CBIZ, Inc. (CBZ) 10-Year Financial Performance & Capital Metrics

CBZ • • Industrial / General

IndustrialsBusiness ServicesProfessional & Technical ServicesConsulting & Advisory Services

AboutCBIZ, Inc. provides financial, insurance, and advisory services in the United States and Canada. The company operates through three segments: Financial Services, Benefits and Insurance Services, and National Practices. The Financial Services segment offers accounting and tax, financial advisory, valuation, risk and advisory, and government healthcare consulting services. The Benefits and Insurance Services provides employee benefits consulting, payroll/human capital management, property and casualty insurance, and retirement and investment services. The National Practices segment offers information technology managed networking and hardware, and health care consulting services. It primarily serves small and medium-sized businesses, as well as individuals, governmental entities, and not-for-profit enterprises. The company was incorporated in 1987 and is headquartered in Cleveland, Ohio.Show more

Revenue $1.81B +14.0%
EBITDA $122M -39.6%
Net Income $41M -66.1%
EPS (Diluted) 0.78 -67.4%
Gross Margin 10.06% -28.3%
EBITDA Margin 6.72% -47.0%
Operating Margin 4.06% -60.9%
Net Margin 2.26% -70.2%
ROE 3.19% -80.1%
ROIC 2.24% -77.5%
Debt/Equity 1.03 +48.0%
Interest Coverage 2.14 -73.9%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓High quality earnings: Operating CF exceeds net income
✓Strong 5Y sales CAGR of 13.8%

✗Weaknesses

✗Profits declining 10.3% over 5 years
✗Weak Piotroski F-Score: 3/9
✗Trading more than 30% below 52-week high

Price & Volume

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Growth Metrics

Revenue CAGR

10Y9.69%

5Y13.84%

3Y17.96%

TTM59.19%

Profit (Net Income) CAGR

10Y3.27%

5Y-10.31%

3Y-16.66%

TTM-12.51%

EPS CAGR

10Y3.01%

5Y-9.29%

3Y-16.08%

TTM-47.46%

ROCE

10Y Avg8.69%

5Y Avg8.17%

3Y Avg8.88%

Latest2.78%

Peer Comparison

Consulting & Advisory Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
RHLDResolute Holdings Management, Inc.	1.93B	226.37	69.02	7.67%	32.04%	343.07%	7.44%
CBZCBIZ, Inc.	2.8B	51.51	66.04	13.97%	3.89%	5.56%	3.95%	1.03
LZLegalZoom.com, Inc.	1.63B	9.22	57.63	3.2%	3.05%	11.01%	6.11%	0.08
TRIThomson Reuters Corporation	55.53B	124.84	25.53	6.83%	23.82%	14.95%	3.17%	0.26
BLMZHarrison Global Holdings Inc.	29.3K	0.02	-0.00	71.48%	-13.6%	-16.51%		0.08
SGRPSPAR Group, Inc.	20.12M	0.84	-6.46	-5.48%	-14.66%	-129.98%		0.78
LICNLichen International Limited	51.57M	3.18	-7.76	4.32%	-10.7%	-13.25%		0.00
ZGMZenta Group Company Limited Ordinary Shares	32.83M	2.78		135.19%	39.37%	71.65%		0.00

