Carriage Services (CSV)
NYSE:CSV
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Carriage Services
(NYSE:CSV)
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Rating:57Neutral
Price Target:
$43.00
â–¼(-11.61% Downside)
Action:Reiterated
Date:06/01/26
The score is driven primarily by solid underlying profitability and generally supportive cash generation, tempered by meaningful leverage and a weakened growth backdrop. Technically, the stock is in a clear downtrend with weak momentum, while valuation is reasonable and earnings-call commentary was balanced (reiterated guidance but near-term volume and EPS/FCF pressure).
Positive Factors
Strong core profitability margins
Consistently healthy gross and EBIT margins indicate durable pricing power and operational leverage in deathcare services. Strong margins support cash generation, fund maintenance capex and integration costs, and provide a cushion through cyclical volume swings over the next several quarters.
Negative Factors
Revenue decline and funeral volume weakness
Sustained declines in funeral volumes reduce near-term revenue visibility and pressure top-line growth. Given funerals remain a material portion of revenue, volume sensitivity can compress EBITDA and cash flow if trends persist, challenging medium-term recovery assumptions.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong core profitability margins
Consistently healthy gross and EBIT margins indicate durable pricing power and operational leverage in deathcare services. Strong margins support cash generation, fund maintenance capex and integration costs, and provide a cushion through cyclical volume swings over the next several quarters.
Read all positive factors
Carriage Services (CSV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$622.83M
Dividend Yield1.06%
Average Volume (3M)102.74K
Price to Earnings (P/E)13.9
Beta (1Y)0.52
Revenue Growth1.16%
EPS Growth-8.25%
CountryUS
Employees1,200
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)2.82
Shares Outstanding15,872,328
10 Day Avg. Volume100,973
30 Day Avg. Volume102,739
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.56
Price to Sales (P/S)1.56
P/FCF Ratio16.29
Enterprise Value/Market Cap1.92
Enterprise Value/Revenue2.87
Enterprise Value/Gross Profit8.12
Enterprise Value/Ebitda10.45
Forecast
1Y Price Target
$58.00Price Target Upside19.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)3.45
Revenue Forecast (FY)$442.59M
Carriage Services Business Overview & Revenue Model
Company Description
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 engages in the provision o...
How the Company Makes Money
Carriage Services makes money primarily by selling deathcare services and related merchandise through two main operating segments: (1) Funeral Home Operations and (2) Cemetery Operations. In its Funeral Home Operations, revenue is generated from a...
Carriage Services Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 29, 2026
Earnings Call Sentiment Positive
The call presents a mix of operational and financial progress alongside near-term volume headwinds in the funeral channel. Positive developments include improved adjusted EBITDA and margin expansion, cemetery revenue and preneed growth, stronger operating cash flow, reduced leverage, disciplined overhead control, a strategic ATM program and a robust M&A pipeline with recent successful integrations. Lowlights center on weaker funeral volumes leading to a slight revenue decline, a drop in adjusted and GAAP EPS (partly driven by a higher tax rate and prior-year divestiture gains), a reduction in funeral EBITDA, and adjusted free cash flow being lower versus the prior year. Management reiterated full-year guidance and emphasized disciplined capital allocation and confidence in recovery across the remainder of the year, indicating balanced near-term risks but constructive long-term positioning.Positive Updates
Improved Adjusted EBITDA and Margin
Adjusted consolidated EBITDA of $33.8M, up $0.805M or 2.4% year-over-year; adjusted EBITDA margin improved 100 basis points to 31.8% from 30.8%.
Negative Updates
Revenue Decline and Funeral Volume Pressure
Consolidated revenue declined to $106.1M, down 0.9% YoY. Funeral home admit volume fell 5.8% YoY (normalized combined Q4 2025–Q1 2026 decline of 2.3%), which drove a comparable funeral revenue decline.
Read all updates
Q1-2026 Updates
Positive
Negative
Improved Adjusted EBITDA and Margin
Adjusted consolidated EBITDA of $33.8M, up $0.805M or 2.4% year-over-year; adjusted EBITDA margin improved 100 basis points to 31.8% from 30.8%.
