olivLaw · US equity research
Carriage Services, Inc. CSV
Services-Personal Services · SIC 7200 · Vertical: Services-Personal Services (SIC 7200)
Carriage Services is one of the largest providers of funeral and cemetery services and merchandise in the United States, operating funeral homes and cemeteries across many states. The company is currently in a phase of acquisitions and preneed sales growth, while at-need volumes have fallen temporarily due to lower mortality in the first half of 2026, and its revenue outlook has been slightly lowered.
At the close of 02 Nov 2026, Carriage Services, Inc. (CSV) stock was 34.95 USD (+0.17% on the day), with market capitalisation 555.1 m USD, P/E 12.5 on diluted EPS of 2.80 USD over the last 12 months, dividend yield 1.29%, beta 0.37, 52-week range 30.48–51.65 USD. Latest reported quarter (Q2 2026): revenue of 102.9 m USD (+0.8% YoY), net income of 12.3 m USD (+4.5% YoY), diluted EPS 0.77 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)
- 51.5
- neutral
- Bollinger (20, 2)
- 33.08 – 37.21
- in the lower half of the band · %B 0.45 · band width 11.7%
- SMA 50 / 200
- 33.60 / 40.05
- mixed trend
- MACD (12, 26, 9)
- 0.57 / 0.67
- 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 | +8.6% | −2.3% | +11.0 pp | — |
| 3 months | −13.9% | −0.8% | −13.2 pp | — |
| 6 months | −26.0% | +4.7% | −30.8 pp | — |
| Year to date | −17.4% | +10.2% | −27.5 pp | — |
| 1 year | −21.8% | +10.3% | −32.1 pp | −4.0% |
| 3 years | +50.3% | +73.0% | −22.7 pp | −14.7% |
| 5 years | −27.6% | +61.8% | −89.5 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 100.7 m | 97.7 m | 107.1 m | 102.1 m | 102.7 m | 105.5 m | 106.1 m | 102.9 m |
| Cost of revenue | 65.2 m | 64.1 m | 69.2 m | 66.2 m | 66.5 m | 68.8 m | 67.5 m | 67.9 m |
| Gross profit | 35.5 m | 33.6 m | 37.8 m | 35.9 m | 36.2 m | 36.7 m | 38.6 m | 35.0 m |
| Operating income | 22.9 m | 21.1 m | 31.6 m | 24.0 m | 17.5 m | 24.6 m | 25.3 m | 24.0 m |
| Depreciation & amortisation | 5.6 m ≈ | 5.6 m | 5.4 m | 6.2 m ≈ | 6.5 m ≈ | 6.4 m | 6.0 m | 7.1 m ≈ |
| Interest expense | 8.0 m | 7.0 m | 7.3 m | 7.0 m | 6.9 m | 7.1 m | 6.9 m | 6.7 m |
| Pre-tax income | 14.8 m | 14.1 m | 26.3 m | 16.9 m | 9.7 m | 17.4 m | 18.4 m | 17.2 m |
| Income tax | 4.9 m | 5.2 m | 8.2 m | 5.3 m | 3.4 m | 1.9 m | — | — |
| Net income | 9.9 m | 9.9 m | 20.9 m | 11.7 m | 6.6 m | 12.3 m | 13.5 m | 12.3 m |
| Diluted EPS | 0.63 | 0.63 ≈ | 1.34 | 0.74 | 0.41 | 0.78 ≈ | 0.84 | 0.77 |
| Operating cash flow | 20.9 m ≈ | 9.3 m | 13.8 m | 8.1 m ≈ | 24.7 m ≈ | 14.1 m | 14.9 m | 7.6 m ≈ |
| Capex | 4.6 m ≈ | 4.4 m | 3.2 m | 2.8 m ≈ | 6.7 m ≈ | 7.9 m | 3.9 m | 5.3 m ≈ |
| Dividends paid | 1.7 m ≈ | 1.7 m | 1.7 m | 1.8 m ≈ | 1.8 m ≈ | 1.8 m | 1.8 m | 1.8 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 18 percentile of its own 39-quarter history (min 10.3, median 16.5, max 76.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 268.0 m | 274.1 m | 329.4 m | 375.9 m | 370.2 m | 382.5 m | 404.2 m | 417.4 m |
| Revenue YoY | +3.8% | +2.3% | +20.2% | +14.1% | −1.5% | +3.3% | +5.7% | +3.3% |
| Net income | 11.6 m | 14.5 m | 16.1 m | 33.2 m | 41.4 m | 33.4 m | 33.0 m | 51.5 m |
| Net income YoY | −68.7% | +24.8% | +10.7% | +106.1% | +24.8% | −19.3% | −1.4% | +56.3% |
| Diluted EPS | 0.63 | 0.80 | 0.89 | 1.81 | 2.63 | 2.14 | 2.10 | 3.25 |
