📈 Price History

Ratio Health

— Excellent

— Good

— Average

— Poor

By Category

📊 Sector Averages

About

Lazard, Inc. operates as a financial advisory and asset management firm in the Americas, Europe, the Middle East, Africa, and the Asia Pacific.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

See full financials →

📊 Quick Scorecard

Loading…

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management repeatedly uses positive language such as 'strong performance', 'record first half', and 'significantly improving environment', while also acknowledging non-linearity. They provide specific numbers (e.g., 60/40 M&A split, 65.5% comp ratio) and details on hiring and flows.

Q3 2025

Confident Specific

Management repeatedly used strong language like 'record Financial Advisory revenue', 'record gross inflows', 'successfully executing', and 'confident' in multiple answers, while providing specific figures and examples to back claims.

Q4 2025

Confident Specific

Management uses definitive language like 'record revenue', 'substantial growth', 'clear inflection point', and provides numerical targets ($12.5M per MD by 2030, $13B won but not funded). They emphasize execution of Lazard 2030 strategy with concrete metrics.

Q1 2026 latest

Confident Specific

Management consistently used phrases like 'very active,' 'exciting avenue for growth,' 'highly complementary,' and 'very strong first quarter' to express conviction. The tone was optimistic on the acquisition, asset management flows, and the overall pipeline, with no defensive language.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call due to the strategic acquisition of Campbell Lutyens, which diversifies revenue and accelerates the Lazard 2030 plan with attractive financial profiles. Asset management flows are impressive and suggest a successful pivot to areas with active manager advantage. However, the lumpy nature of advisory revenue and the lack of concrete guidance on sponsor M&A recovery temper near-term predictability. Key items to watch next quarter: integration progress of Campbell Lutyens, continuation of strong asset management flows, and conversion of the elevated conflict clearance pipeline into reported revenue.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Lazard Q1 2026: Revenue $673M, acquires Campbell Lutyens for private capital advisory

Revenue & Profitability

Firm-wide adjusted net revenue was $673M in Q1 2026, up 5% year-over-year. Financial advisory revenue was $356M (down 4% YoY); Asset Management revenue was $309M (up 17% YoY). The adjusted compensation ratio was 69.9% (expected full year ~65.5%), and non-comp ratio was 22.1%. The effective tax rate for the full year is expected in the high 20s% range.

Outlook

Management is optimistic despite geopolitical uncertainty. Conflict clearances for deals above $5 billion are up 50% year-over-year. Client engagement remains very active. In Asset Management, market volatility creates more opportunities for active managers, and global diversification is back on the agenda. Private equity activity is expected to pick up, but timing remains uncertain.

Growth Drivers

Key growth levers include restructuring and liability management, private capital advisory, and European M&A. In Asset Management, net inflows of $9B in Q1 were driven by quantitative strategies, emerging markets, and global equity capabilities. The acquisition of Campbell Lutyens materially accelerates revenue and scale, with the combined platform targeting $500M in 2027 revenue.

Balance Sheet & CapEx

Not discussed in this earnings call.

Margins

The Q1 compensation ratio was 69.9%, but management expects full year comp ratio of approximately 65.5%, similar to 2025. Non-comp ratio was 22.1% in Q1. Campbell Lutyens has healthy operating margins in the mid-20s% range. Management is focused on operational efficiency and cost discipline, with a long-dated program to address support function costs.

Key Risks

Risks flagged include geopolitical uncertainty (Middle East), potential for private credit stress in the software sector, and the lumpy nature of advisory revenue. In Asset Management, there may be some moderation in net flows in the coming months, though full-year inflows are expected. The integration of Campbell Lutyens carries execution risk.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

🔍

🔎 See cross-company document search → ?

📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-07-23

Adjusted net revenue was $786M for Q2 and $1.5B for H1, with Financial Advisory and Asset Management both showing strong year-over-year results. Asset Management posted record AUM and net inflows. The Campbell Lutyens acquisition will boost private capital advisory. Compensation and non-comp expense ratios should improve as productivity and integration progress.

