CBZ Stock: Insider Activity, Filings & Research
CBIZ, Inc. (CBZ) — Drillr’s hub for CBZ insider activity, SEC filings, earnings signals and AI research. Over the trailing 3 months, CBZ insiders filed 2 open-market buys and 1 sale (SEC Form 4).
CBZ insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| May 19, 2026 | France Gina Ddirector | Grant | 6,051 | — |
| May 19, 2026 | MARABITO RICHARD Tdirector | Grant | 6,051 | — |
| May 19, 2026 | SHERMAN A HAAGdirector | Grant | 6,051 | — |
| May 19, 2026 | Raffa Kathy Adirector | Grant | 6,051 | — |
| May 19, 2026 | YOUNG RODNEY Adirector | Grant | 6,051 | — |
| May 19, 2026 | SLOTKIN TODD Jdirector | Grant | 6,051 | — |
| May 19, 2026 | BURDICK RICK Ldirector | Grant | 6,051 | — |
| Mar 19, 2026 | Lakhia Brad S.officer: Senior Vice President & CFO | Tax | 1,647 | $26.49 |
| Mar 17, 2026 | YOUNG RODNEY Adirector | Buy | 1,000 | $26.05 |
| Mar 17, 2026 | Lakhia Brad S.officer: Senior Vice President & CFO | Buy | 12,775 | $25.97 |
| Mar 11, 2026 | WILEY BENAREE PRATTdirector | Sell | 17,956 | $26.39 |
| Mar 10, 2026 | Mangan Michael T.officer: Chief Accounting Officer | Grant | 3,462 | — |
| Mar 10, 2026 | GRISKO JEROME Pdirector, officer: CEO & President | Grant | 85,709 | — |
| Mar 10, 2026 | Lakhia Brad S.officer: Senior Vice President & CFO | Grant | 65,941 | — |
| Mar 10, 2026 | Lakhia Brad S.officer: Senior Vice President & CFO | Grant | 28,025 | — |
Source: CBZ SEC Form 4 filings, latest May 19, 2026. For informational purposes only — not investment advice.
CBIZ, Inc. company profile
Overview
CBIZ, Inc. (NYSE:CBZ) is a professional services company founded in 1987 and headquartered in Cleveland, Ohio. The company went public in 1995 and has grown through both organic expansion and strategic acquisitions to become one of the largest providers of accounting, tax, advisory, and business services to small and medium-sized businesses in the United States and Canada. In 2024, CBIZ completed a transformational acquisition of Marcum LLP, creating a combined organization with approximately $2.8 billion in annual revenue and positioning the company as the seventh-largest accounting services provider in the United States.
Business
CBIZ operates in the professional services industry, providing essential business support services that help companies manage their financial, regulatory, and operational requirements. The company serves as an outsourced partner for businesses that need specialized expertise but may not have the resources to maintain these capabilities in-house. The company operates through three main business segments: **Financial Services (approximately 85% of revenue)** represents the largest segment, offering accounting and tax services, financial advisory, business valuation, risk and advisory services, and government healthcare consulting. This segment includes traditional CPA services like tax preparation, audit and assurance, bookkeeping, and financial statement preparation. The advisory services component provides specialized consulting in areas such as mergers and acquisitions, business valuations for transactions or compliance purposes, and risk management consulting. Government healthcare consulting focuses on helping healthcare organizations navigate complex regulatory requirements and reimbursement systems. **Benefits and Insurance Services (approximately 13% of revenue)** provides employee benefits consulting, payroll and human capital management services, property and casualty insurance brokerage, and retirement and investment services. This segment helps businesses design and administer employee benefit programs, manage payroll processing, and provide insurance coverage for various business risks. The retirement services component assists companies in establishing and managing 401(k) plans and other retirement benefit programs. **National Practices (approximately 2% of revenue)** offers information technology managed services, networking solutions, hardware procurement, and specialized healthcare consulting services. This smaller segment provides technology infrastructure support and industry-specific consulting services to complement the company's core offerings. The professional services industry in which CBIZ operates is characterized by recurring client relationships, as businesses require ongoing accounting, tax, and advisory services to maintain compliance and support their operations. Approximately 77% of CBIZ's services are considered essential and recurring in nature, providing revenue stability and predictability.
Revenue model
CBIZ generates revenue primarily through professional service fees charged to clients on an hourly, project-based, or retainer basis. The company's business model is built around long-term client relationships, with most services being recurring in nature due to ongoing regulatory requirements and business needs. The **Financial Services segment** generates revenue through accounting and tax compliance services (charged annually or quarterly), advisory project fees for transactions and consulting engagements, and ongoing bookkeeping and financial management services. Tax services create natural recurring revenue as businesses must file returns annually, while advisory services provide higher-margin project-based revenue that can fluctuate with economic conditions and client activity levels. The **Benefits and Insurance segment** operates on a commission-based model for insurance products and fee-for-service arrangements for benefits administration and payroll processing. This segment benefits from recurring revenue streams as businesses maintain ongoing insurance coverage and payroll processing needs. The company receives commissions from insurance carriers and charges fees for administrative services. The **National Practices segment** generates revenue through managed IT service contracts and specialized consulting engagements, typically structured as monthly recurring fees for technology services and project-based fees for consulting work. Several factors influence CBIZ's profitability and margins. **Positive margin drivers** include the company's ability to implement annual price increases (typically 4-5% in recent years), the high proportion of recurring services that provide revenue predictability, and operational leverage from the company's scalable service delivery model. The recent Marcum acquisition is expected to provide additional scale benefits and cross-selling opportunities. **Negative margin pressures** include wage inflation in a competitive labor market for accounting and finance professionals, economic downturns that reduce demand for discretionary advisory services, and the seasonal nature of tax services that creates uneven quarterly revenue patterns. The company maintains a flexible cost structure with variable compensation components that help manage margin fluctuations during economic uncertainty.
