CBZ|CBIZ, Inc.
Services-Business Services, NEC
- Revenue
- $2.8B
- ▲ 52% YoY
- Operating margin
- 8.5%
- ▲ 109% YoY
- EBITDA
- $332M
- ▲ 173% YoY
- Market cap
- $3.0B
- Employees
- 9,500
- $290K revenue each
- Net debt / EBITDA
- 4.0×
- $1.3B net debt
- AI in 10-K
- 0.5
- mentions per 10K words
TSR below peersNo
—
3+ of last 5 years
High CEO pay despite TSRNo
—
Median CEO pay ≥ $15M while TSR trails
Earnings not backed by cashNo
167% of net income
Cash flow under 80% of net income
Dilutive SBCNo
1% of revenue
Over 10% of revenue
Payouts exceed cash flowNo
83% of cash flow
Buybacks + dividends over cash flow
Goodwill-heavyYes
51% of assets
Over 40% of assets
Shareholder dissentNo
92% lowest support
Any vote under 80% support
Buyer economics 3 of 4
Low revenue per employeeYes
$290K · 21st pct
Bottom quartile of its SIC industry
Quiet on AIYes
0.5 per 10K words · 22nd pct
Bottom quartile of AI mentions in 10-Ks
Net cashNo
4.0× EBITDA net debt
More cash than debt, positive EBITDA
Buyout-sizedYes
$3.0B market cap
Market cap $500M–$5B
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY | Trend |
|---|
| Revenue | $1.1B | $1.4B | $1.6B | $1.8B | $2.8B | ▲ 52% | |
|---|
| Operating income | $73M | $168M | $165M | $74M | $234M | ▲ 217% | |
|---|
| Net income | $71M | $105M | $121M | $41M | $115M | ▲ 181% | |
|---|
| Operating cash flow | $131M | $126M | $154M | $124M | $192M | ▲ 56% | |
|---|
| Capex | $9M | $9M | $23M | $13M | $17M | ▲ 31% | |
|---|
| Stock-based comp | $11M | $15M | $12M | $14M | $26M | ▲ 88% | |
|---|
| Buybacks | $97M | $123M | $65M | $0 | $160M | | |
|---|
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|
| Jan 26, 2024 | P2 Capital Partners, LLC | SC 13D/A | 4.8% | Passive |
| Sep 30, 2019 | P2 Capital Partners, LLC | SC 13D | 5.5% | Passive |
Insider trading
- Open-market buys, 12 mo
- $458K · 3
- Open-market sells, 12 mo
- $885K · 2
- Net
- −$427K
Pay vs performance
No pay-versus-performance disclosure yet.