CBIZ (CBZ)
NYSE:CBZ
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CBIZ
(NYSE:CBZ)
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Rating:60Neutral
Price Target:
$26.00
▼(-5.80% Downside)
Action:ReiteratedDate:02/28/26
CBIZ scores as moderate overall: improving financial performance and a constructive 2026 outlook (integration progress, synergy delivery, and higher expected free cash flow) are balanced by notably weak technicals (price below key moving averages and negative MACD) and execution risks cited on the call (modest organic growth, integration costs, and elevated leverage).
Positive Factors
Improved Capital Structure
A materially lower debt-to-equity ratio and stronger equity base in 2025 improve financial flexibility and reduce default/refinancing risk. That durable shift enables continued investment in tech, offshore scale, M&A integration, and supports capital returns or opportunistic bolt-ons without immediate balance-sheet strain.
Negative Factors
Subdued Organic Growth
Low organic growth suggests the company remains dependent on acquisitions for meaningful top-line expansion. If underlying market demand or cross-sell traction lags, sustaining revenue momentum and justifying integration-related investments will be challenged, limiting durable growth without further M&A.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved Capital Structure
A materially lower debt-to-equity ratio and stronger equity base in 2025 improve financial flexibility and reduce default/refinancing risk. That durable shift enables continued investment in tech, offshore scale, M&A integration, and supports capital returns or opportunistic bolt-ons without immediate balance-sheet strain.
Read all positive factors
CBIZ (CBZ) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.52B
Dividend YieldN/A
Average Volume (3M)641.89K
Price to Earnings (P/E)27.6
Beta (1Y)0.94
Revenue Growth59.19%
EPS Growth-35.47%
CountryUS
Employees10,000
SectorIndustrials
Sector Strength72
IndustrySpecialty Business Services
Share Statistics
EPS (TTM)-0.70
Shares Outstanding55,073,270
10 Day Avg. Volume591,514
30 Day Avg. Volume641,893
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)1.81
Price to Sales (P/S)1.16
P/FCF Ratio18.18
Enterprise Value/Market Cap2.15
Enterprise Value/Revenue1.18
Enterprise Value/Gross Profit9.17
Enterprise Value/Ebitda6.90
Forecast
1Y Price Target
$34.67Price Target Upside25.62% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering4
EPS Forecast (FY)3.77
Revenue Forecast (FY)$2.84B
CBIZ Business Overview & Revenue Model
Company Description
CBIZ, 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 segme...
How the Company Makes Money
CBIZ makes money primarily by charging fees and commissions for professional services delivered through two main operating areas: (1) Financial Services and (2) Benefits & Insurance Services. In Financial Services, revenue is largely fee-based and...
CBIZ Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 23, 2026
Earnings Call Sentiment Positive
The earnings call conveyed a constructive, strategic tone: management completed major integration work, delivered meaningful synergies (~$35M), expanded margins and free cash flow, and provided a positive 2026 outlook with clear targets for revenue, EBITDA, and FCF. Key investments in AI, offshore delivery, and industry verticals position the company for medium-term growth. However, near-term challenges remain — organic growth was modest (~2%), Q4 showed a profitability loss, integration and facility-related costs persist, certain segments (SEC capital markets, P&C) were soft, and leverage remains elevated (~3.3x). On balance, the call emphasized progress and a path to improved performance, while acknowledging execution and macro risks that could temper near-term results.Positive Updates
Completed Marcum Integration and Synergy Delivery
CBIZ completed the majority of Marcum integration priorities, unified teams on common systems and processes, and achieved synergies approximately double initial expectations, contributing roughly $35 million of savings in 2025.
Negative Updates
Subdued Organic Growth and Productivity Headwinds
Organic growth was only ~2% in 2025, below initial expectations, impacted by soft market conditions in H1 and productivity losses commonly observed after combining two large organizations.
Read all updates
Q4-2025 Updates
Positive
Negative
Completed Marcum Integration and Synergy Delivery
CBIZ completed the majority of Marcum integration priorities, unified teams on common systems and processes, and achieved synergies approximately double initial expectations, contributing roughly $35 million of savings in 2025.
