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CBIZ, Inc. (CBZ)

被高估
IndustrialsSpecialty Business ServicesUnited States

基本面

64

价格

$54.69

市值

$3.00B

第一部分 · 这家公司值多少

概览

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.

盈利方式

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.

分部营收

Financial Services83.4%

Accounting and tax, financial and transaction advisory, IT consulting and government healthcare compliance consulting.

Benefits and Insurance Services14.9%

Employee benefits consulting, payroll and HR administration, property and casualty insurance brokerage, and retirement plan services.

National Practices1.7%

Managed networking and hardware services delivered to a single long-standing client under a cost-plus contract through 2028.

主要风险

  • 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.

客户集中度

主要客户占营收的1.7%

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.

看多理由

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.

看空理由

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 2026年8月18日

Direct competitors

Who this company fights with for the same customers

Compare

Generated on 2026年9月18日 with claude-haiku-4-5 — shared with all users

P/E: 37.8Score: 62Market cap: $58.81B

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 US LLPNot tracked

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, P.C.Not tracked

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 LLCNot tracked

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 US, LLPNot tracked

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, LLPNot tracked

Forvis Mazars competes head-on for middle-market accounting, tax and risk advisory engagements across the same US regional markets.

资产负债表与流动性

营收

$2.76B

截至2025/12/31的财政年度

净利润

$115M

截至2025/12/31的财政年度

自由现金流

$176M

股东权益合计

$1.76B

负债合计

$2.65B

流动比率

1.47

利息覆盖率

2.18

债务/EBITDA

5.74

每股收益

营收与净利润

自由现金流

收入构成

历史财务表

利润率变化

债务变化

债务负担有多重

增长一览表

增长 — 营业收入

公允价值估算

一般情形被高估

公允价值

$44.92

当前价格

$54.69

安全边际

-21.7%

公允价值区间

$32.50 - $57.34

所用估值方法之间的离散区间,并非经过统计校准的置信区间。

估算方法

分析师目标价:$55.00
现金流折现法(DCF):$55.44
市盈率法(P/E):$27.30
格雷厄姆成长公式:$34.78
盈利能力价值(EPV):$36.10
合理市净率(P/B):$21.28
股息折现模型(戈登模型):数据不足,无法计算
P/FFO(运营资金):$63.01
周期中段收益:$86.39
市销率法(P/S):$131.81
分析师共识:买入 (5B / 4H / 0S)
最近财报超预期:+13.10%

估值指标

市盈率(P/E)

26.55

ROE

6.6%

市净率(P/B)

1.59

P/FCF

16.90

毛利率

12.9%

ROIC

5.0%

盈利能力雷达图

价值创造(经济护城河)

ROIC

5.0%

WACC

7.5%

ROIC − WACC

-2.5 pp

ROIC 低于资本成本:公司每投入一美元都在毁灭价值。

基本面分析标准

通过(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

未通过(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%

不可用(2)

  • Dividend Payout NaN%
  • Net Margin Trend (invalid data)

Piotroski F-评分

8/9

财务状况强健

score
criteria

盈利质量

2.37

高质量:盈利有现金流支撑

股权稀释

19.9%

正在发行新股,稀释所有权

机构持股

公司治理

管理团队

姓名职位年龄
Mr. Jerome P. Grisko Jr.President, CEO & Director63
Mr. Brad S. LakhiaSenior VP & CFO53

审计风险

9

董事会风险

4

薪酬风险

5

股东权利风险

1

第二部分 · 价格与买入时机

这一部分不判断公司是否值得拥有:它帮助你在基本面说服你之后,选择何时买入。包含:技术分析、潜力、历史回撤、Gamma 敞口。

文件

  • 年度报告(10-K)

    对公司业务、财务业绩和风险的年度概述。

    提交日期:2026-02-26

    查看文件
  • 季度报告(10-Q)

    最近三个月财务表现的最新情况。

    提交日期:2026-08-04

    查看文件
  • 临时报告(8-K)

    关于重大事件(如管理层变动或重要公告)的通知。

    提交日期:2026-07-29

    查看文件

via SEC EDGAR

损益历史

via SEC EDGAR

Latest News

Recent headlines for CBZ, sourced from Markets Gazette.

  • 7/29/2026POSITIVE
    Grant 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.

  • 7/7/2026POSITIVE
    Accounting 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.

  • 3/16/2026NEGATIVE
    CBIZ 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