Read all positive updates
Company Guidance
Carriage reiterated its previously disclosed full‑year 2026 outlook, calling for revenues of $440–$450 million, adjusted consolidated EBITDA of $135–$140 million (adjusted EBITDA margin 30.5%–31.5%), adjusted diluted EPS of $3.35–$3.55, overhead of 13.5%–14.5% of revenue, adjusted free cash flow of $40–$50 million and an expected year‑end bank leverage ratio of 3.5–4.0x; the outlook assumes certain planned acquisitions (previously discussed ~$5–$10 million of revenue scale) and does not factor in any opportunistic use of the newly established at‑the‑market (ATM) equity program.Carriage Services Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
52
Neutral
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 416.40M | 417.44M | 404.20M | 382.52M | 370.17M | 375.89M |
| Gross Profit | 147.39M | 146.68M | 143.39M | 124.30M | 119.23M | 129.52M |
| EBITDA | 114.58M | 124.34M | 81.80M | 103.94M | 103.04M | 91.57M |
| Net Income | 43.98M | 51.51M | 32.95M | 33.41M | 41.38M | 33.16M |
Balance Sheet | ||||||
| Total Assets | 1.35B | 1.35B | 1.28B | 1.27B | 1.19B | 1.18B |
| Cash, Cash Equivalents and Short-Term Investments | 2.91M | 1.69M | 1.17M | 1.52M | 1.17M | 1.15M |
| Total Debt | 546.05M | 563.05M | 560.87M | 604.63M | 612.75M | 578.93M |
| Total Liabilities | 1.08B | 1.09B | 1.07B | 1.09B | 1.06B | 1.05B |
| Stockholders Equity | 266.94M | 254.78M | 208.55M | 173.06M | 137.13M | 128.01M |
Cash Flow | ||||||
| Free Cash Flow | 40.44M | 40.06M | 35.90M | 13.05M | 34.94M | 59.36M |
| Operating Cash Flow | 61.80M | 60.69M | 52.00M | 75.59M | 61.02M | 84.25M |
| Investing Cash Flow | -54.55M | -35.17M | -3.64M | -57.00M | -52.49M | -12.54M |
| Financing Cash Flow | -8.99M | -25.00M | -48.72M | -18.23M | -8.51M | -71.45M |
Carriage Services Technical Analysis
Negative
48.65
Price Trends
45.82
Negative
44.60
Negative
43.94
Negative
Market Momentum
-1.51
Positive
25.39
Positive
1.73
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSV, the sentiment is Negative. The current price of 48.65 is above the 20-day moving average (MA) of 43.67, above the 50-day MA of 45.82, and above the 200-day MA of 43.94, indicating a bearish trend. The MACD of -1.51 indicates Positive momentum. The RSI at 25.39 is Positive, neither overbought nor oversold. The STOCH value of 1.73 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CSV.
Carriage Services Risk Analysis
Carriage Services disclosed 12 risk factors in its most recent earnings report. Carriage Services reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Carriage Services Peers Comparison
UnderperformOutperform
Sector (61)
CSV
Carriage Services
39.24
-4.42
-10.13%
SCI
Service International
71.01
-5.87
-7.63%
Carriage Services Corporate Events
Executive/Board ChangesShareholder Meetings
Carriage Services Shareholders Back Directors, Scrutinize Compensation
Neutral
May 14, 2026
At its May 12, 2026 annual meeting of shareholders, Carriage Services, Inc. elected Donald D. Patteson Jr. and Douglas B. Meehan as Class III directors to new three-year terms and secured strong shareholder backing for its executive compensation p...
Business Operations and StrategyFinancial DisclosuresPrivate Placements and Financing
Carriage Services Launches ATM Equity Program for Growth
Neutral
May 6, 2026
On May 6, 2026, Carriage Services reported first-quarter 2026 results showing total revenue of $106.1 million, down slightly from a year earlier as lower funeral volume offset growth in cemetery and financial revenue. Cemetery revenue rose 6% on s...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.