Latest Ratios: P/E Ratio 29.9x · EV/EBITDA 14.3x · ROE 6.5%. (1996–2025 historical series)
Price-based multiples — how expensive the stock is relative to earnings, sales, book value, and cash flow
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Market Cap | $2.9B | $3.2B | $4.3B | $3.2B | $2.5B | $2.1B | $1.5B | $1.5B | $1.1B | $860M | $733M |
| Enterprise Value | $4.7B | $5.0B | $6.1B | $3.7B | $2.9B | $2.4B | $1.7B | $1.7B | $1.2B | $1.0B | $922M |
| P/E Ratio → | 29.89 | 27.57 | 104.91 | 26.19 | 23.31 | 29.64 | 18.87 | 21.23 | 18.07 | 16.98 | 18.27 |
| P/S Ratio | 1.06 | 1.16 | 2.38 | 1.99 | 1.74 | 1.90 | 1.53 | 1.59 | 1.21 | 1.01 | 0.92 |
| P/B Ratio | 1.96 | 1.81 | 2.42 | 4.00 | 3.44 | 2.98 | 2.10 | 2.29 | 2.19 | 1.75 | 1.56 |
| P/FCF | 16.72 | 18.18 | 38.90 | 24.26 | 20.89 | 17.20 | 10.89 | 17.87 | 12.28 | 14.33 | 10.96 |
| P/OCF | 15.24 | 16.58 | 34.84 | 20.61 | 19.46 | 16.02 | 10.03 | 15.35 | 10.57 | 11.96 | 10.32 |
P/E links to full P/E history page with 30-year chart
Enterprise-value multiples — capital-structure-neutral measures of total business value
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EV / Revenue | — | 1.81 | 3.38 | 2.33 | 2.05 | 2.17 | 1.79 | 1.84 | 1.35 | 1.22 | 1.15 |
| EV / EBITDA | 14.28 | 15.05 | 50.33 | 18.40 | 14.39 | 24.07 | 14.91 | 16.94 | 10.72 | 11.64 | 10.50 |
| EV / EBIT | 20.27 | 18.66 | 66.48 | 19.89 | 19.37 | 24.78 | 15.90 | 17.66 | 14.41 | 12.86 | 12.53 |
| EV / FCF | — | 28.49 | 55.32 | 28.42 | 24.65 | 19.65 | 12.75 | 20.66 | 13.75 | 17.35 | 13.79 |
Margins and return-on-capital ratios measuring operating efficiency
Full margin charts and quarterly trend are on the Earnings History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 12.9% | 12.9% | 10.1% | 14.0% | 15.8% | 14.4% | 14.4% | 13.2% | 14.3% | 11.7% | 12.8% |
| Operating Margin | 8.5% | 8.5% | 4.1% | 10.4% | 11.9% | 6.6% | 9.6% | 8.5% | 10.0% | 7.8% | 8.2% |
| Net Profit Margin | 4.2% | 4.2% | 2.3% | 7.6% | 7.5% | 6.4% | 8.1% | 7.5% | 6.7% | 5.9% | 5.0% |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ROE | 6.5% | 6.5% | 3.2% | 16.1% | 14.9% | 10.1% | 11.5% | 12.1% | 12.3% | 10.5% | 8.6% |
| ROA | 2.6% | 2.6% | 1.3% | 6.1% | 5.9% | 4.4% | 5.2% | 5.6% | 5.4% | 4.4% | 3.8% |
| ROIC | 4.9% | 4.9% | 2.2% | 10.0% | 11.7% | 5.6% | 7.5% | 7.9% | 10.6% | 7.5% | 7.4% |
| ROCE | 6.3% | 6.3% | 2.8% | 11.2% | 12.6% | 6.0% | 8.2% | 8.7% | 11.4% | 8.2% | 8.7% |
Solvency and debt-coverage ratios — lower is generally safer
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Debt / Equity | 1.04 | 1.04 | 1.03 | 0.70 | 0.67 | 0.47 | 0.40 | 0.40 | 0.26 | 0.37 | 0.41 |
| Debt / EBITDA | 5.50 | 5.50 | 15.05 | 2.73 | 2.36 | 3.32 | 2.42 | 2.58 | 1.15 | 2.03 | 2.19 |
