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Carriage Services
(NYSE:CSV)
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Rating:67Neutral
Price Target:
$40.00
â–²(15.07% Upside)
Action:Reiterated
Date:10/06/26
The score is driven primarily by strong recent financial performance (re-accelerating revenue and very robust free cash flow) and supportive valuation (low P/E with a dividend). These positives are tempered by weak technical signals (below key moving averages with negative MACD) and ongoing balance-sheet leverage, despite recent credit-facility improvements.
Positive Factors
Revenue Reacceleration
The sharp reacceleration in trailing revenue indicates improving demand, pricing, or service mix across the business. Sustained top-line growth can increase operating leverage across funeral homes and cemeteries, support reinvestment, and strengthen the company’s ability to compound earnings over the next several quarters.
Negative Factors
Elevated Leverage
Although leverage has improved materially, debt remains high relative to equity and the company still depends meaningfully on debt funding. This leaves results more sensitive to interest costs, covenant requirements, refinancing conditions, and any earnings volatility than those of a lower-debt peer.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue Reacceleration
The sharp reacceleration in trailing revenue indicates improving demand, pricing, or service mix across the business. Sustained top-line growth can increase operating leverage across funeral homes and cemeteries, support reinvestment, and strengthen the company’s ability to compound earnings over the next several quarters.
Read all positive factors
Carriage Services (CSV) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$576.69M
Dividend Yield1.26%
Average Volume (3M)232.15K
Price to Earnings (P/E)12.5
Beta (1Y)0.48
Revenue Growth1.33%
EPS Growth-16.56%
CountryUS
Employees2,321
SectorConsumer Cyclical
Sector Strength84
IndustryPersonal Products & Services
Share Statistics
EPS (TTM)2.85
Shares Outstanding15,882,296
10 Day Avg. Volume303,553
30 Day Avg. Volume232,149
Financial Highlights & Ratios
PEG Ratio0.25
Price to Book (P/B)2.56
Price to Sales (P/S)1.56
P/FCF Ratio-34.42
Enterprise Value/Market Cap2.00
Enterprise Value/Revenue2.77
Enterprise Value/Gross Profit7.88
Enterprise Value/Ebitda9.81
Forecast
1Y Price Target
$51.00Price Target Upside46.72% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)3.34
Revenue Forecast (FY)$433.19M
Carriage Services Business Overview & Revenue Model
Company Description
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 C...
How the Company Makes Money
Carriage Services makes money primarily by selling deathcare services and related merchandise through two main operating segments: Funeral Home Operations and Cemetery Operations.
1) Funeral home revenue (services + merchandise)
- At-need service...
Carriage Services Earnings Call Summary
Earnings Call Date:May 06, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Oct 28, 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
74
Positive
Balance Sheet
56
Neutral
Cash Flow
78
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 417.21M | 417.44M | 404.20M | 382.52M | 370.17M | 375.89M |
| Gross Profit | 146.50M | 146.68M | 143.39M | 124.30M | 119.23M | 129.52M |
| EBITDA | 117.69M | 124.34M | 106.40M | 105.21M | 102.89M | 91.57M |
| Net Income | 44.51M | 51.51M | 32.95M | 33.41M | 41.38M | 33.16M |
Balance Sheet | ||||||
| Total Assets | 1.37B | 1.35B | 1.28B | 1.27B | 1.19B | 1.18B |
| Cash, Cash Equivalents and Short-Term Investments | 2.55M | 1.69M | 1.17M | 1.52M | 1.17M | 1.15M |
| Total Debt | 549.27M | 563.05M | 560.87M | 604.63M | 612.75M | 578.93M |
| Total Liabilities | 1.09B | 1.09B | 1.07B | 1.09B | 1.06B | 1.05B |
| Stockholders Equity | 279.37M | 254.78M | 208.55M | 173.06M | 137.13M | 128.01M |
Cash Flow | ||||||
| Free Cash Flow | -21.60M | -18.96M | 35.90M | 13.05M | 1.07M | 59.36M |
| Operating Cash Flow | 61.27M | 60.69M | 52.00M | 75.59M | 61.02M | 84.25M |
| Investing Cash Flow | -61.37M | -35.17M | -3.64M | -57.00M | -52.49M | -12.54M |
| Financing Cash Flow | 1.25M | -25.00M | -48.72M | -18.23M | -8.51M | -71.45M |
Carriage Services Technical Analysis
Positive
34.76
Price Trends
33.45
Positive
35.93
Negative
40.23
Negative
Market Momentum
0.80
Negative
61.59
Neutral
72.36
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CSV, the sentiment is Positive. The current price of 34.76 is above the 20-day moving average (MA) of 33.58, above the 50-day MA of 33.45, and below the 200-day MA of 40.23, indicating a neutral trend. The MACD of 0.80 indicates Negative momentum. The RSI at 61.59 is Neutral, neither overbought nor oversold. The STOCH value of 72.36 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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
36.98
-7.75
-17.33%
SCI
Service International
83.69
3.82
4.79%
Carriage Services Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Carriage Services Ends ATM Equity Distribution Agreement
Positive
Oct 5, 2026
On October 4, 2026, Carriage Services terminated its Equity Distribution Agreement with Oppenheimer Co. Inc. and Raymond James Associates Inc., which had allowed the company to conduct up to $100 million in at-the-market offerings of common stoc...
Business Operations and StrategyPrivate Placements and Financing
Carriage Services Expands Credit Facility, Enhancing Liquidity
Positive
Sep 30, 2026
On September 30, 2026, Carriage Services closed a new $300 million senior secured revolving credit facility led by JPMorgan Chase, replacing its prior $250 million facility and extending stated debt maturities to September 30, 2031, subject to a s...
Business Operations and StrategyExecutive/Board Changes
Carriage Services CIO Resigns as Company Begins Successor Search
Neutral
Aug 14, 2026
On August 13, 2026, Carriage Services, Inc. announced that Chief Information Officer Rob Franch resigned from his role effective the same day, with the company stating the departure did not arise from any disagreement over operations, policies, co...
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.