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Primary reporting period: 2025-12-31 · Research updated Oct 12, 2026. A research update is not a new financial filing.
Who they are
Carriage Services, Inc. (CSV) delivers a comprehensive array of funeral and cemetery services, along with associated merchandise, throughout the United States. Its operations are structured into two distinct segments: Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment offers various services, including consultation, the use of funeral home facilities for visitations and memorial services, transportation, and the removal and preparation of remains.
How they make money
Carriage Services operates as a provider of death care services and products in the United States. The company generates revenue primarily through the provision of funeral and cemetery services, including the sale of funeral home and cemetery merchandise such as caskets, vaults, and markers, as well as through the management of pre-need funeral and cemetery contracts.
No separate brand or brand-level revenue disclosure was confirmed in the reviewed sources. This does not mean the company has no brands.
Product / operating segments
No reconciled product or operating-segment revenue breakdown is available for the current research period. Company-wide revenue remains separate from segment disclosure.
Geographic revenue
No reconciled geographic revenue breakdown was confirmed for the current research period.
Customer types
Individual consumers seeking funeral and cemetery servicesSource
Customer concentration
The company does not have a significant concentration of revenue from any single customer, as its business model relies on a large volume of individual consumer transactions.
Suppliers, materials & equipment
Casket and funeral merchandise manufacturers — Various third-party manufacturers that supply caskets, urns, and other funeral-related merchandise.Source
Competitors
Service Corporation International — A major national provider of funeral and cemetery services that competes directly with Carriage Services in various local markets.Source
Matthews International Corporation — Competes in the supply and distribution of funeral and cemetery products.Source
Strengths
Decentralized operating model allowing for local market responsivenessSource
High-performance culture and leadership transformationSource
Risks
Sensitivity to changes in the death rate and economic conditionsSource
Regulatory risks associated with pre-need trust funds and funeral industry complianceSource
Overall investment score · Quality, value, risk and opportunity
49
Weak
PoorElite
View category scores →
Company Quality
How good is the actual business—regardless of today’s stock price?
56
Fair
Financial Strength
52
Business Quality / Moat
63
Management
63
Growth Quality
30
Risk / Durability
70
Cheap for a Reason · Review the Risks
Uses financial strength, moat, management, growth quality and durability. It excludes share price, P/E, market cap, intrinsic value and margin of safety.
Opportunity
Opportunity Score · How does the current price compare with estimated value?
67
Fully Valued
Based on current valuation, company quality, recent trends, and available market signals.
View score details →
Model Outlook
12-month model · What does the model think happens next?
65/100
Building Historical Record
Model Score 65/100 — estimates relative performance potential, distinct from the overall Wall Street Score and the separate Company Quality score.
Probability unavailable — the model has not produced a calibrated probability yet.
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WSS View
The quick read
The overall Wall Street Score is low across its combined quality, valuation and risk inputs. This can reflect an expensive share price, business weaknesses, or both; check Company Quality and the category breakdown before drawing a conclusion.
At today’s price, the WSS valuation framework currently reads as moderate rather than unusually attractive.
The model outlook is currently moderate.
What we like
•Valuation scores attractively
What to watch
•Elevated debt risk
•Revenue fundamentals are weak
Company-specific research
Questions worth answering for CSV
Research inputs 100% complete
These questions are generated from this company's current financial and score data so the page adds context instead of treating the headline score as a stand-alone conclusion.
•What is driving CSV's revenue decline, and does the latest company filing suggest the weakness is temporary or structural?
•How long can CSV fund negative free cash flow using its current cash position before it may need more debt or new shares?
•Is CSV's debt load manageable relative to cash generation, interest costs and upcoming maturities?
•Is CSV's valuation discount tied to a temporary concern or to a longer-term business risk?
Two different market-behavior signals. Momentum measures direction and trend strength. Volatility measures how large and unstable the price moves are, regardless of direction.
A high momentum score means price has been trending upward with confirming short- and medium-term strength. A low score means downward or weakening momentum.
Volatility = How violently is it moving?
A high volatility score means larger, less stable price swings. It can happen while a stock is rising or falling, so high volatility is not automatically bullish or bearish.
Important: the volatility score above is based on realized price volatility. Implied volatility (IV) comes from options prices and represents the market's expected future movement. Wall Street Score will keep IV separate and will only display it when a verified options-chain feed is available.
Notices for CSV
Detected from reported data — verify before acting.
Dividend history reported
Dividend payments are recorded. Review the dates and regular/special classification below; past payments do not guarantee future dividends.
Elevated debt risk
Total debt is at least one year of revenue • Free cash flow is negative • Cash covers less than 20% of total debt
Community Sentiment
0 active · 0 total calls
0% Bullish (0) 0% Bearish (0)
No personal call yet on CSV.
Potential upside factors
+Growth opportunities may come from revenue expansion, margin improvement, new products, market-share gains, and stronger cash flow.
+Decentralized operating model allowing for local market responsiveness.
+High-performance culture and leadership transformation.
Potential downside factors
−Debt risk (elevated): Total debt is at least one year of revenue.
−Free cash flow is negative.
−Cash covers less than 20% of total debt.
