Cash conversion remains inconsistent, with the OCF/NI ratio exhibiting extreme volatility from a low of 0.34 in 2024Q2 to a high of 3.81 in 2025Q3.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 61.8M | 60.69M | 52M | 75.59M | 61.02M | 84.25M | 82.92M | 43.22M | 49.13M | 45.23M | 49.46M | 49.9M | 36.56M | 39.84M | 25.76M | 31.16M | 25.68M | 16.09M | 19.65M | 19.57M | 18.18M | 1.74M | 24.2M | 14.68M | 18.95M | 27.75M | 27.14M | 17M | 6.6M | 9.7M | 300K |
| Operating CF Margin % | - | 14.54% | 12.86% | 19.76% | 16.49% | 22.41% | 25.17% | 15.77% | 18.33% | 17.52% | 19.93% | 20.58% | 16.17% | 18.62% | 12.62% | 16.34% | 13.88% | 9.06% | 11.11% | 11.66% | 12.03% | 1.12% | 16.11% | 9.73% | 12.29% | 17.08% | 16.69% | 10.09% | 5.65% | 12.53% | 0.74% |
| Operating CF Growth % | 353.44% | 16.73% | -31.21% | 23.87% | -27.56% | 1.61% | 91.86% | -12.04% | 8.63% | -8.55% | -0.9% | 36.48% | -8.23% | 54.67% | -17.31% | 21.32% | 59.55% | -18.1% | 0.41% | 7.63% | 945.6% | -92.81% | 64.82% | -22.51% | -31.73% | 2.23% | 59.67% | 157.58% | -31.96% | 3133.33% | - |
| Net Income | 43.98M | 51.51M | 32.95M | 33.41M | 41.38M | 33.16M | 16.09M | 14.53M | 11.64M | 37.19M | 19.58M | 20.85M | 15.84M | 19.3M | 11.4M | 6.98M | 8.08M | 7.05M | 1.79M | 8.28M | -1.42M | -21.86M | 10.95M | 6.63M | 20.28M | 9M | -93M | 10.9M | 9.5M | 4.5M | 200K |
| Depreciation & Amortization | 25.99M | 25.71M | 24.25M | 22.52M | 21.09M | 21.8M | 19.39M | 19M | 17.43M | 15.98M | 15.42M | 13.78M | 11.95M | 11.75M | 10.05M | 9.61M | 9.98M | 10.34M | 10.37M | 10.24M | 9.4M | 9.22M | 10.83M | 11.11M | 11.11M | 16.97M | 21.41M | 17M | 11.4M | 7.8M | 3.6M |
| Stock-Based Compensation | 7.9M | 7.81M | 6.52M | 7.7M | 5.96M | 5.51M | 3.62M | 2.15M | 6.58M | 3.16M | 3.23M | 4.44M | 4.62M | 3.58M | 2.17M | 1.87M | 1.76M | 1.59M | 1.55M | 784K | 784K | 675K | 464K | 345K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 5.3M | 3.98M | -698K | 3.31M | 3.04M | -692K | 4.6M | 10.12M | 3.82M | -11.65M | 4.86M | 3.04M | 5.29M | 12.57M | 3.93M | -3.46M | 1.52M | 4.8M | 1.65M | 5.07M | 2.38M | 32K | -70K | 3.83M | -7M | 3.79M | -6.29M | 7.1M | 1.7M | 2.2M | 100K |
| Other Non-Cash Items | 14M | 4.03M | 6.67M | 3.71M | 2.46M | 27.45M | 26.29M | 7.04M | 8.15M | 6.64M | 9.58M | 6M | 9.24M | -3.54M | 4.43M | 2.83M | 4.29M | 4.67M | 4.82M | 2.78M | 9.48M | 26.12M | 3.83M | 494K | 1.43M | 4.02M | 136.5M | -300K | 1.7M | 1.2M | -600K |
| Working Capital Changes | -35.47M | -32.34M | -17.7M | 4.94M | -12.89M | -2.99M | 12.93M | -9.63M | 1.5M | -6.09M | -3.21M | 1.79M | -10.38M | -3.81M | -6.23M | 13.32M | 55K | -12.34M | -534K | -7.58M | -2.45M | -12.45M | -1.82M | -7.72M | -6.87M | -6.03M | 7.52M | -19.9M | -17.7M | -5.8M | -4.2M |
