Carriage Services, Inc. (CSV) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-59.0%

$14.19

vs $34.58 price

Levered DCF

-$8.01

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.18

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	12.86×	18.36×	11.17×	9.91×	33.92×	34.8×	31.6×	23.85×
P/B	2.56×	2.86×	2.14×	2.98×	8.76×	2.33×	2.02×	1.26×
P/S	1.56×	1.48×	0.97×	1.11×	2.98×	1.7×	1.67×	1.04×
EV / EBITDA	9.76×	10.87×	9.25×	9.92×	18.56×	13.29×	14.54×	10.92×
Gross margin	35.1%	35.5%	32.5%	32.2%	34.5%	32.2%	29.0%	28.3%
Operating margin	23.5%	20.2%	21.2%	21.5%	24.9%	17.4%	19.1%	16.2%
Net margin	12.3%	8.2%	8.7%	11.2%	8.8%	4.9%	5.3%	4.3%
Current ratio	0.98×	0.77×	0.82×	0.84×	0.66×	0.73×	1.12×	0.84×
Debt / equity	2.21×	2.69×	3.49×	4.47×	4.52×	1.99×	2.29×	1.65×
Interest coverage	3.46×	2.55×	2.23×	3.08×	3.68×	1.75×	2.03×	1.86×
Dividend yield	1.1%	1.1%	1.8%	1.7%	0.6%	1.1%	1.2%	2.0%
Payout ratio	13.6%	20.7%	20.1%	16.3%	21.9%	37.6%	37.1%	47.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	20.2%	15.8%	19.3%	30.2%	25.9%	6.7%	6.4%	5.3%
Return on invested capital	5.6%	4.4%	4.8%	5.0%	6.3%	3.4%	3.1%	3.1%
Return on assets	3.8%	2.6%	2.6%	3.5%	2.8%	1.4%	1.3%	1.3%
Free cash flow yield	-2.9%	6.0%	3.5%	0.3%	5.3%	12.1%	6.1%	12.7%
Earnings yield	7.9%	5.5%	9.0%	10.1%	3.0%	2.9%	3.2%	4.2%
Enterprise value	$1.2B	$1.2B	$973.3M	$1B	$1.7B	$1B	$976.7M	$644.3M
Net debt / EBITDA	4.51×	5.26×	5.73×	5.94×	6.31×	6.12×	7.73×	6.2×
Cash conversion cycle (days)	22	17	22	19	18	21	31	21