Carriage Services, Inc. (CSV) 10-Year Financial Performance & Capital Metrics

CSV • • Industrial / General

Consumer CyclicalPersonal ServicesSpecialized Professional ServicesFuneral & Cemetery Services

AboutCarriage Services, Inc. provides funeral and cemetery services, and merchandise in the United States. It operates through two segments, Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment engages in the provision of consultation, funeral home facilities for visitation and memorial services, and transportation services; removal and preparation of remains; and sale of burial and cremation services, and related merchandise, such as caskets and urns. The Cemetery Operations segment provides interment rights for grave sites, lawn crypts, mausoleum spaces, and niche; related cemetery merchandise, including outer burial containers, memorial markers, monuments, and floral placements; and interments, inurnments, and installation of cemetery merchandise services. As of December 31, 2021, it operated 170 funeral homes in 26 states and 31 cemeteries in 11 states. Carriage Services, Inc. was founded in 1991 and is based in Houston, Texas.Show more

Revenue $404M +5.7%
EBITDA $81M -20.3%
Net Income $33M -1.4%
EPS (Diluted) 2.10 -1.9%
Gross Margin 35.48% +9.2%
EBITDA Margin 20.15% -24.6%
Operating Margin 20.24% -4.4%
Net Margin 8.15% -6.7%
ROE 17.27% -19.8%
ROIC 7.94% -0.3%
Debt/Equity 2.69 -23.0%
Interest Coverage 2.55 +14.2%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 23.3%
✓Strong 5Y profit CAGR of 17.8%
✓Strong Piotroski F-Score: 7/9
✓High quality earnings: Operating CF exceeds net income

✗Weaknesses

✗High debt to equity ratio of 2.7x

Price & Volume

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Growth Metrics

Revenue CAGR

10Y5.98%

5Y8.08%

3Y2.45%

TTM1.05%

Profit (Net Income) CAGR

10Y7.6%

5Y17.79%

3Y-0.21%

TTM41.05%

EPS CAGR

10Y9.47%

5Y21.29%

3Y5.08%

TTM39.53%

ROCE

10Y Avg6.24%

5Y Avg6.86%

3Y Avg6.87%

Latest6.71%

Peer Comparison

Funeral & Cemetery Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
SCIService Corporation International	11.51B	82.10	23.26	2.11%	12.46%	34.11%	4.83%	2.93
CSVCarriage Services, Inc.	693.26M	44.03	20.97	5.67%	11.96%	20.24%	5.18%	2.69

