Carriage Services Inc CSV

Consumer DiscretionaryPersonal & Household Products & ServicesUnited States of America

Last close 34.89 USD on Nov 1, 2026, −16.9% year to date

Quant rating

Quant rating C Rank 230 of 344 in Consumer Discretionary

Growth B 129 of 344
Valuation B 60 of 344
Quality D 251 of 344
Revisions D 271 of 344
Momentum C 209 of 344

Wall Street consensus Buy (1.60)Average target 51.00 USD +46.2%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 554M
Enterprise value: 1.1B
52-week range: 30.19 – 52.09
3-year range: 20.15 – 52.09
Dividend yield: 1.29%
Beta (5 years): 0.73
Shares outstanding: 15.9M
Next earnings: Nov 4, 2026

About the company

Carriage Services, Inc. is a provider of funeral and cemetery services and merchandise in the United States. Its Funeral home and cemetery businesses provide products and services to families in three areas: ceremony and tribute, generally in the form of a funeral or memorial service; disposition of remains, either through burial or cremation; and memorialization, generally through monuments, markers or inscriptions. Its funeral homes offer a complete range of services to meet a family's funeral needs, consultation, the removal and preparation of remains, the sale of caskets and related funeral merchandise, the use of funeral home facilities for visitation and memorial services and transportation services. Its Cemeteries provide interment rights (primarily grave sites, lawn crypts, mausoleum spaces and niches), related cemetery merchandise (such as memorial markers, outer burial containers and monuments) and services (interments, inurnments and installation of cemetery merchandise).

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	417	404	383	370	376	–
Revenue growth	3.3%	5.7%	3.3%	−1.5%	14.1%	4.8%
EPS (basic, normalized)	3.20	2.65	2.19	2.61	3.02	–
EPS growth	20.8%	21.0%	−16.1%	−13.6%	–	–
Gross margin	35.1%	35.5%	32.5%	32.2%	34.5%	34.0%
Net margin	12.2%	8.0%	8.7%	11.2%	8.8%	9.8%
ROE	22.2%	17.3%	21.5%	31.2%	18.0%	22.1%

Balance sheet, last quarter
Cash & short-term investments (mil)	2.5
Current ratio	1.46x
Long-term debt (mil)	535
Net debt (mil)	537
Total equity (mil)	279
Net debt / equity	1.92x
Net debt / EBITDA	4.11x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	417	+3.3%	2.6x	131	+5.8%	8.4x	3.20	+20.8%	10.9x
2026	433	+3.6%	2.5x	135	+3.1%	8.1x	3.37	+5.2%	10.4x
2027	455	+5.1%	2.4x	143	+6.1%	7.6x	3.68	+9.3%	9.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	433	−0.2%	−1.4%	−2.5%	3.37	−0.7%	−3.1%	−2.2%
2027	455	0.0%	−1.9%	−1.3%	3.68	0.0%	−2.2%	−0.9%
2028	–	–	–	–	–	–	–	–

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	103	102	101	97.7	107	102	103	105	106	103
Sales mean (mil)	98.8	95.0	92.9	96.7	104	100	101	104	112	109
Surprise	+4.8%	+7.7%	+8.3%	+1.0%	+3.0%	+1.7%	+1.5%	+1.4%	−5.2%	−5.5%
EPS reported	0.75	0.63	0.64	0.62	0.96	0.74	0.75	0.75	0.89	0.78
EPS mean	0.59	0.52	0.42	0.51	0.83	0.73	0.73	0.81	0.88	0.82
Surprise	+26.6%	+20.4%	+53.6%	+21.6%	+15.2%	+1.8%	+2.4%	−8.0%	+1.6%	−5.1%

Peer comparison Personal & Household Products & Services

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CSV Carriage Services Inc	554M	4.11x	12.2%	1.98x	10.4x	9.5x	8.1x	7.6x
SCI Service Corporation International	10.4B	4.09x	12.6%	6.60x	18.9x	17.4x	11.4x	11.0x
HRB H & R Block Inc	6.3B	0.50x	16.4%	54.23x	8.4x	7.4x	6.1x	5.8x
FTDR Frontdoor Inc	6.0B	0.96x	12.2%	21.38x	18.7x	17.1x	11.1x	10.6x
DRVN Driven Brands Holdings Inc.	2.0B	3.34x	7.0%	2.46x	10.1x	8.5x	8.2x	7.2x
MATW Matthews International Corp	602M	2.82x	−1.6%	1.24x	52.6x	29.7x	7.1x	6.4x
Mean		2.64x	9.8%	14.65x	19.8x	14.9x	8.7x	8.1x
Median		3.08x	12.2%	4.53x	14.5x	13.3x	8.2x	7.4x

