olivLaw · US equity research
Service Corporation International SCI
Services-Personal Services · SIC 7200 · Vertical: Services-Personal Services (SIC 7200)
Service Corporation International (SCI) is North America's largest provider of funeral and cemetery services, operating a network of locations unmatched in geographic scale. The company relies on preneed sales, and its backlog of future revenue reached 17.6 billion USD at June 30, 2026.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Service Corporation International (SCI) stock was 77.21 USD (+2.77% on the day), with market capitalisation 10.5 bn USD, P/E 19.2 on diluted EPS of 4.03 USD over the last 12 months, dividend yield 1.81%, beta 0.19, 52-week range 68.77–87.73 USD. Latest reported quarter (Q3 2026): revenue of 1.1 bn USD (+4.6% YoY), net income of 141.3 m USD (+20.3% YoY), diluted EPS 1.03 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 44.6
- weak (30–45)
- Bollinger (20, 2)
- 74.05 – 85.03
- in the lower half of the band · %B 0.29 · band width 13.8%
- SMA 50 / 200
- 79.55 / 79.86
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.54 / 0.03
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +1.7% | −2.0% | +3.7 pp | — |
| 3 months | −9.5% | −2.2% | −7.4 pp | — |
| 6 months | −1.6% | +4.3% | −5.8 pp | — |
| Year to date | −1.0% | +10.6% | −11.5 pp | — |
| 1 year | −5.4% | +10.5% | −15.9 pp | −19.1% |
| 3 years | +30.7% | +73.7% | −43.0 pp | −16.0% |
| 5 years | +15.9% | +61.7% | −45.9 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn |
| Cost of revenue | 787.1 m | 782.8 m | 794.0 m | 792.6 m | 799.9 m | 810.0 m | 829.8 m | 835.0 m |
| Gross profit | 305.9 m | 291.4 m | 271.4 m | 265.5 m | 311.7 m | 286.5 m | 273.5 m | 272.3 m |
| Operating income | 262.2 m | 251.7 m | 224.5 m | 226.4 m | 275.6 m | 243.8 m | 231.6 m | 252.9 m |
| Interest expense | 63.2 m | 61.5 m | 64.1 m | 65.7 m | 64.1 m | 64.0 m | 64.7 m | 65.0 m |
| Pre-tax income | 197.5 m | 193.4 m | 164.3 m | 160.9 m | 211.3 m | 181.2 m | 166.8 m | 188.8 m |
| Income tax | 46.1 m | 50.4 m | 41.4 m | 43.3 m | 51.8 m | 45.3 m | 41.9 m | 47.5 m |
| Net income | 151.4 m | 142.9 m | 122.9 m | 117.5 m | 159.4 m | 135.8 m | 124.8 m | 141.3 m |
| Diluted EPS | 1.04 ≈ | 0.98 | 0.86 | 0.83 | 1.13 ≈ | 0.97 | 0.90 | 1.03 |
| Operating cash flow | 264.1 m | 311.1 m | 166.4 m ≈ | 252.3 m ≈ | 212.9 m | 333.8 m | 238.6 m ≈ | 296.8 m ≈ |
| Capex | 106.2 m | 78.2 m | 83.0 m ≈ | 101.6 m ≈ | 125.7 m | 79.9 m | 95.7 m ≈ | 99.5 m ≈ |
| Dividends paid | 43.5 m | 46.0 m | 45.1 m ≈ | 44.8 m ≈ | 47.6 m | 47.1 m | 49.3 m ≈ | 49.1 m ≈ |
| Share repurchases | 56.2 m | 130.5 m | 193.6 m ≈ | 78.1 m ≈ | 58.9 m | 143.2 m | 123.2 m ≈ | 52.6 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 40-quarter history (min 13.0, median 19.2, max 31.6; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.2 bn | 3.2 bn | 3.5 bn | 4.1 bn | 4.1 bn | 4.1 bn | 4.2 bn | 4.3 bn |
| Revenue YoY | +3.1% | +1.3% | +8.7% | +18.0% | −0.8% | −0.2% | +2.1% | +2.9% |
| Net income | 447.2 m | 369.6 m | 515.9 m | 802.9 m | 565.3 m | 537.3 m | 518.6 m | 542.6 m |