Profit & Loss

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Sales/Revenue+	242.5M	248.2M	258.14M	267.99M	274.11M	329.45M	375.89M	370.17M	382.52M	404.2M
Revenue Growth %	0.07%	0.02%	0.04%	0.04%	0.02%	0.2%	0.14%	-0.02%	0.03%	0.06%
Cost of Goods Sold+	164.99M	168.55M	181.34M	192.04M	194.52M	223.53M	246.37M	250.95M	258.23M	260.81M
COGS % of Revenue	0.68%	0.68%	0.7%	0.72%	0.71%	0.68%	0.66%	0.68%	0.68%	0.65%
Gross Profit+	77.51M	79.65M	76.8M	75.95M	79.58M	105.92M	129.52M	119.23M	124.3M	143.39M
Gross Margin %	0.32%	0.32%	0.3%	0.28%	0.29%	0.32%	0.34%	0.32%	0.32%	0.35%
Gross Profit Growth %	0.11%	0.03%	-0.04%	-0.01%	0.05%	0.33%	0.22%	-0.08%	0.04%	0.15%
Operating Expenses+	28.86M	29.45M	27.86M	32.64M	27.3M	48.7M	35.86M	39.5M	43.32M	61.59M
OpEx % of Revenue	0.12%	0.12%	0.11%	0.12%	0.1%	0.15%	0.1%	0.11%	0.11%	0.15%
Selling, General & Admin	27.11M	27.94M	26.25M	30.83M	25.88M	27.25M	35.19M	37.47M	42.13M	59.01M
SG&A % of Revenue	0.11%	0.11%	0.1%	0.12%	0.09%	0.08%	0.09%	0.1%	0.11%	0.15%
Research & Development	0	0	0	0	0	0	0	0	0	0
R&D % of Revenue	-	-	-	-	-	-	-	-	-	-
Other Operating Expenses	-45K	-1.79M	1.12M	-1.24M	1.42M	21.44M	666K	2.03M	1.19M	2.58M
Operating Income+	48.65M	50.2M	48.94M	43.31M	52.29M	57.23M	93.66M	79.73M	80.98M	81.8M
Operating Margin %	0.2%	0.2%	0.19%	0.16%	0.19%	0.17%	0.25%	0.22%	0.21%	0.2%
Operating Income Growth %	0.22%	0.03%	-0.03%	-0.12%	0.21%	0.09%	0.64%	-0.15%	0.02%	0.01%
EBITDA+	62.43M	65.63M	64.92M	60.74M	70.06M	77.92M	115.47M	99.67M	102.23M	81.44M
EBITDA Margin %	0.26%	0.26%	0.25%	0.23%	0.26%	0.24%	0.31%	0.27%	0.27%	0.2%
EBITDA Growth %	0.21%	0.05%	-0.01%	-0.06%	0.15%	0.11%	0.48%	-0.14%	0.03%	-0.2%
D&A (Non-Cash Add-back)	13.78M	15.42M	15.98M	17.43M	17.77M	20.69M	21.8M	19.95M	21.25M	-356K
EBIT	48.6M	47.85M	50.06M	41.57M	48.18M	57.37M	69.77M	83.09M	82.69M	82.16M
Net Interest Income+	-14.01M	-15.61M	-17.28M	-23.3M	-25.76M	-32.73M	-25.46M	-25.89M	-36.27M	-32.08M
Interest Income	0	0	0	0	0	0	0	0	0	0
Interest Expense	14.01M	15.61M	17.28M	23.3M	25.76M	32.73M	25.46M	25.89M	36.27M	32.08M
Other Income/Expense	-14.06M	-17.96M	-16.16M	-23.85M	-29.87M	-32.59M	-49.36M	-22.53M	-34.55M	-31.72M
Pretax Income+	34.59M	32.24M	32.78M	18.27M	22.42M	24.64M	44.3M	57.19M	46.43M	50.08M
Pretax Margin %	0.14%	0.13%	0.13%	0.07%	0.08%	0.07%	0.12%	0.15%	0.12%	0.12%
Income Tax+	13.74M	12.66M	-4.41M	6.62M	7.88M	8.55M	11.14M	15.81M	13.02M	17.13M
Effective Tax Rate %	0.6%	0.61%	1.13%	0.64%	0.65%	0.65%	0.75%	0.72%	0.72%	0.66%
Net Income+	20.85M	19.58M	37.19M	11.64M	14.53M	16.09M	33.16M	41.38M	33.41M	32.95M
Net Margin %	0.09%	0.08%	0.14%	0.04%	0.05%	0.05%	0.09%	0.11%	0.09%	0.08%
Net Income Growth %	0.32%	-0.06%	0.9%	-0.69%	0.25%	0.11%	1.06%	0.25%	-0.19%	-0.01%
Net Income (Continuing)	20.85M	19.58M	37.19M	11.64M	14.53M	16.09M	33.16M	41.38M	33.41M	32.95M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.12	1.12	2.09	0.63	0.80	0.89	1.81	2.63	2.14	2.10
EPS Growth %	0.32%	0%	0.87%	-0.7%	0.27%	0.11%	1.03%	0.45%	-0.19%	-0.02%
EPS (Basic)	1.16	1.18	2.25	0.65	0.81	0.90	1.90	2.78	2.24	2.17
Diluted Shares Outstanding	18.31M	17.46M	17.71M	18.37M	18M	18.08M	18.27M	15.71M	15.46M	15.44M
Basic Shares Outstanding	17.79M	16.52M	16.44M	17.97M	17.88M	17.87M	17.41M	14.86M	14.8M	14.97M
Dividend Payout Ratio	0.09%	0.13%	0.1%	0.47%	0.37%	0.38%	0.22%	0.16%	0.2%	0.21%

