Carriage Services, Inc. (CSV) Stock

Carriage Services, Inc. (CSV) is a Consumer Discretionary stock trading at $34.56 (as of 2026-08-20), with a market capitalization of $548.97M and a trailing P/E of 12.3. Figures are sourced from first-party U.S. SEC EDGAR filings and market data.

Carriage Services, Inc. provides funeral and cemetery services and related merchandise in the United States. It operates through Funeral Home Operations (such as visitation and memorial facilities, removal and preparation of remains, transportation, and burial or cremation services with items like caskets and urns) and Cemetery Operations (such as interment rights, inurnments, and merchandise and installation for grave and memorial spaces).

Understand Carriage Services, Inc.: how it makes money

Carriage Services provides funeral and cemetery services and related merchandise in the United States, earning money through funeral home services and cemetery interment rights, along with sale of related services and merchandise (including burial and cremation related items).

The profit model is driven by two recurring customer-facing businesses, Funeral Home Operations (service and related merchandise) and Cemetery Operations (interment rights plus related assets), supported by recurring pre-need trust fund annual income in the portfolio.

Revenue by segment (latest quarter)
Funeral	$0.1B
Cemetery	$0.0B

Business quality (Solid): Clear operating structure by segment (Funeral vs Cemetery) and recurring pre-need income signals, but near-term results can be pressured by funeral volume and admitting volume trends.

Valuation: At 15× earnings, CSV trades 12% below the Personal Services average (17×). Note: one-time items can distort reported P/E.

Bull case

Segment operating revenue is meaningfully diversified across Funeral and Cemetery: In the latest period, Funeral Operating Revenue is 0.07 USD_B and Cemetery Operating Revenue is 0.04 USD_B.
Comparable revenue metrics exist for both segments: Comparable Funeral Revenue is 0.06 USD_B and Comparable Cemetery Revenue is 0.03 USD_B, giving investors an operating lens beyond total revenue.
Some income is described as recurring and tied to pre-need arrangements: Recurring Annual Income in the Portfolio is 0.02 USD_B, and Discretionary Pre-Need Trust Fund Annual Income is 0.02 USD_B.

Bear case

Funeral volume declines can directly weigh on results: Funeral Volume Decrease is 7.3 percent, and Funeral Home Admitting Volume Decline is 5.8 percent.
COVID-related funeral contracts can distort trends: COVID-Related Funeral Contracts are 1.9 percent, implying some portion of activity may not reflect steady-state demand.
Operating profitability can be sensitive to expense and overhead levels: Overhead Expenses are 0.01 USD_B, and Overhead is 0.01 USD_B in the provided metrics set.

Valuation — source: SEC EDGAR (first-party)
Price	$34.56
Market Cap	$548.97M
P/E Ratio	12.3
EV / EBITDA	4.7
Price / Book	1.97
Price / Sales	1.32
FCF Yield	6.8%
DCF Value (model)	$75.99
DCF Upside vs Price	119.8%

Profitability & Growth — source: SEC EDGAR
Revenue (TTM)	$417.44M
Net Margin	12.3%
Revenue Growth (YoY)	0.8%
EPS Growth (YoY)	4.0%
FCF Growth (YoY)	-57.5%

Financial Health — source: SEC EDGAR
Altman Z-Score	1.15 (distress)
Piotroski F-Score	5/9 (moderate)

Valuation vs Sector & Industry
Stock P/E	12.3
Sector P/E (Consumer Discretionary)	20.5
Industry P/E (Personal Services)	13.9
vs Sector	-39.9%
vs Industry	-11.1%

Smart-Money Activity — SEC Form 4 / 13F / Congressional disclosures
Top Institutional Holder	FMR LLC ($108.63M)
Institutional Holders Tracked	10

Company
Sector	Consumer Discretionary
Industry	Personal Services
CEO	Carlos R. Quezada
Employees	1,200
Country	US
IPO Date	1996-08-09

Related Companies (Business model: Brick-and-Mortar Retail (incl. Omnichannel); 8 closest by market cap; US-domiciled)

Data as of 2026-08-20.

Figures sourced from U.S. Securities and Exchange Commission (SEC EDGAR) filings and market data. Not personalized investment advice.