Technical analysis

1M+11.2%
3M−14.3%
1Y−21.7%
3Y+71.3%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Carriage Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	417	404	383	370	376	329
Cost of revenue	271	261	258	251	246	224
Gross profit	147	143	124	119	130	106
Selling, general & administrative expenses	48.6	59.0	42.1	37.5	33.9	25.8
Research & development	–	–	–	–	–	–
Depreciation/amortization	–	–	–	–	1.2	1.4
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	0.4	2.2	0.8	−1.3	24.5	21.4
Other operating expenses	0	0	0	0	0	0
Operating income	97.7	82.2	81.3	83.0	69.9	57.3
Net interest income (expense)	−28.4	−32.1	−36.3	−25.9	−25.5	−32.7
Gain (loss) on sale of assets	1.0	–	–	–	–	–
Other non-operating income (expense)	0	−0.1	1.4	0.1	−0.1	0.1
Net income before taxes	70.3	50.1	46.4	57.2	44.3	24.6
Provision for taxes	18.8	17.1	13.0	15.8	11.1	8.6
Minority interest	–	–	–	–	–	–
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	51.5	33.0	33.4	41.4	33.2	16.1
Extraordinary items	–	–	–	–	–	0
Net income	51.5	33.0	33.4	41.4	33.2	16.1
EBIT, normalized	98.0	86.9	82.7	83.0	101	95.4
EBITDA, normalized	124	111	105	104	123	115
Basic EPS, normalized	3.20	2.65	2.19	2.61	3.02	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Carriage Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	1.7	1.2	1.5	1.2	1.1	0.9
Receivables	43.0	30.2	27.9	25.0	29.4	25.1
Total inventory	7.8	7.9	8.3	7.6	7.3	7.3
Prepaid expenses	3.5	4.0	3.8	4.1	2.2	1.9
Other current assets	0.1	1.3	0.1	0.1	0.1	0.2
Total current assets	56.1	44.5	41.7	38.0	40.2	35.3
Property, plant & equipment	414	398	418	399	388	391
Goodwill	428	415	424	410	392	393
Intangibles	43.6	40.4	37.7	32.9	29.4	29.5
Long-term investments	320	289	290	266	287	259
Note receivable	83.3	73.3	57.1	46.6	42.2	37.9
Other long-term assets	0.3	19.5	0	0	0	0
Total assets	1,346	1,280	1,268	1,193	1,179	1,146
Liabilities
Accounts payable	19.0	15.4	11.9	11.7	14.2	11.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	33.4	37.8	32.0	27.3	40.0	27.7
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	1.2	1.1	3.8	3.2	2.8	3.9
Other current liabilities	3.6	3.7	3.4	3.3	3.8	5.5
Total current liabilities	57.2	58.0	51.1	45.5	60.8	48.4
Long-term debt	538	543	585	592	558	452
Minority interest	–	–	–	–	–	–
Other liabilities	496	470	459	418	432	405
Total liabilities	1,091	1,071	1,095	1,056	1,051	905
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	0.3	0.3	0.3	0.3	0.3	0.3
Additional paid-in capital	239	244	241	239	237	240
Retained earnings (accumulated deficit)	295	243	210	177	135	102
Treasury stock	−279	−279	−279	−279	−245	−102
Other equity	0	0	0	0	0	0
Total equity	255	209	173	137	128	241
Total liabilities & shareholders' equity	1,346	1,280	1,268	1,193	1,179	1,146

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Carriage Services Inc, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	51.5	33.0	33.4	41.4	33.2	16.1
Depreciation, depletion & amortization	25.7	24.2	22.5	21.1	21.8	19.4
Deferred taxes	4.0	−0.7	3.3	3.0	−0.7	4.6
Non-cash items	11.8	13.2	11.4	8.4	33.0	29.9
Changes in working capital	−32.3	−17.7	4.9	−12.9	−3.0	12.9
Cash from operations	60.7	52.0	75.6	61.0	84.2	82.9
Investing activities
Capital expenditures	−20.6	−16.1	−18.0	−26.1	−24.9	−15.2
Other investing cash flows	−14.5	12.5	−39.0	−26.4	12.3	−19.2
Cash from investing	−35.2	−3.6	−57.0	−52.5	−12.5	−34.4
Financing activities
Financing cash flow items	−8.3	−1.4	−0.3	−1.2	−25.2	−0.6
Cash dividends paid	−7.0	−6.8	−6.7	−6.8	−7.3	−6.0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−9.7	−40.5	−11.3	−0.5	−39.0	−41.7
Cash from financing	−25.0	−48.7	−18.2	−8.5	−71.5	−48.3
Foreign exchange effects	–	–	–	–	–	–
Net change in cash	0.5	−0.4	0.4	0	0.3	0.2
Free cash flow	40.1	35.9	57.6	34.9	59.4	67.7

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.