Lazard, Inc. (LAZ) intrinsic value & 10-year financials
Lazard, Inc. (LAZ) has a Graham intrinsic value of $3.78 per share. At $36.09 on Oct 17, 2026, the stock trades 855% above that value. Over the last 10 fiscal years revenue grew 3.3% a year to $3.2B, with an average return on invested capital of 30.9%.
- Graham intrinsic value
- $3.78
- Share price (Oct 17, 2026)
- $36.09
- Price vs Graham value
- 855% above
- Market cap
- $3.8B
- Revenue (FY2025)
- $3.2B
- Revenue growth (10-yr CAGR)
- 3.3%
- ROIC (10-yr avg)
- 30.9%
- Free cash flow (FY2025)
- $487.4M
LAZ 10-year financial history
| Fiscal year | Revenue | Net income | EPS (diluted) | Free cash flow | Operating margin | ROIC |
|---|---|---|---|---|---|---|
| FY2025 | $3.2B | $236.8M | $2.17 | $487.4M | 10.3% | 23.5% |
| FY2024 | $3.1B | $279.9M | $2.68 | $697.3M | 12.3% | 26.4% |
| FY2023 | $2.6B | -$75.5M | -$0.90 | $136.4M | -3.1% | -5.7% |
| FY2022 | $2.9B | $357.5M | $3.51 | $784.5M | 18.1% | 34.8% |
| FY2021 | $3.3B | $528.1M | $4.63 | $826.4M | 22.1% | 44.9% |
| FY2020 | $2.6B | $402.5M | $3.54 | $511.6M | 19.0% | 35.6% |
| FY2019 | $2.7B | $286.5M | $2.44 | $635.2M | 14.7% | 27.3% |
| FY2018 | $2.9B | $527.1M | $4.06 | $649.4M | 23.6% | 52.8% |
| FY2017 | $2.7B | $253.6M | $1.91 | $1.0B | 30.6% | 38.0% |
| FY2016 | $2.4B | $387.7M | $2.92 | $593.9M | 21.7% | 31.0% |
Source: annual 10-K filings on SEC EDGAR. Figures in USD.
Executive summary
Lazard, Inc. has demonstrated mature, steady growth, with revenue compounding at 3.3% annually over the past decade.
Lazard, Inc. has earned high returns on invested capital, averaging 30.9% ROIC over the available history. High ROIC is consistent with a durable franchise, but it is not by itself proof of an economic moat.
Over the decade, Lazard, Inc. shows that management has aggressively returned capital to shareholders by retiring 19.8% of outstanding shares, and that the company has leveraged its balance sheet to sustain operations.
Benjamin Graham lens
Under Benjamin Graham's formula using SEC EDGAR fundamentals, Lazard, Inc. is modeled at -3.2% normalized earnings growth with a 5.1% bond-yield adjustment. The resulting Graham intrinsic value estimate is $3.78 per share.