Lazard Ltd

LAZNYSEFinancial Services● Active

$46.48

+$0.12(+0.26%)

Market Cap$4.6B

P/E Ratio—

52W High$58.75

52W Low$38.67

Avg Volume1.4M

Open$49.54

Beta1.41

Free Cash Flow Financials Revenue

Lazard Ltd (LAZ) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

LAZ · free cash flow · updated Jun 8, 2026

Core FCF metrics

LAZ · FCF · TTM · margin & CAGR

Free cash flow was $505.2M for FY2025 (fiscal year ending 2025-12-31), down 27.5% year-over-year The FCF margin was 15.9%. Five-year CAGR stands at -0.3%.

FY2025 Free Cash Flow$505.2M▼ -27.5% YoY

Trailing 12M (TTM)$529.4Mtrailing 4 quarters sum

FCF Margin15.9%$505.2M ÷ revenue

3-Year CAGR-13.6%FY2022 → FY2025

5-Year CAGR-0.3%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

LAZ · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$537.2M(32M)$505.2M▼ 27.5%15.9%

FY2024$742.8M(45M)$697.3M▲ +411.4%22.6%

FY2023$164.7M(28M)$136.4M▼ 82.6%5.3%

FY2022$834.0M(50M)$784.5M▼ 5.1%27.8%

FY2021$866.1M(40M)$826.4M▲ +61.5%25.3%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

LAZ · P/FCF · FCF yield · FCF per share

Lazard Ltd (LAZ) trades at a FCF yield of 11.22% and a price-to-free-cash-flow ratio of 8.6x. FCF per share stands at $5.43, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

11.22%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$5.43

TTM FCF ÷ Shares Outstanding

Price / FCF

x8.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x11.1

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

LAZ · cash flow statement · operating / investing / financing

For FY2025, Lazard Ltd generated $537.2M in operating cash flow and spent 32M in capital expenditures, yielding $505.2M in free cash flow.

Operating Activities

+$537.2M

Cash from core business operations

2025-12-31

Investing Activities

−$78.3M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$467.3M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($537.2M) − |CapEx| (32M) = FCF ($505.2M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Financial Services)

LAZ vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Lazard LtdYOU

LAZ

$505.2M-27.5%15.9%

Berkshire Hathaway Inc.

BRK-B

$25.04B+115.6%6.7%

25%

Berkshire Hathaway Inc.

Mastercard Incorporated

$16.91B+18.2%51.6%

17%

Financial Services · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Lazard Ltd (LAZ) reported free cash flow of $505.2M for FY2025 (fiscal year ending 2025-12-31), down 27.5% year-over-year. The FCF margin was 15.9%.

Based on available data, Lazard Ltd has maintained positive free cash flow for at least 15 fiscal year(s). FCF peaked at $987.8M in FY2017. The 5-year CAGR stands at -0.3%.

Lazard Ltd's FCF yield is 11.22% and price-to-FCF ratio is 8.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

LAZ free cash flow · 8 questions

Lazard Ltd free cash flow was $505.2M for FY2025, down 27.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $529.4M.

LAZ free cash flowLAZ FCFLAZ FCF 2025LAZ free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Lazard Ltd · Lazard Ltd SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026