A Business at a Glance
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CARRIAGE SERVICES INC
CSV
$617M
Mkt Cap
$38.96
+3.15%
CARRIAGE SERVICES INC (CSV) has a current P/E ratio of 12.0, compared to its historical median P/E of 20.6. The stock is currently considered Fair based on its historical valuation range.
CARRIAGE SERVICES INC (CSV) has a 5-year average return on invested capital (ROIC) of 18.8%. This indicates strong capital allocation and a potential competitive advantage.
CARRIAGE SERVICES INC (CSV) has a market capitalization of $618M. It is classified as a small-cap stock.
Yes, CARRIAGE SERVICES INC (CSV) pays a dividend with a trailing twelve-month yield of 1.14%.
Based on historical P/E analysis, CARRIAGE SERVICES INC (CSV) appears fair. The current P/E of 12.0 is 42% below its historical median of 20.6. The estimated fair value CAGR (P/E method) is 23.0%.
CARRIAGE SERVICES INC (CSV) operates in the Services-Personal Services industry, within the Consumer Cyclical sector.
CARRIAGE SERVICES INC (CSV) reported annual revenue of $417 million in its most recent fiscal year, based on SEC EDGAR filings.
PART I Carriage Services, Inc. (“Carriage,” the “Company,” “we,” “us,” or “our”) was incorporated in the State of Delaware in December 1993 and is a leading provider of funeral and cemetery services and merchandise in the United States (“U.S.”). We operate in two business segments: Funeral Home Operations, which currently accounts for approximately 65% of our total revenue, and Cemetery Operations, which currently accounts for approximately 35% of our total revenue. At December 31, 2025, we operated 155 funeral homes in 24 states and 28 cemeteries in 9 states. We compete with other publicly held and independent operators of funeral and cemetery companies. We believe we are a market leader in most of our markets. We provide funeral and cemetery services and products on both an “atneed” (time of death) and “preneed” (planned prior to death) basis. COMPANY DEVELOPMENTS Leadership Changes On January 16, 2026, Carriage Services, Inc.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 416M | 417M | 404M | 383M | 370M | 376M |
| Net Income | 44M | 52M | 33M | 33M | 41M | 33M |
| EPS | $2.79 | $3.25 | $2.10 | $2.14 | $2.63 | $1.81 |
| Free Cash Flow | 40M | 40M | 36M | 58M | 35M | 59M |
| ROIC | 20.3% | 19.4% | 15.4% | 17.1% | 18.7% | 23.4% |
| Gross Margin | 35.4% | 35.1% | 35.5% | 32.5% | 32.2% | 34.5% |
| Debt/Equity | 0.02 | 0.57 | 0.76 | 1.17 | 1.55 | 1.40 |
| Dividends/Share | $0.45 | $0.45 | $0.45 | $0.45 | $0.45 | $0.41 |
| Operating Income | 91M | 98M | 82M | 81M | 80M | 94M |
| Operating Margin | 21.9% | 23.4% | 20.2% | 21.2% | 21.5% | 24.9% |
| ROE | 16.5% | 22.2% | 17.3% | 21.5% | 31.2% | 18.0% |
| Shares Outstanding | 16M | 16M | 16M | 16M | 16M | 18M |
| Metric | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement | |||||||||||||
| Revenue | 226M | 243M | 248M | 258M | 268M | 274M | 329M | 376M | 370M | 383M | 404M | 417M | 416M |
| Gross Margin | 31.0% | 32.0% | 32.1% | 29.8% | 28.3% | 29.0% | 32.2% | 34.5% | 32.2% | 32.5% | 35.5% | 35.1% | 35.4% |
| R&D | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A | 29M | 27M | 28M | 26M | 31M | 26M | 27M | 35M | 37M | 42M | 59M | 49M | 50M |
| EBIT | 40M | 49M | 50M | 49M | 42M | 47M | 57M | 94M | 80M | 81M | 82M | 98M | 91M |
