CBIZ Inc (CBZ)
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symbol.quality_heading
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
The business itself holds up: recurring services for the middle market, no client concentration, $1,894.2 million of equity and all covenants met as of March 31, 2026 — there is no substance finding in the sense of a going concern warning, negative equity or interest coverage below 1. What is open is the decisive operating question: whether the two billion dollar acquisition pays off has not been proven. Organic growth is only about 1.7 percent, earnings per share sit below the 2023 level, $107.2 million of interest stands against $115.4 million of annual profit, 61.7 percent of the balance sheet is goodwill and intangibles, and the latest record quarter draws a quarter of its profit from a one-time credit. This is the textbook case for yellow: not a sick business, but an unproven transformation. The valuation at roughly 0.8 times revenue is not the reason for this colour — price does not determine this rating. The decision is yours.
symbol.quality_note
CBIZ does the work no mid-sized American company wants to do itself: bookkeeping, tax, payroll, insurance. On November 1, 2024 it paid roughly two billion dollars for the advisory business of Marcum and nearly doubled in size overnight. Revenue hit a record $2,758.0 million in 2025. Diluted earnings per share still came in at $1.83, below the $2.39 of 2023. We read the annual report and the quarterly report as of March 31, 2026 and find a record quarter that is one quarter one-time gain, 6.2 million shares still to come, and an interest bill that eats almost the entire annual profit. We do the math on how much of the new size actually reaches the shareholder.
Read the analysis
Stock Watch
This analysis is as of July 26, 2026. Stock Watch will tell you what's changed at CBZ since then.
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Appears in These Scanners
This stock currently matches 8 of our scanner strategies — each hit links to the scanner.
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Trading Day
Key levels of the most recently completed trading day — not a live quote.
52-Week Range
Current price 55.10 $ — 72% of the range above the low.
Lowest and highest closing price over the last 52 weeks. The marker shows where the current price sits within that range: close to the high speaks for strength, close to the low for weakness.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 08/03/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
AI Rating
ThreatenedCBIZ weist in beiden 10-K und im 10-Q zum 1. Quartal 2025 künstliche Intelligenz und Automatisierung ausdrücklich als Wettbewerbsgefahr für das eigene Dienstleistungsgeschäft aus — Kunden könnten die eigenen Leistungen dadurch reduzieren oder umgehen —, während die Filings keine KI-Produkte oder KI-Dienste als Umsatzquelle benennen.
View the full file — quotes, sources, reviewed filings
„Those technological changes may (i) reduce demand for our services, (ii) enable the development of competitive products or services, or (iii) enable our current customers to reduce or bypass the use of our services. Additionally, rapid changes in artificial intelligence, block chain-based technology, automation and related innovations are increasing the competitiveness landscape."
Diese technologischen Veränderungen können (i) die Nachfrage nach unseren Leistungen verringern, (ii) die Entwicklung konkurrierender Produkte oder Dienstleistungen ermöglichen oder (iii) es unseren derzeitigen Kunden ermöglichen, die Inanspruchnahme unserer Leistungen zu verringern oder zu umgehen. Darüber hinaus verschärfen rasche Veränderungen bei künstlicher Intelligenz, Blockchain-basierter Technologie, Automatisierung und verwandten Innovationen das Wettbewerbsumfeld.
„If we are not successful in anticipating or responding to technological changes, we may not generate a return on these investments and demand for our services could be further reduced by advanced technologies being deployed by our competitors."
Wenn es uns nicht gelingt, technologische Veränderungen vorherzusehen oder auf sie zu reagieren, erzielen wir möglicherweise keine Rendite auf diese Investitionen, und die Nachfrage nach unseren Leistungen könnte durch fortschrittliche Technologien, die unsere Wettbewerber einsetzen, weiter sinken.
„The professional business services industry has been and continues to be impacted by significant technological changes and innovation, enabling companies to offer services competitive with ours."
Die Branche der professionellen Unternehmensdienstleistungen war und ist weiterhin von erheblichen technologischen Veränderungen und Innovationen betroffen, die es Unternehmen ermöglichen, Leistungen im Wettbewerb zu unseren anzubieten.
„Mr. Scavuzzo’s responsibilities apply to projects related to transformation, innovation, artificial intelligence, business intelligence and data analytics as well as overseeing the organization’s Technology business division."
Die Zuständigkeiten von Herrn Scavuzzo betreffen Projekte in den Bereichen Transformation, Innovation, künstliche Intelligenz, Business Intelligence und Datenanalyse sowie die Leitung des Technologie-Geschäftsbereichs des Unternehmens.
