Carriage Services

CSV · NYSE · Consumer Discretionary · Financials, fiscal 2016 to 2025

CSV · Last close · November 6, 2026

$26.80

Carriage Services' revenue rose 3.3% to $417 million in fiscal 2025. Its operating margin was 23.4%, up from 20.2% a year earlier. Free cash flow was $40 million, up 11.6%. It paid out $7 million in dividends and buybacks, 18% of free cash flow. The diluted share count rose 1.2%.

CARRIAGE SERVICES, INC. Latest fiscal year ended December 31, 2025 10-K filed February 26, 2026 · 0001016281-26-000021 Updated November 9, 2026

Revenue

$417M

3.3%

Operating margin

23.4%

3.2 pts

Net income

$52M

56.3%

Free cash flow

$40M

11.6%

Return on capital

29.3%

2.6 pts

Market cap

$423M

Nov 6 close

P/E

9.1x

On $2.95 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

Charts show fiscal years, from the 10-K filings.

What Carriage Services does

Carriage Services provides funeral and cemetery services and merchandise in the United States. It reports two segments. Funeral Home Operations account for about 65% of revenue and Cemetery Operations for about 35%. At December 31, 2025, it operated 155 funeral homes in 24 states and 28 cemeteries in 9 states.

Funeral homes provide consultation, preparation of remains, caskets and related merchandise, use of their facilities and chapels for visitation and services, and transportation. Cemeteries sell interment rights such as grave sites, lawn crypts, mausoleum spaces and niches, plus markers, burial containers and monuments, and provide services such as interments. It sells both at-need (at time of death) and preneed (planned ahead).

In 2025 it bought eight funeral homes, one cemetery and one cremation-focused business in Florida, and sold thirteen funeral homes and four cemeteries. It competes with other public and independent funeral and cemetery operators. In January 2026 it named Steven Metzger as President and Chief Operating Officer, effective February 2, 2026.

Its biggest risks, as it describes them

Dependence on one or a few key employees at each local business.
A bonus program, called Good to Great, that could mean large payments to its Managing Partners.
Whether it can run its Standards Operating Model and find acquisitions on good terms.
Competition, including price competition, that could cost it market share.
Preneed sales that depend on incentives and economic conditions.

From Carriage Services's annual report on Form 10-K, filed February 26, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new annual report.

Income statement

Revenue and net income

US$ billions, fiscal years; net losses in red. Revenue on the left axis, net income on the right; zero is the same line on both.

Revenue (left axis)Net income (right axis)

Gross profit, R&D and operating income

US$ billions, fiscal years. Gross profit is revenue minus the cost of what was sold; research and development is one of the costs paid from it; what remains after all operating costs is operating income. Losses in red.

Gross profitResearch and developmentOperating income

Margins

Percent of revenue

GrossOperatingNetFree cash flow

From fiscal 2016 to 2025, earnings per share grew 12.6% a year and net income 11.3% a year, as buybacks cut the share count by 11%.

Diluted earnings per share

US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity

Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.

Return on capitalReturn on equity

Balance sheet

Cash and debt

US$ billions, at each fiscal year end. Debt includes finance leases.

Cash and short-term investmentsDebt

Assets, liabilities and equity

US$ billions, at each fiscal year end. Assets equal liabilities plus equity; negative equity in red.

Total assetsTotal liabilitiesShareholders' equity

Debt and liquidity ratios

Times. Debt to equity, current assets over current liabilities, and net debt over EBITDA (a full year's).

Debt to equityCurrent ratioNet debt to EBITDA

Five years at a glance

Fiscal year end	FY21	FY22	FY23	FY24	FY25
Cash and short-term investments	1	1	2	1	2
Debt incl. finance leases	10	9	12	12	16
Net debt (negative means net cash)	9	8	11	11	14
Net debt to EBITDA	0.1x	0.1x	0.1x	0.1x	0.1x
Debt to equity	0.1x	0.1x	0.1x	0.1x	0.1x
Interest coverage	3.7x	3.1x	2.2x	2.5x	3.4x
Current ratio	0.7x	0.8x	0.8x	0.8x	1.0x
Quick ratio	0.5x	0.7x	0.7x	0.6x	0.8x

US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Cash flow

Cash from operations, capital spending and free cash flow

US$ billions, fiscal years. Free cash flow is cash from operations minus capital spending; negative years in red.

Cash from operationsCapital spendingFree cash flow

Stock-based compensation and buybacks

US$ billions, fiscal years. Shares paid to employees (stock-based compensation, a cost that uses no cash) against cash spent buying shares back. Buybacks that only match it leave the share count roughly where it was.

Stock-based compensationShare buybacks

Dividends and buybacks

US$ billions, cash paid in each fiscal year

DividendsShare buybacks

Diluted share count

Weighted-average diluted shares, millions

Projections

Project Carriage Services' revenue, net income and earnings per share five years ahead in a bull, a base and a bear case with your own figures, and see the share prices your P/E estimates give them, or value it with a discounted cash flow model. Every projected figure is yours: it is not a forecast of ours.

Open Carriage Services' projections

Insider trades

No officer, director or 10% owner of Carriage Services reported buying or selling its shares on the open market between November 7, 2025 and November 6, 2026.

From Form 4 filings with the SEC. Grants, option exercises and shares withheld for tax aren't counted. Insider trades at all companies

Indicators

Four widely used measures, worked out from the company's filings. The cutoffs are the ones their authors or users go by, not a verdict of ours.