| Change in Receivables | -27.63M | -28.15M | -24.62M | -8.12M | -5.36M | -4.09M | -4.28M | -5.8M | -5.06M | -4.25M | -5.16M | -2.31M | -4.15M | -3.33M | -3.85M | -1.92M | -4.76M | -7.24M | 2.32M | 3.88M | -2.11M | 2.71M | 2.24M | 1.65M | 1.02M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -1.15M | 0 | 1.06M | -72K | 2.29M | -4.45M | 3.52M | -2.76M | -159K | 1.45M | 2M | 2.58M | -2.59M | -337K | 5.33M | -1.51M | 1.83M | 220K | 857K | 17K | 335K | -1.02M | -899K | -43K | -1.72M | 1.99M | 2.98M | -4.4M | -700K | -1.2M | -500K |
| Change in Payables | -4.84M | -369K | 1.62M | 169K | -101K | 522K | 2.7M | -580K | 2.04M | -3.65M | 2.11M | 1.45M | -562K | 1.14M | -7.2M | 7.01M | 2.98M | -17.33M | 4.55M | 613K | 588K | -1.4M | -1.18M | -1.03M | -3.91M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -54.55M | -35.17M | -3.64M | -57M | -52.49M | -12.54M | -34.42M | -158.89M | -51.5M | -39.46M | -45.27M | -45.48M | -79.36M | -20.21M | -54.97M | -29.22M | -29.27M | -12.4M | -11.85M | -38.82M | -1.74M | -24.2M | -1.29M | -1.79M | -6.01M | 6.82M | -18.47M | -66.7M | -153.5M | -74.8M | -46M |
| Capital Expenditures | -21.36M | -20.63M | -16.1M | -44.5M | -26.08M | -24.88M | -15.2M | -15.38M | -13.53M | -16.39M | -23.1M | -35.82M | -23.68M | -10.7M | -12.86M | -10.64M | -10.66M | -9.37M | -12.88M | -11.65M | -6.39M | -8.21M | -5.75M | -6.2M | -6.03M | -5.05M | -10.55M | -66.7M | -153.5M | -74.8M | -4.6M |
| CapEx % of Revenue | 5.13% | 4.94% | 3.98% | 11.63% | 7.05% | 6.62% | 4.61% | 5.61% | 5.05% | 6.35% | 9.31% | 14.77% | 10.47% | 5% | 6.3% | 5.58% | 5.76% | 5.28% | 7.28% | 6.94% | 4.23% | 5.3% | 3.83% | 4.11% | 3.91% | 3.11% | 6.49% | 39.58% | 131.42% | 96.64% | 11.41% |
| Acquisitions | 16K | 0 | 0 | 4.13M | -28.85M | 4.59M | -19.47M | -144.94M | -37.97M | -23.07M | -22.17M | -9.66M | -55.68M | -9.52M | -42.71M | -18.57M | -19.01M | -3.1M | 12.88M | -48.6M | -1.07M | -1.28M | 0 | 1.5M | -2.16M | -212K | -1.98M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -33.2M | -14.54M | 12.46M | -16.64M | 2.44M | 7.76M | 248K | 1.43M | -37.97M | 4.43M | 4.38M | 65K | 2.19M | 10.18M | 592K | -18.57M | 400K | -171.49M | -187.03M | 57.06M | 4.12M | 2.2M | 4.22M | 2.92M | 2.19M | 12.08M | -5.94M | 0 | 0 | 0 | -42.4M |
| Cash from Financing | -8.99M | -25M | -48.72M | -18.23M | -8.51M | -71.45M | -48.32M | 115.74M | 2.06M | -8.1M | -1.43M | -4.3M | 41.83M | -19.95M | 29.77M | -2.08M | 1.25M | -5.08M | -6.24M | -123K | -1.57M | 28.46M | -22.98M | -13.57M | -12.98M | -35.03M | -7.98M | 49.4M | 143.6M | 69.5M | 39.8M |
| Debt Issued (Net) | 10.83M | -11.42M | -43.16M | -12.77M | 34.42M | 98.39M | -42.99M | 131.07M | 27.52M | 11.09M | 1.12M | 41.71M | 54.6M | -19.64M | 40.13M | -366K | -450K | -778K | -1.18M | -1.4M | -2.14M | 27.53M | -23.65M | -14.12M | -8.22M | -30.76M | -5.81M | -39.2M | 76.4M | 69.7M | -6.1M |
| Equity Issued (Net) | 600K | 1.72M | 2.63M | 0 | -36.66M | -140.04M | 1.23M | -9.15M | -15.02M | -15.38M | 0 | -44.24M | 0 | 0 | -3.63M | -17K | 0 | -4.26M | -5.13M | 970K | 567K | 936K | 686K | 536K | 531K | 697K | 602K | 1M | 68.3M | 700K | 47.5M |
