Carriage Services Inc
NYSE:CSV
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Carriage Services Inc
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Carriage Services Inc
Carriage Services Inc. runs funeral homes and cemeteries in the United States. It helps families arrange funeral services, cremations, memorials, burials, and related merchandise such as caskets, urns, and memorial products. The company also manages cemetery grounds and sells burial plots and other cemetery property and services. Its customers are mainly families and individuals making end-of-life arrangements, along with people planning ahead through pre-need contracts. Carriage makes money from service fees, merchandise sales, cemetery property sales, and prepaid contracts that are fulfilled later. This mix gives it both immediate service revenue and a backlog of future obligations funded in advance. What makes the business distinct is that it sits at a very local, relationship-driven point in the care chain. Families usually choose a provider close to home and value trust, reputation, and convenience more than brand advertising. That makes funeral and cemetery businesses durable but also dependent on careful local management and steady upkeep of facilities and service quality.
Carriage Services Inc. runs funeral homes and cemeteries in the United States. It helps families arrange funeral services, cremations, memorials, burials, and related merchandise such as caskets, urns, and memorial products. The company also manages cemetery grounds and sells burial plots and other cemetery property and services.
Its customers are mainly families and individuals making end-of-life arrangements, along with people planning ahead through pre-need contracts. Carriage makes money from service fees, merchandise sales, cemetery property sales, and prepaid contracts that are fulfilled later. This mix gives it both immediate service revenue and a backlog of future obligations funded in advance.
What makes the business distinct is that it sits at a very local, relationship-driven point in the care chain. Families usually choose a provider close to home and value trust, reputation, and convenience more than brand advertising. That makes funeral and cemetery businesses durable but also dependent on careful local management and steady upkeep of facilities and service quality.
Volume pressure: Funeral volume fell as mortality trends stayed below normal for the first half, with comparable funeral volume down 3.5% in Q2 and 4.7% for the first six months.
Margins held up: Despite lower volume, adjusted EBITDA rose 3.1% to $33.3 million and adjusted diluted EPS increased 5.4% to $0.78, showing stronger operating leverage.
Pricing improved: Funeral home average revenue per contract rose 3.7%, and average price per pre-need interment right increased 17.3%, helping offset weaker volumes.
Guidance reset: Management trimmed full-year revenue outlook to $435 million-$445 million mainly because of softer first-half demand and acquisition timing, while keeping profitability guidance relatively steady.
July rebound: Management said funeral volume turned positive in July, describing the growth as strong low single-digit, but cautioned that one month does not make a trend.
M&A active: The acquisition pipeline remains “busy and active,” but timing pushed some expected 2026 deal contribution later; the company said it is still disciplined on valuation.
Capital discipline: Leverage improved to 4x, borrowing costs fell, and the company continued investing in cemetery development and maintenance while keeping expense control tight.