olivLaw · US equity research
CBIZ, Inc. CBZ
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
CBIZ is a professional services firm for middle-market businesses across the United States, offering accounting, tax, financial advisory, benefits, insurance and technology services. Revenue grew 52.1% in fiscal 2025, mainly through acquisitions, while the first half of 2026 showed almost flat revenue and the company agreed to a merger that would make it a wholly owned subsidiary of a private buyer. Total revenue reached 2757.991 million USD in fiscal 2025, up 52.1% on the prior year.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 30 Oct 2026, CBIZ, Inc. (CBZ) stock was 54.98 USD (+0.00% on the day), with market capitalisation 3.0 bn USD, P/E 25.8 on diluted EPS of 2.13 USD over the last 12 months, beta 0.43, 52-week range 25.14–55.50 USD. Latest reported quarter (Q3 2026): revenue of 702.2 m USD (+1.2% YoY), net income of 36.8 m USD (+22.0% YoY), diluted EPS 0.61 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 68.6
- strong (55–70)
- Bollinger (20, 2)
- 54.66 – 54.99
- in the upper half of the band · %B 0.96 · band width 0.6%
- SMA 50 / 200
- 54.72 / 40.11
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.16 / 0.19
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +0.5% | −1.1% | +1.6 pp | — |
| 3 months | −0.2% | −0.5% | +0.3 pp | — |
| 6 months | +71.0% | +4.4% | +66.6 pp | — |
| Year to date | +9.0% | +12.3% | −3.3 pp | — |
| 1 year | +3.9% | +13.5% | −9.7 pp | −6.1% |
| 3 years | +5.8% | +76.4% | −70.6 pp | −6.4% |
| 5 years | +49.8% | +63.7% | −13.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 460.3 m | 838.0 m | 683.5 m | 693.8 m | 542.7 m | — | 682.2 m | 702.2 m |
| Cost of revenue | 522.2 m | 609.9 m | 595.6 m | 603.7 m | 593.4 m | — | 609.8 m | 588.2 m |
| Gross profit | -61.9 m | 228.1 m | 87.9 m | 90.1 m | -50.7 m | — | 72.4 m | 114.1 m |
| Operating income | -106.7 m | 200.0 m | 60.3 m | 58.9 m | -85.2 m | — | 34.1 m | 75.5 m |
| Depreciation & amortisation | 19.5 m | 24.8 m | 25.1 m ≈ | 24.5 m ≈ | 24.0 m | — | — | 23.3 m ≈ |
| Interest expense | 19.0 m | 25.2 m | 27.9 m | 28.0 m | 26.2 m | — | 24.3 m | 24.0 m |
| Pre-tax income | -125.4 m | 172.9 m | 57.8 m | 40.4 m | -110.3 m | 214.5 m | 23.7 m | 53.0 m |
| Income tax | -34.6 m | 50.1 m | 15.8 m | 10.3 m | -30.8 m | 61.7 m | 5.1 m | 16.2 m |
| Net income | -90.7 m | 122.8 m | 41.9 m | 30.1 m | -79.4 m | 152.8 m | 18.6 m | 36.8 m |
| Diluted EPS | -1.52 ≈ | 1.91 | 0.66 | 0.48 | -1.28 ≈ | 2.49 | 0.31 | 0.61 |
| Operating cash flow | 55.5 m | -88.3 m | 113.1 m ≈ | 24.0 m ≈ | 143.6 m | -25.5 m | 147.7 m ≈ | 24.8 m ≈ |
| Capex | 3.3 m | 5.2 m | 7.9 m ≈ | 1.9 m ≈ | 1.9 m | — | — | 10.1 m ≈ |
| Share repurchases | 0 | — | — | 56.4 m ≈ | 32.3 m | — | — | 7.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 73 percentile of its own 40-quarter history (min 11.4, median 20.8, max 74.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 922.0 m | 948.4 m | 963.9 m | 1.1 bn | 1.4 bn | 1.6 bn | 1.8 bn | 2.8 bn |
| Revenue YoY | +7.8% | +2.9% | +1.6% | +14.6% | +27.8% | +12.7% | +14.0% | +52.1% |
| Net income | 61.6 m | 70.7 m | 78.3 m | 70.9 m | 105.4 m | 121.0 m | 41.0 m | 115.4 m |
| Net income YoY | +22.2% | +14.9% | +10.7% | −9.5% | +48.6% | +14.8% | −66.1% | +181.3% |
| Diluted EPS | 1.09 | 1.26 | 1.41 | 1.32 | 2.01 | 2.39 | 0.78 | 1.83 |
| Diluted EPS YoY | +19.8% | +15.6% | +11.9% | −6.4% | +52.3% | +18.9% | −67.4% | +134.6% |
| net % | 6.7% | 7.5% | 8.1% | 6.4% | 7.5% | 7.6% | 2.3% | 4.2% |
