73%	-16.34%	8.01%	43.94%	-33.30%	9.90%	-15.54%	-6.43%	-22.32%	-6.50%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	35.70%	36.30%	42.36%	36.08%	29.87%	32.28%	32.87%	13.60%	19.92%	35.12%	43.61%
EBITDA Margin	24.99%	22.33%	35.80%	29.62%	23.57%	19.19%	20.15%	6.39%	14.69%	21.42%	38.79%
Operating Margin	8.16%	12.76%	19.96%	8.99%	6.95%	8.71%	-0.89%	-16.62%	-6.57%	9.99%	21.19%
EBIT Margin	8.16%	12.76%	19.96%	8.99%	6.95%	8.71%	-0.89%	-16.62%	-6.57%	9.99%	21.19%
Profit (Net Income) Margin	9.26%	9.33%	14.38%	7.35%	5.12%	8.66%	1.25%	-18.18%	-2.70%	7.80%	16.45%
Tax Burden Percent	113.46%	73.12%	72.05%	81.79%	73.72%	99.44%	-139.47%	109.36%	41.16%	78.02%	77.65%
Interest Burden Percent	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
Effective Tax Rate	-13.46%	26.88%	27.95%	18.21%	26.28%	0.56%	0.00%	0.00%	0.00%	21.98%	22.35%
Return on Invested Capital (ROIC)	30.29%	52.54%	54.75%	24.58%	16.10%	28.07%	-1.43%	-28.65%	-7.53%	23.70%	30.74%
ROIC Less NNEP Spread (ROIC-NNEP)	30.29%	52.54%	54.75%	24.58%	16.10%	28.07%	3.34%	-58.23%	-5.69%	23.70%	30.74%
Return on Net Nonoperating Assets (RNNOA)	13.85%	-8.63%	16.31%	13.88%	9.32%	-3.52%	0.81%	-8.97%	-3.07%	-8.41%	6.00%
Return on Equity (ROE)	44.13%	43.91%	71.06%	38.45%	25.42%	24.55%	-0.62%	-37.61%	-10.60%	15.29%	36.74%
Cash Return on Invested Capital (CROIC)	16.00%	61.83%	48.26%	6.87%	11.30%	46.27%	33.80%	58.16%	100.66%	26.13%	77.19%
Operating Return on Assets (OROA)	5.60%	8.50%	13.70%	5.64%	4.27%	4.31%	-0.43%	-7.94%	-3.11%	4.39%	10.27%
Return on Assets (ROA)	6.35%	6.21%	9.87%	4.61%	3.15%	4.28%	0.59%	-8.68%	-1.28%	3.43%	7.98%
Return on Common Equity (ROCE)	34.62%	34.87%	55.33%	28.76%	18.91%	13.16%	-0.33%	-21.27%	-6.44%	8.04%	18.82%
Return on Equity Simple (ROE_SIMPLE)	51.15%	0.00%	44.84%	37.18%	-0.48%	0.00%	-19.85%	12.30%	56.78%	0.00%	97.52%
Net Operating Profit after Tax (NOPAT)	62	78	116	52	40	71	-3.40	-77	-26	57	123
NOPAT Margin	9.26%	9.33%	14.38%	7.35%	5.12%	8.66%	-0.63%	-11.63%	-4.60%	7.80%	16.45%
Net Nonoperating Expense Percent (NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4.77%	29.59%	-1.84%	0.00%	0.00%
Return On Investment Capital (ROIC_SIMPLE)	2.65%	3.30%	-	-	-	3.29%	-	-	-	2.41%	-
Cost of Revenue to Revenue	64.30%	63.70%	57.64%	63.92%	70.13%	67.72%	67.13%	86.40%	80.08%	64.88%	56.39%
SG&A Expenses to Revenue	10.98%	11.38%	9.19%	11.93%	9.77%	10.96%	15.16%	13.67%	15.78%	11.40%	9.41%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	27.54%	23.54%	22.40%	27.09%	22.93%	23.57%	33.77%	30.22%	26.49%	25.12%	22.42%
Earnings before Interest and Taxes (EBIT)	55	107	161	64	55	72	-4.86	-110	-37	73	158
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	167	187	289	210	185	158	109	42	83	157	290
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	9.74	10.83	10.92	11.14	14.37	0.00	0.00	0.00	0.00	0.00	0.00
Price to Tangible Book Value (P/TBV)	28.11	28.38	29.69	78.97	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	1.94	2.19	2.18	1.78	2.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Earnings (P/E)	19.29	24.61	26.52	32.67	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	4.62%	3.92%	2.98%	2.65%	1.22%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	5.19%	4.06%	3.77%	3.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	6.24	12.82	9.12	6.10	7.22	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	2.08	2.16	2.23	1.94	2.16	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBITDA (EV/EBITDA)	7.35	7.78	8.26	8.39	12.31	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	16.23	17.54	19.81	30.03	528.87	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	20.34	23.65	24.86	32.61	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	10.20	9.13	9.64	12.06	12.54	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	42.42	19.66	17.55	94.58	60.20	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.30	2.21	2.42	3.11	3.45	2.97	3.37	3.38	2.82	1.34	1.34
Long-Term Debt to Equity	2.30	2.21	2.42	3.11	3.45	2.97	3.37	3.38	2.82	1.34	1.34
Financial Leverage	0.46	-0.16	0.30	0.56	0.58	-0.13	0.24	0.15	0.54	-0.35	0.20
Leverage Ratio	6.95	7.07	7.20	8.34	8.07	5.74	5.98	5.95	5.33	4.46	4.61
Compound Leverage Factor	6.95	7.07	7.20	8.34	8.07	5.74	5.98	5.95	5.33	4.46	4.61
Debt to Total Capital	69.74%	68.81%	70.79%	75.68%	77.52%	74.79%	77.12%	77.18%	73.85%	57.28%	57.33%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	69.74%	68.81%	70.79%	75.68%	77.52%	74.79%	77.12%	77.18%	73.85%	57.28%	57.33%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	5.34%	5.24%	5.36%	5.58%	6.04%	6.46%	6.39%	6.37%	6.41%	23.84%	23.62%
Common Equity to Total Capital	24.92%	25.95%	23.85%	18.74%	16.44%	18.75%	16.49%	16.45%	19.75%	18.89%	19.05%
