Lazard $LAZ Read from its own SEC filings · nothing written, nothing inferred
🫧 Edgar looked up LAZARD, INC. ($LAZ). Last filing: 10-Q, 2026-07-28. 9 event filings (8-K) in the past twelve months.
🔖 Exposure: revenue $3.2B (FY2025), total debt $1.7B. Experience: revenue up 1.5% on the year, down 0.7% a year over 4 years; operating margin 10.3%, down from 12.3%. Soundness: equity 17.7% of assets, return on equity 28.7%, payout 74.3% of profit. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $2.7B and $3.8B next year (method v4.1: its own 4-year record of growth weighed at 50% against $1B–10B filers; on a year the method never saw, 83.4% landed inside). In a shock year the stress range is $2.3B to $4.4B. A statistical range, not company guidance. Against peers (22 filers, $50M+ revenue, investment advice): operating margin 10.3% against a 20.8% median; growth 1.5% against 7.5%.
Gold paid out, navy kept. Kept share × return on equity = the growth it can fund itself. Facts from the filings, not a recommendation.
Speed and cash · fiscal 2025
Both views must agree for a label · a description, not advice.
| Cash flow (op · inv · fin · free) | $519M · −$82M · −$464M · $487M |
| Investment book (cash · short · long) | $1.5B · — · — |
| Revenue swing · equity of assets | 14.7% · 17.6% |
Lazard is growing slower than its size class, with revenue that swings more. Its own audited SEC figures.
The figures, as filed
| Fiscal year end | 2025-12-31 |
| Revenue | $3.2B |
| Revenue, on the year | 1.5% |
| Revenue, a year over the record | −0.7% |
| Operating margin | 10.3% |
| Operating margin, prior year | 12.3% |
| Net margin | 7.9% |
| Research and development | not filed separately |
| Total debt | $1.7B |
| Equity of assets | 17.7% |
| Return on equity | 28.7% |
| Payout of profit | 74.3% |
| Dividend per share | $2 |
| Earnings per share | $2.37 |
| Book value per share | $8.22 |
| Revenue per share | $29.97 |
| Shares outstanding | 106,338,079 |
| Audited years read | 5 |
Peers: the median of 22 filers with $50M+ revenue in investment advice.
Health HarborLazard sails as: Sound ship
Health watch · 12 monthsDirector or officer change ×2
Sailing speed follows growth: 3.7% a year crosses the harbor in 69 seconds.
🌊 Visit the Bay →- slow and jumpy: growing slower than its size class, with revenue that swings more
Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider. A picture of the signs, not a rating and not investment advice.
- 10-Q · 2026-07-28
- 8-K · 2026-07-23 · 2.02 Results of Operations and Financial Condition; 9.01 Financial Statements and Exhibits
- 8-K · 2026-07-07 · 5.02 Departure or Election of Directors; Appointment of Officers; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
- 8-K · 2026-05-22 · 5.03 Amendments to Articles or Bylaws; Change in Fiscal Year; 5.07 Submission of Matters to a Vote of Security Holders; 9.01 Financial Statements and Exhibits
- 10-Q · 2026-05-04
- 8-K · 2026-05-01 · 1.01 Entry into a Material Definitive Agreement; 3.02 Unregistered Sales of Equity Securities; 7.01 Regulation FD Disclosure; 9.01 Financial Statements and Exhibits
Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price. Reporting, not investment advice. No price targets and no trading recommendations. Figures from the SEC’s own data · every filing · this page as JSON · ask about another company