| Diluted EPS YoY | −69.9% | +27.0% | +11.3% | +103.4% | +45.3% | −18.6% | −1.9% | +54.8% |
| net % | 4.3% | 5.3% | 4.9% | 8.8% | 11.2% | 8.7% | 8.2% | 12.3% |
| Free cash flow | 35.5 m | 27.8 m | 67.7 m | 59.4 m | 34.9 m | 57.6 m | 35.9 m | 40.1 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.7 m USD
- Financial debt
- 6.2 m USD
- Net debt
- 4.5 m USD
- Equity
- 254.8 m USD
- Total assets
- 1.3 bn USD
- Debt / equity
- 0.02x
- Current ratio
- 0.98x
- ROE
- 22.2%
- ROA
- 3.9%
- FCF margin
- 9.6%
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 | 329.4 m | 375.9 m | 370.2 m | 382.5 m | 404.2 m | 417.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Cost of revenue | 223.5 m | 246.4 m | 250.9 m | 258.2 m | 260.8 m | 270.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Gross profit | 105.9 m | 129.5 m | 119.2 m | 124.3 m | 143.4 m | 146.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Operating income | 57.2 m | 93.7 m | 79.7 m | 81.0 m | 81.8 m | 97.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Depreciation & amortisation | 19.4 m | 20.5 m | 19.8 m | 21.1 m | 22.9 m | 24.5 m | SEC (XBRL)· 26 Feb 2026verified |
| EBITDA | 76.6 m ≈ | 114.2 m ≈ | 99.5 m ≈ | 102.1 m ≈ | 104.7 m ≈ | 122.2 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Interest expense | 32.5 m | 25.4 m | 25.9 m | 36.3 m | 32.1 m | 28.4 m | SEC (XBRL)· 26 Feb 2026verified |
| Pre-tax income | 24.6 m | 44.3 m | 57.2 m | 46.4 m | 50.1 m | 70.3 m | SEC (XBRL)· 26 Feb 2026verified |
| Income tax | 8.0 m | 12.3 m | 16.2 m | 13.0 m | 17.1 m | 18.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Net income | 16.1 m | 33.2 m | 41.4 m | 33.4 m | 33.0 m | 51.5 m | SEC (XBRL)· 26 Feb 2026verified |
| Diluted EPS | 0.89 | 1.81 | 2.63 | 2.14 | 2.10 | 3.25 | SEC (XBRL)· 26 Feb 2026verified |
| Weighted average diluted shares | 18.1 m | 18.3 m | 15.7 m | 15.5 m | 15.4 m | 15.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividend per share | 0.34 | 0.41 | 0.45 | 0.45 | 0.45 | 0.45 | SEC (XBRL)· 26 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 | 889.0 k | 1.1 m | 1.2 m | 1.5 m | 1.2 m | 1.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Receivables | 25.1 m | 25.3 m | 24.5 m | 27.1 m | 30.2 m | 40.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Inventories | 7.3 m | 7.3 m | 7.6 m | 8.3 m | 7.9 m | 7.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Current assets | 35.3 m | 40.2 m | 38.0 m | 41.7 m | 44.5 m | 56.1 m | SEC (XBRL)· 26 Feb 2026verified |
| Property, plant & equipment, net | 269.1 m | 269.4 m | 278.1 m | 287.5 m | 273.0 m | 286.8 m | SEC (XBRL)· 26 Feb 2026verified |
| Goodwill | 392.0 m | 392.0 m | 410.1 m | 423.6 m | 414.9 m | 427.9 m | SEC (XBRL)· 26 Feb 2026verified |
| Total assets | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 26 Feb 2026verified |
| Accounts payable | 11.3 m | 14.2 m | 11.7 m | 11.9 m | 15.4 m | 19.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Short-term debt | 1.0 m | 521.0 k | 555.0 k | 537.0 k | 571.0 k | 607.0 k | SEC (XBRL)· 26 Feb 2026verified |
| Long-term debt | 4.5 m | 4.0 m | 3.4 m | 5.5 m | 4.9 m | 5.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Current liabilities | 48.4 m | 60.8 m | 45.5 m | 51.1 m | 58.0 m | 57.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Total liabilities | 905.3 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 26 Feb 2026verified |