Debt to EBITDA	1.98	1.94	2.20	2.79	3.74	4.30	4.32	2.96	2.14	1.75	1.18
Net Debt to EBITDA	0.32	-0.27	0.00	0.48	0.62	0.04	0.97	0.53	0.44	-0.25	0.03
Long-Term Debt to EBITDA	1.98	1.94	2.20	2.79	3.74	4.30	4.32	2.96	2.14	1.75	1.18
Debt to NOPAT	5.47	5.88	6.62	10.86	-982.72	-30.20	-30.66	38.14	6.59	4.30	3.09
Net Debt to NOPAT	0.88	-0.82	0.00	1.86	-163.26	-0.30	-6.87	6.80	1.37	-0.63	0.09
Long-Term Debt to NOPAT	5.47	5.88	6.62	10.86	-982.72	-30.20	-30.66	38.14	6.59	4.30	3.09
Altman Z-Score	2.80	2.83	2.78	2.44	2.44	0.00	0.00	0.00	0.00	0.00	0.00
Noncontrolling Interest Sharing Ratio	21.56%	20.58%	22.14%	25.21%	25.62%	46.40%	47.53%	43.45%	39.27%	47.40%	48.78%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Quick Ratio	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-99	136	233	-60	143	498	421	517	1,379	-90	871
Operating Cash Flow to CapEx	-1,573.54%	2,458.69%	0.00%	3,893.97%	-1,361.98%	3,947.26%	461.08%	2,760.93%	-8,924.47%	1,297.57%	8,308.99%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.69	0.67	0.69	0.63	0.62	0.49	0.48	0.48	0.47	0.44	0.48
Accounts Receivable Turnover	6.10	5.23	6.04	5.29	5.81	4.93	4.64	4.86	4.62	4.92	5.61
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	15.28	15.98	16.11	12.52	11.90	10.75	11.15	11.54	10.91	11.42	13.46
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	59.83	69.81	60.43	69.03	62.82	74.07	78.65	75.03	79.03	74.23	65.07
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	59.83	69.81	60.43	69.03	62.82	74.07	78.65	75.03	79.03	74.23	65.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,005	529	763	912	845	587	880	800	948	1,013	1,304
Invested Capital Turnover	3.27	5.63	3.81	3.34	3.14	3.24	2.29	2.46	1.64	3.04	1.87
Increase / (Decrease) in Invested Capital	161	-58	-117	112	-103	-426	-424	-594	-1,405	147	-749
Enterprise Value (EV)	6,275	6,780	6,958	5,562	6,097	0.00	0.00	0.00	0.00	0.00	0.00
Market Capitalization	5,873	6,888	6,820	5,108	5,645	0.00	0.00	0.00	0.00	0.00	0.00
Book Value per Share	$4.45	$4.71	$4.61	$3.39	$4.30	$3.07	$2.61	$2.59	$3.21	$3.99	$4.97
Tangible Book Value per Share	$1.54	$1.80	$1.70	$0.48	($0.02)	$0.21	($0.24)	($0.25)	$0.41	$1.28	$1.64
Total Capital	2,420	2,452	2,617	2,447	2,388	2,260	2,191	2,188	2,286	2,947	2,943
Total Debt	1,688	1,687	1,853	1,852	1,851	1,690	1,690	1,689	1,688	1,688	1,687
Total Long-Term Debt	1,688	1,687	1,853	1,852	1,851	1,690	1,690	1,689	1,688	1,688	1,687
Net Debt	273	-236	-1.29	317	308	17	378	301	350	-246	48
Capital Expenditures (CapEx)	14	15	-177	4.53	6.61	8.65	7.26	7.28	4.61	24	5.23
Debt-free, Cash-free Net Working Capital (DFCFNWC)	531	641	529	555	460	561	506	528	510	492	571
Debt-free Net Working Capital (DFNWC)	1,947	2,564	2,383	2,090	2,004	2,234	1,817	1,916	1,848	2,426	2,210
Net Working Capital (NWC)	1,947	2,564	2,383	2,090	2,004	2,234	1,817	1,916	1,848	2,426	2,210
Net Nonoperating Expense (NNE)	0.00	0.00	0.00	0.00	0.00	0.00	-10	43	-11	0.00	0.00
Net Nonoperating Obligations (NNO)	273	-236	-1.29	317	308	17	378	301	350	-246	48
Total Depreciation and Amortization (D&A)	113	80	128	146	131	87	114	152	119	84	131
Debt-free, Cash-free Net Working Capital to Revenue	17.58%	20.40%	16.93%	19.38%	16.32%	21.62%	20.25%	19.54%	18.88%	17.23%	18.21%
Debt-free Net Working Capital to Revenue	64.38%	81.65%	76.23%	73.00%	71.13%	86.14%	72.71%	70.90%	68.43%	84.96%	70.48%
Net Working Capital to Revenue	64.38%	81.65%	76.23%	73.00%	71.13%	86.14%	72.71%	70.90%	68.43%	84.96%	70.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.61	$0.89	$1.13	$0.53	$0.38	$0.71	$0.07	($1.41)	($0.27)	$0.52	$1.11
Adjusted Weighted Average Basic Shares Outstanding	95.26M	93.14M	93.63M	92.89M	91.26M	88.99M	89.43M	88.73M	87.59M	95.66M	93.28M
Adjusted Diluted Earnings per Share	$0.56	$0.82	$1.02	$0.49	$0.35	$0.72	$0.06	($1.41)	($0.27)	$0.48	$1.06
Adjusted Weighted Average Diluted Shares Outstanding	104.83M	102.39M	103.48M	100.63M	99.35M	88.99M	94.31M	88.73M	87.59M	101.00M	98.87M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	131.38M	135.63M	135.06M	135.36M	135.33M	138.11M	138.12M	138.66M	138.87M	140.49M	139.62M
Normalized Net Operating Profit after Tax (NOPAT)	38	78	116	52	40	71	-3.40	-77	-26	57	123
Normalized NOPAT Margin	5.72%	9.33%	14.38%	7.35%	5.12%	8.66%	-0.63%	-11.63%	-4.60%	7.80%	16.45%
Pre Tax Income Margin	8.16%	12.76%	19.96%	8.99%	6.95%	8.71%	-0.89%	-16.62%	-6.57%	9.99%	21.19%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	58.64%	63.07%	65.11%	105.33%	-9,512.47%	-312.14%	-254.25%	455.67%	80.90%	54.51%	39.87%
Augmented Payout Ratio	82.52%	83.83%	80.80%	130.99%	-10,846.39%	-1,512.59%	-1,324.11%	2,717.33%	549.37%	230.75%	173.79%