| Net Debt / Equity | — | 1.03 | 1.02 | 0.69 | 0.62 | 0.42 | 0.36 | 0.36 | 0.26 | 0.37 | 0.40 |
| Net Debt / EBITDA | 5.45 | 5.45 | 14.94 | 2.69 | 2.19 | 3.00 | 2.17 | 2.29 | 1.15 | 2.02 | 2.15 |
| Debt / FCF | — | 10.31 | 16.42 | 4.16 | 3.76 | 2.45 | 1.86 | 2.79 | 1.47 | 3.02 | 2.83 |
| Interest Coverage | 2.50 | 2.50 | 2.68 | 9.26 | 18.60 | 25.05 | 21.77 | 17.11 | 13.02 | 12.13 | 11.16 |
Short-term solvency ratios and asset-utilisation metrics
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.22 | 1.22 | 1.18 | 1.20 | 1.11 | 1.07 | 1.15 | 1.25 | 1.32 | 1.34 | 1.30 |
| Quick Ratio | 1.22 | 1.22 | 1.18 | 1.20 | 1.11 | 1.07 | 1.15 | 1.25 | 0.73 | 0.63 | 0.59 |
| Cash Ratio | 0.02 | 0.02 | 0.02 | 0.02 | 0.06 | 0.08 | 0.08 | 0.08 | 0.00 | 0.00 | 0.01 |
| Asset Turnover | — | 0.63 | 0.41 | 0.78 | 0.73 | 0.66 | 0.62 | 0.66 | 0.84 | 0.73 | 0.72 |
| Inventory Turnover | — | — | — | — | — | — | — | — | 4.19 | 3.20 | 2.89 |
| Days Sales Outstanding | — | 73.58 | 108.47 | 87.20 | 86.47 | 80.00 | 81.86 | 85.45 | 82.06 | 80.35 | 80.02 |
Earnings, FCF, buyback, and dividend yields — total returns to shareholders
Full dividend history and growth charts are on the Dividend History page
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend Yield | — | — | — | — | — | — | — | — | — | — | — |
| Payout Ratio | — | — | — | — | — | — | — | — | — | — | — |
| Metric | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Earnings Yield | 3.3% | 3.6% | 1.0% | 3.8% | 4.3% | 3.4% | 5.3% | 4.7% | 5.5% | 5.9% | 5.5% |
| FCF Yield | 6.0% | 5.5% | 2.6% | 4.1% | 4.8% | 5.8% | 9.2% | 5.6% | 8.1% | 7.0% | 9.1% |
| Buyback Yield | 5.5% | 5.0% | 0.3% | 2.3% | 5.3% | 4.8% | 4.0% | 1.8% | 1.6% | 2.3% | 1.2% |
| Total Shareholder Yield | 5.5% | 5.0% | 0.3% | 2.3% | 5.3% | 4.8% | 4.0% | 1.8% | 1.6% | 2.3% | 1.2% |
| Shares Outstanding | — | $63M | $53M | $51M | $52M | $54M | $55M | $56M | $56M | $56M | $54M |
Includes 30+ ratios · 30 years · Updated daily
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Quick answers to the most common questions about buying CBZ stock.
CBIZ, Inc.'s current P/E ratio is 29.9x. The historical average is 27.7x. This places it at the 85th percentile of its historical range.
CBIZ, Inc.'s current EV/EBITDA is 14.3x. This enterprise value multiple compares the company's total value (equity + debt - cash) to its EBITDA. The historical average is 15.2x.
CBIZ, Inc.'s return on equity (ROE) is 6.5%. The historical average is 7.4%.
Based on historical data, CBIZ, Inc. is trading at a P/E of 29.9x. This is at the 85th percentile of its historical P/E range. Compare with industry peers and growth rates for a complete picture.