| Equity | 240.5 m | 128.0 m | 137.1 m | 173.1 m | 208.6 m | 254.8 m † | SEC (XBRL)· 26 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 82.9 m | 84.2 m | 61.0 m | 75.6 m | 52.0 m | 60.7 m | SEC (XBRL)· 26 Feb 2026verified |
| Capex | 15.2 m | 24.9 m | 26.1 m | 18.0 m | 16.1 m | 20.6 m | SEC (XBRL)· 26 Feb 2026verified |
| Free cash flow | 67.7 m ≈ | 59.4 m ≈ | 34.9 m ≈ | 57.6 m ≈ | 35.9 m ≈ | 40.1 m ≈ | SEC (XBRL)· 26 Feb 2026derived |
| Investing cash flow | -34.4 m | -12.5 m | -52.5 m | -57.0 m | -3.6 m | -35.2 m | SEC (XBRL)· 26 Feb 2026verified |
| Financing cash flow | -48.3 m | -71.5 m | -8.5 m | -18.2 m | -48.7 m | -25.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Dividends paid | 6.0 m | 7.3 m | 6.8 m | 6.7 m | 6.8 m | 7.0 m | SEC (XBRL)· 26 Feb 2026verified |
| Share repurchases | 0 | 140.0 m | 36.7 m | 0 | 0 | — | SEC (XBRL)· 28 Feb 2025verified |
≈ 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: 67 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
02 Nov 2026Source: olivLaw, closing series
Market cap: 555.1 m USD
Key indicators
Coverage and freshness
Score by group
- Returns51
- Quality86
- Growth41
- Valuation73
- Balance sheet69
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: 26.23 – 159.09 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)46.58 – 71.01 (Mid 56.10)WACC 9.2% · starting FCFF 56.8 m USD · terminal value share of EV 73%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): -15.3%
- Peers: EV/EBITDA54.70 – 159.09 (Mid 66.62)3 companies used · median multiple 9.1x · quartiles 7.4x – 21.6xDLPN, RGS, WW
- Peers: P/E26.23 – 87.10 (Mid 34.27)7 companies used · median multiple 12.2x · quartiles 9.4x – 31.1xEVI, HRB, RGS, SCI, UNF, WW, YELP
- Dividend discount (DDM)outside the aggregate5.91 – 7.95 (Mid 6.78)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
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
Attractive profile · Score 67/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 24.5% | 100 (vs peers) | 10% |
| Net margin · Quality | 10.7% | 70 (vs peers) | 6% |
| FCF conversion · Quality | 83.9% | 77 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 4.1% | 34 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 7.3% | 49 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.0x | 100 (on a fixed band) | 10% |
| Interest coverage · Balance sheet | 3.3x | 28 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.5x | 55 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 12.5x | 43 (vs peers) | 10% |
| EV/EBITDA · Valuation | 4.8x | 93 (on a fixed band) | 10% |
| FCF yield · Valuation | 6.7% | 84 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.3% | 18 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 19.0% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet69/100 · 3/3 factors with a value
- Growth41/100 · 2/2 factors with a value
- Quality86/100 · 3/3 factors with a value
- Returns51/100 · 2/2 factors with a value
- Valuation73/100 · 3/3 factors with a value
Memo
CARRIAGE SERVICES, INC. (CSV). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 417.4 m USD in 2025; YoY growth 3.3%; net margin 10.7%; ROE 17.3%; net debt/EBITDA 0.0x.