| Dividends Paid | -7.08M | -7.03M | -6.81M | -6.71M | -6.76M | -7.26M | -6.05M | -5.4M | -5.51M | -3.71M | -2.49M | -1.82M | -1.84M | -1.82M | -1.82M | -1.39M | -14K | -14K | -10K | 0 | 0 | 0 | 0 | 0 | 0 | -37K | -81K | -100K | -600K | -900K | -600K |
| Share Repurchases | -2K | 0 | 0 | 0 | -36.66M | -140.04M | 0 | -9.15M | -16.27M | -16.37M | -578K | -45M | 0 | 0 | -4.53M | -736K | 0 | -4.26M | -5.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -69K | 0 | -1.7M | -100K | -300K |
| Other Financing | -13.35M | -8.28M | -1.37M | 1.24M | 496K | -22.54M | -517K | -782K | -4.79M | -101K | -63K | 51K | -10.93M | 1.51M | -4.91M | -306K | 1.72M | -29K | 77K | 303K | -4K | 0 | -15K | 9K | -5.29M | -4.93M | -2.69M | 87.7M | -500K | 0 | -1M |
| Net Change in Cash | -1.74M | 523K | -358K | 353K | 22K | 259K | 173K | 72K | -308K | -2.33M | 2.75M | 122K | -964K | -321K | 561K | -142K | -2.34M | -1.39M | 1.56M | -19.37M | 14.87M | 6M | -76K | -678K | -42K | -466K | 693K | -400K | 143.6M | 69.5M | 39.8M |
| Free Cash Flow | 40.44M | 40.06M | 35.9M | 13.05M | 34.94M | 59.36M | 67.72M | 27.84M | 35.61M | 28.84M | 26.35M | 14.08M | 12.89M | 29.15M | 12.9M | 20.51M | 15.02M | 6.72M | 6.78M | 7.92M | 11.8M | -6.47M | 18.45M | 8.48M | 12.91M | 22.7M | 16.6M | -49.7M | -146.9M | -65.1M | -4.3M |
| FCF Margin % | 9.71% | 9.6% | 8.88% | 3.41% | 9.44% | 15.79% | 20.55% | 10.16% | 13.29% | 11.17% | 10.62% | 5.81% | 5.7% | 13.62% | 6.32% | 10.76% | 8.12% | 3.79% | 3.83% | 4.72% | 7.81% | -4.18% | 12.28% | 5.62% | 8.37% | 13.97% | 10.21% | -29.5% | -125.77% | -84.11% | -10.67% |
| FCF Growth % | 33.13% | 11.61% | 175.06% | -62.65% | -41.14% | -12.34% | 143.26% | -21.82% | 23.49% | 9.42% | 87.17% | 9.23% | -55.78% | 125.9% | -37.09% | 36.58% | 123.32% | -0.75% | -14.46% | -32.85% | 282.23% | -135.08% | 117.67% | -34.35% | -43.13% | 36.79% | 133.39% | 66.17% | -125.65% | -1413.95% | - |
| FCF per Share | 2.56 | 2.56 | 2.32 | 0.84 | 2.22 | 3.25 | 3.75 | 1.55 | 1.94 | 1.63 | 1.51 | 0.77 | 0.71 | 1.30 | 0.71 | 1.11 | 0.84 | 0.38 | 0.35 | 0.41 | 0.62 | -0.35 | 1.01 | 0.48 | 0.74 | 1.30 | 1.03 | -3.09 | -10.64 | -6.13 | -0.51 |
| FCF Conversion (FCF/Net Income) | 0.92x | 1.18x | 1.58x | 2.26x | 1.47x | 2.54x | 5.15x | 2.97x | 4.22x | 1.22x | 2.53x | 2.39x | 2.31x | 2.06x | 2.26x | 4.46x | 3.18x | 2.28x | 76.17x | 2.36x | -12.84x | 1.95x | 2.62x | 2.22x | 0.93x | 3.08x | -0.21x | 1.59x | 0.69x | 2.26x | -1.00x |
| Interest Paid | 24.11M | 0 | 30.63M | 34.68M | 24.46M | 24.13M | 30.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 7.11M | 0 | 16.65M | 10.45M | 9.71M | 16.11M | 4.46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Volatile operating cash conversion