| Free cash flow | 90.6 m | 84.3 m | 135.3 m | 122.2 m | 117.5 m | 130.5 m | 110.8 m | 175.5 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 18.3 m USD
- Financial debt
- 1.5 bn USD
- Net debt
- 1.4 bn USD
- Equity
- 1.8 bn USD
- Total assets
- 4.4 bn USD
- Debt / equity
- 0.83x
- Current ratio
- 1.22x
- ROE
- 6.5%
- ROA
- 2.6%
- FCF margin
- 6.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 963.9 m | 1.1 bn | 1.4 bn | 1.6 bn | 1.8 bn | 2.8 bn | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 825.4 m | 945.6 m | 1.2 bn | 1.4 bn | 1.6 bn | 2.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 138.5 m | 159.3 m | 223.4 m | 223.2 m | 182.5 m | 355.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 92.5 m | 72.7 m | 168.3 m | 165.2 m | 73.7 m | 234.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 23.1 m | 27.1 m | 32.9 m | 36.3 m | 48.1 m | 98.3 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 115.6 m ≈ | 99.8 m ≈ | 201.2 m ≈ | 201.5 m ≈ | 121.8 m ≈ | 332.3 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 5.0 m | 3.9 m | 8.0 m | 20.1 m | 34.4 m | 107.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 103.5 m | 93.0 m | 141.5 m | 166.3 m | 57.8 m | 160.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 25.1 m | 22.1 m | 36.1 m | 45.3 m | 16.8 m | 45.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 78.3 m | 70.9 m | 105.4 m | 121.0 m | 41.0 m | 115.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 1.41 | 1.32 | 2.01 | 2.39 | 0.78 | 1.83 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 55.4 m | 53.7 m | 52.4 m | 50.6 m | 52.7 m | 63.2 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 4.7 m | 2.0 m | 4.7 m | 8.1 m | 13.8 m | 18.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 216.2 m | 242.2 m | 334.5 m | 380.2 m | 534.9 m | 556.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 436.4 m | 451.7 m | 568.4 m | 612.7 m | 835.7 m | 899.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 41.3 m | 43.4 m | 45.2 m | 57.0 m | 88.2 m | 81.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 683.1 m | 740.7 m | 819.9 m | 865.2 m | 2.3 bn | 2.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.5 bn | 1.6 bn | 1.9 bn | 2.0 bn | 4.5 bn | 4.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 64.1 m | 65.8 m | 80.7 m | 82.8 m | 90.6 m | 90.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | — | — | — | 0 | 66.2 m | 66.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 107.2 m | 154.9 m | 263.7 m | 310.8 m | 1.3 bn | 1.4 bn | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 378.3 m | 423.3 m | 512.4 m | 511.9 m | 705.8 m | 735.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 811.1 m | 923.4 m | 1.2 bn | 1.3 bn | 2.7 bn | 2.6 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 702.6 m † | 704.5 m † | 713.5 m † | 791.6 m † | 1.8 bn † | 1.8 bn † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 146.8 m | 131.2 m | 126.1 m | 153.5 m | 123.7 m | 192.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 11.6 m | 9.0 m | 8.6 m | 23.1 m | 12.9 m | 17.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 135.3 m ≈ | 122.2 m ≈ | 117.5 m ≈ | 130.5 m ≈ | 110.8 m ≈ | 175.5 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -46.4 m | -82.0 m | -99.1 m | -79.4 m | -1.1 bn | -15.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -76.6 m | -69.0 m | -17.3 m | -77.1 m | 1.0 bn | -145.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 56.5 m | 97.5 m | 122.5 m | 65.4 m | 0 | 160.1 m | SEC (XBRL)· 26 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
30 Oct 2026Source: olivLaw, closing series
Market cap: 3.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet19
