CBIZ, Inc. (CBZ)
SuperavaliadaFundamental
64
Preço
$54.69
Capitalização de Mercado
$3.00B
Parte 1 · Quanto vale a empresa
Visão Geral
CBIZ sells accounting, tax, benefits and consulting services to mid-sized businesses and organizations across the U.S. State law bars it from performing the actual audits itself, so it partners with separately owned CPA firms — mainly CBIZ CPAs, formerly Mayer Hoffman McCann — under long-term service agreements: CBIZ provides the staff, offices and systems, the CPA firm signs the audit opinion. It has grown heavily by acquisition, most recently absorbing the non-audit business of Marcum in 2023.
Como gera receita
Revenue is mostly fees billed for professional hours worked, so profitability depends on keeping accountants, advisors and consultants staffed on paying engagements rather than sitting idle. A smaller slice comes from insurance brokerage commissions, which are contingent on the performance of policies placed with carriers. The 2025 jump in Financial Services revenue mainly reflects a full year of the acquired Marcum business rather than organic growth of the same size.
Receita por segmento
Accounting and tax, financial and transaction advisory, IT consulting and government healthcare compliance consulting.
Employee benefits consulting, payroll and HR administration, property and casualty insurance brokerage, and retirement plan services.
Managed networking and hardware services delivered to a single long-standing client under a cost-plus contract through 2028.
Principais riscos
- Structural dependence on affiliated CPA firms — Because state law bars CBIZ from performing audits itself, its ability to serve attest clients depends on renewing service agreements with independent CPA firms it does not control, chiefly CBIZ CPAs.
- Integration risk from the Marcum acquisition — The company states there is no assurance the acquired Marcum non-attest business will perform as expected, and that it may have underestimated liabilities assumed in the transaction.
- Dependence on retaining professional staff — The company states its primary asset is its people and that it cannot assure it will retain executives and key employees, some of whom are not bound by enforceable non-compete agreements.
- Goodwill and intangible asset impairment — Goodwill and intangible assets totaled about $2.87 billion combined at the end of 2025 after the Marcum transaction; the company states any impairment would be a material non-cash charge given this size.
- Slow or uncollectible client receivables — The company notes that professional services firms typically carry high accounts receivable balances, and that a weaker economy could slow client payments or make some receivables uncollectible.
Concentração de clientes
Os principais clientes representam 1.7% da receita
The company states its largest single client, served by the National Practices group, generated only about 1.7% of consolidated revenue in 2025 — management describes its client base as diversified across industries and geographies.
Os argumentos a favor
Buyers argue that CBIZ's client base is diversified enough that no single loss can move results, that the Marcum acquisition materially scaled up its accounting franchise, and that demand for outsourced accounting, benefits and IT consulting among mid-sized businesses is a durable, recurring need.
Os argumentos contra
Sellers fear that the unusual structure of relying on separately owned CPA firms for audit work adds a layer of risk outside the company's control, that a large recent acquisition raises integration and impairment risk, and that a labor-intensive, people-dependent business has thin protection if key staff leave.
Written by the editors, published on 18 de agosto de 2026
Direct competitors
Who this company fights with for the same customers
Generated on 18 de setembro de 2026 with claude-haiku-4-5 — shared with all users
Gallagher is a direct rival to CBIZ's Benefits and Insurance Services segment, brokering property-casualty cover and employee benefit plans for US middle-market employers.
RSM sells the same bundle of audit, tax and advisory work to the same US middle-market private and PE-backed companies that make up the bulk of CBIZ's Financial Services revenue.
BDO USA competes for the same middle-market audit and tax mandates and for the same partners and staff in the same US metropolitan markets.
Grant Thornton Advisors serves the same middle-market client base with accounting, tax and advisory services, and in July 2026 agreed to acquire CBIZ outright for $55 per share.
Baker Tilly targets the same privately held and private-equity-owned US companies with a similar mix of assurance, tax and business consulting.
Forvis Mazars competes head-on for middle-market accounting, tax and risk advisory engagements across the same US regional markets.
Balanço & Liquidez
Receita
$2.76B
Exercício encerrado em 31/12/2025
Resultado Líquido
$115M
Exercício encerrado em 31/12/2025
Fluxo de Caixa Livre
$176M
Capital Próprio Total
$1.76B
Passivo Total
$2.65B
Rácio de Liquidez
1.47
Cobertura de Juros
2.18
Dívida/EBITDA
5.74
Resultados Por Ação
Receita & Resultado Líquido
Fluxo de Caixa Livre
Decomposição dos Resultados
Demonstração histórica
Margens ao longo do tempo
A dívida ao longo do tempo
Quanto pesa a dívida
Grelha do crescimento
Crescimento — Receitas
Estimativa de Valor Justo
Valor Justo
$44.92
Preço Atual
$54.69
Margem de Segurança
-21.7%
Intervalo de Valor Justo
$32.50 - $57.34
Dispersão entre os métodos de avaliação utilizados, não um intervalo de confiança calibrado estatisticamente.
