Does CBIZ, Inc. have an economic moat?

Based on its FY2025 SEC filings, the Moat Index scores CBIZ, Inc. (CBZ) 27.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 20, returns on capital 20, balance-sheet safety 0, capital discipline 79.

Is CBZ stock trading below its intrinsic value?

Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $42.90 per share versus a recent price of $42.42 — around fair value. This is an educational estimate computed from primary SEC filings, not investment advice.

How has CBZ's Moat Score changed over time?

The record logs 3 readings since Jul 17, 2026; the latest reads 27.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

The Moat Index

CBIZ, Inc.

CBZ · Technology · $2.3B mkt cap · FY2025 filings · No moat ·

Doesn't clear the bar

No moat

The four filters

Pricing power20

Median gross margin 13.6% over 10y, stable.

Returns on capital20

Median ROIC 7.3%, above the 9% hurdle in 30% of years.

Balance-sheet safety0

Net debt/EBITDA 4.3x, interest coverage 2x.

Capital discipline79

Owner earnings +14.5%/yr, share count flat.

Margin of safety

Above valueOn sale

Around fair value

Owner earnings (normalized): $129.6M
Est. intrinsic value / share: $42.90
Recent price: $42.42
Discount to value: Around fair value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

18 years of fundamentals

The business, in plain English

CBIZ, Inc. booked $2.8B of revenue in FY2025 in the Technology sector and kept 12.9% of it as gross profit — a thin-margin business by that measure. After every other cost, 4.2% of each revenue dollar reached the bottom line.

Across the filed record, revenue grew from $736.8M (FY2009) to $2.8B (FY2025) — about 8.6% a year compounded over 16 years.

It earned 5.2% on invested capital in FY2025, with a median of 8.7% across 17 filed years. The Returns on Capital filter above scores it 20/100.

The balance sheet carried $1.5B of total debt in FY2025 against $196.8M of owner earnings — roughly 7.4 years of owner earnings to retire it all. Balance-Sheet Safety scores it 0/100.

The share count rose 8.7% between FY2010 and FY2025 — existing owners have been diluted over the record. Capital Discipline scores it 79/100.

Put together: Capital Discipline is the strongest of the four filters (79/100) and Balance-Sheet Safety the weakest (0/100), which is how CBZ lands at 28/100 — a None moat.

This breakdown is generated from the filed numbers and sub-scores above — no outside narrative, no estimates. Where a filing doesn’t disclose an input, the sentence that would need it is omitted instead of guessed.

RevenueSales, as filed$2.8B FY2025

Gross marginRevenue kept after cost of goods12.9% FY2025

Return on invested capitalOperating profit on the capital employed5.2% FY2025

Owner earningsCash an owner could take out$196.8M FY2025

Gaps in a line mean that item isn’t in CBZ’s filings for that year — the series is never interpolated or estimated. The Table view lists every filed value, including operating and net margins, total debt, and share count.

Moat Score history

Moat Score over timeLast scored reading of each day, on the 0–100 scale27.9 / 100

Score history begins Jul 17, 2026 — the record builds from here and can’t be backfilled.

Tier changesSame-methodology crossings of the Wide / Narrow / Shallow bars

None yet — CBZ has read No moat for every logged capture since Jul 17, 2026.

Scores are logged append-only and never overwritten — this record can’t be backfilled, which is exactly why it’s worth keeping.

Technology context

#434 of 532 scored Technology companies, ranked by Moat Score.

Nearest peers by Moat Score

#432TLS Telos Corporation27.9 out of 100, No moatNo moat
#433BHE BENCHMARK ELECTRONICS, INC.27.9 out of 100, No moatNo moat
#435KULR KULR TECHNOLOGY GROUP, INC.27.9 out of 100, No moatNo moat
#436IEHC IEH Corporation27.8 out of 100, No moatNo moat

Compare CBZ with its nearest peers →All Technology companies on the Index →

Common questions about CBZ

Does CBIZ, Inc. have an economic moat?: Based on its FY2025 SEC filings, the Moat Index scores CBIZ, Inc. (CBZ) 27.9 out of 100 — below the Shallow-moat bar, so no moat. The four filters behind that score (each 0–100): pricing power 20, returns on capital 20, balance-sheet safety 0, capital discipline 79.
Is CBZ stock trading below its intrinsic value?: Against a deliberately conservative owner-earnings model (9% discount rate, 4% assumed growth, capped at 4%), estimated intrinsic value is $42.90 per share versus a recent price of $42.42 — around fair value. This is an educational estimate computed from primary SEC filings, not investment advice.
How has CBZ's Moat Score changed over time?: The record logs 3 readings since Jul 17, 2026; the latest reads 27.9 out of 100 (no moat). No tier changes on record yet. The history is append-only — readings are only ever added, never rewritten.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CBZ. See the disclaimer.