Estados financieros detallados de Lazard Inc (LAZ): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Lazard Inc registró ingresos de $3.19B en el último ejercicio fiscal, con un CAGR de 5 años del 3.8%. El beneficio neto alcanzó $236.8M, con un CAGR a 5 años del -10.1%.
Márgenes de los últimos 12 meses: margen bruto 47.2%, margen operativo 10.5%, margen neto 6.9%. El flujo de caja libre creció a un CAGR del -0.3% en 5 años.
Cuenta de Resultados (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.38B | $2.69B | $2.87B | $2.65B | $2.64B | $3.27B | $2.83B | $2.55B | $3.09B | $3.19B |
| Coste de Ventas | $1.34B | $1.51B | $1.51B | $1.56B | $1.55B | $1.90B | $1.66B | $1.95B | $2.00B | $2.17B |
| Beneficio Bruto | $1.04B | $1.18B | $1.36B | $1.09B | $1.09B | $1.37B | $1.17B | $605.1M | $1.08B | $1.01B |
| I+D | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Generales y Administrativos | $301.4M | $333.3M | $424.1M | $424.1M | $339.5M | $379.0M | $384.9M | $430.7M | $426.7M | $118.5M |
| Gastos Operativos | $520.4M | $352.4M | $676.2M | $695.1M | $588.3M | $648.6M | $652.3M | $685.1M | $696.6M | $597.8M |
| Beneficio Operativo | $517.5M | $825.4M | $680.8M | $392.7M | $502.1M | $723.8M | $516.8M | -$80.0M | $386.5M | $415.3M |
| EBITDA | $636.3M | $920.0M | $757.5M | $527.9M | $619.7M | $843.0M | $640.8M | $40.9M | $511.3M | $449.4M |
| Gastos por Intereses | $50.3M | $53.5M | $58.5M | $80.2M | $80.6M | $80.8M | $81.5M | $77.7M | $88.1M | $87.6M |
| Beneficio Antes de Impuestos | $517.5M | $825.4M | $680.8M | $392.7M | $502.1M | $723.8M | $516.8M | -$80.0M | $386.5M | $327.6M |
| Impuestos | $123.8M | $565.6M | $148.3M | $95.0M | $99.4M | $181.3M | $124.4M | -$22.6M | $99.8M | $76.6M |
| Beneficio Neto | $387.7M | $253.6M | $527.1M | $286.5M | $402.5M | $528.1M | $357.5M | -$75.5M | $279.9M | $236.8M |
| BPA | $3.11 | $2.09 | $4.43 | $2.57 | $3.69 | $4.90 | $3.68 | $-0.90 | $2.93 | $2.43 |
| BPA Diluido | $2.92 | $1.91 | $4.06 | $2.44 | $3.54 | $4.63 | $3.51 | $-0.90 | $2.68 | $2.17 |
| Acciones en Circulación (Diluidas) | $132.6M | $132.5M | $129.8M | $116.1M | $113.5M | $113.7M | $101.0M | $89.0M | $102.4M | $106.3M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $763.1M | $929.4M | $771.6M | $830.2M |
| Beneficio Bruto | $264.9M | $203.6M | $279.7M | $807.7M |
| Beneficio Operativo | $94.9M | $107.6M | $104.6M | $37.6M |
| EBITDA | $126.1M | $116.2M | $120.2M | $37.6M |
| Beneficio Neto | $71.2M | $49.9M | $100.9M | $4.8M |
| BPA | $0.73 | $0.50 | $1.01 | $0.05 |
| BPA Diluido | $0.67 | $0.45 | $0.91 | $0.04 |
Balance (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $1.16B | $1.48B | $1.25B | $1.23B | $1.39B | $1.47B | $1.23B | $971.3M | $1.31B | $1.50B |
| Inversiones a Corto | $419.7M | $935.4M | $1.01B | $1.18B | $1.13B | $1.35B | $779.2M | $219.6M | $268.7M | $167.1M |
| Cuentas por Cobrar | $670.0M | $610.4M | $721.0M | $722.2M | $792.3M | $855.1M | $652.8M | $832.0M | $800.3M | $897.8M |
| Inventario | 0 | 0 | -$142.6M | -$117.7M | -$183.9M | 0 | -$217.8M | 0 | 0 | 0 |
| Activos Corrientes | $2.36B | $3.18B | $2.98B | $3.12B | $3.31B | $4.52B | $3.29B | $2.29B | $2.62B | $2.37B |
