회사 개요
Lazard, Inc. operates as a prominent financial advisory and asset management firm serving clients across the Americas, Europe, the Middle East, Africa, and the Asia Pacific region. The company's core operations are divided into two distinct segments: Financial Advisory, which specializes in financial advisory services, and Asset Management, which focuses on managing investment portfolios for institutional and private clients. This entity functions within the broader Financial Services sector, specifically categorized under the Capital Markets industry, positioning it as a key player in deal-making and wealth management ecosystems. As of the latest available data, the company holds a market capitalization of $4.36 billion and generates annual revenue of $3.10 billion, supported by a workforce of 3,309 employees. These valuation and revenue figures indicate that Lazard maintains a significant presence in the global capital markets, though its market cap relative to its revenue suggests a valuation profile that differs from pure-play commercial banks or technology firms. The scale of the company, reflected in its $4.36 billion market cap, underscores its established reputation in high-value advisory transactions, while the $3.10 billion revenue stream highlights the substantial fee-based income derived from its diverse geographic footprint. With 3,309 employees deployed across multiple continents, the firm demonstrates an organizational structure capable of handling complex cross-border transactions and managing large-scale asset pools simultaneously.
재무 건전성
The company reported revenue of $3.10 billion for the trailing twelve months, accompanied by a net income of $230.91 million, while EBITDA figures are not disclosed in the available data. The substantial gap between the $3.10 billion revenue and the $230.91 million net income reveals a high cost structure typical of the financial advisory sector, where operating expenses, including compensation and professional fees, consume a significant portion of top-line growth before reaching the bottom line. Although free cash flow data is not reported, the firm holds cash reserves of $1.47 billion, which provides a substantial liquidity buffer for operational needs and potential acquisitions. The analysis of margins shows a gross margin of 89.8%, an operating margin of 13.0%, and a profit margin of 7.6%, indicating that while the company retains most of the revenue it collects from advisory fees as gross profit, overhead costs significantly impact the final profitability. The balance sheet shows a cash position of $1.47 billion against total debt of $2.39 billion, resulting in a debt-to-equity ratio of 241.85, which characterizes the balance sheet as highly leveraged rather than conservative. Despite the high leverage, the current ratio stands at 2.19, indicating strong short-term liquidity as current assets are more than double current liabilities. Return on Equity stands at 28.6% and Return on Assets is 5.2%, metrics that reveal management is generating substantial returns on shareholder equity but operates with a return on assets that is modest relative to the equity multiplier effect.
밸류에이션 평가
The stock trades with a P/E ratio of 21.19 on a trailing twelve-month basis and a forward P/E of 9.85, implying that the market expects a significant expansion in earnings relative to current levels. The difference between the trailing P/E of 21.19 and the forward P/E of 9.85 suggests a sharp anticipated improvement in earnings trajectory, potentially driven by one-time gains or cyclical recovery in advisory fees. The price-to-book ratio is 4.94, indicating that the market values the company at nearly five times its book value, reflecting a premium for its intangible assets, brand reputation, and deal flow. Alternative valuation metrics include a price-to-sales ratio of 1.41 and an EV/EBITDA multiple that is not available, which suggests investors are pricing the stock based on revenue quality and asset light business models rather than traditional cash flow multiples. The 52-week price range spans from a low of $32.04 to a high of $58.75, providing a historical context for volatility and investor sentiment over the past year. The beta value of 1.41 indicates that the stock exhibits higher price volatility than the broader market, moving 41% more than the market index during periods of fluctuation.
Growth & Income
Revenue growth for the trailing twelve months is 10.0%, while earnings growth stands at -43.3%, indicating that earnings are currently shrinking at a much faster rate than revenue expansion. This divergence suggests that one-time costs, restructuring charges, or a decline in profitability per unit of revenue are currently outweighing the benefits of top-line growth. The company offers a dividend yield of 4.3% with a payout ratio of 92.2%, which presents a sustainability concern given the negative earnings growth and the high payout relative to net income. A payout ratio of 92.2% while earnings are down 43.3% implies that the company is relying heavily on cash reserves or non-recurring income to fund dividend payments, which may not be sustainable if earnings do not recover quickly. The overall growth and income profile reveals a firm capable of delivering double-digit revenue expansion while distributing income to shareholders, albeit with significant pressure on earnings per share and a highly leveraged capital structure that constrains future financial flexibility.