The estimated value range is 46.58–87.10 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 56.10 USD, the price of 34.95 USD leaves a potential of 60.5% (value / price − 1) and a margin of safety of 37.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 67/100, methodological classification: attractive 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: 24.5%
- Net margin: 10.7%
- FCF conversion: 83.9%
- Net debt / EBITDA: 0.0x
- EV/EBITDA: 4.8x
- FCF yield: 6.7%
- Payout ratio (FCF): 19.0%
- The price is below the estimated value range
What contradicts it
- Interest coverage: 3.3x
- Shareholder yield (distributions): 1.3%
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 | 10.6 bn | 19.3 | 35.7% | 12.7% | +2.9% | −2% / +27% |
| HRBH&R Block Inc | 6.4 bn | 9.2 | 710.9% | 18.6% | +4.9% | +24% / +15% |
| YELPYelp Inc | 1.1 bn | 9.5 | 18.2% | 8.6% | +3.7% | −31% / −55% |
| CSVCarriage Services, Inc. | 555.1 m | 12.5 | 17.3% | 10.7% | +3.3% | −22% / +50% |
| EVIEVI Industries, Inc. | 286.7 m | 46.0 | 5.3% | 1.7% | +14.6% | +8% / −15% |
| WWWw International, Inc. | 133.9 m | 0.1 | 332.6% | 148.1% | −11.6% | −53% / unavailable |
| RGSRegis Corporation | 73.7 m | 12.2 | 3.7% | 3.1% | +6.8% | +10% / +329% |
| DLPNDolphin Entertainment, Inc. | 12.4 m | — | -51.6% | -6.3% | +9.7% | −41% / −70% |
| XWELXWELL, Inc. | 6.1 m | — | — | -82.9% | −13.8% | −6% / −70% |
| MRMMedirom Healthcare Technologies Inc. | — | — | 26.0% | 1.8% | +21.5% | −84% / −93% |
| UNFUnifirst Corporation | — | 42.9 | 5.0% | 4.3% | +3.7% | +50% / +50% |
1- and 3-year price returns: for CSV 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 | 20.63 Total return -40% · Per year -40% | 36.49 Total return 6% · Per year 6% | 54.97 Total return 59% · Per year 59% |
| 3 years | 19.86 Total return -40% · Per year -16% | 39.53 Total return 17% · Per year 5% | 65.42 Total return 92% · Per year 24% |
| 5 years | 19.12 Total return -40% · Per year -10% | 42.83 Total return 30% · Per year 5% | 77.84 Total return 132% · Per year 18% |
- Exit P/E± 9.88
- Net margin± 6.92
- Annual revenue growth± 5.70
- Annual dilution± 0.58
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.
In brief
Carriage Services is one of the largest providers of funeral and cemetery services and merchandise in the United States, operating funeral homes and cemeteries across many states. The company is currently in a phase of acquisitions and preneed sales growth, while at-need volumes have fallen temporarily due to lower mortality in the first half of 2026, and its revenue outlook has been slightly lowered 123.
SWOT
Strengths
- An extensive network of funeral homes and cemeteries with strong market positions in most of its local markets, supported by tradition and family relationships 1.
- A solid preneed sales franchise with a significant backlog and insurance commission income that improves visibility of cash flows 13.
- A high adjusted EBITDA margin in the second quarter of 2026 and control of overhead costs, which points to operational discipline 3.
Weaknesses
- Reliance on a few key employees in each locality makes performance vulnerable to staff departures or loss of local relationships 1.