| Inmovilizado Material | $209.0M | $205.3M | $212.9M | $551.5M | $513.9M | $716.1M | $681.7M | $639.7M | $595.3M | $580.6M |
| Fondo de Comercio | $373.1M | $385.3M | $371.6M | $371.8M | $383.9M | $379.4M | $377.2M | $394.9M | $393.6M | 0 |
| Activos Intangibles | $8.9M | $6.1M | $3.8M | $1.8M | $210000 | $150000 | $90000 | $30000 | 0 | $395.3M |
| Activos Totales | $4.56B | $4.93B | $5.00B | $5.66B | $5.97B | $7.15B | $5.85B | $4.64B | $4.79B | $4.94B |
| Cuentas por Pagar | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $80.7M |
| Pasivos Corrientes | $1.25B | $1.63B | $1.80B | $1.91B | $1.83B | $2.15B | $1.56B | $1.03B | $896.8M | $80.7M |
| Deuda a Largo | $1.19B | $1.19B | $1.43B | $1.68B | $1.68B | $1.69B | $1.69B | $1.69B | $1.69B | $2.09B |
| Pasivos Totales | $3.26B | $3.67B | $4.03B | $4.98B | $4.97B | $5.49B | $4.59B | $4.07B | $4.03B | $3.95B |
| Reservas | $1.13B | $1.08B | $1.20B | $1.19B | $1.30B | $1.56B | $1.68B | $1.40B | $1.47B | $1.49B |
| Patrimonio Neto | $1.24B | $1.20B | $916.9M | $610.0M | $911.8M | $975.2M | $556.5M | $423.8M | $636.2M | $873.7M |
| Deuda Total | $1.19B | $1.19B | $1.43B | $2.32B | $2.29B | $2.24B | $2.20B | $2.18B | $2.19B | $2.58B |
| Deuda Neta | -$419.3M | -$1.26B | -$819.2M | -$88.4M | -$234.6M | -$574.8M | $187.4M | $984.5M | $615.6M | $907.1M |
| Capital Circulante | $1.12B | $1.56B | $1.18B | $1.21B | $1.48B | $2.37B | $1.73B | $1.26B | $1.72B | $2.29B |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $1.17B | $1.50B | $1.03B | $1.10B |
| Activos Totales | $4.63B | $4.94B | $4.24B | $4.36B |
| Pasivos Totales | $3.68B | $3.95B | $3.29B | $3.46B |
| Patrimonio Neto | $841.5M | $873.7M | $881.3M | $914.3M |
| Deuda Total | $2.20B | $2.58B | $2.16B | $2.15B |
Flujo de Caja (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | $387.7M | $253.6M | $527.1M | $286.5M | $402.7M | $542.5M | $392.5M | -$75.5M | $273.0M | $230.9M |
| Amortizaciones | $68.5M | $41.0M | $34.1M | $55.0M | $36.9M | $112.4M | $103.0M | $472.7M | $36.3M | $34.2M |
| Compensación en Acciones | $341.8M | $359.4M | $371.4M | $365.8M | $346.9M | $394.1M | $406.2M | $250.6M | $448.5M | 0 |
| Cambio en Capital Circulante | -$218.4M | $70.3M | -$268.5M | -$131.5M | -$322.0M | -$299.5M | -$109.3M | -$240.9M | $16.3M | -$275.0M |
| Flujo de Caja Operativo | $601.3M | $1.02B | $699.0M | $678.0M | $575.9M | $866.1M | $834.0M | $164.7M | $742.8M | $537.2M |
| Inversiones (CapEx) | -$38.7M | -$27.7M | -$49.6M | -$42.8M | -$64.3M | -$39.7M | -$49.5M | -$28.3M | -$45.5M | -$31.9M |
| Adquisiciones | -$12.7M | $750000 | $3.4M | $509000 | $1.3M | $642000 | $573000 | -$10.5M | -$17.5M | 0 |
| Recompra de Acciones | -$300.2M | -$306.7M | -$552.9M | -$494.7M | -$95.2M | -$406.1M | -$691.7M | -$102.1M | -$59.5M | -$91.0M |
| Dividendos Pagados | -$336.1M | -$341.4M | -$359.6M | -$254.9M | -$196.6M | -$195.9M | -$181.9M | -$173.1M | -$179.0M | -$186.6M |
| Flujo de Caja Libre | $562.5M | $987.8M | $649.4M | $635.2M | $511.6M | $826.4M | $784.5M | $136.4M | $697.3M | $505.2M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | $287.5M | $403.4M | -$219.3M | $203.4M |
| Inversiones (CapEx) | $25.5M | -$3.6M | -$2.2M | $2.2M |
| Flujo de Caja Libre | $313.0M | $399.8M | -$221.5M | $205.6M |