Filings Reviewed: 10-Q 2026-04-30 · 10-K 2026-02-26 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-04-25 · 10-K 2025-02-28
Rated on July 26, 2026 · How the Rating Is Built
Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.
Analysts & Price Target
The price target sits 6.2% below the current price.
- Consensus
- Strong Sell
- Analyst Ratings
- 3
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 3.97 | 3.60 – 4.15 | 2,827 | 10.0% | 4 |
| 12/31/2027 | 4.25 | 3.55 – 4.60 | 2,951 | 6.9% | 4 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
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· Total · per year
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The figures could not be loaded right now.
Source: fundamental data
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | -1.53 | – | 460 | 40.50 | -19.70 | 56 | 52 |
| 2025: Q1 | 1.91 | 25.00 | 838 | 69.50 | 14.70 | -88 | -93 |
| 2025: Q2 | 0.66 | 67.00 | 684 | 62.70 | 6.10 | 113 | 105 |
| 2025: Q3 | 0.47 | -31.90 | 694 | 58.10 | 4.30 | 24 | 22 |
| 2025: Q4 | -1.26 | – | 543 | 17.90 | -14.60 | 144 | 142 |
| 2026: Q1 | 2.63 | 37.20 | 849 | 1.30 | 19.00 | -26 | -29 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Annual Figures
| Fiscal Year | Revenue ($M) | EBIT ($M) | Net Income ($M) | EPS ($) | Operating Cash Flow ($M) | Equity ($M) | Total Assets ($M) |
|---|---|---|---|---|---|---|---|
| 2016 | 800 | 66 | 40 | 0.75 | 71 | 471 | 1,119 |
| 2017 | 855 | 66 | 50 | 0.90 | 72 | 491 | 1,176 |
| 2018 | 922 | 93 | 62 | 1.09 | 105 | 509 | 1,098 |
| 2019 | 948 | 81 | 71 | 1.27 | 98 | 659 | 1,435 |
| 2020 | 964 | 92 | 78 | 1.41 | 147 | 703 | 1,558 |
| 2021 | 1,105 | 73 | 71 | 1.32 | 131 | 705 | 1,673 |
| 2022 | 1,412 | 168 | 105 | 2.01 | 126 | 713 | 1,927 |
| 2023 | 1,591 | 165 | 121 | 2.39 | 154 | 792 | 2,044 |
| 2024 | 1,813 | 74 | 41 | 0.78 | 124 | 1,780 | 4,471 |
| 2025 | 2,758 | 234 | 115 | 1.83 | 192 | 1,762 | 4,410 |
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Assessment: Opportunities & Risks
Bookkeeping, tax returns, payroll and insurance brokerage for small and mid-sized U.S. companies are recurring, largely non-cyclical services, and no single client carries the result. After the Marcum acquisition closed on November 1, 2024, CBIZ generated revenue of $2,758.0 million in 2025 with more than 9,500 team members, up from $1,104.9 million in 2021.
The growth was bought: of the $944.5 million revenue increase in 2025, the annual report attributes $914.2 million to acquisitions net of divestitures — leaving roughly 1.7 percent organic. Benefits and Insurance Services, the practice group no acquisition supported, grew 2.1 percent to $409.6 million in 2025.
Diluted earnings per share of $1.83 in 2025 sit below the $2.39 of 2023, even though revenue rose 73 percent over the same period. The diluted share count climbed from 50.6 million to 63.2 million. Of 13.6 million shares of stock consideration, 6.2 million are still outstanding and will be delivered in 21 monthly installments from April 1, 2026 — about 11.6 percent of the 53,648,732 shares outstanding as of April 27, 2026.
Interest expense rose to $107.2 million in 2025 (2024: $34.4 million), close to the entire net income of $115.4 million; average debt stood at $1,517.9 million at 6.56 percent. As of March 31, 2026, $1,551.5 million was outstanding against $28.7 million of cash. The credit agreement requires a total net leverage ratio stepping down from 5.00 to 3.75 and a minimum interest coverage ratio of 3.00; the report states all covenants were met at the reporting date.
As of March 31, 2026, equity of $1,894.2 million sits in a balance sheet of $4,630.0 million, roughly 41 percent. However, $2,856.2 million of that is goodwill and intangibles (61.7 percent of total assets), and goodwill alone exceeds equity at $2,000.3 million. Note 13 of the quarterly report explicitly names failure to achieve the anticipated benefits of the transaction, and further declines in market capitalization, as possible triggers for an impairment charge.
