CARRIAGE SERVICES INC CSV
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $417.4M | $404.2M | $382.5M | $370.2M | $375.9M | $329.4M | $274.1M | $268.0M | $258.1M | $248.2M |
| Cost of revenue | $270.8M | $260.8M | $258.2M | $250.9M | $246.4M | $223.5M | $194.5M | $192.0M | $181.3M | $168.6M |
| Gross profit | $146.7M | $143.4M | $124.3M | $119.2M | $129.5M | $105.9M | $79.6M | $75.9M | $76.8M | $79.7M |
| SG&A | $48.6M | $59.0M | $42.1M | $37.5M | $35.2M | $27.3M | $25.9M | $30.8M | $26.3M | $27.9M |
| Total operating expenses | — | — | — | — | — | — | $27.3M | $32.6M | $27.9M | $29.4M |
| Operating income | $97.7M | $81.8M | $81.0M | $79.7M | $93.7M | $57.2M | $47.4M | $42.1M | $48.9M | $50.2M |
| Interest expense | $28.4M | $32.1M | $36.3M | $25.9M | $25.4M | $32.5M | $25.5M | $21.1M | $12.9M | $11.7M |
| Pre-tax income | $70.3M | $50.1M | $46.4M | $57.2M | $44.3M | $24.6M | $22.4M | $18.3M | $32.8M | $32.2M |
| Income tax | $18.8M | $17.1M | $13.0M | $16.2M | $12.3M | $8.0M | $7.4M | $5.8M | $13.1M | $12.7M |
| Net income | $51.5M | $33.0M | $33.4M | $41.4M | $33.2M | $16.1M | $14.5M | $11.6M | $37.2M | $19.6M |
| EPS, basic | 3.29 | 2.17 | 2.24 | 2.78 | 1.90 | 0.90 | 0.81 | 0.64 | 2.25 | 1.18 |
| EPS, diluted | 3.25 | 2.10 | 2.14 | 2.63 | 1.81 | 0.89 | 0.80 | 0.63 | 2.09 | 1.12 |
| Shares, diluted (wtd. avg.) | $15.6M | $15.4M | $15.5M | $15.7M | $18.3M | $18.1M | $18.0M | $18.4M | $17.7M | $17.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $1.7M | $1.2M | $1.5M | $1.2M | $1.1M | $889.0K | $716.0K | $644.0K | $952.0K | $952.0K |
| Receivables | $40.6M | $30.2M | $27.1M | $24.5M | $25.3M | $25.1M | $21.5M | $18.9M | $19.7M | $18.9M |
| Inventory | $7.8M | $7.9M | $8.3M | $7.6M | $7.3M | $7.3M | $7.0M | $6.8M | $6.5M | $6.1M |
| Total current assets | $56.1M | $44.5M | $41.7M | $38.0M | $40.2M | $35.3M | $39.9M | $29.3M | $30.1M | $33.0M |
| Property, plant and equipment | $286.8M | $273.0M | $287.5M | $278.1M | $269.4M | $269.1M | $279.2M | $260.8M | $247.3M | $235.1M |
| Goodwill | $427.9M | $414.9M | $423.6M | $410.1M | $392.0M | $392.0M | $393.0M | $398.3M | $303.9M | $288.0M |
| Total assets | $1.35B | $1.28B | $1.27B | $1.19B | $1.18B | $1.18B | $1.15B | $1.13B | $917.5M | $921.5M |
| Accounts payable | $19.0M | $15.4M | $11.9M | $11.7M | $14.2M | $11.3M | $8.4M | $10.0M | $6.5M | $10.2M |
| Short-term debt | $607.0K | $571.0K | $537.0K | $555.0K | $521.0K | $1.0M | $1.3M | $2.0M | $16.9M | $13.0M |
| Total current liabilities | $57.2M | $58.0M | $51.1M | $45.5M | $60.8M | $48.4M | $35.6M | $35.0M | $42.7M | $44.3M |
| Long-term debt | $5.6M | $4.9M | $5.5M | $3.4M | $4.0M | $4.5M | $5.7M | $33.1M | $212.2M | $204.4M |
| Total liabilities | $1.09B | $1.07B | $1.09B | $1.06B | $1.05B | $905.3M | $903.2M | $696.0M | $723.9M | $709.3M |
| Retained earnings | $294.7M | $243.2M | $210.3M | $176.8M | $135.5M | $102.3M | $86.2M | $71.7M | $57.9M | $20.7M |
| Total equity | $254.8M | $208.6M | $173.1M | $137.1M | $128.0M | $240.5M | $226.6M | $221.5M | $197.7M | $175.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $60.7M | $52.0M | $75.6M | $61.0M | $84.2M | $82.9M | $43.2M | $49.0M | $45.2M | $50.0M |
| Depreciation and amortisation | $24.5M | $22.9M | $21.1M | $19.8M | $20.5M | $19.4M | $17.8M | $17.4M | $16.0M | $15.4M |
| Stock-based compensation | $7.8M | $6.5M | $7.7M | $6.0M | $5.5M | $3.4M | $2.2M | $6.6M | $3.2M | $3.2M |
| Capital expenditure | $20.6M | $16.1M | $18.0M | $26.1M | $24.9M | $15.2M | $15.4M | $13.5M | $16.4M | $16.8M |
| Investing cash flow | -$35.2M | -$3.6M | -$57.0M | -$52.5M | -$12.5M | -$34.4M | -$158.9M | -$51.5M | -$39.5M | -$45.3M |
| Financing cash flow | -$25.0M | -$48.7M | -$18.2M | -$8.5M | -$71.5M | -$48.3M | $115.7M | $2.2M | -$8.1M | -$2.0M |
| Dividends paid | $7.0M | $6.8M | $6.7M | $6.8M | $7.3M | $6.0M | $5.4M | $5.5M | $3.7M | $2.5M |
| Buybacks | — | $0 | $0 | $36.7M | $140.0M | $0 | $9.2M | $16.3M | $16.4M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001016281-26-000021.
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| UNF | UNIFIRST CORP | $4.98B | 34.5x | 0.2% |
| YELP | YELP INC | $1.18B | 9.7x | 3.7% |
| WW | WW INTERNATIONAL, INC. | $180.2M | — | — |
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| RGS | REGIS CORP | $71.2M | 11.8x | 6.8% |
| DLPN | Dolphin Entertainment, Inc. | $15.4M | — | 9.7% |