CBIZ, Inc. has 12.9% gross margin and 8.5% operating margin.
CBIZ, Inc.'s Debt/EBITDA ratio is 5.5x, indicating high leverage. A ratio above 4x may signal elevated financial risk.
Key Metrics
Top Statement Risk
Goodwill impairment and leverage spike
Metrics are mathematically derived from official filings.
Margins Swing with Acquisition Timing
CBIZ's gross margin oscillated from -13.4% in Q4 2024 to 27.2% in Q1 2025, per reported figures, indicating severe quarterly volatility that obscures underlying earning power.
The extreme swings in gross and operating margins—ranging from negative to mid-20s—suggest that acquisition-related costs and revenue recognition timing distort quarterly profitability. Net margin followed a similar pattern, hitting -19.7% in Q4 2024 but rebounding to 19.0% in Q1 2026. Investors should focus on annualized or trailing twelve-month margins to gauge true profitability, as single-quarter figures are not representative of the business's steady-state economics.
Return on Capital Remains Thin
ROIC averaged roughly 1.5% over the last ten quarters, per financial statements, with peaks near 5% in Q1 2024, indicating that acquisitions have yet to generate meaningful returns on invested capital.
Despite a doubling of total assets to $4.6B, ROIC has stayed in the low single digits, suggesting that the capital deployed in acquisitions is not yet yielding returns commensurate with the cost of capital. The goodwill-heavy balance sheet (61% of assets) implies that a significant portion of invested capital is intangible, and any impairment would further depress returns. This trend warrants close monitoring as the company integrates recent acquisitions.
Working Capital Efficiency Deteriorates
DSO climbed from 81 days in Q1 2024 to 99 days in Q2 2026, based on reported data, while DPO fell from 21 to 13 days, indicating a lengthening cash conversion cycle.
The rising DSO suggests that CBIZ is taking longer to collect receivables, which may reflect a shift in client mix or billing practices. Concurrently, the decline in DPO indicates that the company is paying suppliers more quickly, reducing its ability to finance operations with vendor credit. These trends, combined with a thin cash buffer, could strain liquidity if revenue growth slows.
Leverage Spikes on Acquisition Debt
Debt-to-equity jumped from 0.30 in Q2 2026 to 1.05 in Q1 2026, per financial statements, while interest coverage fell to 1.48x in Q2 2026, indicating heightened refinancing risk.
The sharp increase in leverage, with total debt reaching $2.0B, appears tied to acquisition financing. Interest coverage of 1.48x in Q2 2026 is thin, meaning operating income barely covers interest expense, leaving little cushion for earnings volatility. If EBITDA declines or interest rates rise, the company could face covenant pressure, though the absence of explicit covenant data warrants caution in drawing firm conclusions.
Liquidity Cushion Remains Thin
Current ratio dipped to 1.18 in Q4 2024 and 1.22 in Q4 2025, per reported figures, with cash balances under $50M, indicating a tight liquidity position.
The current ratio, while above 1, provides a modest buffer, but the low cash reserves and high reliance on receivables (DSO near 100 days) suggest that a sudden revenue shortfall could strain liquidity. The quick ratio equals the current ratio, implying minimal inventory, which is typical for a services business, but the lack of cash reserves amplifies vulnerability to working capital swings.
Misapplied P/E Distorts Valuation
The trailing P/E of 29.76 is misleading given the volatile earnings, per reported data, while forward P/E of 13.29 better reflects normalized earnings, but EV/EBITDA of 14.24 is the more reliable metric.
CBIZ's earnings are heavily distorted by acquisition-related charges and seasonal swings, making the trailing P/E unreliable. The forward P/E of 13.29 suggests the market expects a recovery, but the EV/EBITDA of 14.24 is more appropriate for a company with significant goodwill and debt, as it captures the full capital structure. Investors should use EV/EBITDA or P/FCF (16.65) to assess valuation, as P/E alone obscures the impact of non-cash charges and leverage.