Competitive moat
CBIZ possesses a moderate economic moat built primarily on **client switching costs** and **local market relationships**. The company's services are deeply embedded in clients' operations, particularly for accounting, tax, and payroll functions where switching providers involves significant time, effort, and risk. Businesses are generally reluctant to change accounting firms due to the complexity of transferring financial records, the need to rebuild institutional knowledge, and the regulatory risks associated with transition periods. The company benefits from **recurring revenue characteristics**, with approximately 77% of services being essential and recurring. Tax compliance, ongoing accounting services, and employee benefits administration create natural client retention as these services are required by law or business necessity. The **local market presence** in mid-sized metropolitan areas provides relationship advantages, as professional services often rely on personal connections and local market knowledge. However, CBIZ's moat has limitations. The professional services industry has **relatively low barriers to entry** - accounting firms can be started with minimal capital requirements, and individual practitioners or small firms can compete for clients. The company faces competition from the "Big Four" accounting firms for larger clients, regional firms of similar size, and smaller local practices that may offer more personalized service or lower pricing. The **commoditization risk** is significant, as basic accounting and tax services are increasingly standardized and potentially subject to automation. While CBIZ has invested in technology and specialized service offerings to differentiate itself, much of its revenue comes from services that could face pricing pressure or technological disruption over time. The 2024 Marcum acquisition strengthens the company's competitive position by providing greater scale, expanded geographic coverage, and enhanced service capabilities. This increased size may help CBIZ compete more effectively for larger clients and invest in technology and talent acquisition. However, the fundamental competitive dynamics of the professional services industry remain challenging, and the company's moat is best characterized as moderate rather than strong.
Risks & safety
CBIZ presents a mixed margin of safety profile with manageable financial risks but elevated valuation concerns. **Liquidity and Solvency:** - Current ratio of 1.52 indicates adequate short-term liquidity coverage - Cash position of only $8.9 million is relatively low for a $4+ billion revenue company - Debt-to-equity ratio of 1.02 reflects significant leverage following the Marcum acquisition - Free cash flow of -$93 million in Q1 2025 shows temporary cash consumption, though this is typical for the seasonal tax business - Management targets reducing leverage to 2.5x EBITDA by end of 2026 **Valuation Metrics:** - Price-to-earnings ratio of 9.8 appears reasonable for current earnings - EV/EBITDA of 7.6 is moderate for a professional services company - Price-to-book ratio of 2.5 reflects premium to tangible assets, typical for service businesses - Graham number of $36 suggests potential undervaluation relative to current price of $66 **Other Considerations:** - Seasonal cash flow patterns create temporary liquidity pressures in Q1 - High proportion of recurring revenue (77%) provides revenue stability - Integration risks from large Marcum acquisition could impact near-term performance - Economic sensitivity of discretionary advisory services (23% of revenue) creates earnings volatility risk
Recent development
CBIZ has undergone significant strategic transformation over the past several years, culminating in the transformational acquisition of Marcum LLP in late 2024. This $2.3 billion enterprise value transaction represents the company's largest acquisition and has fundamentally altered its scale and market position. **The Marcum Acquisition** created a combined organization with approximately $2.8 billion in annual revenue, over 10,000 professionals, and 135,000 clients, positioning CBIZ as the seventh-largest accounting services provider in the United States. The acquisition brings complementary capabilities including advanced offshoring capabilities, specialized expertise in alternative investments and digital assets, and stronger technology and non-profit services. Management expects 10% earnings per share accretion in the first year and significant synergy opportunities in subsequent years. **Organic Growth Initiatives** have focused on pricing discipline, with the company successfully implementing annual price increases of 4-5% in recent years. The company has invested heavily in talent acquisition and retention, including national recruiting teams, digital marketing tools, and enhanced internship programs to address the competitive labor market for accounting professionals. **Strategic Acquisitions** beyond Marcum have included Somerset CPAs and Advisors (Indianapolis platform), Pivot Point Security (cybersecurity advisory), and several smaller tuck-in acquisitions that have expanded geographic presence and service capabilities. The company completed five acquisitions in 2023 and has maintained an active acquisition pipeline. **Technology and Service Expansion** efforts have included investments in digital tools, process automation, and specialized service offerings in high-growth areas such as cybersecurity consulting, government healthcare consulting, and risk advisory services. The company has also expanded its presence in alternative investment services and developed industry-specific expertise in areas like food and beverage, technology, and healthcare. **Integration and Cultural Alignment** has become a key focus following the Marcum acquisition, with management establishing 13 collaborative work streams to ensure successful integration of systems, processes, and personnel. Early feedback suggests positive reception from both organizations and excitement about expanded service capabilities and cross-selling opportunities.
CBZ company profile · for informational purposes only — not investment advice.
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