Lazard
Through the investors’ lenses
Each of these investors has said in public what they look at before buying. Click a name to see how this company measures up — a tick where it passes one of their tests, a cross where it does not.
Warren Buffett 2/4
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Owner earnings | $239.07m | positive | ✓ |
| Return on equity | 27.1% | median 11.7% | ✓ |
| Debt to equity | 1.93x | median 0.79x | ✗ |
| Operating margin | 10.3% | median 15.0% | ✗ |
Passes 2 of 4. To be clear: Warren Buffett has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Terry Smith 1/3
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.8% | median 10.1% | ✓ |
| Cash conversion | — | median 1.78x | — |
| Operating margin | 10.3% | median 15.0% | ✗ |
| Debt to equity | 1.93x | median 0.79x | ✗ |
Passes 1 of 3. To be clear: Terry Smith has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Charlie Munger 2/3
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.8% | median 10.1% | ✓ |
| Return on equity | 27.1% | median 11.7% | ✓ |
| Operating margin | 10.3% | median 15.0% | ✗ |
Passes 2 of 3. To be clear: Charlie Munger has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Chuck Akre 2/3
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Return on equity | 27.1% | median 11.7% | ✓ |
| Debt to equity | 1.93x | median 0.79x | ✗ |
| Cash conversion | — | median 1.78x | — |
| Return on equity, sustained | 9 of 10 | 8 of 10 above median | ✓ |
Passes 2 of 3. To be clear: Chuck Akre has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Philip Fisher 1/4
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Operating margin | 10.3% | median 15.0% | ✗ |
| Net margin | 7.4% | median 10.2% | ✗ |
| Return on capital employed | 12.8% | median 10.1% | ✓ |
| Operating margin, held or improving | 10.3% | 10-yr median 18.1% | ✗ |
Passes 1 of 4. To be clear: Philip Fisher has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Walter Schloss 0/1
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Current ratio | — | median 1.25x | — |
| Debt to equity | 1.93x | median 0.79x | ✗ |
Passes 0 of 1. To be clear: Walter Schloss has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Benjamin Graham 0/1
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Current ratio | — | 2.00x published | — |
| Long-term debt to working capital | — | 1.00x published | — |
| Positive earnings, ten years running | 2 yrs | 10 published | ✗ |
Passes 0 of 1. To be clear: Benjamin Graham has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Joel Greenblatt 1/1
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Return on capital employed | 12.8% | median 10.1% | ✓ |
Passes 1 of 1. To be clear: Joel Greenblatt has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
Peter Lynch 0/2
| Measure | LAZ | Checked against | |
|---|---|---|---|
| Debt to equity | 1.93x | median 0.79x | ✗ |
| Net margin | 7.4% | median 10.2% | ✗ |
Passes 0 of 2. To be clear: Peter Lynch has never said anything about Lazard. These are the company’s own figures put through the tests he described. What he looks at, and why →
| Basis | Payout | Why |
|---|---|---|
| GAAP earnings | 92.2% | whyThe figure most screeners publish. |
| Operating cash flow | 35.9% | whyBefore capital spending. |
| Free cash flow | 38.3% | whyAfter maintaining the business. |
Spread between highest and lowest: 56.2 percentage points. Same filings, different denominators.
Coverage rating 20 / 100 — Strained. ? Peer standing 16/50Direction 4/30Stability 0/20
Free cash flow payout, last 6 years
| Fiscal year | Payout |
|---|---|
| 2025-12-31 | 38.3% |
| 2024-12-31 | 25.7% |
| 2023-12-31 | 126.9% |
| 2022-12-31 | 23.2% |
| 2021-12-31 | 23.7% |
| 2020-12-31 | 38.4% |
Coverage worsened sharply this year, 25.7% to 38.3%, after no clear trend before it. One year is not a trend, but it is worth knowing which direction the last one moved.
32% of the 25 financial services here pay out more.
The arithmetic
- GAAP earnings — dividends declared per share $2.00 ÷ diluted EPS $2.17
- Operating cash flow — dividends paid $187m ÷ operating cash flow $519m
- Free cash flow — dividends paid $187m ÷ (operating cash flow $519m − capex $31.9m)
Where the figures came from
- 10-K filed 2026-02-23 · accession 0001311370-26-000008
All public at sec.gov — you should not have to take our word for it.
Computed straight from SEC XBRL. A number that looks wrong to you is more useful to us than agreement — tell us.
What the free cash flow payout ratio measures, and where every company here sits on it.
Also on: rated strained · when it files.
When this changes
Every figure above is recomputed whenever Lazard files. The monthly letter carries what filed, what moved, and one finding computed across every company here.