- Valuation63
- Quality53
- Growth50
- Returns51
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.64 – 196.15 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)99.87 – 196.15 (Mid 134.12)WACC 7.7% · starting FCFF 337.0 m USD · terminal value share of EV 79%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -13.9%
- Peers: EV/EBITDA17.64 – 72.01 (Mid 56.37)16 companies used · median multiple 14.9x · quartiles 7.9x – 17.8xBAER, BR, CPAY, CSGP, EBAY, FICO, FIS, GPN, IMXI, MELI, MSCI, NUTX, PRTH, PYPL, RBA, UBER
- Peers: P/E24.26 – 70.59 (Mid 43.27)23 companies used · median multiple 20.3x · quartiles 11.4x – 33.1xACN, AKAM, BR, CART, CASS, CPAY, EBAY, FICO, FIS, FISV, GRAB, IMXI, LYFT, MA, MELI, MSCI, NUTX, PAYO, PRTH, PYPL, RBA, UBER, WSE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.4% | 36 (vs peers) | 11% |
| Net margin · Quality | 4.6% | 33 (vs peers) | 7% |
| FCF conversion · Quality | 207.3% | 100 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 25.0% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | -3.1% | 0 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 4.7x | 10 (vs peers) | 11% |
| Interest coverage · Balance sheet | 2.1x | 10 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.5x | 59 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 25.8x | 42 (vs peers) | 11% |
| EV/EBITDA · Valuation | 14.7x | 53 (vs peers) | 11% |
| FCF yield · Valuation | 8.8% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 3.5% | 51 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet19/100 · 3/3 factors with a value
- Growth50/100 · 2/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns· partial51/100 · 1/2 factors with a value
- Valuation63/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CBIZ, Inc. (CBZ). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 2.8 bn USD in 2025; YoY growth 52.1%; net margin 4.6%; ROE 6.8%; net debt/EBITDA 4.7x.
The estimated value range is 24.26–72.01 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 56.37 USD, the price of 54.98 USD leaves a potential of 2.5% (value / price − 1) and a margin of safety of 2.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 207.3%
- Revenue CAGR 3Y: 25.0%
- FCF yield: 8.8%
What contradicts it
- EPS CAGR 3Y: -3.1%
- Net debt / EBITDA: 4.7x
- Interest coverage: 2.1x
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| CARTMaplebear Inc. | 13.7 bn | 32.4 | 17.1% | 12.0% | +10.8% | +41% / +145% |
| CSGPCoStar Group, Inc. | 13.1 bn | 74.3 | 2.2% | 4.9% | +18.7% | −53% / −61% |
| AKAMAkamai Technologies, Inc | 12.3 bn | 30.9 | 8.9% | 9.5% | +5.4% | −4% / −26% |
| LYFTLyft, Inc. | 7.1 bn | 2.7 | 152.6% | 42.3% | +9.2% | −11% / +60% |
| ALITAlight, Inc. | 5.7 bn | — | -67.9% | -46.0% | −3.0% | −72% / −92% |
| CBZCBIZ, Inc. | 3.0 bn | 25.8 | 6.8% | 4.6% | +52.1% | +4% / +6% |
| FLYWFlywire Corporation | 2.7 bn | 83.8 | 4.2% | 4.8% | +26.6% | +56% / −6% |
| PAYOPayoneer Global Inc. | 2.4 bn | 49.1 | 7.1% | 4.6% | +7.7% | +24% / +38% |
| ACVACopart Inc | 1.8 bn | — | -15.1% | -7.9% | +19.2% | +16% / −21% |
| NUTXNutex Health Inc. | 1.4 bn | 8.1 | 57.2% | 21.2% | +82.4% | +78% / +620% |
| CASSCass Information Systems, Inc. | 704.7 m | 19.8 | 15.1% | 18.5% | +5.3% | +31% / +33% |
| PRTHPriority Technology Holdings, Inc. | 652.9 m | 11.6 | — | 5.6% | +8.3% | +35% / +164% |
| IMXIInternational Money Express, Inc. | 251.1 m | 13.3 | 11.9% | 3.4% | −7.7% | −45% / −60% |
1- and 3-year price returns: for CBZ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 39.37 Total return -28% · Per year -28% | 69.28 Total return 26% · Per year 26% | 103.92 Total return 89% · Per year 89% |
