CBZ · Cbiz, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | $2.76B | $1.81B | $1.59B | $1.41B | $1.10B | $963.90M |
| Cost of Revenue | $2.40B | $1.63B | $1.37B | $1.19B | $945.63M | $825.35M |
| Gross Profit | $355.39M | $182.47M | $223.20M | $223.37M | $159.29M | $138.55M |
| R&D | - | - | - | - | - | - |
| SG&A | $121.38M | $108.75M | $57.97M | $55.02M | $56.15M | $46.07M |
| Total Operating Expenses | - | - | - | - | - | - |
| D&A | $98.27M | $48.06M | $36.27M | $32.90M | $27.08M | $23.14M |
| Operating Income | $234.01M | $73.72M | $165.24M | $168.34M | $72.67M | $92.48M |
| Interest Expense | $107.22M | $34.38M | $20.13M | $8.04M | $3.87M | $4.98M |
| Income Tax | $45.39M | $16.77M | $45.34M | $36.12M | $22.13M | $25.14M |
| Net Income | $115.44M | $41.04M | $120.97M | $105.35M | $70.89M | $78.30M |
| EPS - Basic | $1.84 | $0.78 | $2.42 | $2.05 | $1.35 | $1.44 |
| EPS - Diluted | $1.83 | $0.78 | $2.39 | $2.01 | $1.32 | $1.41 |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $18.29M | $13.83M | $8.09M | $4.70M | $2.00M | $4.65M |
| Accounts Receivable | $556.00M | $534.86M | $380.15M | $334.50M | $242.17M | $216.18M |
| Inventory | - | - | - | - | - | - |
| Accounts Payable | $90.93M | $90.65M | $82.83M | $80.72M | $65.76M | $64.12M |
| Current Assets | $899.25M | $835.73M | $612.68M | $568.43M | $451.67M | $436.43M |
| Total Assets | $4.41B | $4.47B | $2.04B | $1.88B | $1.63B | $1.51B |
| Current Liabilities | $735.59M | $705.80M | $511.92M | $512.41M | $423.29M | $378.27M |
| Long-term Debt | $1.39B | $1.33B | $310.83M | $263.65M | $154.85M | $107.19M |
| Total Liabilities | $2.65B | $2.69B | $1.25B | $1.17B | $923.39M | $811.13M |
| Stockholders' Equity | $1.76B | $1.78B | $791.62M | $713.45M | $704.55M | $702.62M |
| Retained Earnings | $1.01B | $896.12M | $855.08M | $734.12M | $628.76M | $557.88M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $192.49M | $123.69M | $153.51M | $126.13M | $131.15M | $146.84M |
| Investing Cash Flow | ($15.85M) | ($1.13B) | ($79.39M) | ($99.12M) | ($82.01M) | ($46.41M) |
| Financing Cash Flow | ($145.71M) | $1.04B | ($77.11M) | ($17.34M) | ($69.00M) | ($76.61M) |
| CapEx | $16.96M | $12.91M | $23.05M | $8.64M | $8.98M | $11.58M |
| Free Cash Flow | $175.53M | $110.78M | $130.46M | $117.49M | $122.17M | $135.27M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 12.9% | 10.1% | 14.0% | 15.8% | 14.4% | 14.4% |
| Operating margin | 8.5% | 4.1% | 10.4% | 11.9% | 6.6% | 9.6% |
| EBITDA margin | 12.0% | 6.7% | 12.7% | 14.3% | 9.0% | 12.0% |
| Net margin | 4.2% | 2.3% | 7.6% | 7.5% | 6.4% | 8.1% |
| Free cash flow margin | 6.4% | 6.1% | 8.2% | 8.3% | 11.1% | 14.0% |
| FCF / Net income | 1.52 | 2.70 | 1.08 | 1.12 | 1.72 | 1.73 |
| R&D / Revenue | - | - | - | - | - | - |
| SG&A / Revenue | 4.4% | 6.0% | 3.6% | 3.9% | 5.1% | 4.8% |
| Effective tax rate | 28.2% | 29.0% | 27.3% | 25.5% | 23.8% | 24.3% |
| Return on assets | 2.6% | 0.9% | 5.9% | 5.6% | 4.4% | 5.2% |
| Return on equity | 6.6% | 2.3% | 15.3% | 14.8% | 10.1% | 11.1% |