| Dividendos Pagados | -$47.2M | -$47.4M | -$47.0M | -$49.3M |
| Compensación en Acciones | $254.9M | 0 | 0 | $281.8M |
Crecimiento y Márgenes (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +13.1% | +6.7% | -7.7% | -0.4% | +23.7% | -13.5% | -9.7% | +21.0% | +3.2% |
| Crecimiento Beneficio Neto (anual) | | -34.6% | +107.9% | -45.6% | +40.5% | +31.2% | -32.3% | -121.1% | +470.8% | -15.4% |
| Crecimiento BPA (anual) | | -32.8% | +112.0% | -42.0% | +43.6% | +32.8% | -24.9% | -124.5% | +425.6% | -17.1% |
| Cambio en Acciones (anual) | | -0.1% | -2.0% | -10.5% | -2.2% | +0.2% | -11.2% | -11.9% | +15.1% | +3.9% |
| Crecimiento FCF (anual) | | +75.6% | -34.3% | -2.2% | -19.5% | +61.5% | -5.1% | -82.6% | +411.4% | -27.5% |
| Margen Bruto | 43.6% | 43.8% | 47.3% | 41.0% | 41.3% | 42.0% | 41.4% | 23.7% | 35.1% | 31.8% |
| Margen Operativo | 21.8% | 30.7% | 23.7% | 14.8% | 19.0% | 22.1% | 18.3% | -3.1% | 12.5% | 13.0% |
| Margen EBITDA | 26.8% | 34.2% | 26.4% | 19.9% | 23.5% | 25.8% | 22.7% | 1.6% | 16.6% | 14.1% |
| Margen Neto | 16.3% | 9.4% | 18.4% | 10.8% | 15.2% | 16.2% | 12.7% | -3.0% | 9.1% | 7.4% |
| Margen FCF | 23.7% | 36.7% | 22.6% | 24.0% | 19.4% | 25.3% | 27.8% | 5.3% | 22.6% | 15.9% |
| Tasa Impositiva Efectiva | 23.9% | 68.5% | 21.8% | 24.2% | 19.8% | 25.0% | 24.1% | 28.3% | 25.8% | 23.4% |
Datos por Acción (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $4.24 | $7.46 | $5.00 | $5.47 | $4.51 | $7.27 | $7.77 | $1.53 | $6.81 | $4.75 |
| Dividendo por Acción | $2.53 | $2.58 | $2.77 | $2.20 | $1.73 | $1.72 | $1.80 | $1.94 | $1.75 | $1.75 |
| Acciones en Circulación (Básicas) | $124.8M | $121.6M | $119.0M | $116.1M | $106.9M | $106.0M | $95.7M | $89.0M | $93.1M | $97.5M |
Qué mirar en Servicios Financieros
Asset managers, brokers, fintech, bolsas. No son bancos — mira AUM, comisiones y calidad del FCF.
- Crecimiento ingresos 5y — Sin crecimiento, no hay creación de valor a largo plazo
- Margen operativo — Los buenos asset managers tienen márgenes >30% por escalabilidad
- ROE — Servicios financieros de calidad tienen ROE >15% consistente
- FCF / Net Income — Calidad del beneficio — >90% esperado en negocios ligeros en capital
- Debt / Equity — Fintech y brokers con D/E alto son bombas de relojería en crisis
- P/E vs 5y propio — Asset managers tienen múltiplos estables en rangos conocidos
- Dividend yield + buybacks — Estos negocios devuelven mucho capital — mirar yield total (div + recompras)
Rentabilidad
| Margen bruto | 47.23% |
| Margen operativo | 10.47% |
| Margen neto | 6.89% |
Salud financiera
| Deuda / Patrimonio | 2.35 |
| Ratio corriente | 2.83 |
Ratios Clave (10 años)
| Año | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | 13.21 | 25.12 | 8.33 | 15.55 | 11.46 | 8.90 | 9.42 | -38.67 | 17.57 | 19.98 |
| P/VC | 4.15 | 5.31 | 4.79 | 7.60 | 4.96 | 4.74 | 5.96 | 7.31 | 7.54 | 5.42 |
| P/V | 2.16 | 2.37 | 1.53 | 1.75 | 1.71 | 1.42 | 1.17 | 1.21 | 1.55 | 1.49 |
| Margen Bruto | 43.6% | 43.8% | 47.3% | 41.0% | 41.3% | 42.0% | 41.4% | 23.7% | 35.1% | 31.8% |
| Margen Operativo | 21.8% | 30.7% | 23.7% | 14.8% | 19.0% | 22.1% | 18.3% | -3.1% | 12.5% | 13.0% |
| Margen Neto | 16.3% | 9.4% | 18.4% | 10.8% | 15.2% | 16.2% | 12.7% | -3.0% | 9.1% | 7.4% |