CBIZ, Inc. (CBZ) 株式分析

企業概要

CBIZ, Inc. is a provider of financial, insurance, and advisory services operating primarily within the United States and Canada. The company functions through distinct segments including Financial Services, Benefits and Insurance Services, and National Practices, offering accounting, tax, financial advisory, and national technology solutions. This entity operates within the Industrials sector, specifically classified under the Specialty Business Services industry, which characterizes its role in delivering specialized support to other businesses rather than direct consumer goods. With a market capitalization of $1.52B and annual revenue reaching $2.76B, the company employs a workforce of 9,500 individuals. These valuation and revenue metrics indicate that CBIZ has established a significant market presence, positioning it as a substantial player within the specialty services landscape where scale is essential for maintaining competitive advantages in client acquisition and technology infrastructure.

財務健全性

The company reported total revenue of $2.76B for the trailing twelve months, with a net income of $115.44M and an EBITDA of $421.38M. The substantial gap between the $2.76B revenue and the $115.44M net income highlights a cost structure characterized by high operational expenses, which is typical for labor-intensive service industries where overhead costs significantly impact the bottom line. Free cash flow stands at $214.00M, a figure that demonstrates the company's ability to generate liquidity after capital expenditures, providing financial flexibility for potential debt repayment or strategic investments despite its cash balance of only $18.92M. The gross margin is 15.2%, reflecting the pricing power and cost efficiency in delivering core services before operating expenses are deducted. The operating margin of -7.4% indicates that general and administrative expenses currently exceed gross profit, suggesting a period of high investment or structural adjustment costs before reaching profitability. Conversely, the profit margin of 4.2% shows that after all expenses including interest and taxes, the company retains a positive portion of revenue as earnings. On the balance sheet, total debt of $1.83B significantly exceeds the available cash of $18.92M, and the debt-to-equity ratio of 104.03 reveals a highly leveraged capital structure that relies heavily on creditor financing. The current ratio of 1.22 indicates that current assets are 1.22 times greater than current liabilities, suggesting a comfortable but not excessive level of short-term liquidity to meet obligations. Return on Equity is 6.5% and Return on Assets is 4.5%, metrics that reveal the management's effectiveness in generating returns relative to shareholder equity and the total asset base, respectively.

バリュエーション評価

The trailing twelve months P/E ratio is 15.08, while the forward P/E is significantly lower at 6.35. This wide disparity between the trailing and forward P/E ratios implies that the market expects a substantial increase in earnings growth in the coming year, driving the valuation multiple down for future expectations. The price-to-book ratio is 0.84, indicating that the company's stock trades at a discount relative to its book value, which may suggest the market perceives the asset base as undervalued or that intangible assets are not fully captured on the balance sheet. Alternative valuation metrics include a price-to-sales ratio of 0.55 and an EV/EBITDA of 7.53, which provide a perspective on the company's value relative to its sales revenue and operating earnings before interest, taxes, depreciation, and amortization. The stock has a 52-week high of $80.65 and a 52-week low of $24.29, and given the forward P/E of 6.35 compared to a historical P/E around 15, the current trading price is positioned significantly below the 52-week high, reflecting a recent correction or market skepticism regarding the high debt levels. The beta value is 0.93, which means the stock's price volatility is slightly less than that of the broader market, suggesting a relatively stable investment profile that moves in tandem with but less aggressively than the overall equity market.

Growth & Income

Revenue growth year-over-year is 17.9%, demonstrating a robust expansion in top-line sales, while earnings growth year-over-year is not available in the provided data. The absence of reported earnings growth figures prevents a direct comparison of profit acceleration against revenue expansion, but the high revenue growth rate suggests strong demand for the company's specialized services. As a non-dividend payer, the company does not distribute cash to shareholders, evidenced by a dividend yield of 0.0% and a payout ratio of 0.0%. Instead of paying dividends, the company retains all earnings to reinvest into business growth, technology upgrades, or debt reduction given its high leverage profile. The overall growth and income profile is characterized by strong revenue expansion without current dividend support, making the investment appeal reliant on potential capital appreciation and future earnings realization rather than current income distribution.