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	750.42M	799.83M	855.34M	922M	948.42M	963.9M	1.1B	1.41B	1.59B	1.81B
Revenue Growth %	0.04%	0.07%	0.07%	0.08%	0.03%	0.02%	0.15%	0.28%	0.13%	0.14%
Cost of Goods Sold+	653.94M	697.73M	755.58M	790.28M	823.5M	825.35M	945.63M	1.19B	1.37B	1.63B
COGS % of Revenue	0.87%	0.87%	0.88%	0.86%	0.87%	0.86%	0.86%	0.84%	0.86%	0.9%
Gross Profit+	96.48M	102.11M	99.76M	131.72M	124.93M	138.55M	159.29M	223.37M	223.2M	182.47M
Gross Margin %	0.13%	0.13%	0.12%	0.14%	0.13%	0.14%	0.14%	0.16%	0.14%	0.1%
Gross Profit Growth %	0.08%	0.06%	-0.02%	0.32%	-0.05%	0.11%	0.15%	0.4%	-0%	-0.18%
Operating Expenses+	32.59M	36.32M	33.3M	39.17M	44.41M	46.07M	86.62M	55.02M	57.97M	108.75M
OpEx % of Revenue	0.04%	0.05%	0.04%	0.04%	0.05%	0.05%	0.08%	0.04%	0.04%	0.06%
Selling, General & Admin	32.59M	36.32M	33.3M	39.17M	44.41M	46.07M	56.15M	55.02M	57.97M	108.75M
SG&A % of Revenue	0.04%	0.05%	0.04%	0.04%	0.05%	0.05%	0.05%	0.04%	0.04%	0.06%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	0	0	0	0	0	0	30.47M	0	0	0
Operating Income+	63.88M	65.79M	66.46M	92.55M	80.52M	92.48M	72.67M	168.34M	165.24M	73.72M
Operating Margin %	0.09%	0.08%	0.08%	0.1%	0.08%	0.1%	0.07%	0.12%	0.1%	0.04%
Operating Income Growth %	0.15%	0.03%	0.01%	0.39%	-0.13%	0.15%	-0.21%	1.32%	-0.02%	-0.55%
EBITDA+	84.27M	87.89M	89.52M	116.22M	102.87M	115.62M	99.75M	201.24M	201.51M	121.78M
EBITDA Margin %	0.11%	0.11%	0.1%	0.13%	0.11%	0.12%	0.09%	0.14%	0.13%	0.07%
EBITDA Growth %	0.12%	0.04%	0.02%	0.3%	-0.11%	0.12%	-0.14%	1.02%	0%	-0.4%
D&A (Non-Cash Add-back)	20.39M	22.1M	23.06M	23.68M	22.34M	23.14M	27.08M	32.9M	36.27M	48.06M
EBIT	66.73M	73.6M	81M	86.48M	98.65M	108.47M	96.88M	149.51M	186.43M	92.19M
Net Interest Income+	-8.9M	-6.59M	-6.67M	-6.64M	-5.76M	-4.98M	-3.87M	-8.04M	-20.13M	-34.38M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	8.9M	6.59M	6.67M	6.64M	5.76M	4.98M	3.87M	8.04M	20.13M	34.38M
Other Income/Expense	-7.67M	1.22M	7.86M	-12.71M	12.37M	11.01M	20.34M	-26.87M	1.06M	-15.91M
Pretax Income+	57.83M	67.01M	74.32M	79.84M	92.89M	103.49M	93.02M	141.49M	166.3M	57.81M
Pretax Margin %	0.08%	0.08%	0.09%	0.09%	0.1%	0.11%	0.08%	0.1%	0.1%	0.03%
Income Tax+	22.83M	26.4M	23.29M	18.27M	21.84M	25.14M	22.13M	36.12M	45.34M	16.77M
Effective Tax Rate %	0.59%	0.6%	0.68%	0.77%	0.76%	0.76%	0.76%	0.74%	0.73%	0.71%
Net Income+	34.11M	40.06M	50.38M	61.57M	70.71M	78.3M	70.89M	105.35M	120.97M	41.04M
Net Margin %	0.05%	0.05%	0.06%	0.07%	0.07%	0.08%	0.06%	0.07%	0.08%	0.02%
Net Income Growth %	0.15%	0.17%	0.26%	0.22%	0.15%	0.11%	-0.09%	0.49%	0.15%	-0.66%
Net Income (Continuing)	35M	40.61M	51.03M	61.57M	71.05M	78.35M	70.89M	105.35M	120.97M	41.04M
Discontinued Operations	0	0	0	0	0	0	-24K	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	0.65	0.75	0.91	1.09	1.27	1.41	1.32	2.01	2.39	0.78
EPS Growth %	0.12%	0.15%	0.21%	0.2%	0.17%	0.11%	-0.06%	0.52%	0.19%	-0.67%
EPS (Basic)	0.69	0.77	0.94	1.13	1.30	1.44	1.35	2.05	2.42	0.78
Diluted Shares Outstanding	52.69M	53.51M	55.69M	56.49M	55.9M	55.36M	53.72M	52.39M	50.56M	52.66M
Basic Shares Outstanding	50.28M	52.32M	53.86M	54.56M	54.3M	54.29M	52.64M	51.5M	49.99M	52.38M
Dividend Payout Ratio	-	-	-	-	-	-	-	-	-	-