| Net income YoY | −18.2% | −17.4% | +39.6% | +55.6% | −29.6% | −5.0% | −3.5% | +4.6% |
| Diluted EPS | 2.39 | 1.99 | 2.88 | 4.72 | 3.53 | 3.53 | 3.53 | 3.80 |
| Diluted EPS YoY | −15.8% | −16.7% | +44.7% | +63.9% | −25.2% | 0.0% | 0.0% | +7.6% |
| net % | 14.0% | 11.4% | 14.7% | 19.4% | 13.8% | 13.1% | 12.4% | 12.6% |
| Free cash flow | 380.3 m | 388.8 m | 582.1 m | 616.9 m | 456.0 m | 507.3 m | 571.3 m | 554.2 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 243.6 m USD
- Financial debt
- 5.1 bn USD
- Net debt
- 4.9 bn USD
- Equity
- 1.6 bn USD
- Total assets
- 18.7 bn USD
- Debt / equity
- 3.14x
- Current ratio
- 0.55x
- ROE
- 32.7%
- ROA
- 3.0%
- FCF margin
- 12.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 3.5 bn | 4.1 bn | 4.1 bn | 4.1 bn | 4.2 bn | 4.3 bn | SEC (XBRL)· 12 Feb 2026verified |
| Cost of revenue | 2.5 bn | 2.8 bn | 3.0 bn | 3.0 bn | 3.1 bn | 3.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Gross profit | 992.4 m | 1.3 bn | 1.2 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Operating income | 842.8 m | 1.2 bn | 927.3 m | 944.3 m | 927.7 m | 978.1 m | SEC (XBRL)· 12 Feb 2026verified |
| Depreciation & amortisation | 155.3 m | 159.3 m | 175.3 m | — | — | — | SEC (XBRL)· 15 Feb 2023verified |
| EBITDA | 998.1 m ≈ | 1.3 bn ≈ | 1.1 bn ≈ | — | — | — | SEC (XBRL)· 15 Feb 2023derived |
| Interest expense | 163.1 m | 150.6 m | 172.1 m | 239.4 m | 257.8 m | 255.4 m | SEC (XBRL)· 12 Feb 2026verified |
| Pre-tax income | 662.1 m | 1.0 bn | 755.6 m | 708.6 m | 675.4 m | 729.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Income tax | 145.9 m | 242.2 m | 189.6 m | 170.9 m | 156.7 m | 186.9 m | SEC (XBRL)· 12 Feb 2026verified |
| Net income | 515.9 m | 802.9 m | 565.3 m | 537.3 m | 518.6 m | 542.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Diluted EPS | 2.88 | 4.72 | 3.53 | 3.53 | 3.53 | 3.80 | SEC (XBRL)· 12 Feb 2026verified |
| Weighted average diluted shares | 179.0 m | 170.1 m | 160.1 m | 152.4 m | 146.8 m | 142.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividend per share | — | 0.88 | 1.02 | 1.02 | 1.12 | 1.30 | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 230.9 m | 268.6 m | 191.9 m | 221.6 m | 218.8 m | 243.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Inventories | 23.9 m | 25.9 m | 31.7 m | 33.6 m | 33.3 m | 35.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Current assets | 376.2 m | 441.1 m | 359.8 m | 498.3 m | 377.3 m | 411.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Property, plant & equipment, net | 2.1 bn | 2.3 bn | 2.4 bn | 2.5 bn | 2.6 bn | 2.8 bn | SEC (XBRL)· 12 Feb 2026verified |
| Goodwill | 1.9 bn | 1.9 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 12 Feb 2026verified |
| Intangibles (excl. goodwill) | 441.4 m | 471.7 m | 481.0 m | 485.1 m | 512.4 m | 473.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Total assets | 14.5 bn | 15.7 bn | 15.1 bn | 16.4 bn | 17.4 bn | 18.7 bn | SEC (XBRL)· 12 Feb 2026verified |
| Accounts payable | 575.9 m | 659.5 m | 707.5 m | 685.7 m | 639.3 m | 685.2 m | SEC (XBRL)· 12 Feb 2026verified |
