CBIZ, Inc.
CBZ Industrials Specialty Business Services
CBIZ, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.8 billion, up 52.1% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS fell 53.0%, free cash flow grew 32.1% and total debt fell 6.10%, each against the same quarter a year earlier. Revenue growth for ten consecutive years; insiders bought in the last twelve months.
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CBIZ, Inc. (CBZ) Altman Z-score
CBIZ, Inc.'s Altman Z-score for fiscal 2025 is 1.89, in the grey zone (1.81–2.99).
Altman Z-score, annual
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Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.89 | 0.15 |
| FY2024 | 1.73 | (1.46) |
| FY2023 | 3.19 | 0.32 |
| FY2022 | 2.87 | 0.15 |
| FY2021 | 2.73 | 0.26 |
| FY2020 | 2.47 | (0.14) |
| FY2019 | 2.61 | (0.11) |
| FY2018 | 2.72 | 0.50 |
| FY2017 | 2.21 | 0.15 |
| FY2016 | 2.06 | 0.09 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.04 | — | 0.04 | |
| Retained earnings / total assets | 0.23 | — | 0.32 | |
| EBIT / total assets | 0.05 | — | 0.18 | |
| Market value of equity / total liabilities | 1.20 | — | 0.72 | |
| Sales / total assets | 0.63 | — | 0.63 | |
| Altman Z-score | Grey zone | 1.89 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 2.05 | ||
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| UNF Unifirst Corporation compare | 5.7× |
| AZZ AZZ Inc. compare | 4.6× |
| MMS Maximus, Inc. compare | 3.6× |
| ABM ABM Industries Incorporated compare | 2.8× |
| CMPR Cimpress plc compare | 2.7× |
| AMTM Amentum Holdings, Inc. compare | 1.9× |
| CBZ CBIZ, Inc. | 1.9× |
| FA First Advantage Corporation compare | 1.2× |
| TIC Acuren Corporation compare | 0.9× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets