LAZLazard, Inc.

Investment Advice

Revenue: $3.2B; 1.5% YoY
Operating margin: 10.3%; 16% YoY
EBITDA: $362M; 14% YoY
Market cap: $4.2B
Employees: 3,309; $963K revenue each
Net debt / EBITDA: 1.2×; $426M net debt
AI in 10-K: 4.4; mentions per 10K words

Takeover score 3 of 13

Fixable underperformance 2 of 7

TSR below peersYes
5 of 5 years
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
219% of net income
Cash flow under 80% of net income
Dilutive SBCYes
11% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
53% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyNo
10% of assets
Over 40% of assets
Shareholder dissentNo
91% lowest support
Any vote under 80% support

Buyer economics 1 of 4

Low revenue per employeeNo
$963K · 35th pct
Bottom quartile of its SIC industry
Quiet on AINo
4.4 per 10K words · 80th pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
1.2× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$4.2B market cap
Market cap $500M–$5B

Catalysts 0 of 2

Active 13DNo
0 filings
Active-intent 13D in 18 months
Net insider sellingNo
−$9M net
Net sales over $10M in 12 months

Financials

Metric	FY2021	FY2022	FY2023	FY2024	FY2025	YoY	Trend
Revenue	$3.3B	$2.9B	$2.6B	$3.1B	$3.2B	1.5%
Operating income	$724M	$517M	−$80M	$386M	$328M	15%
Net income	$528M	$358M	−$75M	$280M	$237M	15%
Operating cash flow	$866M	$834M	$165M	$743M	$519M	30%
Capex	$40M	$50M	$28M	$45M	$32M	30%
Stock-based comp	$234M	$241M	$251M	$278M	$360M	30%
Buybacks	$406M	$692M	$102M	$60M	$91M	53%
Dividends	$196M	$182M	$173M	$179M	$187M	4.2%

Deal filings

None.

13D filers

None on file.

Insider trading

Open-market buys, 12 mo: $0 · 0
Open-market sells, 12 mo: $9M · 5
Net: −$9M

Pay vs performance

Year	CEO total comp	Comp actually paid	TSR (indexed)	Peer TSR
FY2025	—	—	147	203
FY2024	—	—	149	176
FY2023	—	—	96	135
FY2022	—	—	90	121
FY2021	—	—	107	135