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Carriage 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 provides consultation services; funeral home facilities for visitation and memorial services; transportation services; removal and preparation of remains; cremation services; and related funeral merchandise, as well as engages in the sale of caskets and urns. The Cemetery Operations segment sells interment rights for grave sites, lawn crypts, mausoleum spaces, and niches; related cemetery merchandise, including memorial markers, outer burial containers, and monuments; and interments, inurnments, and installation of cemetery merchandise services. Carriage Services, Inc. was founded in 1991 and is based in Houston, Texas.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $417M | $124M | $52M | $-19M | 20.2% | 3.3% | 56.3% |
| 2024 | $404M | $106M | $33M | $36M | 15.8% | 5.7% | -1.4% |
| 2023 | $383M | $105M | $33M | $13M | 19.3% | 3.3% | -19.3% |
| 2022 | $370M | $104M | $41M | $1M | 30.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 370.17 | 382.52 | 404.20 | 417.44 |
| Operating Revenue | - | 343.24 | 351.66 | 369.98 | 379.78 |
| Cost Of Revenue | - | 250.95 | 258.23 | 260.81 | 270.76 |
| Gross Profit | - | 119.23 | 124.30 | 143.39 | 146.68 |
| Operating Expense | - | 37.47 | 42.12 | 59.01 | 48.65 |
| Selling General And Administration | - | 37.47 | 42.12 | 59.01 | 48.65 |
| Total Expenses | - | 288.42 | 300.35 | 319.82 | 319.41 |
| Operating Income | - | 81.76 | 82.17 | 84.38 | 98.03 |
| Total Operating Income As Reported | - | 79.73 | 80.98 | 81.80 | 97.66 |
| EBITDA | - | 104.17 | 105.21 | 106.40 | 124.34 |
| Normalized EBITDA | - | 102.92 | 106.06 | 108.56 | 124.71 |
| EBIT | - | 83.09 | 82.70 | 82.16 | 98.63 |
| Interest Expense | - | 25.90 | 36.27 | 32.08 | 28.36 |
| Net Interest Income | - | -25.90 | -36.27 | -32.08 | -28.36 |
| Other Non Operating Income Expenses | - | 0.08 | 1.37 | -0.06 | 0.97 |
| Other Income Expense | - | 1.33 | 0.52 | -2.22 | 0.60 |
| Interest Expense Non Operating | - | 25.90 | 36.27 | 32.08 | 28.36 |
| Net Non Operating Interest Income Expense | - | -25.90 | -36.27 | -32.08 | -28.36 |
| Pretax Income | - | 57.19 | 46.43 | 50.08 | 70.26 |
| Tax Provision | - | 15.81 | 13.02 | 17.13 | 18.76 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0.35 | -0.24 | -0.74 | -0.10 |
| Net Income Continuous Operations | - | 41.38 | 33.41 | 32.95 | 51.51 |
| Net Income From Continuing And Discontinued Operation | - | 41.38 | 33.41 | 32.95 | 51.51 |
| Net Income From Continuing Operation Net Minority Interest | - | 41.38 | 33.41 | 32.95 | 51.51 |
| Net Income | - | 41.38 | 33.41 | 32.95 | 51.51 |
| Net Income Common Stockholders | - | 41.36 | 33.11 | 32.52 | 50.82 |
| Net Income Including Noncontrolling Interests | - | 41.38 | 33.41 | 32.95 | 51.51 |
| Normalized Income | - | 40.47 | 34.02 | 34.38 | 51.78 |
| Diluted NI Availto Com Stockholders | - | 41.36 | 33.11 | 32.52 | 50.82 |
| Basic Average Shares | - | 14.86 | 14.80 | 14.97 | 15.43 |
| Diluted Average Shares | - | 15.71 | 15.46 | 15.44 | 15.63 |
| Reconciled Depreciation | - | 21.08 | 22.52 | 24.25 | 25.71 |
| Reconciled Cost Of Revenue | - | 250.95 | 258.23 | 260.81 | 270.76 |
| Total Unusual Items | - | 1.25 | -0.85 | -2.16 | -0.37 |
| Total Unusual Items Excluding Goodwill | - | 1.25 | -0.85 | -2.16 | -0.37 |
| Special Income Charges | - | 1.25 | -0.85 | -2.16 | -0.37 |
| Gain On Sale Of Business | - | -2.03 | -1.19 | -1.22 | 1.45 |
| Other Special Charges | 23.81 | -3.28 | -0.34 | -0.42 | - |
| Impairment Of Capital Assets | - | 2.36 | 0.45 | 0.64 | 1.76 |
| Depreciation Amortization Depletion Income Statement | 1.24 | - | - | - | - |
| Depreciation And Amortization In Income Statement | 1.24 | - | - | - | - |
| General And Administrative Expense | - | 37.47 | 42.12 | 59.01 | 48.65 |
| Other Gand A | - | 37.47 | 42.12 | 59.01 | 48.65 |
| Gain On Sale Of Ppe | - | -0.21 | -0.63 | -0.72 | -0.06 |
| Otherunder Preferred Stock Dividend | - | 0.03 | 0.31 | 0.43 | 0.69 |
Consumer Cyclical sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Carriage Services, Inc.this co. | CSV | $596M | 11.57↓ discount | 2.34 | 20.2% | 9.22 |
| Cannae Holdings, Inc. | CNNE | $635M | -1.24 | 0.62 | -50.1% | -4.36 |
| First Watch Restaurant Group, Inc. | FWRG | $631M | 32.48 | 1.01 | 3.1% | 15.59 |
| ThredUp Inc. | TDUP | $619M | -30.64 | 10.46 | -34.1% | -119.15 |
| Bloomin' Brands, Inc. | BLMN | $611M |
| - |
| - |
| - |
| - |
| - |
| 74.21 |
| 1.83 |
| 2.5% |
| 11.92 |
| Ranpak Holdings Corp. | PACK | $589M | -15.37 | 1.10 | -7.2% | 17.86 |
| Karat Packaging Inc. | KRT | $561M | 17.83 | 3.68 | 20.6% | 11.43 |
| Legacy Housing Corporation | LEGH | $557M | 13.33 | 1.05 | 7.9% | 10.31 |
| Kura Sushi USA, Inc. | KRUS | $556M | - | 2.41 | -0.8% | 53.56 |
| Peer Median | - | 13.33 | 1.47 | 0.8% | 11.68 | |