CARRIAGE SERVICES INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CARRIAGE SERVICES INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	248	258	268	274	329	376	370	383	404	417
Cost of revenue	169	181	192	195	224	246	251	258	261	271
Gross profit	79.7	76.8	75.9	79.6	106	130	119	124	143	147
General and administrative	27.9	26.3	30.8	25.9	27.3	35.2	37.5	42.1	59	48.6
Operating expenses	29.4	27.9	32.6	27.3
Operating income	50.2	48.9	42.1	47.4	57.2	93.7	79.7	81	81.8	97.7
Interest expense	11.7	12.9	21.1	25.5	32.5	25.4	25.9	36.3	32.1	28.4
Other non-operating income	-18	1.12	-0.04	0.74	0.15	-0.08	0.08	1.37	-0.06	0.97
Pre-tax income	32.2	32.8	18.3	22.4	24.6	44.3	57.2	46.4	50.1	70.3
Income tax	12.7	13.1	5.75	7.4	7.99	12.3	16.2	13	17.1	18.8
Income from continuing operations	19.6	37.2	11.6	14.5	16.1	33.2	41.4	33.4	33	51.5
Net income	19.6	37.2	11.6	14.5	16.1	33.2	41.4	33.4	33	51.5
EBITDA	65.6	64.9	59.5	65.2	76.6	114	99.5	102	105	122
EPS, basic	1.18	2.25	0.64	0.81	0.90	1.90	2.78	2.24	2.17	3.29
EPS, diluted	1.12	2.09	0.63	0.80	0.89	1.81	2.63	2.14	2.10	3.25
Shares, basic (weighted)	16.5	16.4	18	17.9	17.9	17.4	14.9	14.8	15	15.4
Shares, diluted (weighted)	17.5	17.7	18.4	18	18.1	18.3	15.7	15.5	15.4	15.6
Dividend per share	0.15	0.23	0.30	0.30	0.34	0.41	0.45	0.45	0.45	0.45

Balance sheet

	FY2016	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0.95	0.95	0.64	0.72	0.89	1.15	1.17	1.52	1.17	1.69
Receivables	18.9	19.7	18.9	21.5	25.1	25.3	24.5	27.1	30.2	40.6
Inventory	6.15	6.52	6.75	6.99	7.26	7.35	7.61	8.35	7.92	7.76
Other current assets	2.03	0.99	3.01	10.7	2.08	6.4	4.73	4.79	4.12	5.98
Total current assets	33	30.1	29.3	39.9	35.3	40.2	38	41.7	44.5	56.1
Property, plant and equipment	235	247	261	279	269	269	278	287	273	287
Lease right-of-use assets			0	22.3	21.2	17.9	17.1	16.3	15	12
Goodwill	288	304	398	393	392	392	410	424	415	428
Other non-current assets	11.7	14.4	17.6	25.2	23.6	23.6	25.6	28.9	28.1	29.9
Total assets	922	918	1,130	1,146	1,179	1,179	1,193	1,268	1,280	1,346
Accounts payable	10.2	6.55	9.99	8.41	11.3	14.2	11.7	11.9	15.4	19
Accrued liabilities	20.1	17.6	22.6	24	31.1	43.8	30.6	35.4	38.5	33.9
Short-term debt	13	16.9	2.02	1.31	1.03	0.52	0.56	0.54	0.57	0.61
Total current liabilities	44.3	42.7	35	35.6	48.4	60.8	45.5	51.1	58	57.2
Long-term debt	204	212	33.1	5.66	4.48	3.98	3.44	5.46	4.9	5.58
Lease liabilities			0	21.5	20.3	18.5	17.3	15.8	14	10.5
Other non-current liabilities	2.57	3.38	3.13	1.74	4.75	1.42	3.07	1.86	1.18	1.85
Total liabilities	709	724	696	903	905	1,051	1,056	1,095	1,071	1,091
Total debt	219	0	319	90.8	5.51	4.5	3.99	6	5.47	528
Paid-in capital	215	216	244	242	240	237	239	241	244	239
Retained earnings	20.7	57.9	71.7	86.2	102	135	177	210	243	295
Treasury stock	-60.3	-76.6	-94.3	-102	-102	-245	-279	-279	-279	-279
Other comprehensive income	0	0	0	0
Shareholders' equity	176	198	221	227	241	128	137	173	209	255
Total equity	176	198	221	227	241	128	137	173	209	255
Total liabilities and equity	885	922	918	1,130	1,146	1,179	1,193	1,268	1,280	1,346
Shares outstanding	22.5	6.52	7.63	17.9	18	15.3	14.7	15	15.3	15.8

