# CBIZ, Inc. (CBZ)

> Source: Nexqual · https://nexqual.com/CBZ · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, CBIZ, Inc. (CBZ), nexqual.com/CBZ" · informational, not investment advice.

**Price:** USD 54.89 (+0.07% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 54.85 · day 54.82–54.96 · 52w 24.29–56.41 · market cap $3.02B · NYQ

## Key facts
- Valuation: P/E 24.7x (avg 52.9x at the last 3 fiscal year-ends), net debt $1.44B.
- Total return with dividends: 1Y +3.2% vs S&P 500 +14.9%; 5Y +51.8% vs S&P 500 +80.3%.
- Next earnings: 2026-10-19, EPS estimate USD -0.51, revenue estimate $561M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $1.10B | $1.41B | $1.59B | $1.81B | $2.76B | — |
| Gross profit | $159M | $223M | $223M | $182M | $355M | — |
| Operating income | $72.7M | $168M | $165M | $73.7M | $234M | — |
| Net income | $70.9M | $105M | $121M | $41.0M | $115M | $122M |
| EPS (diluted) | $1.32 | $2.01 | $2.39 | $0.78 | $1.83 | — |
| Free cash flow | $122M | $117M | $130M | $111M | $176M | — |
| Gross margin | 14.4% | 15.8% | 14.0% | 10.1% | 12.9% | — |
| Operating margin | 6.6% | 11.9% | 10.4% | 4.1% | 8.5% | — |
| Net margin | 6.4% | 7.5% | 7.6% | 2.3% | 4.2% | — |
| Revenue growth | +14.6% | +27.8% | +12.7% | +14.0% | +52.1% | — |
| Cash + short-term investments | $2.0M | $4.7M | $8.1M | $13.8M | $18.3M | — |
| Total debt | $155M | $264M | $311M | $1.40B | $1.46B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 24.7x · P/B 1.6x · Earnings yield 4.05% · Net debt $1.44B · EV $4.45B
P/E at fiscal year-ends: Dec 2025 27.6x, Dec 2024 105.0x, Dec 2023 26.2x.

## Analysts
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-09-23 | William Blair | Downgrade | Outperform → Market Perform |  |
| 2026-09-16 | Barrington Research | Downgrade | Outperform → Market Perform |  |
| 2026-07-30 | CJS Securities | Downgrade | Market Outperform → Market Perform | $55 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +3.2% | +51.8% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +3.2% | +8.7% |
| Volatility (annualized) | 52.4% | 38.4% |
| Max drawdown | -54.7% (Nov 2025→Mar 2026) | -70.3% (Feb 2025→Mar 2026) |

## Peers (Specialty Business Services)
ABM (ABM Industries Incorporated) USD 53.88 +3.06% · MMS (Maximus, Inc.) USD 63.38 +2.11% · FA (First Advantage Corporation) USD 21.22 +7.93% · AZZ (AZZ Inc.) USD 133.39 -3.75% · TIC (TIC Solutions, Inc.) USD 9.55 +3.92% · CMPR (Cimpress PLC) USD 82.27 +1.36%

## More
Full page: https://nexqual.com/CBZ · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Financial Services | $580.3M | 85.1% | -0.2% |
| Benefits and Insurance Services | $101.9M | 14.9% | -0.0% |
| Total revenue | $682.2M | 100% | — |

## Revenue by product line (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Accounting Tax Advisory & Consulting | $2.30B | 83.4% | +68.9% |
| Financial Service | $651.2M | 23.6% | +112.5% |
| Core Benefits & Insurance Services | $391.8M | 14.2% | +2.1% |
| Managed Networking & Hardware Services | $46.9M | 1.7% | +12.9% |
| Non Core Benefits & Insurance Services | $17.9M | 0.6% | +2.1% |
| Total revenue | $2.76B | 100% | — |
The lines above cover 123.6% of total revenue.

## Revenue by region (fiscal year ended 2025-12-31)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| United States | $2.76B | 99.9% | +52.2% |
| Canada | $1.8M | 0.1% | -23.1% |
| Total revenue | $2.76B | 100% | — |

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-12-31) | $-0.51 | $-0.54 | -5.7% | $561.1M | 3 |
| Next quarter (ends 2027-03-31) | $2.64 | $2.65 | -0.4% | $886.9M | 3 |
| Current fiscal year (ends 2026-12-31) | $4.13 | $4.07 | +1.6% | $2.79B | 2 |
| Next fiscal year (ends 2027-12-31) | $4.46 | $4.49 | -0.6% | $2.95B | 4 |

## Options: expected move (Cboe, 15-min delayed)

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 1.8% | ±0.7% |
| 2027-04-16 | 175 | 10.1% | ±7.7% |