| Short-term debt | 228.4 m | 65.0 m | 90.7 m | 63.3 m | 83.9 m | 56.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Long-term debt | 3.5 bn | 3.9 bn | 4.3 bn | 4.6 bn | 4.8 bn | 5.1 bn | SEC (XBRL)· 12 Feb 2026verified |
| Current liabilities | 815.9 m | 728.3 m | 799.3 m | 749.1 m | 723.8 m | 745.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Equity | 1.8 bn | 1.9 bn | 1.7 bn | 1.5 bn | 1.7 bn | 1.6 bn | SEC (XBRL)· 12 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 804.4 m | 920.6 m | 825.7 m | 869.0 m | 944.9 m | 942.8 m | SEC (XBRL)· 12 Feb 2026verified |
| Capex | 222.2 m | 303.7 m | 369.7 m | 361.8 m | 373.7 m | 388.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Free cash flow | 582.1 m ≈ | 616.9 m ≈ | 456.0 m ≈ | 507.3 m ≈ | 571.3 m ≈ | 554.2 m ≈ | SEC (XBRL)· 12 Feb 2026derived |
| Investing cash flow | -318.4 m | -414.9 m | -447.9 m | -469.4 m | -620.9 m | -548.3 m | SEC (XBRL)· 12 Feb 2026verified |
| Financing cash flow | -492.8 m | -465.6 m | -448.0 m | -381.1 m | -319.6 m | -374.7 m | SEC (XBRL)· 12 Feb 2026verified |
| Dividends paid | 137.4 m | 146.9 m | 160.0 m | 168.0 m | 174.3 m | 183.6 m | SEC (XBRL)· 12 Feb 2026verified |
| Share repurchases | 516.9 m | 554.3 m | 660.9 m | 544.8 m | 253.7 m | 461.0 m | SEC (XBRL)· 12 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 54 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 10.5 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation52
- Returns87
- Quality85
- Balance sheet22
- Growth15
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 17.08 – 133.66 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)60.94 – 133.66 (Mid 86.89)WACC 7.7% · starting FCFF 875.0 m USD · terminal value share of EV 78%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -1.8%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E41.05 – 110.55 (Mid 51.78)7 companies used · median multiple 12.8x · quartiles 10.2x – 27.4xCSV, EVI, HRB, RGS, UNF, WW, YELP
- Dividend discount (DDM)17.08 – 22.97 (Mid 19.60)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 54/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.7% | 80 (vs peers) | 13% |
| Net margin · Quality | 12.7% | 80 (vs peers) | 8% |
| FCF conversion · Quality | 121.4% | 100 (on a fixed band) | 8% |
| Revenue CAGR 3Y · Growth | 1.6% | 13 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | 2.5% | 17 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 3.9x | 37 (on a fixed band) | 8% |
| Current ratio · Balance sheet | 0.4x | 0 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 19.2x | 29 (vs peers) | 13% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 6.5% | 81 (on a fixed band) | 11% |
| Shareholder yield (distributions) · Returns | 5.4% | 78 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | 28.3% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet22/100 · 2/3 factors with a value
- Growth15/100 · 2/2 factors with a value
- Quality85/100 · 3/3 factors with a value
- Returns87/100 · 2/2 factors with a value
- Valuation52/100 · 2/3 factors with a value
Memo
SERVICE CORPORATION INTERNATIONAL (SCI). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 4.3 bn USD in 2025; YoY growth 2.9%; net margin 12.7%; ROE 35.7%.