A market capitalization of roughly $2.29 billion (53,648,732 shares at $42.60, as of July 26, 2026) equals about 0.8 times annual revenue and about 1.2 times book value — cheap at first glance. Adding net debt puts enterprise value at roughly $3.8 billion, or 1.4 times revenue. Measured against 2025 earnings per share, the price-to-earnings ratio is about 23. Our data set holds only three analyst estimates.
CBIZ nearly doubled in size overnight — paid for with roughly two billion dollars of purchase price, $1.55 billion of debt and 12.6 million additional shares. Revenue reached $2,758.0 million in 2025, yet diluted earnings per share of $1.83 still sit below the $2.39 of 2023. Organic growth runs at about 1.7 percent, interest of $107.2 million nearly matches the full-year profit of $115.4 million, and 6.2 million shares will be delivered monthly through the end of 2027. The record quarter ended March 31, 2026 contains a $58.0 million one-time gain from the purchase price settlement while operating income slipped. The bet is legible and dated: if the acquired clients stay and the interest bill falls, the new size will reach the shareholder. Not investment advice.
- CBIZ landed on the research list through our in-house stock scanner "Turnaround Candidates": rank 17 of 62 U.S. hits, turnaround check 7 of 8, as of July 25, 2026. These lists are recalculated every day — rank and score are a dated snapshot. The two mandatory pillars are a gap of at least 50 percent to the all-time high and an Altman Z-score of at least 1.1 with positive equity. Pillar 2 is comfortably met: the Altman Z-score stands at 6.01 (data as of July 26, 2026). Membership hangs on Pillar 1 — the gap to the all-time high is 64.78 percent against a 50 percent threshold; from a price of roughly $60.50 (all-time high about $121, price $42.60 on July 26, 2026) the stock leaves the list without anything changing in the business.
- The fiscal year matches the calendar year. The most recent periodic report is the quarterly report 10-Q as of March 31, 2026 (filed April 30, 2026); after that, and up to the data cut-off of July 26, 2026, only a current report 8-K of May 15, 2026 on annual meeting results (Item 5.07), insider filings (Form 4) and beneficial ownership filings were submitted. The report for the quarter ended June 30, 2026 was not yet available. The amendment 10-K/A of March 2, 2026 covers only the re-filing of officer certifications and contains no restatement.
- Price and valuation figures are dated anchors, not buy arguments: a share price of $42.60 and a market capitalization of roughly $2.29 billion as of July 26, 2026, calculated on the 53,648,732 shares from the cover page of the quarterly report (April 27, 2026). All balance sheet and earnings figures carry the as-of date of their respective report.
- As of July 26, 2026 no takeover, merger or take-private process is under way. The term "the Transaction", used throughout the filings, refers to the acquisition of the Marcum business already completed on November 1, 2024, not to a pending process; accordingly there is no Form S-4, no SC 13E3, no Form 25 and no Form 15.
- Possible confusion: CBIZ, Inc. (CBZ) is not the same as CBIZ CPAs, P.C. — the latter is the legally separate CPA firm linked to CBIZ through an administrative service agreement. Marcum LLP also continues to exist as a legal entity; what was acquired was the non-attest business. The former name Century Business Services appears in documents up to 2006.
About the Company
CBIZ, Inc. bietet Finanz-, Versicherungs- und Beratungsdienstleistungen in den USA und Kanada an.
| Employees | 9,500 |
|---|---|
| Headquarters | Independence, OH |
| Address | 5959 Rockside Woods Blvd. North, 44131 Independence, United States |
| Phone | 216 447 9000 |
| Website | cbiz.com |
| IPO Date | 27. Apr 1995 |
| ISIN | US1248051021 |
| Stock Split | 2:1 on 07/01/1996 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Jerome P. Grisko Jr. | President, CEO & Director | 1962 |
| Brad S. Lakhia | Senior VP & CFO | 1972 |
| Michael P. Kouzelos CPA | President of Benefits & Insurance Services, Inc. | 1969 |
| Michael Mangan | Chief Accounting Officer | 1969 |
| Peter Scavuzzo | Senior VP, Chief Information & Technology Officer and President of CBIZ Technology | 1977 |
| Jaileah X. Huddleston | Senior VP, Chief Legal Officer & Corporate Secretary | 1978 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 31, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.