Cash flow statement

	FY2016	FY2017	FY2017	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	19.6	37.2	11.6	14.5	16.1	33.2	41.4	33.4	33	51.5
Depreciation and amortization	15.4	16	17.4	17.8	19.4	20.5	19.8	21.1	22.9	24.5
Stock-based compensation	3.23	3.16	6.58	2.15	3.37	5.51	5.96	7.7	6.52	7.81
Deferred income tax	4.86	-11.7	3.82	10.1	4.6	-0.69	3.04	3.31	-0.7	3.98
Change in receivables	-5.16	-4.25	-5.06	-5.8	-4.28	-4.09	-5.36	-8.12	-24.6	-28.2
Change in inventory	2	1.45	-0.16	-2.76	3.52	-4.45	2.3	-0.07	1.06	-1.69
Change in payables	2.11	-3.65	2.04	-0.58	2.7	0.52	-0.1	0.17	1.62	-0.37
Cash from operations	50	45.2	49	43.2	82.9	84.2	61	75.6	52	60.7
Capital expenditures	-16.8	-16.4	-13.5	-15.4	-15.2	-24.9	-26.1	-18	-16.1	-20.6
Acquisitions	-26.6	-28.8	-38	-141	-28	-3.29	-33.9	-44.5	0	-59
Cash from investing	-45.3	-39.5	-51.5	-159	-34.4	-12.5	-52.5	-57	-3.64	-35.2
Debt issued	0	0	320	0	0	396	0	0
Debt repaid	-11.3	-11.3	-128	0
Share buybacks	0	-16.4	-16.3	-9.15	0	-140	-36.7	0	0
Dividends paid	-2.49	-3.71	-5.51	-5.4	-6.05	-7.26	-6.76	-6.71	-6.81	-7.03
Cash from financing	-2.01	-8.1	2.19	116	-48.3	-71.5	-8.51	-18.2	-48.7	-25
Net change in cash	2.75	-2.33	-0.31	0.07	0.17	0.26	0.02	0.35	-0.36	0.52
Free cash flow	33.2	28.8	35.5	27.8	67.7	59.4	34.9	57.6	35.9	40.1
Interest paid								34.7	30.6	26.8
Income taxes paid	10.9	5.9	3.54	0.38	2.56			10.4	16.7	17

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $31.94 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	35.1%	Gross profit / revenue.
Operating margin	21.9%	Operating income / revenue.
EBITDA margin	26.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	15.0%	Pre-tax income / revenue.
Net margin	10.7%	Net income / revenue.
FCF margin	9.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	14.7%	Cash from operations / revenue.
Return on equity (ROE)	16.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	3.3%	Net income / average total assets.
Return on invested capital (ROIC)	9.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	5.7%	Capital expenditures / revenue.
D&A / revenue	4.5%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	4.1%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	2.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.2%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	6.7%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	19.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.0%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	11.3%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	16.7%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	56.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	7.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	26.2%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	54.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	7.3%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	29.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.7%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-0.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-6.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	11.6%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	4.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-10.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	0.0%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	5.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	22.2%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	22.9%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	1.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	5.2%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	1.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.46x	Current assets / current liabilities.
Quick ratio	0.99x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.05x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.88x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	38.5%	Total debt / total assets.
Liabilities / assets	79.5%	Total liabilities / total assets.
Net debt	$523.5M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	4.75x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	3.31x	Operating income / interest expense.
Working capital	$21.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	31.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$149.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.31x	Revenue / average total assets.
Fixed asset turnover	1.45x	Revenue / average property, plant and equipment.
Inventory turnover	35.0x	Cost of revenue / average inventory.
Days inventory	10 days	365 x average inventory / cost of revenue.
Receivables turnover	9.56x	Revenue / average receivables.
Days sales outstanding	38 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	27 days	Days inventory + days sales outstanding - days payables.
FCF conversion	83.9%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$2.82	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$26.34	Revenue / diluted weighted shares.
FCF per share	$2.36	Free cash flow / diluted weighted shares.
Operating cash flow per share	$3.87	Cash from operations / diluted weighted shares.
Book value per share	$17.59	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$9.40	Tangible book value / shares outstanding.
Cash per share	$0.16	(Cash + short-term investments) / shares outstanding.
Payout ratio	15.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	19.0%	Dividends paid / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$507.3M	Share price x shares outstanding.
Enterprise value	$1.03B	Market cap + total debt - cash - short-term investments.
P/E	11.4x	Market cap / net income. Only when net income is positive.
P/S	1.22x	Market cap / revenue.
P/B	1.82x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	13.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	8.28x	Market cap / cash from operations, when positive.
EV/Sales	2.47x	Enterprise value / revenue.
EV/EBIT	11.3x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.35x	Enterprise value / EBITDA, when both are positive.
EV/FCF	27.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	7.4%	Free cash flow / market cap.
Earnings yield	8.8%	Net income / market cap (the inverse of P/E).
Dividend yield	1.4%	Dividends paid over the period / market cap.
Shareholder yield	1.4%	(Dividends paid + share buybacks) / market cap.
PEG	1.56x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was CARRIAGE SERVICES INC's revenue in fiscal 2025?

CARRIAGE SERVICES INC reported revenue of $417.4M for fiscal 2025, 3.3% higher than the year before.

Was CARRIAGE SERVICES INC profitable in fiscal 2025?

Yes. Net income was $51.5M, a net margin of 12.3%.

How much free cash flow did CARRIAGE SERVICES INC generate in fiscal 2025?

Cash from operations of $60.7M minus capital expenditures of $20.6M left free cash flow of $40.1M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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