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Carriage Services, Inc.

CSV

Carriage Services, Inc. • NYSE
$43.30 ▲ 0.84% (+0.36)
Market Cap $681.77 M
52w High $49.41
52w Low $35.51
Dividend Yield 0.45%
P/E 14.01
Volume 36.70K
Outstanding Shares 15.75M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $102.655M ▲ $12.177M ▲ $6.474M ▼ 6.307% ▼ $0.41 ▼ $22.636M ▼
Q2-2025 $102.147M ▼ $11.937M ▲ $11.739M ▼ 11.492% ▼ $0.75 ▼ $29.745M ▼
Q1-2025 $107.069M ▲ $6.278M ▼ $20.926M ▲ 19.544% ▲ $1.35 ▲ $39.553M ▲
Q4-2024 $97.7M ▼ $12.589M ▼ $9.855M ▼ 10.087% ▲ $0.65 $27.015M ▼
Q3-2024 $100.687M $12.593M $9.866M 9.799% $0.65 $28.595M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.248M ▼ $1.343B ▲ $1.101B ▲ $242.084M ▲
Q2-2025 $1.398M ▼ $1.276B ▲ $1.04B ▼ $235.42M ▲
Q1-2025 $4.643M ▲ $1.275B ▼ $1.052B ▼ $223.062M ▲
Q4-2024 $1.165M ▼ $1.28B ▲ $1.071B ▼ $208.55M ▲
Q3-2024 $1.26M $1.275B $1.077B $198.129M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $6.57M ▼ $24.691M ▲ $-44.717M ▼ $19.876M ▲ $-150K ▲ $-38.514M ▼
Q2-2025 $11.739M ▼ $8.085M ▼ $-2.684M ▼ $-8.646M ▲ $-3.245M ▼ $5.239M ▼
Q1-2025 $20.926M ▲ $13.792M ▲ $15.497M ▲ $-25.811M ▼ $3.478M ▲ $10.629M ▲
Q4-2024 $9.855M ▼ $9.28M ▼ $-4.346M ▼ $-5.029M ▲ $-95K ▲ $4.892M ▼
Q3-2024 $9.866M $20.856M $-3.684M $-17.415M $-243K $16.242M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Cemetery Interment Rights
Cemetery Interment Rights
 $40.00M ▲$0 ▼$20.00M ▲$30.00M ▲
Funeral And Cemetery Services
Funeral And Cemetery Services
 $90.00M ▲$0 ▼$50.00M ▲$40.00M ▼
Merchandise
Merchandise
 $50.00M ▲$0 ▼$20.00M ▲$20.00M ▲
Other Revenue
Other Revenue
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Property and Merchandise
Property and Merchandise
 $0 ▲$0 ▲$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Over the past several years, revenue has inched higher at a steady, moderate pace rather than dramatic jumps. Profitability has been relatively stable: operating profit and overall earnings have held up, with only small year‑to‑year swings. Earnings per share peaked a couple of years ago and have since eased back, but they are still comfortably above pre‑pandemic levels. Overall, the income statement points to a mature, steady business with controlled costs and solid, if unspectacular, profit margins rather than a high‑growth story.

Balance Sheet

Balance Sheet The balance sheet shows a business that relies meaningfully on debt but has been slowly strengthening its equity base. Total assets have crept upward over time, suggesting gradual expansion. Debt climbed earlier in the period and has since edged down, while equity has rebuilt from a low base, which improves the overall financial cushion. Cash on hand appears very lean, which increases reliance on ongoing cash generation and credit lines. In short, leverage is still a defining feature, but the trend is toward a somewhat healthier capital structure than a few years ago.

Cash Flow

Cash Flow Cash flow from operations has been consistently positive, which is an important strength in a service business like this. After routine investment in facilities and systems, the company has regularly produced positive free cash flow, though not on a sharply rising trend. Capital spending looks disciplined and relatively modest, indicating a focus on maintaining and selectively upgrading assets rather than heavy, risky build‑outs. The cash flow profile suggests a dependable, cash‑generative business, but not one currently in an aggressive investment phase.

Competitive Edge

Competitive Edge Carriage Services competes in a niche, emotionally sensitive industry where trust, local relationships, and service quality matter as much as price. Its decentralized model gives local managers meaningful autonomy, which can translate into better community fit and more personalized offerings than highly centralized chains. A culture built around performance and service excellence, along with a portfolio of well‑regarded funeral homes and cemeteries, supports its reputation. At the same time, the industry remains competitive and fragmented, so the company’s edge rests on execution quality and its ability to keep attracting and integrating strong local operators.

Innovation and R&D

Innovation and R&D Innovation here is less about lab research and more about systems, technology, and service design. The centerpiece is the new Trinity technology platform, which aims to tie together finance, operations, and client interactions in one cloud‑based system. This includes a family portal to simplify planning and communication, as well as emerging use of artificial intelligence to help create more personalized memorials. Partnerships around funding solutions also streamline the financial side for families. These efforts signal a push to modernize a traditionally low‑tech industry, but their ultimate impact will depend on smooth rollout, staff adoption, and clear improvements in both efficiency and family experience.

Summary

Carriage Services looks like a steady, moderately growing funeral and cemetery operator that generates reliable profits and cash flow. The business uses a fair amount of debt but has been nudging its balance sheet in a stronger direction, supported by consistent free cash flow. Its main advantages come from a decentralized, performance‑driven culture, a curated portfolio of local brands, and a willingness to use technology to enhance both operations and the client experience. The key questions going forward are how effectively it executes its technology rollout, how well it manages leverage in a higher‑rate world, and whether disciplined acquisitions can add growth without straining its financial position or diluting its service‑centric culture.

NEWS

November 5, 2025 · 4:47 PM UTC

Carriage Services Announces Strong Third Quarter Results and Confirms the Midpoint of the 2025 Outlook

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October 22, 2025 · 6:18 PM UTC

Carriage Services Announces 2025 Third Quarter Earnings Release and Conference Call Schedule

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October 15, 2025 · 5:42 PM UTC

Carriage Services Declares Quarterly Cash Dividend

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September 17, 2025 · 4:50 PM UTC

Carriage Services Announces the Acquisition of Faith Chapel Funeral Homes & Crematory in Pensacola, Florida

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September 9, 2025 · 4:56 PM UTC

Carriage Services Announces the Acquisition of Osceola Memory Gardens, Cemetery, Funeral Homes & Crematory; Porta Coeli Funeral Home & Crematory; Fisk Funeral Home & Crematory; Funeraria Borinquen; and Cremation Care Providers of Central Florida

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