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	372.48M	441.59M	448.17M	423.54M	456.02M	436.43M	451.67M	568.43M	612.68M	835.73M
Cash & Short-Term Investments	850K	3.49M	424K	640K	30.16M	28.6M	32.38M	33.18M	8.09M	13.83M
Cash Only	850K	3.49M	424K	640K	30.16M	28.6M	32.38M	33.18M	8.09M	13.83M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	154.57M	175.35M	188.3M	207.29M	222.03M	216.18M	242.17M	334.5M	380.15M	538.91M
Days Sales Outstanding	75.18	80.02	80.35	82.06	85.45	81.86	80	86.47	87.2	108.47
Inventory	201.15M	241.34M	236.1M	188.77M	0	0	0	0	0	0
Days Inventory Outstanding	112.27	126.25	114.05	87.19	-	-	-	-	-	-
Other Current Assets	217.06M	262.74M	259.37M	215.61M	203.83M	191.65M	177.13M	200.74M	224.44M	282.99M
Total Non-Current Assets+	625.72M	677M	728.06M	759.49M	979.39M	1.12B	1.22B	1.36B	1.43B	3.82B
Property, Plant & Equipment	20.16M	19.45M	26.08M	34.2M	180.24M	189.19M	194.57M	229.23M	268.04M	481.68M
Fixed Asset Turnover	37.22x	41.12x	32.80x	26.96x	5.26x	5.09x	5.68x	6.16x	5.94x	3.76x
Goodwill	447.69M	487.48M	528.42M	564.3M	588.21M	683.08M	740.74M	819.92M	865.18M	2.33B
Intangible Assets	87.97M	96.92M	84.78M	72.71M	66.46M	73.67M	100.04M	131.78M	143.42M	614.01M
Long-Term Investments	61.21M	67.59M	82.87M	1.1M	0	0	405K	7.68M	5.19M	2.62M
Other Non-Current Assets	3.9M	2.01M	2.56M	54.53M	109.84M	131.38M	140.5M	122.09M	149.08M	385.53M
Total Assets+	998.2M	1.12B	1.18B	1.1B	1.44B	1.56B	1.67B	1.93B	2.04B	4.47B
Asset Turnover	0.75x	0.72x	0.73x	0.84x	0.66x	0.62x	0.66x	0.73x	0.78x	0.41x
Asset Growth %	0.01%	0.12%	0.05%	-0.07%	0.31%	0.09%	0.07%	0.15%	0.06%	1.19%
Total Current Liabilities+	271.05M	339.45M	334.25M	321.31M	365.93M	378.27M	423.29M	512.41M	511.92M	705.8M
Accounts Payable	35.55M	45.77M	51.38M	58.63M	68.51M	64.12M	65.76M	80.72M	82.83M	90.65M
Days Payables Outstanding	19.85	23.94	24.82	27.08	30.37	28.36	25.38	24.79	22.1	20.29
Short-Term Debt	0	1.06M	1.86M	0	29.03M	30.48M	30.59M	36.36M	0	66.18M
Deferred Revenue (Current)	0	1000K	1000K	0	0	0	0	0	0	0
Other Current Liabilities	195.89M	246.35M	235.75M	198.73M	208.43M	200.91M	211.24M	263.26M	257.12M	315.67M
Current Ratio	1.37x	1.30x	1.34x	1.32x	1.25x	1.15x	1.07x	1.11x	1.20x	1.18x
Quick Ratio	0.63x	0.59x	0.63x	0.73x	1.25x	1.15x	1.07x	1.11x	1.20x	1.18x
Cash Conversion Cycle	167.61	182.33	169.59	142.17	-	-	-	-	-	-
Total Non-Current Liabilities+	299.2M	299.12M	311.11M	268.05M	410.24M	476.87M	544.88M	700.78M	740.05M	1.99B
Long-Term Debt	204.68M	191.77M	179.84M	133.97M	104.33M	107.19M	154.85M	263.65M	310.83M	1.33B
Capital Lease Obligations	0	0	0	0	132.02M	142.02M	145.81M	174.45M	203.91M	372.59M
Deferred Tax Liabilities	4.9M	3.54M	3.34M	6.76M	46.35M	52.77M	60.22M	72.28M	29.29M	10.88M
Other Non-Current Liabilities	87.75M	103.81M	131.27M	134.08M	127.54M	174.9M	184M	190.39M	196.03M	267.88M
Total Liabilities	570.25M	638.57M	645.35M	589.18M	776.17M	855.15M	968.17M	1.21B	1.25B	2.69B
Total Debt+	206.55M	192.83M	181.7M	133.97M	265.38M	279.69M	331.25M	474.47M	551.01M	1.83B
Net Debt	205.7M	189.34M	181.27M	133.33M	235.22M	251.09M	298.87M	441.28M	542.92M	1.82B
Debt / Equity	0.45x	0.41x	0.37x	0.26x	0.40x	0.40x	0.47x	0.67x	0.70x	1.03x
Debt / EBITDA	2.45x	2.19x	2.03x	1.15x	2.58x	2.42x	3.32x	2.36x	2.73x	15.05x
Net Debt / EBITDA	2.44x	2.15x	2.02x	1.15x	2.29x	2.17x	3.00x	2.19x	2.69x	14.94x
Interest Coverage	7.18x	9.98x	9.96x	13.93x	13.97x	18.56x	18.79x	20.94x	8.21x	2.14x
Total Equity+	462.17M	471.31M	491.05M	508.53M	659.24M	702.62M	704.55M	713.45M	791.62M	1.78B
Equity Growth %	0.09%	0.02%	0.04%	0.04%	0.3%	0.07%	0%	0.01%	0.11%	1.25%
Book Value per Share	8.77	8.81	8.82	9.00	11.79	12.69	13.11	13.62	15.66	33.80
Total Shareholders' Equity	462.17M	471.31M	491.05M	508.53M	659.24M	702.62M	704.55M	713.45M	791.62M	1.78B
Common Stock	1.26M	1.28M	1.3M	1.31M	1.33M	1.34M	1.35M	1.36M	1.37M	1.38M
Retained Earnings	254.86M	294.93M	345.3M	408.96M	479.58M	557.88M	628.76M	734.12M	855.08M	896.12M
Treasury Stock	-462.17M	-471.31M	-491.05M	-508.53M	-535.69M	-595.3M	-694.72M	-824.78M	-899.09M	-910.6M
Accumulated OCI	-633K	-504K	-182K	-482K	-680K	-2.27M	-967K	3.6M	1.78M	1.22M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	47.39M	71.04M	71.93M	105.25M	98.19M	146.84M	131.15M	126.13M	153.51M	123.69M
Operating CF Margin %	0.06%	0.09%	0.08%	0.11%	0.1%	0.15%	0.12%	0.09%	0.1%	0.07%
Operating CF Growth %	0.08%	0.5%	0.01%	0.46%	-0.07%	0.5%	-0.11%	-0.04%	0.22%	-0.19%
Net Income	35M	40.06M	50.38M	61.57M	70.71M	78.3M	70.89M	105.35M	120.97M	41.04M
Depreciation & Amortization	20.39M	22.1M	23.06M	23.68M	22.34M	23.14M	27.08M	32.9M	36.27M	48.06M
Stock-Based Compensation	5.73M	5.72M	5.71M	6.87M	7.25M	8.87M	11.41M	14.69M	12.29M	13.84M
Deferred Taxes	1.73M	4.83M	3.67M	5.78M	9.7M	-770K	9.23M	13.88M	11.27M	-8.62M
Other Non-Cash Items	6.01M	2.58M	312K	2.21M	-437K	2.31M	-724K	1.36M	1.75M	5.98M
Working Capital Changes	-21.48M	-4.26M	-11.2M	5.15M	-11.39M	35M	13.27M	-42.04M	-29.04M	23.4M
Change in Receivables	-15.28M	-19.19M	-13.85M	-10.67M	-15.53M	6.71M	-17.04M	-61.11M	0	48.22M
Change in Inventory	-8.35M	7.73M	4.02M	0	0	0	0	0	0	0
Change in Payables	-1.29M	10.22M	3.74M	974K	9.83M	-8.8M	3.31M	14.36M	2.21M	-18.85M
Cash from Investing+	-6.95M	-50.01M	-29.41M	-1.16M	-27.68M	-46.41M	-82.01M	-99.12M	-79.39M	-1.13B
Capital Expenditures	-7.39M	-4.14M	-11.89M	-14.62M	-13.87M	-11.58M	-8.98M	-8.64M	-23.05M	0
CapEx % of Revenue	0.01%	0.01%	0.01%	0.02%	0.01%	0.01%	0.01%	0.01%	0.01%	0.01%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	16.9M	-2.21M	17.29M	48.74M	1.19M	2.56M	-3.9M	-3.96M	-7.57M	-25.68M
Cash from Financing+	-40.57M	-18.38M	-45.59M	-109.38M	-54.55M	-76.61M	-69M	-17.34M	-77.11M	1.04B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	0	0	0	0	0	0	0	0	0	0
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	-12.95M	5.16M	-12.96M	-48.9M	2.61M	-20.57M	-15.82M	2.08M	-49.98M	-61.38M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	40M	66.9M	60.04M	90.62M	84.31M	135.27M	122.17M	117.49M	130.46M	110.78M
FCF Margin %	0.05%	0.08%	0.07%	0.1%	0.09%	0.14%	0.11%	0.08%	0.08%	0.06%
FCF Growth %	0.02%	0.67%	-0.1%	0.51%	-0.07%	0.6%	-0.1%	-0.04%	0.11%	-0.15%
FCF per Share	0.76	1.25	1.08	1.60	1.51	2.44	2.27	2.24	2.58	2.10
FCF Conversion (FCF/Net Income)	1.39x	1.77x	1.43x	1.71x	1.39x	1.88x	1.85x	1.20x	1.27x	3.01x
Interest Paid	0	6.02M	6.12M	6.34M	5.56M	4.74M	3.35M	7.42M	19.13M	25.69M
Taxes Paid	0	19.31M	25.09M	15.33M	17.5M	25.94M	17M	27.82M	39.98M	37.54M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	7.68%	8.58%	10.47%	12.32%	12.11%	11.5%	10.08%	14.86%	16.07%	3.19%
Return on Invested Capital (ROIC)	7.39%	7.43%	7.48%	10.56%	7.86%	7.51%	5.57%	11.7%	9.96%	2.24%
Gross Margin	12.86%	12.77%	11.66%	14.29%	13.17%	14.37%	14.42%	15.82%	14.03%	10.06%
Net Margin	4.54%	5.01%	5.89%	6.68%	7.46%	8.12%	6.42%	7.46%	7.6%	2.26%
Debt / Equity	0.45x	0.41x	0.37x	0.26x	0.40x	0.40x	0.47x	0.67x	0.70x	1.03x
Interest Coverage	7.18x	9.98x	9.96x	13.93x	13.97x	18.56x	18.79x	20.94x	8.21x	2.14x
FCF Conversion	1.39x	1.77x	1.43x	1.71x	1.39x	1.88x	1.85x	1.20x	1.27x	3.01x
Revenue Growth	4.3%	6.58%	6.94%	7.79%	2.87%	1.63%	14.63%	27.79%	12.69%	13.97%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Financial Services	888.61M	933.56M	1.01B	-	-	-	734.03M	1.01B	1.16B	1.36B
Financial Services Growth	-	5.06%	8.02%	-	-	-	-	37.61%	14.91%	17.39%
Benefits And Insurance Services	-	491.09M	520.23M	-	-	-	332.32M	358.01M	382.61M	401.05M
Benefits And Insurance Services Growth	-	-	5.93%	-	-	-	-	7.73%	6.87%	4.82%
National Practices	55.95M	58.62M	59.5M	-	-	-	38.58M	43.9M	47.9M	49.88M
National Practices Growth	-	4.76%	1.50%	-	-	-	-	13.81%	9.11%	4.14%
Financial Service	-	-	-	154M	157.6M	159.4M	-	-	-	-
Financial Service Growth	-	-	-	-	2.34%	1.14%	-	-	-	-
Employee Services	447.28M	-	-	-	-	-	-	-	-	-
Employee Services Growth	-	-	-	-	-	-	-	-	-	-

Revenue by Geography

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
UNITED STATES	748.97M	798.42M	853.8M	920.48M	946.8M	962.27M	1.1B	1.41B	1.59B	1.81B
UNITED STATES Growth	-	6.60%	6.94%	7.81%	2.86%	1.63%	14.64%	27.84%	12.71%	13.94%
CANADA	1.45M	1.41M	1.54M	1.52M	1.62M	1.63M	1.74M	1.72M	1.72M	2.36M
CANADA Growth	-	-2.69%	8.92%	-1.04%	6.64%	0.12%	7.20%	-1.03%	-0.46%	37.47%

Frequently Asked Questions

Valuation & Price

CBIZ, Inc. (CBZ) has a price-to-earnings (P/E) ratio of 66.0x. This suggests investors expect higher future growth.

Growth & Financials

CBIZ, Inc. (CBZ) reported $2.68B in revenue for fiscal year 2024. This represents a 265% increase from $733.8M in 2011.

CBIZ, Inc. (CBZ) grew revenue by 14.0% over the past year. This is steady growth.

Yes, CBIZ, Inc. (CBZ) is profitable, generating $104.1M in net income for fiscal year 2024 (2.3% net margin).

Dividend & Returns

CBIZ, Inc. (CBZ) has a return on equity (ROE) of 3.2%. This is below average, suggesting room for improvement.

CBIZ, Inc. (CBZ) generated $101.1M in free cash flow for fiscal year 2024. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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