According to the provided quarterly data, the OCF/NI ratio has fluctuated wildly from a low of 0.34 in 2024Q2 to a high of 3.81 in 2025Q3, suggesting that reported net income is a poor proxy for the actual cash-generating capacity of the underlying funeral home operations.
The significant divergence between net income and operating cash flow indicates that non-cash items and working capital swings are heavily distorting earnings quality. Investors should monitor whether this volatility stems from the timing of pre-need contract recognition or underlying operational inefficiencies in the decentralized service model.
As reported in financial statements, CSV's free cash flow trajectory remains highly unstable, with margins swinging from a negative 37.5% in 2025Q3 to a peak of 59.5% in 2025Q4, reflecting the lumpy nature of capital expenditures and the impact of acquisition-related cash outflows.
The lack of a consistent FCF trend suggests that the company's core business may struggle to self-fund its growth ambitions without relying on external financing. This volatility complicates the assessment of long-term shareholder value creation, as cash flow appears tethered to irregular investment cycles rather than steady operational performance.
Based on the reported figures, CSV's capital expenditure as a percentage of revenue has shown extreme variance, spiking to 61.6% in 2025Q3, which suggests that maintenance requirements for aging funeral home facilities may be significantly higher or more unpredictable than standard industry models typically assume.
The high variability in CapEx suggests that management may be forced into reactive spending to maintain the physical standards of its decentralized locations. This capital intensity warrants further investigation to determine if these outlays are truly growth-oriented or merely necessary to prevent the degradation of the company's local real estate assets.
Data from recent quarterly filings indicates that working capital changes are a major source of cash flow volatility, with a significant outflow of $18.3M in 2025Q2, highlighting the difficulty in managing cash cycles across a diverse portfolio of funeral and cemetery service locations.
The frequent swings in working capital suggest that the company may be facing challenges in aligning the timing of cash collections with the delivery of services. This pattern may indicate that the business is susceptible to liquidity pressures during periods of lower service volume or delayed cemetery development projects.
Quick answers to the most common questions about buying CSV stock.
Carriage Services, Inc. (CSV) generated $60.7M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Carriage Services, Inc. (CSV) generated $40.1M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Carriage Services, Inc. (CSV) spent $20.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Carriage Services, Inc. (CSV) returned $7.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.