CBIZ Inc
🔔 Watch stock
Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
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.
Why this colour
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.
What the thesis turns on
Assessment: Opportunities & Risks
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.
Business model & market position
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.
Quality of growth
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.
Earnings per share & dilution
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.
Leverage & interest burden
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.
Balance sheet quality
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.
Valuation & market picture
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.
Worth Noting
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.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at CBZ since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 25.10 $ to 56.80 $ · Last price: 54.60 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
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.
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Specialty Business Services
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| CBIZ Inc CBZ | 2.9 | – | 13.2 | 15.2 | 25.6 | 52.1 | -3.9 |
| Cintas Corporation CTAS | 79.2 | 42.9 | 26.6 | 50.7 | 23.2 | 7.8 | 0.0 |
| Copart Inc CPRT | 27.4 | 18.7 | 13.2 | 49.0 | 37.5 | 9.7 | -36.4 |
| Global Payments Inc GPN | 23.4 | 31.5 | 10.9 | 64.0 | 12.5 | -23.8 | 1.4 |
| RB Global Inc. RBA | 15.7 | 39.2 | 13.7 | 45.8 | 18.0 | 9.0 | -27.9 |
| Aramark Holdings ARMK | 14.9 | 43.9 | 15.4 | 15.3 | 4.6 | 6.4 | 53.5 |
| UL Solutions Inc. ULS | 13.0 | 26.3 | 15.9 | 50.4 | 18.4 | 6.4 | -3.1 |
| Dolby Laboratories DLB | 5.4 | 24.2 | 13.8 | 87.6 | 29.1 | 5.9 | -17.7 |
| Amentum Holdings Inc. AMTM | 5.0 | 34.0 | 8.2 | 10.5 | 4.1 | 71.6 | -9.2 |
| Median of companies shown | 14.9 | 32.7 | 13.7 | 49.0 | 18.4 | 7.8 | -3.9 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
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.
Revenue, operating income and net income per fiscal year $M
Revenue Operating income Net income
| Fiscal Year | Revenue ($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 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.
· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| 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 | 2.49 | 30.40 | 849 | 1.30 | 19.00 | -26 | -29 |
| 2026: Q2 | 0.31 | -53.00 | 682 | -0.20 | 2.70 | 148 | 148 |
What Do These Terms Mean?
- 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.
Screening
Appears in These Scanners
This stock currently matches 7 of our scanner strategies — each hit links to the scanner.
Quality & Balance Sheet
Breakout & Setup
Momentum & Trend
Research
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners
Outlook
Analysts & Price Target
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.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate ($) | EPS Range ($) | Revenue Estimate ($M) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 4.03 | 3.60 – 4.29 | 2,823 | 11.5% | 4 |
| 12/31/2027 | 4.25 | 3.55 – 4.60 | 2,951 | 5.5% | 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.
Valuation
What is priced in?
Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.
Today’s market value implies roughly -1.5% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).
| Free cash flow (last twelve months) | $286.0M |
|---|---|
| Market cap | $2.93B |
| Free cash flow in year ten | $245.5M |
| Terminal value as a share of market value | 44.1% |
For comparison: over the past five years free cash flow grew by 5.3% per year.
It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.
A simplified model calculation — not a forecast and not a recommendation.
AI classification
AI Rating
CBIZ 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.
10-K · 2026-02-26 · View SEC filing
„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.
10-K · 2025-02-28 · View SEC filing
„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.
10-Q · 2025-04-25 · View SEC filing
„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.
10-K · 2026-02-26 · View SEC filing
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
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 25.0%
- More than 10% revenue growth is expected for the coming year 4.3%
- Share count grows by less than 3% a year 6.5%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 58.5%
- Gross margin at 40% or higher and without meaningful erosion 12.9%
- Goodwill from acquisitions does not grow faster than revenue 52.8%
- Net debt below twice EBITDA 4.9 x EBITDA
- Operating cash flow covers the profits of the last three years 192 m
- Return on capital at 15% or higher, or up versus two years ago 6.4%
- Insiders hold at least 10% or are net buyers 5.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
5/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 14.7%
- Exp. sales growth 3Y > 5% 3.4%
- EBIT growth 10Y > 5% 15.1%
- Exp. EBIT growth 3Y > 5% 52.5%
- Net debt < 4x EBIT 7.7x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 56.2%
- Return on equity > 15% –
- ROCE > 15% 6.4%
- Expected return > 10% 61.7%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
Insiders
Insider Transactions
Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.
| Date | Person | Role | Type | Shares | Price | Value |
|---|---|---|---|---|---|---|
| Aug 4, 2026 | Sherman A Haag | Director | Other | 22,354 | 55.07 | 1,231,035 |
| Aug 4, 2026 | Sherman A Haag | Director | Other | 50,000 | 24.62 | 1,231,000 |
The company
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
- 04/27/1995
- 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 |
| Christopher Sikora | Vice President of Investor Relations & Corporate Finance | – |
| 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 |
| Amy McGahan | Director of Corporate & Strategic Communications | – |
| Matthew Joseph Morelli | Senior Vice President of Corporate Development | 1970 |
| Donna M. Mirandola | Senior VP & Chief Marketing Officer | 1978 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Filings
Company Filings (8-K)
An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).
- 07/29/2026 CBIZ, Inc. (CBZ): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗
- 07/29/2026 CBIZ, Inc. (CBZ): Other Events SEC ↗
- 07/29/2026 CBIZ, Inc. (CBZ): Entry into a Material Definitive Agreement; Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers; Regulation FD Disclosure; Financial Statements and Exhibits SEC ↗
Data as of: September 17, 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.