| 3 years | 46.69 Total return -15% · Per year -5% | 91.62 Total return 67% · Per year 19% | 149.64 Total return 172% · Per year 40% |
| 5 years | 55.39 Total return 1% · Per year 0% | 121.17 Total return 120% · Per year 17% | 215.48 Total return 292% · Per year 31% |
- Exit P/E± 22.91
- Net margin± 16.03
- Annual revenue growth± 11.96
- Annual dilution± 1.35
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (22 Oct 2026 · results), 8-K (19 Oct 2026 · results).
In brief
CBIZ is a professional services firm for middle-market businesses across the United States, offering accounting, tax, financial advisory, benefits, insurance and technology services. Revenue grew 52.1% in fiscal 2025, mainly through acquisitions, while the first half of 2026 showed almost flat revenue and the company agreed to a merger that would make it a wholly owned subsidiary of a private buyer. Total revenue reached 2757.991 million USD in fiscal 2025, up 52.1% on the prior year.
SWOT
Strengths
- The company has a multidisciplinary offer, a large workforce and long client relationships, which allow it to deliver integrated services.
- The client base is diversified and dependence on any single client is low, which softens the effect of changes in particular industries.
- The revenue model includes a high recurring component, which gives some stability in uncertain periods.
Weaknesses
- Growth in recent years has depended heavily on acquisitions, and integrating them can be complicated and costly.
- Debt rose considerably after the transactions and interest costs increased, which reduces financial flexibility.
- Independence restrictions limit the services that can be offered directly to audit clients, and the structure with external CPA firms adds complexity.
Opportunities
- Acquisitions of firms with local presence could extend geographic markets and bring new services into faster-growing industries.
- Lower debt could free capital for investment in technology and service delivery.
- Demand for tax and compliance advisory could grow if regulations change frequently.
Threats
- An economic slowdown could reduce demand for project services and delay client payments.
- The risk of impairment of goodwill and intangible assets could produce significant accounting losses.
- Fragmented competition and wage pressure could affect margins and the ability to retain staff.
Risks
- Acquisition integrationhigh
Acquired assets could underperform expectations, and assumed liabilities could exceed estimates, which would raise the real cost of the transactions 1.
- Independence and ASA structurehigh
The company does not control the independent CPA firms it works with; if agreements are not extended or independence rules tighten, revenue could decline 1.
- Goodwill impairmenthigh
The carrying value of goodwill and intangible assets is large, and an impairment could lead to significant non-cash charges 1.
- Dependence on personnelmedium
Success depends on retaining executives and key employees, and competition for talent could raise costs 1.
- Collection of receivablesmedium
Professional services firms often have long collection periods, and an economic slowdown could affect liquidity 1.
Investment thesis
What would need to be true (bull case)
- Growth in 2025 showed that the acquisition model can expand revenue and operating scale quickly 1.
- The multidisciplinary offer and large recurring client base could support revenue stability if demand normalizes 12.
- The merger offer of a fixed cash price per share gives shareholders a clear value if the transaction is completed 2.