- At-need volumes fell in the first half of 2026 and the full-year revenue outlook was revised down, showing sensitivity to mortality 3.
- Preneed sales initially have a negative cash flow impact because of commissions and mandatory trust or escrow deposits 1.
Opportunities
- If the announced acquisitions of premier funeral businesses are completed, the company could expand its portfolio and strengthen its local market positions 3.
- Growth in insurance-funded preneed sales and additional services for cremation customers could generate longer-term revenue 13.
- The at-the-market equity program offers financing flexibility if capital needs grow, without changing the operating structure 2.
Threats
- Low or volatile mortality could reduce service volumes and revenue in the short term, especially if it persists 13.
- Competition from independent operators and low-cost cremation providers could reduce market share or margins if prices must be adjusted 1.
- A decline in trust fund returns or the failure of insurers funding preneed contracts could affect future revenue 1.
Risks
- Dependence on mortalityhigh
Service volumes depend on the number of deaths, which varies and can be influenced by epidemics; in 2026 lower mortality led to a revised outlook 13.
- Trust fund returnsmedium
Preneed and perpetual care trust funds are invested in equities and fixed income; a prolonged market decline could leave insufficient funds to deliver future services 1.
- Insurer counterparty riskmedium
If an insurer funding preneed contracts deteriorated financially, the company could face difficulty collecting policy proceeds when services are delivered 1.
- Regulation and state trust lawsmedium
Federal FTC rules and state trust requirements may change, and such changes could affect the preneed sales model and cash flows 1.
- Acquisition executionlow
Growth through acquisitions depends on finding suitable targets and integrating them; delayed or incomplete deals could affect the growth plan 13.
Investment thesis
What would need to be true (bull case)
- If preneed sales and insurance commission income keep growing, the company could build more predictable revenue, while its adjusted EBITDA margin suggests operating efficiency can be maintained 13.
- A strategy of acquiring quality funeral homes with controlled leverage could generate additional medium-term growth if the announced transactions close 3.
- Its leading position in several local markets, supported by reputation and heritage, could shield the company from the fragmented competition in the industry 1.
What would break the thesis
- If mortality stays low, at-need volumes could keep falling and the revenue outlook might need to be revised again 3.
- Pressure on middle and lower-income consumers and persistent inflation could reduce spending on funeral and cemetery services and lower revenue per contract 12.
- Reliance on trust funds and partner insurers could expose the company to market declines or financial problems at those insurers, affecting future revenue 1.
What to watch
- Closing of the announced funeral home acquisitions and their effect on consolidated revenueQ3 2026
- Trend in at-need volumes and mortality, including the July trends cited by managementQ3 2026
- Delivery against the revised 2026 revenue and adjusted EBITDA outlooknext 10-K
- Any use of the at-the-market equity program and its effect on the capital structure2027
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.
The business
Carriage Services, Inc. is a leading provider of funeral and cemetery services and merchandise in the United States, incorporated in Delaware in 1993 1. The company operates in two segments: Funeral Home Operations, which accounts for approximately 65% of total revenue, and Cemetery Operations, with approximately 35% of total revenue 1. At 31 December 2025 it operated 155 funeral homes in 24 states and 28 cemeteries in 9 states 1. Services are provided on both an 'atneed' (time of death) and 'preneed' (planned prior to death) basis, and in 2025 the company acquired eight funeral homes, one cemetery and one cremation focused business in Florida for 56.5 million USD 1.
Segments
Funeral Home Operations
The funeral segment provides consultation, removal and preparation of remains, sales of caskets and related merchandise, ceremony use of facilities and transportation services 1. Revenue depends on contract volume and average revenue per contract; in the second quarter of 2026 average revenue per funeral contract rose 4.7% year over year while funeral contract volume fell 4.0% 23. The growing share of cremations, which carry lower average revenue than traditional burials, remains a central trend for the segment 1.