Balance Sheet

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Total Current Assets+	33.76M	32.97M	30.14M	29.3M	39.85M	35.33M	40.21M	37.97M	41.72M	44.54M
Cash & Short-Term Investments	535K	3.29M	952K	644K	716K	889K	1.15M	1.17M	1.52M	1.17M
Cash Only	535K	3.29M	952K	644K	716K	889K	1.15M	1.17M	1.52M	1.17M
Short-Term Investments	0	0	0	0	0	0	0	0	0	0
Accounts Receivable	18.18M	20.79M	20.54M	20.24M	25.44M	25.1M	29.38M	24.96M	27.93M	30.19M
Days Sales Outstanding	27.36	30.58	29.05	27.57	33.87	27.81	28.53	24.62	26.66	27.27
Inventory	5.65M	6.15M	6.52M	6.75M	6.99M	7.26M	7.35M	7.61M	8.35M	7.92M
Days Inventory Outstanding	12.51	13.31	13.12	12.83	13.11	11.85	10.88	11.07	11.8	11.08
Other Current Assets	4.71M	102K	97K	210K	112K	157K	125K	149K	137K	1.27M
Total Non-Current Assets+	803.59M	852.1M	891.39M	888.2M	1.09B	1.11B	1.14B	1.15B	1.23B	1.24B
Property, Plant & Equipment	290.47M	311.23M	323.63M	335.8M	388.54M	391.39M	387.95M	399.34M	418.36M	402.43M
Fixed Asset Turnover	0.83x	0.80x	0.80x	0.80x	0.71x	0.84x	0.97x	0.93x	0.91x	1.00x
Goodwill	264.42M	275.49M	287.96M	303.89M	398.29M	392.98M	391.97M	410.14M	423.64M	414.86M
Intangible Assets	10.77M	14.96M	18.12M	24.43M	31.97M	29.54M	29.38M	32.93M	37.3M	40.64M
Long-Term Investments	191.97M	205.82M	214.76M	188.58M	232.76M	258.67M	100.9M	95.06M	346.65M	0
Other Non-Current Assets	191.97M	205.82M	214.76M	188.58M	38.35M	258.67M	329.12M	202.15M	-20.42M	377.11M
Total Assets+	837.35M	885.07M	921.53M	917.5M	1.13B	1.15B	1.18B	1.19B	1.27B	1.28B
Asset Turnover	0.29x	0.28x	0.28x	0.29x	0.24x	0.29x	0.32x	0.31x	0.30x	0.32x
Asset Growth %	0.01%	0.06%	0.04%	-0%	0.23%	0.01%	0.03%	0.01%	0.06%	0.01%
Total Current Liabilities+	37.22M	44.27M	42.72M	34.96M	35.59M	48.37M	60.79M	45.47M	51.07M	58.04M
Accounts Payable	7.92M	10.2M	6.55M	9.99M	8.41M	11.26M	14.21M	11.68M	11.87M	15.43M
Days Payables Outstanding	17.51	22.08	13.18	18.98	15.79	18.39	21.04	16.98	16.77	21.59
Short-Term Debt	12.24M	13.27M	17.25M	2.33M	1.31M	3.56M	521K	555K	537K	571K
Deferred Revenue (Current)	1000K	208K	241K	274K	0	0	1000K	1000K	0	0
Other Current Liabilities	15.76M	22.55M	19.02M	20.69M	12.08M	1.77M	-14.32M	-32.14M	21.37M	17.31M
Current Ratio	0.91x	0.74x	0.71x	0.84x	1.12x	0.73x	0.66x	0.84x	0.82x	0.77x
Quick Ratio	0.76x	0.61x	0.55x	0.65x	0.92x	0.58x	0.54x	0.67x	0.65x	0.63x
Cash Conversion Cycle	22.36	21.8	28.99	21.42	31.2	21.28	18.37	18.71	21.68	16.76
Total Non-Current Liabilities+	642.54M	662.81M	681.16M	661.05M	867.6M	856.96M	989.83M	1.01B	1.04B	1.01B
Long-Term Debt	310.24M	324M	336.6M	357.91M	489.26M	446.51M	552.45M	587.52M	579.16M	536.87M
Capital Lease Obligations	2.88M	2.63M	6.36M	6.14M	27.39M	25.83M	23.68M	22.06M	21.63M	20.08M
Deferred Tax Liabilities	39.96M	40.55M	31.16M	31.26M	41.37M	48.25M	45.78M	48.82M	52.13M	51.43M
Other Non-Current Liabilities	47.95M	48.86M	53.23M	46.63M	233.87M	260.52M	287.14M	268.18M	86.21M	303.58M
Total Liabilities	679.76M	707.08M	723.88M	696.01M	903.19M	905.32M	1.05B	1.06B	1.09B	1.07B
Total Debt+	329.56M	339.9M	360.21M	366.38M	519.79M	478.32M	578.93M	612.75M	604.63M	560.87M
Net Debt	329.03M	336.61M	359.25M	365.74M	519.08M	477.43M	577.78M	611.58M	603.11M	559.7M
Debt / Equity	2.09x	1.91x	1.82x	1.65x	2.29x	1.99x	4.52x	4.47x	3.49x	2.69x
Debt / EBITDA	5.28x	5.18x	5.55x	6.03x	7.42x	6.14x	5.01x	6.15x	5.91x	6.89x
