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Carriage Services Inc (CSV) Fair Value & Analysis

Consumer Cyclical · US · Market cap $606M · ISIN US1439051079

What is Carriage Services Inc really worth?

CS Carriage Services Inc logo Carriage Services Inc CSV · US
Price$33.86
Fair Value$27.81
Upside−17.9%
Quality49/100

Below-average quality, and trading another 22% above our fair value of $27.81.

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Strengths

Healthy Growth (revenue 5y +4.8 %/yr)
Solidly profitable · 10.6% net margin

Risks

!High debt · generates free cash flow
!Mixed vs. peers (6/15)
!Moderate moat 61/100
!The models disagree: range $18.83 to $77.46
!Weak on valuation: 9 out of 100
!Weak on dividend: 27 out of 100

For context

·1.33% dividend yield
Evidence: High Range $18.83 – $77.46

Fair value as of: Aug 29, 2026

From 25 valuation models · updated 7 days ago

Share price −16.4% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide ($18.83 to $77.46). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder.

Price vs Fair Value (5 years)

$62.05 $19.53 Fair Value $27.81 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 29, 2026.

How to read this chart

60‑month range $19.53 – $62.05 · fair‑value band $18.83 – $77.46 · the $33.86 price screens above the $27.81 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Aug 29, 2026.

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Analysis

Carriage Services Inc (CSV) currently trades at $33.86, while our model-based Fair Value estimate is $27.81, implying the stock looks roughly 21.8% overvalued today. The Quality Score stands at 49/100 (below-average quality), in the Consumer Cyclical sector. Bull case: the Multiples group reads highest at a median of $60.37 per share, and 7 of the 19 models we run sit above the $33.86 price. Bear case: the Dividend Discount group reads lowest at $4.99, and 12 of the 19 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Carriage Services Inc generated revenue of $416M at a net margin of 10.6%. Revenue declined 0.9% year over year. It earns a return on equity of 18.0%. Net debt stands at $561M. Fundamentals as of Aug 29, 2026

Our scenario range runs from $18.83 (bear case) to $77.46 (bull case); at $33.86, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 35% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at −7% fair-value upside, at −18%, CSV screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly $1.56 per share, which is 5.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence $9.45 77
Growth DCF $7.14 75
Owner Earnings $11.37 $27.04 73
All 25 models by family
DCF Models
FCF DCF best evidence $9.45 77
Owner Earnings $11.37 $27.04 73
5Y Revenue Exit $12.58 69
5Y EBITDA Exit $12.46 $42.72 $77.25 70
5Y P/E Exit $3.87 $27.17 $50.88 65
10Y Revenue Exit $8.99 64
10Y EBITDA Exit $2.53 $24.51 $52.71 61
10Y P/E Exit $14.82 $34.88 61
Earnings-Based
Graham-Dodd $22.07 $57.87 $75.54 65
PEG = 1.0 $11.06 $15.80 $20.54 57
EPV $6.77 $12.22 $16.76 71
Dividend Discount
Gordon GGM $3.44 $6.08 $8.53 68
DDM Multi-Stage $3.44 $4.99 $6.44 67
Multiples
P/E Multiple $53.54 $71.39 $89.24 63
P/S Multiple $23.67 $31.56 $39.45 58
P/B Multiple $41.37 $55.17 $68.96 55
EV/EBIT $50.20 $77.99 $105.78 65
EV/EBITDA $36.98 $60.37 $83.76 66
EV/Revenue $7.85 50
Asset-Based
NCAV (Graham) $8.03 $10.75 $16.05 54
Growth DCF
Growth DCF $7.14 75
Rev-Margin DCF $11.69 69
Economic Profit
Residual Income $18.50 $25.38 $94.61 64
ROIC Compounder $6.77 $12.22 $17.22 70
Growth Earnings
Growth-Adj P/E $41.71 $59.58 $77.46 67

Widest divergence: Multiples ($60.37) versus Dividend Discount ($4.99). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 12.3
P/S ratio 1.52 P/E × margin
EPS (TTM) $2.75 price ÷ EPS = P/E 12.3
Dividend yield 1.3% payout 16.4%
Net margin 12.3% FY2025
Return on equity 18.0% TTM
More key figures
Profitability
Return on assets (EBIT) 6.9% avg 5y
Operating margin 24.1% TTM
Growth
Revenue (TTM) $416M TTM
Revenue growth (YoY) −0.9% 3y avg +4.1%
EPS growth (YoY) −37.3%
Balance sheet & cash flow
Free cash flow $40.1M FY2025
Net debt $561M FY2025 · ≈ 14.0 yrs of FCF

Figures from reported company fundamentals · as of Aug 29, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 49/100

Of which business quality 44 · Market factors (momentum, volatility) 34

Profitability 40
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 50
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 54
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 76
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Carriage Services, Inc. provides funeral and cemetery services, and merchandise in the United States. It operates through two segments, Funeral Home Operations and Cemetery Operations.