Indicator	FY23	FY24	FY25
Piotroski F-score	6 of 9	6 of 9	6 of 9
Rule of 40	18.4%	14.6%	12.9%
Altman Z''	1.09	1.18	1.44
Accruals ratio	−3.4%	−1.5%	−0.7%

Piotroski F-score: how many of nine simple tests of profitability, funding and efficiency the company passed in the year (Piotroski, 2000); 8 or 9 is strong, 0 to 2 weak. Rule of 40: revenue growth plus free cash flow margin; software investors treat 40% or more as the bar. Altman Z'': working capital, retained earnings, operating income and equity weighed against assets and liabilities (Altman, 1995); Altman puts above 2.6 in the safe zone and below 1.1 in the distress zone. Accruals ratio: net income minus cash from operations, over average total assets; lower means profit is backed by cash.

The nine F-score tests

Test	FY23	FY24	FY25
Net income is positive	Pass	Pass	Pass
Cash from operations is positive	Pass	Pass	Pass
Return on assets rose	Fail	Fail	Pass
Cash from operations exceeds net income	Pass	Pass	Pass
Debt fell relative to assets	Fail	Pass	Fail
Current ratio rose	Fail	Fail	Pass
Share count didn't rise	Pass	Pass	Fail
Gross margin rose	Pass	Pass	Fail
Revenue rose relative to assets	Pass	Fail	Pass
F-score	6 of 9	6 of 9	6 of 9

Companies that report no gross profit are scored on the other eight.

Compare

Put Carriage Services side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

Company	Year	Revenue growth	Operating margin	Free cash flow margin	Return on capital	Net debt to EBITDA	F-score	Compare
Carriage Services	FY25	3.3%	23.4%	9.6%	29.3%	0.1x	6
LegalZoom	FY25	10.9%	3.3%	19.6%	—	−3.3x	6	Compare
Matthews International	FY25	−16.6%	5.0%	−4.0%	3.2%	4.6x	5	Compare
Driven Brands	FY25	6.3%	12.4%	5.8%	8.1%	5.8x	6	Compare
Frontdoor	FY25	13.6%	—	18.6%	33.9%	1.2x	7	Compare

Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score under Indicators.

10 years of figures

Fiscal year	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Income statement
Revenue	248	258	268	274	329	376	370	382	404	417
Revenue growth	2.4%	4.0%	3.8%	2.3%	20.2%	14.1%	−1.5%	3.3%	5.7%	3.3%
Gross profit	80	77	76	80	106	130	119	124	143	147
Research and development	—	—	—	—	—	—	—	—	—	—
Operating income	50	49	42	47	57	94	80	81	82	98
Net income	20	37	12	14	16	33	41	33	33	52
Diluted EPS (US$)	1.12	2.09	0.63	0.80	0.89	1.81	2.63	2.14	2.10	3.25
Diluted shares (millions)	18	18	18	18	18	18	16	16	15	16
Cash flow
Cash from operations	50	45	49	43	83	84	61	76	52	61
Capital expenditure	17	16	14	15	15	25	26	18	16	21
Free cash flow	33	29	35	28	68	59	35	58	36	40
Dividends paid	2	4	6	5	6	7	7	7	7	7
Share buybacks	0	16	16	9	0	140	37	0	0	0
Acquisitions	27	29	38	141	28	3	34	44	0	59
Stock-based compensation	3	3	7	2	3	6	6	8	6	8
Balance sheet at fiscal year end
Cash and short-term investments	1	1	1	1	1	1	1	2	1	2
Debt incl. finance leases	219	230	36	97	11	10	9	12	12	16
Total assets	922	918	1,130	1,146	1,179	1,179	1,193	1,268	1,280	1,346
Total liabilities	709	724	696	903	905	1,051	1,056	1,095	1,071	1,091
Shareholders' equity	176	198	222	227	240	128	137	173	208	255
Margins and ratios
Gross margin	32.1%	29.8%	28.3%	29.0%	32.1%	34.5%	32.2%	32.5%	35.5%	35.1%
Operating margin	20.2%	19.0%	15.7%	17.3%	17.4%	24.9%	21.5%	21.2%	20.2%	23.4%
Net margin	7.9%	14.4%	4.3%	5.3%	4.9%	8.8%	11.2%	8.7%	8.2%	12.3%
Free cash flow margin	13.4%	11.2%	13.2%	10.2%	20.6%	15.8%	9.4%	15.1%	8.9%	9.6%
Rule of 40 (growth + FCF margin)	15.7%	15.2%	17.1%	12.4%	40.7%	29.9%	7.9%	18.4%	14.6%	12.9%
Return on capital	8.1%	7.2%	8.4%	11.0%	13.5%	34.9%	40.5%	35.4%	26.7%	29.3%
Return on equity	11.8%	19.9%	5.6%	6.5%	6.9%	18.0%	31.2%	21.5%	17.3%	22.2%
Return on assets	2.2%	4.0%	1.1%	1.3%	1.4%	2.8%	3.5%	2.7%	2.6%	3.9%
Net debt to EBITDA	3.3x	3.5x	0.6x	1.5x	0.1x	0.1x	0.1x	0.1x	0.1x	0.1x

US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)

Source: Carriage Services' Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Carriage Services.