Lazard Inc (LAZ)
NYSEFinancialsFinancial - Capital MarketsSnapshot 2026-09-04
$45.00+1.51%
Close 2026-09-04 · 1-day change
NYSEFinancialsFinancial - Capital MarketsSnapshot 2026-09-04
Broken: Primary pillar broken — Improve cash from operating activities toward positive levels: TTM OCF -219.3M vs >0 target.
Lazard aims to grow revenue above $500M in 2026. It maintains a stable dividend of $0.5 per share. Strategic acquisitions could boost its market position. Profitability is improving after recent earnings beats.
Cash from operations is weak, with a large negative $219M in 2026-Q1. The company faces rising costs and stalled restructurings in complex debt markets. Management is volatile and guidance is soft, risking growth and cash flow.
The market prices in about 14% revenue growth and values the stock roughly 9% below our fair value near $47. Our view aligns with consensus but notes risks from weak cash flow and soft guidance.
Breaks if: Cash from operating activities remains negative over next 4 quarters
Breaks if: Revenue falls below $500 million in FY26
This is not a price target or investment advice.
A long-form read on the 1–3 year hold thesis. It updates when the weekly evidence changes.
This investment represents a fragile compounder with elevated risks. The current thesis state is cautious, as recent performance has not met industry standards, and there are concerns about future earnings guidance.
The market appears to have priced in a level of fragility due to weak execution quality, despite being expensive compared to peers. The expectations gap indicates that the market is somewhat skeptical about future performance.
Fundamentals may continue to show mixed results, especially given the recent trend of earnings misses. Management's focus on strategic acquisitions and growing the Asset Management business could provide some support, but risks remain elevated.
The thesis hinges on the performance of sector bellwethers like MS, GS, and SCHW, which could influence Lazard's momentum. Additionally, any changes in guidance from management could significantly impact investor sentiment.
The most important moves since the prior daily snapshot.
Mixed, the news cuts both ways. The company is growing its Asset Management business. This supports the thesis. However, the latest earnings report showed a significant miss. This threatens the overall outlook.
as of 2026-09-04
Review the evidence to watch, what would become a concern, and what would make it less concerning.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Execute strategic acquisitions such as Campbell Lutyens to build a more productive and growth-oriented firm.
Stated as a priority in 2 of last 2 quarters. Management announced the acquisition of Campbell Lutyens expected to generate approximately $500 million in combined 2027 revenue. This acquisition aligns with Lazard’s long-term growth strategy and is progressing as planned, indicating delivering momentum.
“Lazard announced acquisition of Campbell Lutyens, expected to close in second half of 2026.”
“CEO: 'The acquisition of Campbell Lutyens is a meaningful step in Lazard’s long-term strategy.'”
Breaks if: Dividend per share falls below $0.5
Continue paying a quarterly dividend of $0.50 per share to shareholders.
Stated as a priority in 2 of last 2 quarters. Lazard consistently declared and paid a quarterly dividend of $0.50 per share in both 2026-Q1 and 2026-Q2, demonstrating delivery on this capital allocation commitment.
“Lazard declared a quarterly dividend of $0.50 per share payable August 14, 2026.”
“Lazard declared a quarterly dividend of $0.50 per share payable May 22, 2026.”
Over the next 1 to 3 years, Lazard's performance will depend on both sector dynamics and management execution. Not investment advice.