What would break the thesis
What to watch
- Completion of the merger and its approval conditions2026
- Revenue trend in the Financial Services segmentQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 04 Aug 2026; since then the company filed 10-Q (30 Oct 2026), 8-K (22 Oct 2026 · results), 8-K (19 Oct 2026 · results).
The business
The revenue model combines recurring revenue with high client retention, new client wins, cross-serving and strategic acquisitions 1. Seasonality is significant: tax and accounting activity is concentrated in the first four months of the year, and operating margins tend to be higher in the first half 1. The largest client accounts for about 1.7% of consolidated revenue, so dependence on any single client is limited 1.
In the first half of 2026, revenue was 1530.785 million USD, nearly flat year on year, and the company flagged that demand for nonrecurring project-based services could stay soft given the economic and geopolitical environment 2. In July 2026 the company agreed a merger under which each share would be converted into 55.00 USD in cash, so the continuation of its public listing depends on completing the transaction 2.
Market context
The company operates in the market for professional services to middle-market businesses in the United States, which the source describes as highly fragmented and competitive 1. Revenue rose sharply in 2025 thanks to acquisitions, but organic growth was close to zero in 2026, and demand for project work could remain weak if the economy does not improve 2.
Independence obligations imposed on audit firms, along with professional accounting rules, can limit which services may be offered to the same client, which shapes the markets in which the company competes 1. If regulations change, clients could need additional advisory support, but conflicts of interest could also become harder to manage 1.
Trends
- Acquisitions and integrationmixed
Growth in 2025 relied largely on acquisitions, and revenue from newly acquired firms contributed significantly to the year's total 1. Integrating the acquired assets and achieving the expected benefits remain uncertain, and integration costs were high 1.
- Demand for nonrecurring servicesheadwind
The company warned that economic and geopolitical uncertainty could reduce demand for project-based services and limit management's ability to forecast demand for the rest of the year 2.
- Tax season seasonalitymixed
Accounting and tax activity peaks in the first four months of the year and margins tend to be better in the first half, which makes quarterly results sensitive to the tax calendar 1.
- Merger agreementmixed
The July 2026 merger agreement could change the capital structure and the listing status of the company if the transaction is completed on the stated terms 2.
Competitive position
The source describes the market as highly fragmented, with global, national and local competitors including accounting and tax firms, consulting firms, insurance brokers and payroll advisors 1. The company differentiates itself through its multidisciplinary offer, local market presence and client relationships 1.
Its competitive advantage rests on a combination of service breadth, expertise and talent, and on its ability to deliver integrated solutions without the client coordinating several providers 1. An exact market share figure is not given in the sources reviewed.
- Global and national accounting and consulting firms
Compete on accounting, tax and consulting services and are described in the source as part of the fragmented market.
- Consulting firms
Compete on advisory and consulting services for middle-market businesses.
- Insurance brokers
Compete in the benefits and insurance segment, where the company does not assume underwriting risk.
- Payroll and human resources advisors
Compete on payroll and human capital management services.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Grant Thornton to Buy Advisory Firm CBIZ in $5 Billion DealBloomberg Markets · 29 Jul 2026 · EN
- Accounting Firm CBIZ Urged by Activist Investor to Pursue M&ABloomberg Markets · 07 Jul 2026 · EN
The latest news item in our archive is from 29 Jul 2026; the newest SEC filing is from 02 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report02 Nov 2026Termination of a material agreement · Acquisition or disposition of assets · Delisting notice · Item 3.03 · Item 5.01 · Departure or appointment of officers · Amendments to articles or bylaws · Other events · Financial statements and exhibits
- Quarterly report30 Oct 2026
- Current report27 Oct 2026Shareholder vote · Regulation FD disclosure
- Current report22 Oct 2026Results of operations · Regulation FD disclosure
- Current report19 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Aug 2026
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report29 Jul 2026Other events
- Current report29 Jul 2026Material agreement · Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Current report15 May 2026Shareholder vote
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CBIZ, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CBIZ, Inc. · 04 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.