Full company description

Carriage Services, Inc. provides funeral and cemetery services, and merchandise in the United States. It operates through two segments, Funeral Home Operations and Cemetery Operations. The Funeral Home Operations segment provides consultation services; funeral home facilities for visitation and memorial services; transportation services; removal and preparation of remains; cremation services; and related funeral merchandise, as well as engages in the sale of caskets and urns. The Cemetery Operations segment sells interment rights for grave sites, lawn crypts, mausoleum spaces, and niches; related cemetery merchandise, including memorial markers, outer burial containers, and monuments; and interments, inurnments, and installation of cemetery merchandise services. Carriage Services, Inc. was founded in 1991 and is based in Houston, Texas.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Carriage Services Inc reported revenue of $417M in FY2025 versus $376M in FY2021, a compound +2.7%/yr. Reported net income was $51.5M in FY2025, compounding +11.6%/yr from FY2021.

Growth Quality 78/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
$417M
Latest YoY
+3.3%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+4.8%
Avg. revenue growth/yr (29Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
+15.9% (14.6 + 1.3)
Revenue +2.7%/yr
FY21 $376M
FY22 $370M
FY23 $383M
FY24 $404M
FY25 $417M
Net income +11.6%/yr
FY21 $33.2M
FY22 $41.4M
FY23 $33.4M
FY24 $33.0M
FY25 $51.5M
Character of growth · EPS growth decomposed (2014-2025) +10.4 % p.a.
Revenue per share +7.7 %

of which total revenue +5.9 % · buybacks/dilution +1.7 %

EBIT margin +1.3 %
Tax rate +1.4 %
Residual (interest, one-offs) −0.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

CSV screens 22% overvalued. Compare with Rollins, Inc →

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Cite: Fair Value Calculator (2026). "Carriage Services Inc Fair Value". https://www.fairvalue-calculator.com/stock/CSV

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Personal Services · 39 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 49 · Below median
Fair Value upside −18% · Below median
Return on equity (TTM) 18% · Above median
Return on assets 5% · Above median
Net margin (TTM) 11% · Top 25%
Operating margin (TTM) 24% · Top 25%
Revenue growth −1% · Below median
Dividend yield (TTM) 1.3% · Bottom 25%
Debt / equity 2.07× · Higher than 75% of peers

Valuation Multiples vs Personal Services median · lower = cheaper

P/E (TTM) 12.3× · Cheaper than median
P/B 2.38× · Pricier than median
P/S (TTM) 1.45× · Pricier than median
P/FCF 15.1× · Pricier than median
EV/EBITDA 9.3× · Pricier than median
PEG 0.84× · Cheaper than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE9 · sector 17
FUTURE0 · sector 21
PAST72 · sector 34
HEALTH0 · sector 91
DIVIDEND27 · sector 64

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Personal Services stocks, each showing price versus our Fair Value estimate (as of Aug 29, 2026).

Stock Price Fair Value vs Fair Value
Rollins, Inc ROL $35.94 $21.11 −41%
Service Corporation SCI $81.43 $38.27 −53%
Frontdoor, Inc FTDR $82.59 $73.81 −11%
H&R Block, Inc HRB $52.67 $78.30 +49%
Bright Horizons Family Solutions Inc BFAM $70.29 $62.41 −11%
Fu Shou Yuan International Group 1448 HK$2.64 HK$4.22 +60%
CEWE Stiftung & Co CWC €96.00 €157.28 +64%
Lungyen Life Service Corporation 5530 51.20 TWD 31.33 TWD −39%
Musti Group MUSTI €15.10 €14.08 −7%
Propel Funeral Partners Limited PFP A$3.28 A$3.25 −1%

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Frequently asked questions

Is Carriage Services Inc (CSV) overvalued or undervalued?
As of Aug 29, 2026, our model estimates a fair value of $27.81 versus a price of $33.86, about −18% upside (overvalued).
What is the fair value of CSV?
Our model-based fair value for Carriage Services Inc is $27.81 (as of Aug 29, 2026), built from audited fundamentals. The current price: $33.86.
What is the quality score of CSV?
Carriage Services Inc has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Carriage Services Inc (CSV)?
Carriage Services Inc reported trailing-twelve-month revenue of about $416M (latest available figure, as of Aug 29, 2026).
What is the net profit margin of CSV?
The net profit margin of Carriage Services Inc is about 10.6%, meaning it keeps roughly 10.6% of revenue as net income. Based on the latest reported figures.
Does Carriage Services Inc pay a dividend?
Carriage Services Inc currently shows a dividend yield of about 1.33% relative to its recent price (as of Aug 29, 2026).
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