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what it is
CBIZ sells accounting, insurance, payroll, and benefits help to businesses that would rather not build those teams themselves.
how it gets paid
Last year Cbiz made $2.8B in revenue. Employee benefits & insurance was the main engine at $0.98B, or 35% of sales.
why it's growing
Revenue grew 52.1% last year. The 219% revenue jump matters most because it dwarfs the 14.0% historical sales growth in the core dataset.
what just happened
Revenue hit $2.2B, up 219% vs. prior year, but the profit figures conflict across sources.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
32.2x trailing p/e — you're paying up for this one
1.9% return on capital — nothing to write home about
$0.78 fy2024 eps est
xvary composite: 52/100 — below average
What they do
CBIZ sells accounting, insurance, payroll, and benefits help to businesses that would rather not build those teams themselves.
CBIZ wins by being everywhere your mid-sized business already needs help. It has nearly 160 offices across 32 states and the District of Columbia, plus 10,000 employees. That reach matters because you can buy tax, insurance, payroll, and advisory work from one vendor instead of stitching together four.
How they make money
$2.8B
annual revenue · their business grew +52.1% last year
Employee benefits & insurance
$0.98B
Accounting & tax
$0.84B
Government health-care consulting
$0.42B
Financial advisory & valuation
$0.31B
Payroll, HR & retirement services
$0.25B
The products that matter
accounting, tax, advisory, benefits
Financial Services
$2.3B · 82% of revenue
this segment generated $2.3B in 2025 revenue, up 69% from last year. That's where the Marcum acquisition shows up in the numbers.
main engine
brokerage, benefits, risk management
Insurance Services
$0.5B · 18% of revenue
it's a $0.5B segment that grew 12%, but management also flagged a $75M annual revenue headwind from client rate pushback. Growth here is real. So is resistance.
watch pricing
Key numbers
$2.8B
annual revenue
That is the scale you are buying today, and it grew 52.1% vs. prior year according to SEC-backed figures.
6.7%
operating margin
Operating margin → profit left after running the business → so what: CBIZ's scale still converts into a pretty thin earnings stream.
$1.8B
long-term debt
Debt → money the company owes → so what: with debt at 56% of capital, mistakes get expensive fast.
32.2x
trailing p/e
P/E → how many dollars investors pay for $1 of earnings → so what: you are paying a rich multiple for a 1.9% return on capital business.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 3 — safer than 50% of stocks
- price stability 70 / 100
- long-term debt $1.8B (56% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CBZ right now.
source: institutional data · return history unavailable
What just happened
beat estimates
Revenue hit $2.2B, up 219% vs. prior year, but the profit figures conflict across sources.
SEC-backed data shows latest-quarter EPS of $3.06 and gross margin of 18.3%. Yahoo consensus data shows last earnings at $0.48, so you should treat the quarter as a source-reconciliation story first and an earnings story second.
$2.2B
revenue
$3.06
eps
18.3%
gross margin
the number that mattered
The 219% revenue jump matters most because it dwarfs the 14.0% historical sales growth in the core dataset, which tells you acquisition effects are doing the heavy lifting.
source: company earnings report, 2026
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What could go wrong
the #1 risk is marcum integration masking a low-growth core business.
high
marcum integration
The 2025 headline was powered by the Marcum deal. If cross-selling, retention, or cost integration miss plan, investors are left with the underlying 2% organic growth rate and a much less exciting story.
puts the 2–5% 2026 growth guide and the acquisition thesis under pressure
med
insurance pricing resistance
Management already flagged a $75M annual revenue headwind from client rate pushback. In a service business, price resistance is margin pressure wearing business casual.
directly pressures a $0.5B insurance segment
med
debt load
Long-term debt sits at $1.8B, or 56% of capital. That's manageable with steady execution. It gets less comfortable if growth disappoints or integration takes longer than expected.
limits balance-sheet flexibility after a $1.3B acquisition
med
mid-market spending slowdown
CBIZ serves mid-sized businesses. If those clients cut advisory projects or delay benefit decisions, discretionary service lines feel it first.
could pull results toward the low end of the $2.8B–$2.9B guide
A business guiding to 2–5% growth while carrying $1.8B of debt does not have much room for a messy integration.
source: institutional data · regulatory filings · risk analysis
Pay attention to
key metric
organic growth, not reported growth
The 52% 2025 headline is old news. The number that matters next is whether organic growth moves meaningfully above 2%.
calendar
q1 2026 earnings report
Expected on or around april 23, 2026. You want management to explain how much of the quarter came from integration progress versus simple anniversary math.
risk
insurance rate pushback
The projected $75M annual headwind is already on the table. If that number grows, pricing power is weaker than it looks.
trend
post-deal growth normalization
Management guided to $2.8B–$2.9B in 2026 revenue. If results drift toward the low end, the stock may keep trading like a roll-up with a hangover.
Analyst rankings
earnings predictability
65 / 100
in human-speak: this is reasonably forecastable, but acquisitions and integration can still create surprises.
risk rank
3
That puts CBIZ around the market middle on stability — not fragile, not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for CBZ is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$54
current price
n/a
target midpoint · n/a from current
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