The estimated value range is 41.05–110.55 USD per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 51.78 USD, the price of 77.21 USD leaves a potential of -32.9% (value / price − 1) and a margin of safety of -49.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 54/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 11.7%
- Net margin: 12.7%
- FCF conversion: 121.4%
- FCF yield: 6.5%
- Shareholder yield (distributions): 5.4%
- Payout ratio (FCF): 28.3%
What contradicts it
- Revenue CAGR 3Y: 1.6%
- EPS CAGR 3Y: 2.5%
- Current ratio: 0.4x
- P/E (TTM): 19.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Services-Personal Services (SIC 7200) · same industry (4-digit SIC) · compared with 10 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| SCIService Corporation International | 10.5 bn | 19.2 | 35.7% | 12.7% | +2.9% | −5% / +31% |
| HRBH&R Block Inc | 6.8 bn | 9.8 | 710.9% | 18.6% | +4.9% | +32% / +22% |
| YELPYelp Inc | 1.2 bn | 10.6 | 18.2% | 8.6% | +3.7% | −24% / −50% |
| CSVCarriage Services, Inc. | 571.4 m | 12.8 | 17.3% | 10.7% | +3.3% | −17% / +59% |
| EVIEVI Industries, Inc. | 282.3 m | 45.3 | 5.3% | 1.7% | +14.6% | +6% / −16% |
| WWWw International, Inc. | 121.3 m | 0.1 | 332.6% | 148.1% | −11.6% | −57% / unavailable |
| RGSRegis Corporation | 79.4 m | 13.2 | 3.7% | 3.1% | +6.8% | +18% / +362% |
| DLPNDolphin Entertainment, Inc. | 12.2 m | — | -51.6% | -6.3% | +9.7% | −42% / −70% |
| XWELXWELL, Inc. | 5.1 m | — | — | -82.9% | −13.8% | −21% / −75% |
| MRMMedirom Healthcare Technologies Inc. | — | — | 26.0% | 1.8% | +21.5% | −85% / −94% |
| UNFUnifirst Corporation | — | 41.7 | 5.0% | 4.3% | +3.7% | +45% / +45% |
1- and 3-year price returns: for SCI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 45.33 Total return -40% · Per year -40% | 80.26 Total return 6% · Per year 6% | 121.05 Total return 59% · Per year 59% |
| 3 years | 41.47 Total return -42% · Per year -17% | 82.85 Total return 13% · Per year 4% | 137.56 Total return 85% · Per year 23% |
| 5 years | 37.94 Total return -44% · Per year -11% | 85.52 Total return 20% · Per year 4% | 156.32 Total return 115% · Per year 17% |
- Exit P/E± 20.71
- Net margin± 14.50
- Annual revenue growth± 12.24
- Annual dilution± 1.22
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
In brief
Service Corporation International (SCI) is North America's largest provider of funeral and cemetery services, operating a network of locations unmatched in geographic scale. The company relies on preneed sales, and its backlog of future revenue reached 17.6 billion USD at June 30, 2026 2.
SWOT
Strengths
- The company has the largest network of funeral service locations and cemeteries in North America, spanning many states and provinces, together with a nationally recognised brand 1.
- The preneed backlog gives visibility over future revenue and supports the stability of cash flow 1.
- Operating cash flow and borrowing capacity are sufficient to fund investment, dividends and share repurchases 2.
Weaknesses
- Cemetery margins are under temporary pressure as preneed property sales grow faster than the revenue recognised from them 3.
- The company relies on trust funds and third-party insurers to finance preneed contracts, which introduces market and counterparty risk 1.
- The funeral segment saw a decline in services performed, which shows its sensitivity to death volumes 3.
Opportunities
- If demographic trends hold, the growth of the Baby Boomer generation could support service volumes and preneed sales in the years ahead 1.
- Acquisitions of locations and investment in cemeteries could increase scale, if returns exceed the cost of capital 1.
- Digital lead channels could lift preneed sales, particularly if the move toward personalised offerings continues 1.
Threats
- A significant decline in trust fund values could force the company to cover shortfalls from operating cash flow 1.
- Inflation could raise labour, merchandise and financing costs and compress margins 1.
- Severe weather and public health crises could affect locations and supply chains, especially in states where operations are concentrated 1.
Risks
- Trust fund returnshigh
If investments in the trust funds fall significantly, the company could have to cover the shortfall from cash flow, affecting its results 1.
- Reliance on third-party insurersmedium
If the financial condition of the insurers funding preneed contracts deteriorated, the company could find it harder to collect the proceeds 1.
- Surety bond coveragemedium
If surety companies cancelled or did not renew bonds, the company would need replacement coverage or would have to fund trusts with substantial sums 1.
- Debt covenantsmedium
Bank credit facilities contain covenants that restrict operations; a breach could trigger acceleration of outstanding debt 1.
- Exposure to natural eventslow
Storms, wildfires or public health crises could close locations and raise costs, especially in states where operations are concentrated 1.
Investment thesis
What would need to be true (bull case)
- If preneed growth continues and the backlog expands, future revenue could become more predictable and the company would have more room to invest and return capital to shareholders 2.
- The revised cash flow guidance, raised at the midpoint, could signal better conversion of operating cash flow if preneed cash receipts keep rising 3.
- The national scale and the Dignity Memorial brand could support market share, especially if clients prefer a provider with a wide network and standardised services 1.
What would break the thesis
- If trust fund returns weaken, the company could be forced to use operating cash flow to cover the funding gap on preneed contracts 1.
- If the volume of funeral services keeps falling, revenue in the funeral segment could be affected even if average revenue per service rises 3.