Net Debt / EBITDA	5.27x	5.13x	5.53x	6.02x	7.41x	6.13x	5.00x	6.14x	5.90x	6.87x
Interest Coverage	3.47x	3.22x	2.83x	1.86x	2.03x	1.75x	3.68x	3.08x	2.23x	2.55x
Total Equity+	157.59M	177.99M	197.66M	221.49M	226.57M	240.5M	128.01M	137.13M	173.06M	208.55M
Equity Growth %	-0.12%	0.13%	0.11%	0.12%	0.02%	0.06%	-0.47%	0.07%	0.26%	0.21%
Book Value per Share	8.61	10.19	11.16	12.05	12.58	13.30	7.01	8.73	11.20	13.50
Total Shareholders' Equity	157.59M	177.99M	197.66M	221.49M	226.57M	240.5M	128.01M	137.13M	173.06M	208.55M
Common Stock	225K	225K	226K	257K	259K	260K	263K	264K	266K	269K
Retained Earnings	3.38M	22.97M	57.9M	71.68M	86.21M	102.3M	135.46M	176.84M	210.26M	243.21M
Treasury Stock	-60.27M	-60.27M	-76.63M	-94.29M	-102.05M	-102.05M	-244.52M	-278.75M	-278.75M	-278.75M
Accumulated OCI	-133.59M	-144.7M	-153.32M	-162.61M	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	Dec 2015	Dec 2016	Dec 2017	Dec 2018	Dec 2019	Dec 2020	Dec 2021	Dec 2022	Dec 2023	Dec 2024
Cash from Operations+	49.9M	49.46M	45.23M	49.13M	43.22M	82.92M	84.25M	61.02M	75.59M	52M
Operating CF Margin %	0.21%	0.2%	0.18%	0.18%	0.16%	0.25%	0.22%	0.16%	0.2%	0.13%
Operating CF Growth %	0.36%	-0.01%	-0.09%	0.09%	-0.12%	0.92%	0.02%	-0.28%	0.24%	-0.31%
Net Income	20.85M	19.58M	37.19M	11.64M	14.53M	16.09M	33.16M	41.38M	33.41M	32.95M
Depreciation & Amortization	13.78M	15.42M	15.98M	17.43M	19M	19.39M	21.8M	21.09M	22.52M	24.25M
Stock-Based Compensation	4.44M	3.23M	3.16M	6.58M	2.15M	3.62M	5.51M	5.96M	7.7M	6.52M
Deferred Taxes	3.04M	4.86M	-11.65M	3.82M	10.12M	4.6M	-692K	3.04M	3.31M	-698K
Other Non-Cash Items	6M	9.58M	6.64M	8.15M	7.04M	26.29M	27.45M	2.46M	3.71M	6.67M
Working Capital Changes	1.79M	-3.21M	-6.09M	1.5M	-9.63M	12.93M	-2.99M	-12.89M	4.94M	-17.7M
Change in Receivables	-2.31M	-5.16M	-4.25M	-5.06M	-5.8M	-4.28M	-4.09M	-5.36M	-8.12M	-24.62M
Change in Inventory	2.58M	2M	1.45M	-159K	-2.76M	3.52M	-4.45M	2.29M	-72K	1.06M
Change in Payables	1.45M	2.11M	-3.65M	2.04M	-580K	2.7M	522K	-101K	169K	1.62M
Cash from Investing+	-45.48M	-45.27M	-39.46M	-51.5M	-158.89M	-34.42M	-12.54M	-52.49M	-57M	-3.64M
Capital Expenditures	-35.82M	-23.1M	-16.39M	-13.53M	-15.38M	-15.2M	-24.88M	-26.08M	-44.5M	-16.1M
CapEx % of Revenue	0.15%	0.09%	0.06%	0.05%	0.06%	0.05%	0.07%	0.07%	0.12%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	65K	4.38M	4.43M	-37.97M	1.43M	248K	7.76M	2.44M	-16.64M	12.46M
Cash from Financing+	-4.3M	-1.43M	-8.1M	2.06M	115.74M	-48.32M	-71.45M	-8.51M	-18.23M	-48.72M
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-1.82M	-2.49M	-3.71M	-5.51M	-5.4M	-6.05M	-7.26M	-6.76M	-6.71M	-6.81M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	51K	-63K	-101K	-4.79M	-782K	-517K	-22.54M	496K	1.24M	-1.37M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	14.08M	26.35M	28.84M	35.61M	27.84M	67.72M	59.36M	34.94M	13.05M	35.9M
FCF Margin %	0.06%	0.11%	0.11%	0.13%	0.1%	0.21%	0.16%	0.09%	0.03%	0.09%
FCF Growth %	0.09%	0.87%	0.09%	0.23%	-0.22%	1.43%	-0.12%	-0.41%	-0.63%	1.75%
FCF per Share	0.77	1.51	1.63	1.94	1.55	3.75	3.25	2.22	0.84	2.32
FCF Conversion (FCF/Net Income)	2.39x	2.53x	1.22x	4.22x	2.97x	5.15x	2.54x	1.47x	2.26x	1.58x
Interest Paid	0	0	0	0	0	30.93M	24.13M	24.46M	34.68M	30.63M
Taxes Paid	0	0	0	0	0	4.46M	16.11M	9.71M	10.45M	16.65M