−Sensitivity to changes in the death rate and economic conditions.
These research factors come from saved company research and financial data, not community votes. They are starting points to verify against filings, not buy or sell recommendations.
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Scores
Click any score for full breakdown
Wall Street Score
Weak49/ 100
Weak (0–50)Fair (51–71)Strong (72+)
Debt
Fair
50
Debt Cost5.0%
Debt Reduction YoY-0.4%
Debt / Equity2.21x
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Revenue
Poor
25
Revenue YoY-0.1%
Revenue CAGR4.5%
Net Margin10.7%
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Asset
Fair
62
Asset Growth YoY5.2%
Liquidation/Share$17.87
Net Assets/MCap1.65x
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Capital
Fair
62
Earnings Yield9.0%
Buyback Yield1.9%
Debt Cost5.0%
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Management
Fair
63
ROIC8.7%
ROE15.9%
ROA3.3%
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Moat
Fair
63
EPS Growth24.8%
FCF/Share Growth—
Rev/Share Growth6.1%
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Valuation
Strong
87
Intrinsic Value$47.52
Value Reference$28.51
MOS26.1%
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Buffett
Fair
55
Revenue25
Moat63
Valuation87
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MOS
Strong
86
MOS %26.1%
Value Reference$28.51
Deep Discount Reference$19.01
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Financial
Poor
20
Interest Coverage3.5x
ROIC8.7%
FCF Yield-3.8%
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Master
Weak
41
Financial20
Valuation87
Debt50
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Resilience
Poor
24
Survival Years0.1 yrs
Current Ratio0.98x
FCF Margin-4.5%
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Score Changes
6 historical score records available
Previous Score
48
Sep 17, 2026
Change
+0.8
points
Current Score
49
Oct 1, 2026
Category Changes
Revenue+0.5
Debt0
Assets0
Capital+1.0
Management0
Moat+0.1
Valuation+3.0
Buffett+0.4
CSV increased 0.8 points because Valuation improved by 3 points.
Positive Contributors
+ Valuation improved by 3 points
Projected Score
Projected Score
49
Projected Change
-0.2 points
Preliminary comparable-period financial changes suggest decline of approximately 0.2 points. This is a projected estimate, not the official WallStreetScore.
Monetary values in USD. Share counts in raw units.
Income StatementBalance SheetCash Flow
AnnualQuarterlyTTM + Annual
All rows
Free includes 3 annual periods plus available TTM; Premium includes up to 10 annual periods. History depends on available company filings. Swipe the table horizontally to see older periods. A dash means unavailable, not zero.
Line Item
TTM
2025
2024
2023
2022
2021
2020
2019
2018
2017
2016
Revenue
$417.2M
$417.4M
$404.2M
$382.5M
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Cost of Revenue
$270.7M
$270.8M
$260.8M
$258.2M
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Gross Profit
$146.5M
$146.7M
$143.4M
$124.3M
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····
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Research & Development
$0.00
$0.00
$0.00
$0.00
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SG&A Expenses
$37.7M
$48.6M
$59.0M
$42.1M
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····
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Operating Expenses
$48.8M
$48.6M
$61.6M
$43.3M
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····
····
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EBITDA
$115.7M
$124.3M
$106.4M
$103.9M
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Operating Income
$97.7M
$98.0M
$81.8M
$81.0M
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····
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Interest Expense
$27.6M
$28.4M
$32.1M
$36.3M
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····
····
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Income Before Tax
$62.7M
$70.3M
$50.1M
$46.4M
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····
····
····
····
····
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Income Tax Expense
$18.1M
$18.8M
$17.1M
$13.0M
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Net Income
$44.5M
$51.5M
$33.0M
$33.4M
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Basic EPS
$2.85
$3.29
$2.17
$2.24
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Basic Shares
15.65M
15.43M
14.97M
14.80M
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····
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Diluted Shares
15.84M
15.63M
15.44M
15.46M
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Debt and cash show percentage changes versus the comparison period; margin shows the change in percentage points (pp). These are company-wide changes, not per-share amounts.
Financial Changes Since Prior Period
What Improved
Margins expanded
Cash position grew
What Weakened
Debt increased
Potential Score Impact
Positive indicators included revenue growth, EPS growth, cash levels, net income margin. Pressure indicators included debt levels. These factors may support or pressure the Revenue, Management, Financial, and Debt categories; this summary does not claim that the stored scores changed.
Stored Earnings Analysis
Revenue increased 0.8%. EPS increased 4.1%. Cash increased 82.4%. Total debt increased 1.8%. Net income margin improved by 0.4 percentage points.
Earnings-Call Transcript
Earnings-call transcript analysis is not currently available.
These results may influence future scores when the next evaluation is completed.
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Dividend HistoryShare
Dividend History
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Predictions & Historical PerformanceShare
Conservative Projected Values
3 Years
$———.——
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5 Years
$———.——
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10 Years
$———.——
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Conservative Projection Rate
——%
Premium
Conservative Projected Values — price projections derived from actual 10-year adjusted historical returns, conservatively adjusted and capped at 8% annually. These are distinct from the Outperformance Model Score and WallStreetScore.
Conservative Projected Values
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