TakeoverPE & activists

CBZCBIZ, Inc.

Services-Business Services, NEC · $3.0B market cap · 9,500 employees

1.6×

More likely than average to be taken private

Top 9% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

5of 15 firedHow well they predict deals →
10 other checks
  • 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
  • Shareholder dissentNo
    92% lowest support
    Any vote under 80% support
  • Net cashNo
    4.0× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    6 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$427K net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Sep 21, 2026DEFM14AViking ParentCo, Inc. (affiliate of Grant Thornton Advisors LLC)$55.0054%
Aug 27, 2026PREM14AGrant Thornton Advisors LLC$55.0054%
Jul 29, 20268-KNew Mountain Capital (via Viking ParentCo, Inc.)——
Sep 17, 2024DEFM14AMarcum LLP$76.8422%

Key numbers

Revenue
$2.8BFY2021: $1.1BFY2022: $1.4BFY2023: $1.6BFY2024: $1.8BFY2025: $2.8B
52% YoY
Operating margin
8.5%FY2021: 6.6%FY2022: 11.9%FY2023: 10.4%FY2024: 4.1%FY2025: 8.5%
109% YoY
EBITDA
$332MFY2021: $100MFY2022: $201MFY2023: $202MFY2024: $122MFY2025: $332M
173% YoY
Net debt / EBITDA
4.0×
$1.3B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$1.1B$1.4B$1.6B$1.8B$2.8B 52% FY2021: $1.1BFY2022: $1.4BFY2023: $1.6BFY2024: $1.8BFY2025: $2.8B
Operating income$73M$168M$165M$74M$234M 217% FY2021: $73MFY2022: $168MFY2023: $165MFY2024: $74MFY2025: $234M
Net income$71M$105M$121M$41M$115M 181% FY2021: $71MFY2022: $105MFY2023: $121MFY2024: $41MFY2025: $115M
Operating cash flow$131M$126M$154M$124M$192M 56% FY2021: $131MFY2022: $126MFY2023: $154MFY2024: $124MFY2025: $192M
Capex$9M$9M$23M$13M$17M 31% FY2021: $9MFY2022: $9MFY2023: $23MFY2024: $13MFY2025: $17M
Stock-based comp$11M$15M$12M$14M$26M 88% FY2021: $11MFY2022: $15MFY2023: $12MFY2024: $14MFY2025: $26M
Buybacks$97M$123M$65M$0$160MFY2021: $97MFY2022: $123MFY2023: $65MFY2024: $0FY2025: $160M

13D filers

FiledFilerFormStakeIntent
Jan 26, 2024P2 Capital Partners, LLCSC 13D/A4.8%Passive
Sep 30, 2019P2 Capital Partners, LLCSC 13D5.5%Passive

Insider trading

−$427Knet selling by insiders, open market, last 12 months
Bought $458K · 3 tradesSold $885K · 2 trades

Pay vs performance

No pay-versus-performance disclosure yet.