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) Beneish M-score
CBIZ, Inc.'s Beneish M-score for fiscal 2025 is −2.53; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
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Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −2.53 | (0.44) |
| FY2024 | −2.09 | 0.25 |
| FY2023 | −2.34 | (0.05) |
| FY2022 | −2.29 | 0.30 |
| FY2021 | −2.59 | 0.13 |
| FY2020 | −2.72 | (0.32) |
| FY2019 | −2.40 | 0.21 |
| FY2018 | −2.61 | (0.22) |
| FY2017 | −2.39 | 0.11 |
| FY2016 | −2.51 | (0.06) |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.68 | — | 0.63 | |
| Gross margin index | 0.78 | — | 0.41 | |
| Asset quality index | 0.98 | — | 0.40 | |
| Sales growth index | 1.52 | — | 1.36 | |
| Depreciation index | 0.64 | — | 0.07 | |
| SG&A index | 0.73 | — | −0.13 | |
| Total accruals to total assets | (0.02) | — | −0.08 | |
| Leverage index | 1.06 | — | −0.35 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −2.53 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| UNF Unifirst Corporation compare | −2.7× |
| AZZ AZZ Inc. compare | −2.7× |
| MMS Maximus, Inc. compare | −2.7× |
| CBZ CBIZ, Inc. | −2.5× |
| AMTM Amentum Holdings, Inc. compare | −2.5× |
| ABM ABM Industries Incorporated compare | −2.5× |
| FA First Advantage Corporation compare | −2.3× |
| TIC Acuren Corporation compare | −2.3× |
| CMPR Cimpress plc compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI