COMP <GO>

CBZ vs MA // OPTIONS IMPLIED MOVE & PUT/CALL SKEW

CBIZ Inc. (NYSE) VS. Mastercard Incorporated (NYSE) • 15-METRIC TALLY: CBZ 5 — MA 9

▲ OPTIONS IMPLIED MOVE & PUT/CALL SKEW LEADER: CBZ

LAST: $54.98 (0.00%) • MKT CAP: $2.98B

options-implied-move

6.50%

LAST: $638.01 (+0.36%) • MKT CAP: $556.88B

options-implied-move

6.60%

15-METRIC INSTITUTIONAL SIDE-BY-SIDE SCORECARD (CBZ VS. MA) EMERALD CELL = QUANTITATIVE EDGE

INSTITUTIONAL METRIC	CBZ	MA	SPREAD (A - B)	ADVANTAGE	DEDICATED URL
Gross Profit Margin	12.90%	41.00%	-28.10	MA	/gross-margins <GO>
Return on Invested Capital (ROIC)	5.90%	33.50%	-27.60	MA	/roic <GO>
EV/EBITDA & P/E Valuation	17.5x	29.2x	-11.70	CBZ	/valuation <GO>
Free Cash Flow Yield	5.88%	3.08%	+2.80	CBZ	/fcf-yield <GO>
Operating Margin	8.50%	57.60%	-49.10	MA	/operating-margins <GO>
Net Profit Margin	4.20%	45.60%	-41.40	MA	/net-margins <GO>
Revenue Growth (YoY)	52.10%	16.40%	+35.70	CBZ	/revenue-growth <GO>
Dividend Yield & FCF Payout Safety	0.00%	0.49%	-0.49	MA	/dividend-safety <GO>
Altman Z-Score & Debt/Equity	1.84	11.17	-9.33	MA	/balance-sheet <GO>
Piotroski F-Score Quality	8/9	8/9	0.00	TIE	/piotroski-score <GO>
Options Implied Move & Put/Call Skew ACTIVE	6.50%	6.60%	-0.10	CBZ	/options-implied-move <GO>
RSI-14 & 200D SMA Momentum	68.3	70.6	-2.30	MA	/rsi-technicals <GO>
10Y Yield & FRED Macro Beta	0.89	0.90	-0.01	MA	/macro-sensitivity <GO>
Forward P/E Multiple	21.7x	31.2x	-9.50	CBZ	/forward-pe <GO>
Enterprise Scale & Market Cap	$2.98B	$556.88B	-$553.90B	MA	/market-cap <GO>

5-YEAR HISTORICAL XBRL REVENUE & MARGIN TRAJECTORY SEC FORM 10-K FY

FISCAL YEAR	CBZ REV	MA REV	CBZ GROSS %	MA GROSS %	CBZ FCF	MA FCF
FY 2025	$2.76B	$32.79B	12.9%	44.0%	$175.5M	$17.16B
FY 2024	$1.81B	$28.17B	10.1%	44.0%	$110.8M	$14.31B
FY 2023	$1.59B	$25.10B	44.0%	44.0%	$81.9M	$10.85B

FRED MACRO REGIME CORRELATION COMPARISON PEARSON r

CBZ // BETA 0.89

MA // BETA 0.90