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Lazard LAZ Return on invested capital

Return on invested capital at other companies

Goldman Sachs Group logo
Goldman Sachs GroupGS
24.3%-7.3pp
Morgan Stanley logo
Morgan StanleyMS
16.9%+0.4pp
Evercore logo
EvercoreEVR
45.3%+17.1pp
Moelis & Company logo
Moelis & CompanyMC
31.7%+3.3pp
PJT Partners logo
PJT PartnersPJT
86.6%+7.0pp
Blackrock logo
BlackrockBLK
10.9%

Other financials

Income statement

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Revenue$756.6M+16.7%
Operating income$89.6M+63.9%
Net income$100.9M+67.1%
EPS (diluted)$0.91+62.5%

Balance sheet

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Cash & equivalents$1.0B+12.3%
Total debt$2.2B-1.4%
Total equity$881.3M+46.1%
Total assets$4.2B+0.2%

Cash flow

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Operating cash flow-$219.3M-0.8%
CapEx$2.2M-84.2%
Free cash flow-$221.5M+4.3%

Valuation

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Market cap$4.36B+2.5%
Enterprise value$5.5B-0.9%
P/E15.7×+1.7×
P/S1.4×-0.1×

Profitability

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Operating margin11.3%-1.9pp
Net margin8.6%-1.7pp
FCF margin15.5%-3.7pp

Returns & leverage

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Return on equity37.4%-23.8pp
Debt / equity2.5×-1.2×

Where this comes from

Calculated from Lazard’s reported figures.

Based on trailing twelve months.

The official record: Lazard’s 10-Q, filed May 4, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Lazard's return on invested capital?
Lazard (LAZ) reported return on invested capital of 18.6% in Q1 2026.
How has Lazard's return on invested capital changed year-over-year?
Lazard's return on invested capital decreased by 11.8% year-over-year, from 21% to 18.6%.
What is the long-term trend for Lazard's return on invested capital?
Over 4 years (2020 to 2025), Lazard's return on invested capital has grown at a -7.2% compound annual growth rate (CAGR), from 28.6% to 21.2%.
What does return on invested capital mean?
Net operating profit after tax (operating income taxed at the effective rate) divided by average invested capital (debt plus equity minus cash). Measures the after-tax return on all capital put to work in the business, independent of capital structure.