- Margin pressure in cemeteries could persist if preneed property sales grow faster than the revenue recognised from them 3.
What to watch
- Delivery of the revised adjusted EPS guidance range2026
- Development of preneed cemetery production and the future revenue backlogQ3 2026
- Cemetery gross margins, affected by the recognition of preneed revenueQ3 2026
- Trust fund returns and any requirement to replenish the trustsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (28 Oct 2026 · results).
The business
At December 31, 2025 SCI operated 1,485 funeral service locations and 500 cemeteries, spread across 44 states, eight Canadian provinces, the District of Columbia and Puerto Rico 1. Its main brand, Dignity Memorial, is North America's first transcontinental brand of deathcare products and services, and the company includes combination locations where funeral homes and cemeteries share costs. Sales are made at the time of need and on a preneed basis, with contracts delivered later 1.
At June 30, 2026 the network had grown to 1,495 funeral service locations and 505 cemeteries, including 316 combination locations 2. The company says the Dignity Memorial brand serves about 700,000 combined preneed and atneed families each year 2.
Its capital structure rests on cash flow from operations, which provided 942.8 million USD in 2025 1. The company targets a leverage ratio between 3.5x and 4.0x, and at June 30, 2026 the actual ratio was 3.77, below the 5.00 maximum in its credit agreement 2.
Segments
Funeral
The funeral segment covers services, preparation, cremation and funeral merchandise, sold both at the time of need and preneed. In the second quarter of 2026 funeral services performed fell 1%, but a higher average revenue per service more than offset the decline 3.
Cemetery
The cemetery segment sells burial property, mausoleums, cremation niches and related services. In the second quarter of 2026 comparable cemetery revenue grew 5%, driven by higher recognized preneed merchandise and service revenue and by growth in cemetery trust fund earnings 3.
Market context
The North American deathcare market is fragmented, with most operators locally owned and independent. The company estimates its funeral and cemetery market share at about 18%, based on total industry revenue 1. Barriers to entry are low to moderate in funeral and high in cemeteries because of land and permitting requirements 1.
Demand is shaped by demographics, especially the ageing of the Baby Boomer generation, which supports preneed sales. The company notes that the shift toward cremation changes its revenue mix, since average revenue for cremations is lower than for traditional burials 1.
Trends
- Baby Boomer ageingtailwind
The company expects the ageing of the Baby Boomer generation to support both preneed sales and at-need service volumes in the coming years, if demographic trends hold 1.
- Rising cremation sharemixed
The shift toward cremation lowers average revenue per contract, but the company is trying to offset this with memorialization products and cemetery options aimed at cremation customers 1.
- Preneed cemetery property salestailwind
Preneed cemetery property production rose 7% in the second quarter of 2026, which could build the long-term backlog, although margin pressure in cemeteries continues 3.
- Trust fund returns and cost inflationheadwind
Trust fund returns have varied from year to year, and a significant decline in trust values could require the company to cover shortfalls from cash flow, while inflation may raise labour and merchandise costs 1.
Competitive position
Several public companies own funeral service locations and cemeteries, but most deathcare businesses in North America are locally owned and independent 1. Competition turns on name, reputation, location, competitive pricing and well-maintained facilities 1.
The company argues that its scale lets it offer prices competitive with local operators and attract clients through digital lead channels and preneed contacts 1. Competitive pressure is greater in funeral services than in cemeteries, where barriers to entry are higher 1.
- Independent and locally owned funeral operators
Most deathcare businesses are locally run, and competition in funeral services depends on local names and reputation 1.
- Other public operators of funeral and cemetery locations
The sources mention the existence of other public companies with funeral service locations and cemeteries without naming them in the documents reviewed 1.
- Retail-style funeral and cremation providers
The company compares its pricing with that of local funeral service locations, cemeteries and retail locations in the same area 1.
- Insurance carriers funding preneed contracts
Third-party insurers that fund preneed contracts are a dependency rather than a direct rival, and their financial health affects collections 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report29 Oct 2026
- Current report28 Oct 2026Results of operations · Financial statements and exhibits
- Current report05 Aug 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report29 Jul 2026Other events
- Current report29 Jul 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Regulation FD disclosure · Financial statements and exhibits
- Current report08 May 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report08 May 2026Shareholder vote
- Current report06 May 2026Regulation FD disclosure · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Service Corporation International · 12 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Service Corporation International · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Service Corporation International · 29 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.