Lazard, Inc.
LAZ · Investment Advice · 111.7M shares · -6%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: -$173M (gross $102M, SBC $275M)
Reference price $39.37 · est. market cap ~$4.4B — last insider sale, 2026-03-19 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B70Lazard — advisory and asset-management firm with high ROE, high leverage.
Strengths
- ROE 27.1% (68th pct); strong cash (82nd)
- Premier global M&A and restructuring advisory
Risks
- High leverage (D/E 1.9, 94th); thin net margin (31st)
- Deal-cycle and asset-management-outflow exposure
Notable findings
- Restatement• Our subsidiaries may be required to make payments under the Amended and Restated Tax Receivable Agreement 8-K ↗
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -6%/yr over 4y
- Revenue declineRevenue -16.1% YoY
- Insider sellingInsider selling — 4 open-market sale(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
10.3%
Net margin
7.4%
Return on equity
27.1%
Return on assets
4.8%
ROIC
10.1%
Revenue growth (QoQ)
-16.1%
Net-income growth
-15.4%
Debt / equity
1.9×
Net debt / EBITDA
0.6×
Free cash flow
$487M
EBITDA
$362M
Tangible book value
$478M
Cash & investments
$1.5B
Stock comp / revenue
11.3%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-19 | Hogbin Christopher | Sell | 3.9K | $39.37 |
| 2026-03-18 | Hogbin Christopher | Sell | 7.9K | $40.37 |
| 2026-03-17 | Hogbin Christopher | Option exercise | 48K | — |
| 2026-03-17 | Hogbin Christopher | Tax withheld | 25K | $40.06 |
| 2026-03-17 | Orszag Peter Richard | Sell | 67K | $40.73 |
| 2026-03-17 | Orszag Peter Richard | Sell | 2.0K | $41.66 |
| 2026-03-16 | Orszag Peter Richard | Option exercise | 138K | — |
| 2026-03-16 | Orszag Peter Richard | Disposition | 42K | $40.82 |
| 2026-03-02 | Farr Tracy | Tax withheld | 3.0K | $50.60 |
| 2026-03-02 | Farr Tracy | Option exercise | 5.9K | — |
| 2026-03-02 | Gathy Michael | Option exercise | 2.3K | — |
| 2026-03-02 | Gathy Michael | Tax withheld | 813 | $50.60 |
| 2026-03-02 | Soto Alexandra | Option exercise | 65K | — |
| 2026-03-02 | Soto Alexandra | Tax withheld | 30K | $50.60 |
| 2025-09-16 | Orszag Peter Richard | Sell | 32K | $54.09 |
| 2025-09-15 | Orszag Peter Richard | Option exercise | 65K | — |
| 2025-09-15 | Orszag Peter Richard | Disposition | 19K | $55.59 |
| 2025-09-11 | Russo Evan L | Sell | 50K | $56.95 |
| 2025-09-10 | Russo Evan L | Sell | 25K | $55.71 |
| 2025-09-10 | Gathy Michael | Sell | 617 | $55.37 |
| 2025-09-09 | Russo Evan L | Gift | 15K | — |
| 2025-06-11 | Soto Alexandra | Sell | 86K | $43.81 |
| 2025-03-17 | Orszag Peter Richard | Sell | 38K | $45.31 |
| 2025-03-17 | Orszag Peter Richard | Sell | 26K | $45.91 |
| 2025-03-14 | Orszag Peter Richard | Sell | 27K | $44.87 |
| 2025-03-14 | Orszag Peter Richard | Sell | 37K | $45.51 |
| 2025-03-13 | Soto Alexandra | Tax withheld | 52K | $45.84 |
| 2025-03-13 | Orszag Peter Richard | Option exercise | 258K | — |
| 2025-03-13 | Orszag Peter Richard | Disposition | 77K | $45.09 |
| 2025-03-13 | Soto Alexandra | Option exercise | 111K | — |
| 2025-03-13 | Russo Evan L | Option exercise | 254K | — |
| 2025-03-13 | Russo Evan L | Disposition | 100K | $45.09 |
| 2025-03-03 | Gathy Michael | Option exercise | 958 | — |
| 2025-03-03 | Gathy Michael | Tax withheld | 346 | $50.15 |
| 2025-02-14 | Russo Evan L | Sell | 25K | $55.32 |
| 2025-02-13 | Russo Evan L | Sell | 15K | $54.00 |
| 2025-02-12 | Russo Evan L | Sell | 35K | $53.64 |
| 2025-02-12 | Russo Evan L | Sell | 50K | $53.40 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-22 | 5.03Shareholder voteExhibits | filing ↗ |
| 2026-05-01 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Material agreement3.02Reg FDExhibits | filing ↗ |
| 2026-04-30 | Reg FD | filing ↗ |
| 2026-02-02 | Exec/director changeReg FDOtherExhibits | filing ↗ |
| 2026-01-29 | ResultsExhibits | filing ↗ |
| 2025-10-23 | ResultsExhibits | filing ↗ |
| 2025-09-10 | Reg FD | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-05-22 | 2026-05-21 | 0001628280-26-037801 ↗ |
| 10-Q | 2026-05-04 | 2026-03-31 | 0001311370-26-000015 ↗ |
| 8-K | 2026-05-01 | 2026-04-30 | 0001628280-26-029365 ↗ |
| 8-K | 2026-05-01 | 2026-05-01 | 0001628280-26-029091 ↗ |
| 8-K | 2026-04-30 | 2026-04-30 | 0001628280-26-028551 ↗ |
| 10-K | 2026-02-23 | 2025-12-31 | 0001311370-26-000008 ↗ |
| 8-K | 2026-02-02 | 2026-01-28 | 0001628280-26-004678 ↗ |
| 8-K | 2026-01-29 | 2026-01-29 | 0001628280-26-003958 ↗ |
| 10-Q | 2025-10-27 | 2025-09-30 | 0001311370-25-000052 ↗ |
| 8-K | 2025-10-23 | 2025-10-23 | 0001311370-25-000047 ↗ |
| 8-K | 2025-09-10 | 2025-09-10 | 0001311370-25-000043 ↗ |
| 8-K | 2025-09-08 | 2025-09-03 | 0001311370-25-000041 ↗ |