Logo

CBZ

CBIZ, Inc.

CBZ

CBIZ, Inc. • NYSE
$48.70 ▼ -0.61% (-0.30)
Market Cap $2.65 B
52w High $90.13
52w Low $48.15
Dividend Yield 0%
P/E 39.92
Volume 815.45K
Outstanding Shares 54.40M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $693.818M ▲ $31.265M ▲ $30.146M ▼ 4.345% ▼ $0.48 ▼ $198.867M ▲
Q2-2025 $683.496M ▼ $27.637M ▼ $41.942M ▼ 6.136% ▼ $0.66 ▼ $110.713M ▼
Q1-2025 $838.014M ▲ $28.07M ▼ $122.773M ▲ 14.65% ▲ $1.92 ▲ $222.857M ▲
Q4-2024 $460.279M ▲ $44.765M ▲ $-90.723M ▼ -19.71% ▼ $-1.81 ▼ $-86.888M ▼
Q3-2024 $438.884M $23.227M $35.084M 7.994% $0.7 $65.524M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $16.969M ▼ $4.545B ▲ $2.673B ▲ $1.872B ▼
Q2-2025 $39.817M ▲ $4.538B ▼ $2.646B ▼ $1.892B ▼
Q1-2025 $8.85M ▼ $4.585B ▲ $2.671B ▼ $1.915B ▲
Q4-2024 $13.826M ▲ $4.471B ▲ $2.691B ▲ $1.78B ▲
Q3-2024 $1.076M $2.133B $1.205B $927.92M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $30.146M ▼ $23.966M ▼ $-4.614M ▲ $-41.984M ▲ $-22.632M ▼ $37.091M ▼
Q2-2025 $41.942M ▼ $113.146M ▲ $-7.338M ▼ $-88.612M ▼ $17.196M ▲ $105.198M ▲
Q1-2025 $122.773M ▲ $-88.266M ▼ $-4.961M ▲ $55.363M ▼ $-37.864M ▼ $-93.443M ▼
Q4-2024 $-90.723M ▼ $55.524M ▲ $-1.104B ▼ $1.121B ▲ $71.987M ▲ $52.26M ▲
Q3-2024 $35.084M $43.729M $8.336M $-73.302M $-21.237M $41.052M

Revenue by Products

Product Q2-2023Q1-2025Q2-2025Q3-2025
Benefits And Insurance Services
Benefits And Insurance Services
 $100.00M ▲$110.00M ▲$100.00M ▼$100.00M ▲
Financial Services
Financial Services
 $290.00M ▲$710.00M ▲$570.00M ▼$580.00M ▲
National Practices
National Practices
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has grown steadily over the past five years, moving from a mid‑sized business into a clearly larger platform. That growth has been consistent, not stop‑and‑start, which is a positive sign for demand and client retention. Profitability, however, tells a more mixed story. Margins improved through 2022 and 2023, but the most recent year shows a noticeable step down in operating profit and net income even as revenue rose. That suggests higher costs from acquisitions, integration efforts, or staffing, as well as potentially higher interest expense. Earnings per share followed the same pattern: strong improvement for several years, then a sharp reset lower in the latest period. Overall: growth is strong, but recent profitability has been pressured and bears watching to see if it is temporary or the new normal.

Balance Sheet

Balance Sheet The balance sheet has expanded sharply, especially in the latest year, reflecting a larger company footprint and the impact of acquisitions. Total assets and shareholders’ equity have grown meaningfully, which points to scale and investment in the business. At the same time, debt levels have risen a lot faster than cash. The company now leans more on borrowing than it did in prior years, which increases financial risk if conditions weaken or integration costs stay high. Cash on hand remains quite small relative to the size of the business, implying reliance on credit lines and steady cash generation rather than a large cash cushion. In simple terms: a bigger, more capable company, but also more leveraged than before.

Cash Flow

Cash Flow Despite the swings in reported earnings, cash generation has been relatively steady and positive. Operating cash flow has held up well over several years, indicating that the underlying service model converts revenue into cash reliably. Free cash flow has also been consistently positive, helped by modest capital spending needs. This fits an “asset‑light” services business where people and technology matter more than heavy equipment. The stability of cash flow is a notable strength, though the higher debt load means continued discipline around cash management is increasingly important.

Competitive Edge

Competitive Edge CBIZ is positioned as a broad, “one‑stop” professional services provider for middle‑market clients, offering accounting, tax, benefits, insurance, and advisory services under one roof. This integrated model encourages long relationships and cross‑selling, which can be hard for narrower competitors to match. Its focus on mid‑sized businesses differentiates it from the largest global firms that skew toward very large enterprises, while its national footprint with local offices helps it compete against smaller regional players. The long‑running “string of pearls” acquisition strategy has built scale, capabilities, and geographic reach over time. Key risks to its position include intense competition from both global accounting/advisory firms and specialized boutiques, pressure on fees, and the execution risk of integrating larger deals like Marcum while maintaining service quality and culture.

Innovation and R&D

Innovation and R&D Rather than traditional lab‑style R&D, CBIZ invests in applied technology to enhance its advisory and compliance services. Two recent platforms stand out: D@taNEXUS, which turns client data into standardized analytics and forecasts, and Vertical Vector AI, which uses AI tools (built on Microsoft infrastructure) to support collaboration and insight generation for middle‑market clients. These tools aim to shift CBIZ from being just a compliance provider to a more strategic, data‑driven advisor. The company is also building capabilities in cloud, cybersecurity, and enterprise software services, which deepen client relationships and can open higher‑value advisory work. The main question is not whether CBIZ is investing in technology—it clearly is—but how quickly clients adopt these tools, how much they are willing to pay for them, and whether CBIZ can stay ahead of both large firms and nimble tech‑enabled rivals.

Summary

CBIZ has transformed itself into a larger, more diversified professional services platform with strong revenue growth and steady cash generation. Its integrated offering, middle‑market focus, and disciplined acquisition program give it a defensible position in a fragmented industry. The trade‑offs are clear: higher leverage, thinner recent margins, and more complexity from integrating larger acquisitions. The success of the Marcum integration and the real‑world impact of its new data and AI platforms will be key indicators of whether recent profit pressure is temporary investment or a sign of structural margin strain. Overall, CBIZ looks like a growing, cash‑generative services business that is deliberately leaning into technology and scale. The upside potential is tied to executing well on integration and innovation, while the main risks center on higher debt, competition, and the possibility that elevated costs and integration challenges linger longer than expected.

NEWS

November 12, 2025 · 9:00 AM UTC

CBIZ's 2026 Tax Planning Guide Offers a Roadmap for Smart, Strategic Tax Planning

Read more

November 4, 2025 · 9:00 AM UTC

CBIZ Q4 2025 Mid-Market Pulse: Cost Pressures Define 2026 Strategy

Read more

October 29, 2025 · 4:13 PM UTC

CBIZ Reports Third Quarter and Nine Month 2025 Results

Read more

October 15, 2025 · 2:19 PM UTC

CBIZ to Announce Third-Quarter 2025 Results on October 29, 2025

Read more