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CBIZ, Inc.（CBZ）与美世（MERC）财务数据对比。点击上方公司名可切换其他公司
CBIZ, Inc.的季度营收约是美世的1.2倍（$542.7M vs $449.5M），CBIZ, Inc.净利率更高（-14.6% vs -68.7%，领先54.0%），CBIZ, Inc.同比增速更快（100.0% vs -8.0%），CBIZ, Inc.自由现金流更多（$175.5M vs $32.0M），过去两年CBIZ, Inc.的营收复合增速更高（13.7% vs -9.9%）
CBIZ, Inc.是美国知名的金融、保险及咨询服务提供商，总部位于俄亥俄州独立市，为美国规模最大的会计、保险经纪、金融与咨询服务机构之一。集团在全美设有120多个办事处，拥有近7000名员工，1996年起在纽交所上市，1997年起使用股票代码CBZ交易。
美世是1945年成立的美国咨询公司，为全球专业服务集团威达信的四大运营子公司之一，总部位于纽约，在43个国家设有办事处，业务覆盖130个国家，主要为客户提供人力资源与金融咨询服务。
CBZ vs MERC — 直观对比
营收规模更大
CBZ
是对方的1.2倍
$449.5M
营收增速更快
CBZ
高出108.0%
-8.0%
净利率更高
CBZ
高出54.0%
-68.7%
自由现金流更多
CBZ
多$143.5M
$32.0M
两年增速更快
CBZ
近两年复合增速
-9.9%
损益表 — Q1 FY2026 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $542.7M | $449.5M |
| 净利润 | $-79.4M | $-308.7M |
| 毛利率 | — | — |
| 营业利润率 | 43.1% | -62.0% |
| 净利率 | -14.6% | -68.7% |
| 营收同比 | 100.0% | -8.0% |
| 净利润同比 | 4.2% | -1947.7% |
| 每股收益（稀释后） | $-1.28 | $-4.61 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CBZMERC
| Q1 26 | $542.7M | — | ||
| Q4 25 | $542.7M | $449.5M | ||
| Q3 25 | $693.8M | $458.1M | ||
| Q2 25 | $683.5M | $453.5M | ||
| Q1 25 | $838.0M | $507.0M | ||
| Q4 24 | $460.3M | $488.4M | ||
| Q3 24 | $438.9M | $502.1M | ||
| Q2 24 | $420.0M | $499.4M |
净利润CBZMERC
| Q1 26 | $-79.4M | — | ||
| Q4 25 | $-79.4M | $-308.7M | ||
| Q3 25 | $30.1M | $-80.8M | ||
| Q2 25 | $41.9M | $-86.1M | ||
| Q1 25 | $122.8M | $-22.3M | ||
| Q4 24 | $-90.7M | $16.7M | ||
| Q3 24 | $35.1M | $-17.6M | ||
| Q2 24 | $19.8M | $-67.6M |
毛利率CBZMERC
| Q1 26 | — | — | ||
| Q4 25 | -9.4% | — | ||
| Q3 25 | 13.0% | — | ||
| Q2 25 | 12.9% | — | ||
| Q1 25 | 27.2% | — | ||
| Q4 24 | -13.4% | — | ||
| Q3 24 | 16.6% | — | ||
| Q2 24 | 12.8% | — |
营业利润率CBZMERC
| Q1 26 | 43.1% | — | ||
| Q4 25 | -15.7% | -62.0% | ||
| Q3 25 | 8.5% | -14.8% | ||
| Q2 25 | 8.8% | -12.9% | ||
| Q1 25 | 23.9% | 1.3% | ||
| Q4 24 | -23.2% | 10.3% | ||
| Q3 24 | 11.3% | 1.8% | ||
| Q2 24 | 7.5% | -8.8% |
净利率CBZMERC
| Q1 26 | -14.6% | — | ||
| Q4 25 | -14.6% | -68.7% | ||
| Q3 25 | 4.3% | -17.6% | ||
| Q2 25 | 6.1% | -19.0% | ||
| Q1 25 | 14.7% | -4.4% | ||
| Q4 24 | -19.7% | 3.4% | ||
| Q3 24 | 8.0% | -3.5% | ||
| Q2 24 | 4.7% | -13.5% |
每股收益（稀释后）CBZMERC
| Q1 26 | $-1.28 | — | ||
| Q4 25 | $-1.22 | $-4.61 | ||
| Q3 25 | $0.48 | $-1.21 | ||
| Q2 25 | $0.66 | $-1.29 | ||
| Q1 25 | $1.91 | $-0.33 | ||
| Q4 24 | $-1.84 | $0.25 | ||
| Q3 24 | $0.70 | $-0.26 | ||
| Q2 24 | $0.39 | $-1.01 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $18.3M | $186.8M |
| 总债务越低越好 | — | $1.6B |
| 股东权益账面价值 | $1.8B | $68.1M |
| 总资产 | $4.4B | $2.0B |
| 负债/权益比越低杠杆越低 | — | 23.58× |
8季度趋势，按日历期对齐
现金及短期投资CBZMERC
| Q1 26 | $18.3M | — | ||
| Q4 25 | $18.3M | $186.8M | ||
| Q3 25 | $17.0M | $98.1M | ||
| Q2 25 | $39.8M | $146.5M | ||