| Return on invested capital | 5.3% | 1.7% | 10.9% | 12.8% | 6.4% | 8.6% |
| Liquidity | ||||||
| Current ratio | 1.22 | 1.18 | 1.20 | 1.11 | 1.07 | 1.15 |
| Quick ratio | 1.22 | 1.18 | 1.20 | 1.11 | 1.07 | 1.15 |
| Cash ratio | 0.02 | 0.02 | 0.02 | 0.01 | 0.00 | 0.01 |
| Leverage | ||||||
| Debt / Equity | 0.79 | 0.75 | 0.39 | 0.37 | 0.22 | 0.15 |
| Debt / Assets | 0.32 | 0.30 | 0.15 | 0.14 | 0.10 | 0.07 |
| Debt / EBITDA | 4.18 | 10.95 | 1.54 | 1.31 | 1.55 | 0.93 |
| Interest coverage | 2.2x | 2.1x | 8.2x | 20.9x | 18.8x | 18.6x |
| Equity multiplier | 2.50 | 2.51 | 2.58 | 2.63 | 2.31 | 2.15 |
| Liabilities / Assets | 0.60 | 0.60 | 0.61 | 0.62 | 0.57 | 0.54 |
| Efficiency | ||||||
| Asset turnover | 0.63 | 0.41 | 0.78 | 0.75 | 0.68 | 0.64 |
| Inventory turnover | - | - | - | - | - | - |
| Days sales outstanding | 74d | 108d | 87d | 86d | 80d | 82d |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | 14d | 20d | 22d | 25d | 25d | 28d |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | 27.6x | 104.9x | 26.2x | 23.3x | 29.6x | 18.9x |
| P / B | 1.8x | 2.4x | 4.0x | 3.4x | 3.0x | 2.1x |
| P / S | 1.2x | 2.4x | 2.0x | 1.7x | 1.9x | 1.5x |
| EV / EBITDA | 13.7x | 46.2x | 17.2x | 13.5x | 22.6x | 13.6x |
| Growth | ||||||
| Revenue growth (YoY) | 52.1% | 14.0% | 12.7% | 27.8% | 14.6% | 1.6% |
| Revenue CAGR (3y) | 25.0% | 18.0% | 18.2% | 14.2% | 6.2% | 4.1% |
| Revenue CAGR (5y) | 23.4% | 13.8% | 11.5% | 10.5% | 6.7% | 5.1% |
| Gross profit growth (YoY) | 94.8% | -18.3% | -0.1% | 40.2% | 15.0% | 10.9% |
| Operating income growth (YoY) | 217.4% | -55.4% | -1.8% | 131.6% | -21.4% | 14.9% |
| Net income growth (YoY) | 181.3% | -66.1% | 14.8% | 48.6% | -9.5% | 10.7% |
| EPS growth (YoY) | 134.6% | -67.4% | 18.9% | 52.3% | -6.4% | 11.9% |
| EPS CAGR (3y) | -3.1% | -16.1% | 19.2% | 16.8% | 6.6% | 15.7% |
| EPS CAGR (5y) | 5.4% | -9.1% | 17.0% | 17.2% | 12.0% | 16.8% |
| FCF growth (YoY) | 58.4% | -15.1% | 11.0% | -3.8% | -9.7% | 60.4% |
| FCF CAGR (5y) | 5.3% | 5.6% | 7.6% | 14.4% | 12.8% | 27.6% |
| Book value growth (YoY) | -1.0% | 124.9% | 11.0% | 1.3% | 0.3% | 6.6% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.76B totalFinancial Services$2.30B · 83.4%
Benefits And Insurance Services$409.63M · 14.9%
National Practices$46.90M · 1.7%
Product / service
$3.41B totalAccounting Tax Advisory And Consulting$2.30B · 67.5%
Financial Service$651.20M · 19.1%
Core Benefits And Insurance Services$391.77M · 11.5%
Managed Networking And Hardware Services$46.90M · 1.4%
Non Core Benefits And Insurance Services$17.87M · 0.5%
Geographic
$2.76B totalUS$2.76B · 99.9%
CA$1.81M · 0.1%
Stability scores
Altman Z′
FY 2025 · bankruptcy risk
1.29
Grey zone
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2025 · 9-point quality
7/9
Strong
- ✓Net income positive
- ✓Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- ✗Long-term debt decreased
- ✓Current ratio improved
- ✗No share dilution
- ✓Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Services-Business Services, NEC
Comparing CBIZ against the 5 most active filers in the same SIC group.