| Op. Margin | 17.6% | 20.1% | 20.2% | 19.0% | 15.7% | 17.3% | 17.4% | 24.9% | 21.5% | 21.2% | 20.2% | 23.4% | 21.9% |
| Net Income | 16M | 21M | 20M | 37M | 12M | 15M | 16M | 33M | 41M | 33M | 33M | 52M | 44M |
| Net Margin | 7.0% | 8.6% | 7.9% | 14.4% | 4.3% | 5.3% | 4.9% | 8.8% | 11.2% | 8.7% | 8.2% | 12.3% | 10.6% |
| Non-Recurring | 2.8M | 0 | -1.9M | 710K | -176K | -4.4M | -8.1M | -347K | -2.0M | -1.2M | -2.6M | -371K | -371K |
| Returns on Capital | |||||||||||||
| ROIC | 6.7% | 7.1% | 6.7% | 6.1% | 7.3% | 10.4% | 12.6% | 23.4% | 18.7% | 17.1% | 15.4% | 19.4% | 20.3% |
| ROE | 9.4% | 12.4% | 11.7% | 19.9% | 5.6% | 6.5% | 6.9% | 18.0% | 31.2% | 21.5% | 17.3% | 22.2% | 16.5% |
| ROA | 2.0% | 2.5% | 2.2% | 4.0% | 1.1% | 1.3% | 1.4% | 2.8% | 3.5% | 2.7% | 2.6% | 3.9% | 3.3% |
| Cash Flow | |||||||||||||
| Op. Cash Flow | 37M | 51M | 50M | 45M | 49M | 43M | 83M | 84M | 61M | 76M | 52M | 61M | 62M |
| Free Cash Flow | 20M | 22M | 33M | 29M | 35M | 28M | 68M | 59M | 35M | 58M | 36M | 40M | 40M |
| Owner Earnings | 20M | 33M | 31M | 26M | 25M | 23M | 60M | 58M | 35M | 47M | 23M | 28M | 29M |
| CapEx | 16M | 30M | 17M | 16M | 14M | 15M | 15M | 25M | 26M | 18M | 16M | 21M | 21M |
| Maint. CapEx | 12M | 14M | 15M | 16M | 17M | 18M | 19M | 21M | 20M | 21M | 23M | 25M | 25M |
| Growth CapEx | 4.1M | 16M | 1.4M | 416K | 0 | 0 | 0 | 4.4M | 6.3M | 0 | 0 | 0 | 0 |
| D&A | 12M | 14M | 15M | 16M | 17M | 18M | 19M | 21M | 20M | 21M | 23M | 25M | 25M |
| CapEx/OCF | 44.0% | 59.6% | 33.7% | 36.2% | 27.6% | 35.6% | 18.3% | 29.5% | 42.7% | 23.9% | 31.0% | 34.0% | 34.6% |
| Capital Allocation | |||||||||||||
| Dividends Paid | 1.8M | 1.8M | 2.5M | 3.7M | 5.5M | 5.4M | 6.0M | 7.3M | 6.8M | 6.7M | 6.8M | 7.0M | 7.1M |
| Dividend Yield | 0.6% | 0.5% | 0.7% | 2.5% | 3.4% | 1.6% | 1.7% | 1.0% | 1.1% | 1.6% | 1.5% | 1.0% | 1.1% |
| Share Buybacks | 0 | 45M | 0 | 16M | 16M | 9.2M | 0 | 140M | 37M | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | 11.3% | N/A | 3.9% | 6.2% | 2.1% | N/A | 12.5% | 9.0% | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 4.6M | 4.4M | 3.2M | 3.2M | 6.6M | 2.2M | 3.4M | 5.5M | 6.0M | 7.7M | 6.5M | 7.8M | 8.1M |
| Debt Repayment | 13M | 11M | 11M | 11M | 128M | 0 | 146M | 158M | 120M | 98M | 97M | 148M | 148M |
| Balance Sheet | |||||||||||||
| Net Debt | 193M | 292M | 277M | 314M | 56M | 107M | 65M | 167M | 200M | 190M | 148M | 144M | 3.3M |
| Cash & Equiv. | 3.3M | 535K | 952K | 952K | 644K | 716K | 889K | 1.1M | 1.2M | 1.5M | 1.2M | 1.7M | 2.9M |
| Long-Term Debt | 152M | 195M | 204M | 212M | 33M | 5.7M | 4.5M | 4.0M | 3.4M | 5.5M | 4.9M | 5.6M | 5.5M |
| Debt/Equity | 1.13 | 1.89 | 1.62 | 1.62 | 0.28 | 0.50 | 0.31 | 1.40 | 1.55 | 1.17 | 0.76 | 0.57 | 0.02 |
| Interest Coverage | 3.9 | 4.6 | 4.3 | 3.8 | 2.0 | 1.9 | 1.8 | 3.7 | 3.1 | 2.2 | 2.6 | 3.4 | 11.9 |
| Equity | 180M | 158M | 176M | 198M | 221M | 227M | 241M | 128M | 137M | 173M | 209M | 255M | 267M |
| Total Assets | 828M | 833M | 922M | 918M | 1.1B | 1.1B | 1.2B | 1.2B | 1.2B | 1.3B | 1.3B | 1.3B | 1.3B |
| Total Liabilities | 648M | 676M | 709M | 724M | 696M | 903M | 905M | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B | 1.1B |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -17M | 3.4M | 21M | 58M | 72M | 86M | 102M | 135M | 177M | 210M | 243M | 295M | 308M |
| Working Capital | 3.8M | -3.5M | -11M | -13M | -5.7M | 4.3M | -13M | -21M | -7.5M | -9.3M | -14M | -1.1M | 7.5M |