| Q1 25 | $8.8M | $181.5M | ||
| Q4 24 | $13.8M | $184.9M | ||
| Q3 24 | $1.1M | $239.0M | ||
| Q2 24 | $1.1M | $263.2M |
总债务CBZMERC
| Q1 26 | — | — | ||
| Q4 25 | — | $1.6B | ||
| Q3 25 | — | $1.5B | ||
| Q2 25 | — | $1.5B | ||
| Q1 25 | — | $1.5B | ||
| Q4 24 | — | $1.5B | ||
| Q3 24 | — | $1.6B | ||
| Q2 24 | — | $1.6B |
股东权益CBZMERC
| Q1 26 | $1.8B | — | ||
| Q4 25 | $1.8B | $68.1M | ||
| Q3 25 | $1.9B | $359.5M | ||
| Q2 25 | $1.9B | $446.5M | ||
| Q1 25 | $1.9B | $437.4M | ||
| Q4 24 | $1.8B | $429.8M | ||
| Q3 24 | $927.9M | $516.8M | ||
| Q2 24 | $891.4M | $487.7M |
总资产CBZMERC
| Q1 26 | $4.4B | — | ||
| Q4 25 | $4.4B | $2.0B | ||
| Q3 25 | $4.5B | $2.3B | ||
| Q2 25 | $4.5B | $2.4B | ||
| Q1 25 | $4.6B | $2.3B | ||
| Q4 24 | $4.5B | $2.3B | ||
| Q3 24 | $2.1B | $2.5B | ||
| Q2 24 | $2.2B | $2.5B |
负债/权益比CBZMERC
| Q1 26 | — | — | ||
| Q4 25 | — | 23.58× | ||
| Q3 25 | — | 4.30× | ||
| Q2 25 | — | 3.42× | ||
| Q1 25 | — | 3.44× | ||
| Q4 24 | — | 3.43× | ||
| Q3 24 | — | 3.09× | ||
| Q2 24 | — | 3.22× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $192.5M | $46.2M |
| 自由现金流经营现金流 - 资本支出 | $175.5M | $32.0M |
| 自由现金流率自由现金流/营收 | 32.3% | 7.1% |
| 资本支出强度资本支出/营收 | — | 3.1% |
| 现金转化率经营现金流/净利润 | — | — |
| 过去12个月自由现金流最近4个季度 | $444.5M | $-80.0M |
8季度趋势，按日历期对齐
经营现金流CBZMERC
| Q1 26 | $192.5M | — | ||
| Q4 25 | $143.6M | $46.2M | ||
| Q3 25 | $24.0M | $-30.1M | ||
| Q2 25 | $113.1M | $-4.5M | ||
| Q1 25 | $-88.3M | $-3.0M | ||
| Q4 24 | $55.5M | $71.2M | ||
| Q3 24 | $43.7M | $-13.9M | ||
| Q2 24 | $88.2M | $62.2M |
自由现金流CBZMERC
| Q1 26 | $175.5M | — | ||
| Q4 25 | $141.7M | $32.0M | ||
| Q3 25 | $22.1M | $-60.1M | ||
| Q2 25 | $105.2M | $-28.9M | ||
| Q1 25 | $-93.4M | $-23.1M | ||
| Q4 24 | $52.3M | $50.4M | ||
| Q3 24 | $41.1M | $-41.2M | ||
| Q2 24 | $86.3M | $44.3M |
自由现金流率CBZMERC
| Q1 26 | 32.3% | — | ||
| Q4 25 | 26.1% | 7.1% | ||
| Q3 25 | 3.2% | -13.1% | ||
| Q2 25 | 15.4% | -6.4% | ||
| Q1 25 | -11.2% | -4.6% | ||
| Q4 24 | 11.4% | 10.3% | ||
| Q3 24 | 9.4% | -8.2% | ||
| Q2 24 | 20.5% | 8.9% |
资本支出强度CBZMERC
| Q1 26 | — | — | ||
| Q4 25 | 0.4% | 3.1% | ||
| Q3 25 | 0.3% | 6.6% | ||
| Q2 25 | 1.2% | 5.4% | ||
| Q1 25 | 0.6% | 4.0% | ||
| Q4 24 | 0.7% | 4.2% | ||
| Q3 24 | 0.6% | 5.4% | ||
| Q2 24 | 0.4% | 3.6% |
现金转化率CBZMERC
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | 0.79× | — | ||
| Q2 25 | 2.70× | — | ||
| Q1 25 | -0.72× | — | ||
| Q4 24 | — | 4.26× | ||
| Q3 24 | 1.25× | — | ||
| Q2 24 | 4.45× | — |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CBZ
暂无分部数据
MERC
| Other | $215.3M | 48% |
| Solid Wood | $110.2M | 25% |
| Lumber | $54.9M | 12% |
| Pallets | $23.7M | 5% |
| Energyandchemicals | $18.7M | 4% |
| Manufactured Products | $14.1M | 3% |
| Biofuels | $10.0M | 2% |
| Wood Residuals | $2.6M | 1% |