Q1 2026 Q1 2026 2026-05-01

Q1 2026 saw 5% revenue growth, record $9B net inflows in Asset Management, and a major acquisition of Campbell Lutyens to accelerate diversification and scale. Compensation ratio is expected to normalize as revenue grows, with strong outlooks for both advisory and asset management.

Q4 2025 Q4 2025 2026-01-29

Revenue grew 5% to $3B in 2025, with record financial advisory and asset management results. Productivity per managing director rose, and positive net flows are expected in 2026, supported by strong client demand and ongoing investments in talent and technology.

Q3 2025 Q3 2025 2025-10-23

Record Q3 revenue driven by strong Financial Advisory and Asset Management performance, with robust M&A, restructuring, and net positive asset flows. Productivity per Managing Director is rising, and the firm is on track to meet long-term growth and shareholder return goals.

Q2 2025 Q2 2025 2025-07-24

Firm-wide adjusted net revenue rose 12% year-over-year in Q2, led by record Financial Advisory results and strong Asset Management inflows. Positive outlook driven by improving M&A conditions, robust hiring, and product innovation.

📊 Analysis Methodology

This comprehensive investment analysis was conducted using The Finmagine™ Stock Analysis & Ranking Methodology, a proprietary framework that systematically evaluates stocks across five critical dimensions: Financial Health, Growth Prospects, Competitive Positioning, Management Quality, and Valuation.

🎯

Discover Our Proven Investment Framework Learn how we analyze and rank stocks using advanced quantitative models, multi-dimensional scoring systems, and dynamic discriminatory ranking techniques that have guided successful investment decisions across market cycles.

📊 Explore The Finmagine™ Methodology

A comprehensive, bias-free framework for analyzing and ranking stocks by Financial Strength, Growth Potential, Competitive Edge, Management Quality, and Value.

⚠️ Important Disclaimers — Please read without fail.

Investment Risk:
Investing in securities, including US equities and ETFs, involves inherent risks including the potential loss of principal. All investments are subject to market fluctuations, economic conditions, regulatory changes, and other factors that may affect their value. Past performance is not indicative of future results. This analysis is provided for informational and educational purposes only and should not be construed as investment advice under any circumstances.

No Investment Recommendation:
This analysis does not constitute, nor should it be interpreted as, an offer, solicitation, or recommendation to buy, sell, or hold any securities or financial products. Investors are strongly advised to conduct their own independent research and due diligence and to consult with a licensed financial advisor or an SEC-registered investment adviser before making any investment decisions, taking into account their individual financial situation, risk tolerance, and investment objectives.

Not SEC-Registered:
Finmagine is not registered as an investment adviser with the U.S. Securities and Exchange Commission (SEC) or any state securities authority. Nothing on this platform constitutes investment advice as defined under the Investment Advisers Act of 1940.

Conflict of Interest Disclosure:
The author and/or analyst may currently hold or have previously held positions in the securities discussed. Any such positions are not intended to influence the objectivity or independence of the analysis. This research is produced independently and is not sponsored, endorsed, or commissioned by any company or institution.

Information Sources:
The analysis is based on publicly available information including SEC filings (10-K, 10-Q), annual reports, management commentary, and publicly available financial data. Information is believed to be accurate as of the date of publication but may be subject to change without notice. Readers are encouraged to independently verify all information before acting upon it.

Forward-Looking Statements:
This analysis may contain forward-looking statements, forecasts, or projections that are inherently subject to risks, uncertainties, and assumptions. Actual results may differ materially from those expressed or implied. Finmagine does not undertake any obligation to update such statements in the future.

Limitation of Liability:
The content is provided "as is" without any warranties, express or implied. Finmagine expressly disclaims any liability for errors, omissions, or any losses incurred as a result of reliance on the information provided. Readers assume full responsibility for their investment decisions.