Frequently Asked Questions About Lazard's Financials

When does Lazard's financial year end?

According to the most recent income statement we have on file, Lazard's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Lazard's net income changed over the last 9 years?

Over the last 9 years, Lazard's net income changed from $6.56 million in 2015 to $286.71 million in 2024, a change of 4,271.2%. Find out what analysts predict for Lazard in the coming months.

What is Lazard's operating income?

Lazard's total operating income in 2024 was $386.47 million, based on the following breakdown:

Total Gross Profit: $1.14 billion
Total Operating Expenses: $750.22 million

How has Lazard revenue changed over the last 9 years?

Over the last 9 years, Lazard's total revenue changed from $2.40 billion in 2015 to $3.14 billion in 2024, a change of 30.6%.

How much debt does Lazard have?

Lazard's total liabilities were at $4.03 billion at the end of 2024, a 0.9% decrease from 2023, and a 29.5% increase since 2015.

How much cash does Lazard have?

In the past 9 years, Lazard's cash and equivalents has ranged from $971.32 million in 2023 to $1.48 billion in 2017, and is currently $1.31 billion as of their latest financial filing in 2024.

How has Lazard's book value per share changed over the last 9 years?

Over the last 9 years, Lazard's book value per share changed from 9.80 in 2015 to 4.71 in 2024, a change of -51.9%.

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This page (NYSE:LAZ) was last updated on 5/21/2025 by MarketBeat.com Staff

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Lazard (LAZ) Financials

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