Métodos de Estimativa
Métricas de Avaliação
Rácio P/E
26.56
ROE
6.6%
Rácio P/B
1.59
P/FCF
16.90
Margem Bruta
12.9%
ROIC
5.0%
Radar de Rentabilidade
Criação de Valor (Vantagem Competitiva)
ROIC
5.0%
WACC
7.5%
ROIC − WACC
-2.5 pp
O ROIC está abaixo do custo do capital — a empresa está a destruir valor a cada dólar investido.
Critérios de Análise Fundamental
Aprovado (19)
- EPS shows upward trend
- EPS CAGR 8.31%
- Price CAGR 14.84%
- ROIC 5.0%
- P/FCF 16.90
- P/B Ratio 1.59
- Debt/Equity ratio
- Operating Margin 8.5%
- Positive Free Cash Flow
- CapEx intensity
- Current Ratio
- Interest Coverage
- Debt/EBITDA
- Return on Tangible Assets
- Revenue Growth 5Y 23.4%
- Analyst Consensus 56% Buy
- Earnings Surprise avg 8.0%
- Earnings Quality (OCF/NI) 2.37
- Piotroski F-Score 8/9
Reprovado (7)
- Gross Margin 12.9%
- Low reliance on intangibles
- Price below Graham Number
- DCF valuation (Overvalued)
- ROE 7.1%
- PEG Ratio 4.37
- Share Dilution 19.9%
Indisponível (2)
- Dividend Payout NaN%
- Net Margin Trend (invalid data)
Piotroski F-Score
Saúde financeira sólida
Qualidade dos Resultados
Alta qualidade: resultados respaldados por caixa
Diluição de Ações
A emitir novas ações, diluindo a participação
Participações institucionais
Governação
Equipa Executiva
| Nome | Cargo | Idade |
|---|---|---|
| Mr. Jerome P. Grisko Jr. | President, CEO & Director | 63 |
| Mr. Brad S. Lakhia | Senior VP & CFO | 53 |
Risco de Auditoria
9
Risco do Conselho
4
Risco de Remuneração
5
Risco dos Direitos dos Acionistas
1
Parte 2 · O preço e o momento de entrar
Esta parte não serve para saber se a empresa vale: serve para escolher quando comprá-la, depois que os fundamentos te convenceram. Dentro: análise técnica, potencial, quedas históricas, exposição gama.
Documentos
- Ver documento
Relatório anual (10-K)
Uma visão anual do negócio, dos resultados financeiros e dos riscos da empresa.
Arquivado em 2026-02-26
- Ver documento
Relatório trimestral (10-Q)
Uma atualização sobre o desempenho financeiro dos últimos três meses.
Arquivado em 2026-08-04
- Ver documento
Relatório de fato relevante (8-K)
Um aviso sobre um fato relevante, como uma mudança na liderança ou um grande anúncio.
Arquivado em 2026-07-29
via SEC EDGAR
Histórico de Resultados
via SEC EDGAR
Latest News
Recent headlines for CBZ, sourced from Markets Gazette.
- 7/29/2026POSITIVEGrant Thornton to Buy Advisory Firm CBIZ in $5 Billion Deal
Grant Thornton's US division has announced its intention to acquire CBIZ Inc. for $5 billion, a significant move in the professional services sector. This acquisition, one of the largest in recent years, is expected to enhance Grant Thornton's capabilities and market presence. For CBIZ shareholders, the deal represents a substantial premium and a lucrative exit. Investors will be watching for integration progress and potential synergies that could benefit the combined entity's future performance and market share.
- 7/7/2026POSITIVEAccounting Firm CBIZ Urged by Activist Investor to Pursue M&A
An activist investor has sent a letter to CBIZ Inc., urging the accounting firm to shift its strategic focus towards mergers and acquisitions. The shareholder recommends abandoning the current share buyback program and re-evaluating capital allocation to prioritize growth through acquisitions. This call for a more aggressive M&A strategy could signal a potential for significant value creation if successful, potentially leading to a higher stock valuation for CBIZ Inc. Investors will be watching for management's response and any indication of a strategic pivot.
- 3/16/2026NEGATIVECBIZ Insider Sale: Trust Move or Warning Sign?
CBIZ, Inc. has experienced substantial insider selling, a move that raises questions for investors given the company's stock has already seen a significant decline over the past year. While insider selling can sometimes be attributed to personal financial planning or diversification, a notable volume of sales during a period of share price weakness can be interpreted as a lack of confidence from those closest to the company's operations and future prospects. This action may signal that insiders believe the stock is overvalued or that further headwinds are anticipated, potentially impacting investor sentiment and future price performance.
via Markets Gazette