| Current Assets | 37M | 34M | 33M | 30M | 29M | 40M | 35M | 40M | 38M | 42M | 45M | 56M | 57M |
| Current Liabilities | 33M | 37M | 44M | 43M | 35M | 36M | 48M | 61M | 45M | 51M | 58M | 57M | 50M |
| Per Share Data | |||||||||||||
| EPS | 0.85 | 1.12 | 1.12 | 5.70 | 1.53 | 0.80 | 0.89 | 1.81 | 2.63 | 2.14 | 2.10 | 3.25 | 2.79 |
| Owner EPS | 1.07 | 1.79 | 1.80 | 4.00 | 3.28 | 1.28 | 3.33 | 3.18 | 2.24 | 3.00 | 1.44 | 1.79 | 1.80 |
| Book Value | 9.65 | 8.46 | 10.05 | 30.30 | 29.05 | 12.47 | 13.30 | 6.99 | 8.72 | 11.08 | 13.29 | 16.08 | 16.82 |
| Cash Flow/Share | 1.96 | 2.77 | 2.86 | 6.93 | 6.43 | 2.38 | 4.59 | 4.60 | 3.88 | 4.84 | 3.31 | 3.83 | 4.36 |
| Dividends/Share | 0.10 | 0.10 | 0.15 | 0.57 | 0.72 | 0.30 | 0.34 | 0.41 | 0.45 | 0.45 | 0.45 | 0.45 | 0.45 |
| Shares Out. | 18.6M | 18.6M | 17.5M | 6.5M | 7.6M | 18.2M | 18.1M | 18.3M | 15.7M | 15.6M | 15.7M | 15.8M | 15.9M |
| Valuation | |||||||||||||
| P/E Ratio | 21.6 | 19.1 | 22.7 | 11.2 | 22.5 | 29.5 | 32.9 | 33.9 | 9.9 | 11.5 | 18.7 | 12.9 | 13.9 |
| P/FCF | 16.7 | 18.3 | 13.4 | 5.3 | 3.0 | 15.4 | 7.8 | 18.9 | 11.7 | 6.7 | 17.2 | 16.6 | 15.3 |
| EV/EBIT | 9.3 | 8.9 | 9.5 | 9.5 | 6.1 | 17.3 | 16.1 | 13.7 | 7.6 | 7.0 | 14.1 | 12.2 | 6.8 |
| Price/Book | 1.9 | 2.5 | 2.5 | 2.1 | 1.2 | 1.9 | 2.2 | 8.8 | 3.0 | 2.2 | 3.0 | 2.6 | 2.3 |
| Price/Sales | 1.3 | 1.6 | 1.5 | 1.6 | 1.5 | 1.3 | 1.1 | 1.9 | 1.6 | 1.1 | 1.1 | 1.6 | 1.5 |
| FCF Yield | 6.0% | 5.5% | 7.5% | 6.9% | 13.6% | 6.5% | 12.8% | 5.3% | 8.5% | 15.0% | 5.8% | 6.0% | 6.5% |
| Market Cap | 342M | 398M | 445M | 415M | 262M | 429M | 530M | 1.1B | 409M | 384M | 618M | 666M | 618M |
| Avg. Price | 16.17 | 20.45 | 20.74 | 23.20 | 21.19 | 18.99 | 20.05 | 38.25 | 38.43 | 27.63 | 29.17 | 42.23 | 38.96 |
| Year-End Price | 18.37 | 21.37 | 25.46 | 23.32 | 14.15 | 23.60 | 29.31 | 61.31 | 26.00 | 24.57 | 39.37 | 42.00 | 38.96 |
CARRIAGE SERVICES INC passes 6 of 9 quality checks, suggesting mixed fundamentals.
CARRIAGE SERVICES INC trades at 12.0x trailing earnings, compared to its 15-year median P/E of 20.6x, suggesting it is currently Fair relative to its historical range. On a free-cash-flow basis, the stock trades at 15.3x vs a median of 12.6x. The company's 5-year average ROIC is 18.8% with a gross margin of 34.0%. Total shareholder yield (dividends) is 1.1%. At current prices, the estimated annualized return to fair value is +3.7%.
CARRIAGE SERVICES INC (CSV) has a net profit margin of 12.3%. This is a healthy margin.
CARRIAGE SERVICES INC (CSV) generated $40 million in free cash flow in its most recent fiscal year. Positive free cash flow supports dividends, buybacks, and debt reduction.
CARRIAGE SERVICES INC (CSV) has a debt-to-equity ratio of 0.57. This indicates moderate leverage.
CARRIAGE SERVICES INC (CSV) reported earnings per share (EPS) of $3.25 in its most recent fiscal year.
CARRIAGE SERVICES INC (CSV) has a return on equity (ROE) of 22.2%. This indicates the company generates strong returns for shareholders.
CARRIAGE SERVICES INC (CSV) has a 5-year average gross margin of 34.0%. This indicates decent pricing power.
The Ledger Terminal provides 17 years of financial data for CARRIAGE SERVICES INC (CSV), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CARRIAGE SERVICES INC (CSV) has a book value per share of $16.08, based on its most recent annual SEC filing.