Lazard (FRA:69Q) EBIT: €388 Mil (TTM As of Mar. 2026)


FRA:69Q Lazard Inc FRA:69Q
81 GF Score
Price €36.00
GF Value €40.32
Valuation Fairly Valued
! 3 Warning Signs
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What is Lazard EBIT?

Lazard FRA:69Q 81 EBIT is €388 Mil as of Mar. 2026. GuruFocus rates FRA:69Q with a GF Score™ of 81/100 and a GF Value™ of €40.32 (Fairly Valued). The stock has 3 warning signs investors should review.

Lazard's earnings before interest and taxes (EBIT) for the three months ended in Mar. 2026 was €97 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Mar. 2026 was €388 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Lazard's annualized ROC % for the quarter that ended in Mar. 2026 was 16.15%. Lazard's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 50.95%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Lazard's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Mar. 2026 was 8.68%.


Lazard  (FRA:69Q) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Lazard's annualized ROC % for the quarter that ended in Mar. 2026 is calculated as:

ROC % (Q: Mar. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Dec. 2025 ) + Invested Capital (Q: Mar. 2026 ))/ count )
=361.844 * ( 1 - 0% )/( (2183.521 + 2296.628)/ 2 )
=361.844/2240.0745
=16.15 %

where

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=4219.387 - 638.252 - ( 1397.614 - max(0, 756.977 - 2378.061+1397.614))
=2183.521

Invested Capital(Q: Mar. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=3668.161 - 309.423 - ( 1062.11 - max(0, 309.423 - 1737.135+1062.11))
=2296.628

Note: The Operating Income data used here is four times the quarterly (Mar. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Lazard's annualized ROC (Joel Greenblatt) % for the quarter that ended in Mar. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Mar. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Dec. 2025  Q: Mar. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=388.872/( ( (495.823 + max(178.309, 0)) + (486.652 + max(365.602, 0)) )/ 2 )
=388.872/( ( 674.132 + 852.254 )/ 2 )
=388.872/763.193
=50.95 %

where Working Capital is:

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(766.709 + 0 + 168.577) - (638.252 + 118.725 + 0)
=178.309

Working Capital(Q: Mar. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(669.324 + 0 + 5.7010000000002) - (309.423 + 0 + 0)
=365.602

When net working capital is negative, 0 is used.

Note: The EBIT data used here is four times the quarterly (Mar. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Lazard's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Mar. 2026 )
=388.375/4473.871
=8.68 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Lazard EBIT Related Terms


Lazard EBIT Historical Data

* Premium members only.

The historical data trend for Lazard's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Lazard EBIT Chart

Lazard Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 712.09 564.86 -2.09 453.19 354.60

Lazard Quarterly Data
Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24 Jun24 Sep24 Dec24 Mar25 Jun25 Sep25 Dec25 Mar26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 70.07 99.05 100.21 91.90 97.22

FRA:69Q vs PJT, MKTX, CLSK: EBIT Comparison

For the Capital Markets subindustry, Lazard's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Lazard EV-to-EBIT vs Capital Markets Industry

For the Capital Markets industry and Financial Services sector, Lazard's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Lazard's EV-to-EBIT falls into.


FRA:69Q
81GF Score
Lazard Inc FRA:69Q
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
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Lazard EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Mar. 2026 adds up the quarterly data reported by the company within the most recent 12 months, which was €388 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of €388 Mil mean?
Lazard (FRA:69Q) has a EBIT of €388 Mil as of Mar. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Lazard.
Is Lazard's EBIT too high?
Lazard's current EBIT is €388 Mil. Overall, Lazard has a GF Score™ of 81/100 and is considered Fairly Valued, reflecting its overall financial health beyond just this single metric.
How does Lazard's EBIT compare to PJT and MKTX?
Lazard's EBIT of €388 Mil can be compared against companies in the Capital Markets industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a Capital Markets company?
A good EBIT depends on the Capital Markets industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Lazard. Lazard's current EBIT is €388 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Lazard stock overvalued right now?
Based on GuruFocus' analysis, Lazard (FRA:69Q) is currently considered Fairly Valued. The stock's GF Value™ is €40.32, compared to a current price of €36.00 — trading 10.7% below its estimated fair value. The current EBIT is €388 Mil. Lazard's overall GF Score™ is 81/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Lazard (FRA:69Q), the current EBIT is €388 Mil as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Lazard (FRA:69Q) Overvalued in 2026?

Based on GuruFocus' analysis, Lazard stock appears to be undervalued. The current stock price of €36.00 is trading 10.7% below its estimated GF Value™ of €40.32. GuruFocus considers Lazard to be Fairly Valued.

Key valuation signals for FRA:69Q:

  • EBIT: €388 Mil
  • GF Value™: €40.32 vs. price of €36.00 (10.7% below fair value)
  • GF Score™: 81/100 with 3 warning signs

No single metric tells the full story. See the FRA:69Q stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Lazard Business Description

Other Exchanges LAZ:USA0UB6:UK
Address 30 Rockefeller Plaza, New York, NY, USA, 10112
Lazard Inc is a financial advisory and asset management firm with operations in North and South America, Europe, the Middle East, Asia, and Australia. Lazard provides advice on mergers and acquisitions, capital markets and capital solutions, restructuring and liability management, geopolitics, and other strategic matters, as well as asset management and investment solutions to institutions, corporations, governments, partnerships, family offices, and high net worth individuals. Geographically, the company earns key revenue in the Americas, EMEA then Asia-Pacific.
81GF Score

Get the complete analysis for FRA:69Q

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

€36.00
Price
€40.32
GF Value