One-glance verdict
Within fair range
$29.66 our estimate vs market $34.89
Wall Street consensus: $51.00 (71.9% higher than our fair-value estimate)
18% above our estimate
Fundamentals snapshot
Carriage Services, Inc.
CSV · NYQ · Consumer Cyclical · Personal Services
Current price
$34.89
52-week range
$30.11 - $52.10
Market cap
$554.13M
Balance sheet
Distressed
3.46x Stretched
Net debt $546.72M. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
0 Risks
3 rewards · 0 risks
- Reward Returns 17.3% on equity, ahead of 60% of its peers.
- Reward Free cash flow was positive in 10/10 years.
- Reward Dividend yield is 1.3% with 16-year payout history.
What this company does
Carriage Services, Inc.
Carriage Services provides funeral and cemetery services, selling everything from caskets and cremation to plots in cemeteries. The money mainly comes from these services and merchandise sales, which are important because they represent a stable income stream even when the economy is tough.
How the company got here
Carriage Services was founded in 1991 and has grown to become a significant provider of end-of-life services across the United States. The company's strategy has often involved acquiring existing funeral homes and cemeteries, integrating them into its network, and improving their operational efficiency. This approach has allowed Carriage Services to expand its geographic reach and service offerings over the years, building a reputation in the industry. The company is based in Houston, Texas, and has navigated the evolving landscape of funeral and cemetery care.
What it actually does
Carriage Services provides a comprehensive range of services and products for families planning funerals and managing cemeteries. This includes everything from the initial arrangements and preparation of the deceased to the final burial or cremation and ongoing cemetery maintenance. Essentially, they help families honor their loved ones' lives and provide a place for remembrance. Their services are designed to be a supportive resource during a difficult time, offering both emotional comfort and practical solutions.
Funeral Home Operations
This segment is where Carriage Services manages its funeral homes, offering a full suite of services for memorializing loved ones. They provide consultation to help families plan services, utilize their facilities for visitations and ceremonies, and handle transportation of the deceased. This part of the business also includes cremation services and the sale of related merchandise like caskets and urns. Think of this as the part of the business that directly assists families in saying goodbye and celebrating a life.
Cemetery Operations
The Cemetery Operations segment focuses on providing the final resting places and associated services. This involves selling interment rights, which are essentially the rights to be buried in a specific spot, whether it's a traditional grave, a lawn crypt, or a mausoleum space. They also sell cemetery merchandise like headstones and outer burial containers, and perform the actual interments (burials) and inurnments (placement of ashes in an urn). This business line ensures that there are peaceful and well-maintained places for families to visit and remember their departed.
What management is betting on now
Carriage Services is focused on enhancing its service offerings and operational efficiency across both its funeral home and cemetery businesses. A key priority is likely to continue to be strategic acquisitions that fit their model, allowing for growth and market expansion. Management is also focused on delivering high-quality, compassionate service to families, which is crucial for customer satisfaction and long-term success in this sensitive industry. They aim to be a trusted partner for families navigating end-of-life arrangements.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$16.24M
FY2024 Q4
$4.89M
FY2025 Q1
$10.63M
FY2025 Q2
$5.24M
FY2025 Q3
$17.98M
FY2025 Q4
$6.21M
FY2026 Q1
$11.00M
FY2026 Q2
$2.23M
Revenue
$102.95M
Net income
$12.27M
Diluted EPS
0.77
Operating cash flow
$7.55M
Free cash flow
$2.23M
Fetching…
Sources
Revenue
$106.12M
Net income
$13.49M
Diluted EPS
0.84
Operating cash flow
$14.90M
Free cash flow
$11.00M
Fetching…
Sources
Revenue
$105.48M
Net income
$12.27M
Diluted EPS
0.76
Operating cash flow
$14.12M
Free cash flow
$6.21M
Fetching…
Sources
Revenue
$102.74M
Net income
$6.57M
Diluted EPS
0.41
Operating cash flow
$24.69M
Free cash flow
$17.98M
Fetching…
Sources
Revenue
$102.15M
Net income
$11.74M
Diluted EPS
0.74
Operating cash flow
$8.09M
Free cash flow
$5.24M
Fetching…
Sources
Revenue
$107.07M
Net income
$20.93M
Diluted EPS
1.34
Operating cash flow
$13.79M
Free cash flow
$10.63M
Fetching…
Sources
Revenue
$97.70M
Net income
$9.86M
Diluted EPS
0.62
Operating cash flow
$9.28M
Free cash flow
$4.89M
Fetching…
Sources
Revenue
$100.69M
Net income
$9.87M
Diluted EPS
0.63
Operating cash flow
$20.86M
Free cash flow
$16.24M
Fetching…
Sources
Is it cheap or expensive?
Fair value $29.66 vs current price $34.89
Wall Street consensus is the average analyst price target: $51.00 (71.9% higher than our fair-value estimate).
Our most-likely fair value is $29.66 a share — about 15.0% away from today's price of $34.89, so the stock currently looks fairly priced.
Is it drowning in debt?
Distressed
Net debt $546.7M. Interest coverage 3.5x.
Net debt
$546.72M
Interest coverage
3.46x
Carriage Services, Inc.'s profit covers its interest bill about 3.5 times over. which is stronger than most peers shown here and 2 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
CSV
BASELINE
Carriage Services, Inc.
Total debt $549.27M Interest coverage 3.46x This is the baseline the peer rows are being compared against.
Total debt $5.17B Interest coverage 3.81x +10% vs CSV Has roughly the same debt cushion as CSV.
Total debt $628.45M Interest coverage 0.32x -91% vs CSV Carries about 10.7x less debt cushion than CSV.
Total debt $122.32M Interest coverage 10.16x +194% vs CSV Carries about 2.9x more debt cushion than CSV.
Total debt $426.31M Interest coverage 0.73x -79% vs CSV Carries about 4.7x less debt cushion than CSV.
What you should know
The case for and against CSV
3 Rewards
0 Risks
Rewards
-
Returns 17.3% on equity, ahead of 60% of its peers.
-
Free cash flow was positive in 10/10 years.
-
Dividend yield is 1.3% with 16-year payout history.
Risks
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
12.46x
Forward P/E
9.59x
P/B
1.98x
P/S
1.33x
EV/EBITDA
8.95x
PEG ratio
0.64x
Profitability
How much profit each dollar creates
Gross margin
38.3%
Operating margin
23.4%
Net margin
10.7%
ROE
17.3%
ROA
4.6%
Health
Liquidity and balance-sheet strength
Debt / equity
1.97x
Current ratio
1.46x
Quick ratio
0.99x
Total debt
$549.27M
Total cash
$2.55M
Growth
How the business has been compounding
Revenue TTM
$417.29M
Revenue 5Y CAGR
2.7%
EPS TTM
2.80
EPS 5Y CAGR
7.3%
Cash flow
How much cash the business throws off
Operating CF TTM
$61.27M
Free CF TTM
$40.06M
FCF margin
9.6%
Dividend
Shareholder payout
Yield
1.3%
Payout ratio
16.1%
Last ex-div date
2026-11-02