CBIZ, Inc. (CBZ) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+70.6%

$93.80

vs $54.98 price

Levered DCF

$187.30

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.94

Grey zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	27.57×	104.91×	25.86×	22.85×	28.98×	18.48×	20.74×	17.43×
P/B	1.81×	2.41×	3.95×	3.38×	2.92×	2.06×	2.22×	2.11×
P/S	1.16×	2.36×	1.97×	1.71×	1.86×	1.5×	1.54×	1.17×
EV / EBITDA	13.65×	43.53×	16.49×	15.65×	19.02×	12.88×	14.04×	10.4×
Gross margin	12.9%	10.1%	14.0%	15.8%	14.4%	14.4%	13.2%	14.3%
Operating margin	8.5%	4.1%	10.4%	11.9%	6.6%	9.6%	8.5%	10.0%
Net margin	4.2%	2.3%	7.6%	7.5%	6.4%	8.1%	7.5%	6.7%
Current ratio	1.22×	1.18×	1.2×	1.11×	1.07×	1.15×	1.25×	1.32×
Debt / equity	1.04×	1.03×	0.7×	0.67×	0.47×	0.4×	0.4×	0.26×
Interest coverage	2.18×	2.14×	8.21×	20.94×	18.79×	18.56×	13.97×	13.93×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	2.3%	15.3%	14.8%	10.1%	11.1%	10.7%	12.1%
Return on invested capital	4.4%	1.3%	7.7%	8.6%	4.3%	5.8%	5.6%	8.3%
Return on assets	2.6%	0.9%	5.9%	5.5%	4.2%	5.0%	4.9%	5.6%
Free cash flow yield	5.5%	2.6%	4.2%	4.9%	5.9%	9.4%	5.8%	8.4%
Earnings yield	3.6%	1.0%	3.9%	4.4%	3.4%	5.4%	4.8%	5.7%
Enterprise value	$5B	$6.1B	$3.7B	$2.9B	$2.4B	$1.7B	$1.7B	$1.2B
Net debt / EBITDA	4.94×	12.97×	2.44×	2.42×	2.41×	1.91×	1.94×	1.15×
Cash conversion cycle (days)	60	88	65	62	55	54	55	142