Market context
The US funeral market is fragmented: Carriage and Service Corporation International together represent about 23% of revenue, with the remaining 77% held by independent operators and other privately owned consolidators 1. Demand is driven by mortality, which is seasonal and can be affected by epidemics, and by consumer spending power, which is under pressure from inflation and trade uncertainty 12. In 2026 the company reported lower-than-anticipated mortality, which led it to revise its revenue outlook 3.
The preneed market remains central to long-term revenue visibility; it is funded through trusts or life insurance policies, so growth is linked to trust fund returns and the financial health of insurers 13. In 2025 about 16% of funeral services performed were funded through preneed contracts, and about 71% of cemetery operating revenue originated from preneed contracts 1.
Trends
- Rising cremation sharemixed
Cremation is becoming more common and carries lower average revenue than a traditional burial, which could reduce revenue per case unless offset by additional services and merchandise such as urns or video tributes 13.
- Pressure on consumer spendingheadwind
Middle and lower-income consumers are showing more cautious behaviour, and elevated inflation and tariff uncertainty could reduce spending on funeral services, although the company has not yet seen a material impact 12.
- Lower borrowing coststailwind
After the 2024 credit facility amendment the company recorded lower borrowing costs in 2025, which supported profitability, though trust fund returns remain sensitive to financial markets 13.
- Growth in insurance-funded preneed salestailwind
Insurance-funded preneed funeral contracts have grown considerably, and the commission income they generate supports cash flow and future revenue visibility, although their volume can be affected by economic conditions 13.
Competitive position
Competition is intense and rests mainly on reputation, heritage and competitive pricing; the primary competitors are local independent operators 1. Competition also comes from low-cost cremation providers, internet casket sellers and non-traditional stores that have captured part of the low-end market 1. Among large public operators, Service Corporation International is the only other one named in the sources 1.
- Service Corporation InternationalSCI
The largest publicly held funeral and cemetery operator in the United States, named alongside Carriage as one of the two largest industry players 1.
- Independent funeral operators
Local funeral homes and privately owned consolidators that hold most of the market and compete on local reputation and heritage 1.
- Low-cost cremation providers
Specialised providers offering minimal services at low prices, attracting customers in the lower-price segment 1.
- Internet and non-traditional casket retailers
Channels that sell funeral products online or through dedicated stores and have gained share in the lower-priced product segment 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
- New York to end 150 - year - old horse - carriage tradition by 2028 : What tourists should knowSurge — GDELT DOC · 23 Oct 2026 · RO
- What is Romanch’s Law? New York City’s historic horse carriage ban after Indian tourist’s deathThe Hindu — International · 23 Oct 2026 · EN
- Trump laments NYC horse-drawn carriage banThe Hill · 22 Oct 2026 · EN
- Aeroflot reports passenger carriage down 4.2% in September 2026TASS (RU, EN) · 12 Oct 2026 · EN
- Chandra Asri to buy Cycle & Carriage's Singapore, Malaysia auto businessesNikkei Asia · 21 Aug 2026 · EN
- Passenger of Bedford crash says 90% of people on his carriage were injuredThe Guardian World · 20 Jun 2026 · RO
- Teenager dies after being thrown from horse-drawn carriage in Central ParkThe Guardian World · 18 Jun 2026 · RO
- Teenager dies in horse-drawn carriage accident in New YorkBBC World News · 18 Jun 2026 · EN
- Ukraine military strikes train in Lgov district of Kursk Region, one carriage is ablazeTASS (RU, EN) · 24 May 2026 · RO
SEC filings
- Current report05 Oct 2026Termination of a material agreement
- Current report30 Sept 2026Material agreement · Termination of a material agreement · Creation of a direct financial obligation · Regulation FD disclosure · Financial statements and exhibits
- Current report14 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report05 Aug 2026Results of operations · Financial statements and exhibits
- Current report14 May 2026Shareholder vote · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report06 May 2026Material agreement · Results of operations · Financial statements and exhibits
- Proxy statement27 Mar 2026
- Annual report26 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Carriage Services, Inc. · 26 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Carriage Services, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Carriage Services, Inc. · 05 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.