Read all positive updates
Company Guidance
CBIZ guided 2026 revenue of $2.8–$2.9 billion (2%–5% YoY) with ~55% of revenue expected in H1 and 45% in H2, adjusted EBITDA of $450–$460 million, and adjusted EPS of $3.75–$3.85 (assumes ~28.5% tax rate and ~62 million diluted shares). Free cash flow is expected to be $270–$290 million (≈60% conversion at the midpoint), with $70–$80 million of integration costs, ~ $30 million of M&A earnout payments, and higher capital spending near-term (with capex normalizing to ~$20–$30 million annually thereafter); the company expects incentive pools to be refilled if growth reaches the 5% high end (creating a ~$60–$70 million headwind versus lower-funded 2025 levels), plans to increase offshore hours from ~6% in 2025 to ~10% in 2026 (and >20% over time), and is targeting net leverage of 2.0–2.5x (ending 2025 net debt ≈ $1.45 billion, net leverage 3.3x, >$400 million revolver liquidity); 2025 results for context included adjusted EBITDA of $447 million, free cash flow of $176 million (up $65 million, ~40% conversion), $35 million of synergies realized, and 2025 share repurchases of ~2.4 million shares for $160 million (board authorization to repurchase up to 5 million shares).CBIZ Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
68
Positive
Cash Flow
74
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.76B | 1.81B | 1.59B | 1.41B | 1.10B |
| Gross Profit | 355.39M | 182.47M | 223.20M | 223.37M | 159.29M |
| EBITDA | 366.32M | 140.25M | 222.70M | 182.41M | 123.96M |
| Net Income | 115.44M | 41.04M | 120.97M | 105.35M | 70.89M |
Balance Sheet | |||||
| Total Assets | 4.58B | 4.47B | 2.04B | 1.93B | 1.67B |
| Cash, Cash Equivalents and Short-Term Investments | 56.52M | 13.83M | 8.09M | 33.18M | 32.38M |
| Total Debt | 1.83B | 1.83B | 551.01M | 474.47M | 331.25M |
| Total Liabilities | 2.82B | 2.69B | 1.25B | 1.21B | 968.17M |
| Stockholders Equity | 1.76B | 1.78B | 791.62M | 713.45M | 704.55M |
Cash Flow | |||||
| Free Cash Flow | 175.53M | 110.78M | 130.46M | 117.49M | 122.17M |
| Operating Cash Flow | 192.49M | 123.69M | 153.51M | 126.13M | 131.15M |
| Investing Cash Flow | -15.85M | -1.13B | -79.39M | -99.12M | -82.01M |
| Financing Cash Flow | -145.71M | 1.04B | -77.11M | -17.34M | -69.00M |
CBIZ Technical Analysis
Negative
27.60
Price Trends
29.65
Negative
40.14
Negative
50.84
Negative
Market Momentum
-0.63
Negative
47.68
Neutral
61.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CBZ, the sentiment is Negative. The current price of 27.6 is above the 20-day moving average (MA) of 26.70, below the 50-day MA of 29.65, and below the 200-day MA of 50.84, indicating a neutral trend. The MACD of -0.63 indicates Negative momentum. The RSI at 47.68 is Neutral, neither overbought nor oversold. The STOCH value of 61.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CBZ.
CBIZ Risk Analysis
CBIZ disclosed 43 risk factors in its most recent earnings report. CBIZ reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CBIZ Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
69 Neutral | $4.47B | 49.97 | 6.24% | 0.71% | 0.20% | 2.72% | |
67 Neutral | $3.59B | 12.60 | 21.76% | 1.38% | 2.36% | 11.30% | |
66 Neutral | $978.74M | 115.09 | 8.17% | ― | 7.17% | -5.86% | |
65 Neutral | $2.31B | 17.89 | 8.80% | 2.20% | 4.62% | 102.72% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
63 Neutral | $1.94B | -72.27 | -2.68% | ― | 93.41% | -2515.85% | |
60 Neutral | $1.52B | 27.64 | 6.21% | ― | 59.19% | -35.47% |
* Industrials Sector Average
CBZ
CBIZ
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-52.61
-66.06%
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CBIZ Corporate Events
Business Operations and StrategyStock Buyback
CBIZ Extends Share Repurchase Program Through 2027
Positive
Feb 17, 2026
On February 11, 2026, CBIZ, Inc.’s board of directors authorized the continuation of its long-running share repurchase program, setting a limit of up to 5 million shares of common stock to be bought back through March 31, 2027. The authoriza...
Executive/Board Changes
CBIZ Announces Planned Transition of Financial Services President
Neutral
Jan 14, 2026
On January 14, 2026, CBIZ, Inc. reported that Chris Spurio will step down from his role as President of Financial Services effective January 31, 2026. The company expects Spurio to continue contributing in a consulting capacity through December 31...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.