Key Ratios

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Return on Equity (ROE)	12.36%	11.67%	19.8%	5.56%	6.49%	6.89%	18%	31.21%	21.54%	17.27%
Return on Invested Capital (ROIC)	7.71%	7.52%	6.85%	5.68%	5.88%	5.87%	9.87%	8.22%	7.97%	7.94%
Gross Margin	31.96%	32.09%	29.75%	28.34%	29.03%	32.15%	34.46%	32.21%	32.49%	35.48%
Net Margin	8.6%	7.89%	14.41%	4.35%	5.3%	4.88%	8.82%	11.18%	8.73%	8.15%
Debt / Equity	2.09x	1.91x	1.82x	1.65x	2.29x	1.99x	4.52x	4.47x	3.49x	2.69x
Interest Coverage	3.47x	3.22x	2.83x	1.86x	2.03x	1.75x	3.68x	3.08x	2.23x	2.55x
FCF Conversion	2.39x	2.53x	1.22x	4.22x	2.97x	5.15x	2.54x	1.47x	2.26x	1.58x
Revenue Growth	7.24%	2.35%	4%	3.82%	2.28%	20.19%	14.1%	-1.52%	3.34%	5.67%

Revenue by Segment

	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Property and Merchandise	-	-	-	-	-	-	-	-	-	186.93M
Property and Merchandise Growth	-	-	-	-	-	-	-	-	-	-
Funeral And Cemetery Services	140.96M	143.79M	153.63M	-	-	-	-	-	-	183.05M
Funeral And Cemetery Services Growth	-	2.00%	6.84%	-	-	-	-	-	-	-
Merchandise	-	-	-	-	-	-	-	-	-	98.52M
Merchandise Growth	-	-	-	-	-	-	-	-	-	-
Cemetery Interment Rights	-	-	-	-	-	-	-	-	-	88.41M
Cemetery Interment Rights Growth	-	-	-	-	-	-	-	-	-	-
Other Revenue	-	-	-	-	-	-	-	-	-	34.22M
Other Revenue Growth	-	-	-	-	-	-	-	-	-	-
Funeral	185.82M	189.4M	200.89M	210.72M	216.87M	249.14M	270.09M	266.9M	264.78M	-
Funeral Growth	-	1.93%	6.06%	4.90%	2.92%	14.88%	8.41%	-1.18%	-0.80%	-
Cemetery	56.68M	58.8M	57.25M	57.27M	57.24M	80.31M	105.8M	103.27M	117.74M	-
Cemetery Growth	-	3.73%	-2.63%	0.02%	-0.05%	40.31%	31.74%	-2.39%	14.01%	-

Frequently Asked Questions

Valuation & Price

Carriage Services, Inc. (CSV) has a price-to-earnings (P/E) ratio of 21.0x. This is roughly in line with market averages.

Growth & Financials

Carriage Services, Inc. (CSV) reported $409.6M in revenue for fiscal year 2024. This represents a 115% increase from $190.6M in 2011.

Carriage Services, Inc. (CSV) grew revenue by 5.7% over the past year. This is steady growth.

Yes, Carriage Services, Inc. (CSV) is profitable, generating $49.0M in net income for fiscal year 2024 (8.2% net margin).

Dividend & Returns

Yes, Carriage Services, Inc. (CSV) pays a dividend with a yield of 1.00%. This makes it attractive for income-focused investors.

Carriage Services, Inc. (CSV) has a return on equity (ROE) of 17.3%. This is reasonable for most industries.

Carriage Services, Inc. (CSV) had negative free cash flow of $17.8M in fiscal year 2024, likely due to heavy capital investments.

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