CSV CARRIAGE SERVICES INC

Overview and Growth

CARRIAGE SERVICES INC generated $417.44M of revenue in fiscal 2025, with net income of $51.51M and an operating cash inflow of $60.69M. The $417.44M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. Compared with $404.20M in fiscal 2024, revenue recorded a 3.3% year-over-year increase. On a per-share basis, diluted EPS was $3.25, which connects the reported earnings outcome with the company’s diluted share count. Diluted EPS increased by 54.8% from $2.10 in fiscal 2024, showing how the earnings change reached shareholders on a per-share basis.

Profitability

The first profit layer was $146.68M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 35.1% of revenue, showing how much of the top line remained after direct costs. Operations produced $97.66M of income after the reported operating expense base, before the remaining non-operating and tax effects. The operating result equaled 23.4% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. The bottom-line result was net income of $51.51M, after the operating, financing, tax, and other items recognized for the period. The final earnings result represented 12.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. Before income taxes, the company reported $70.26M of earnings, providing a bridge between the operating result and final net income. Measured against revenue, pretax income equaled 16.8%, adding a pre-tax profitability layer between revenue and net income. The reported income-tax provision was $18.76M, the amount recognized between pretax income and the final net-income result. Relative to pretax income, the tax provision measured 26.7%, quantifying the portion of pre-tax earnings paid in income tax.

Liquidity and Capital Structure

The company held $1.35B of assets against $1.09B of liabilities and $254.78M of equity, revealing how the asset base was financed. The near-term balance sheet paired $56.08M of current assets with $57.22M of current liabilities at the reporting date. Current assets covered only 0.98x of current liabilities, so current liabilities exceeded current assets at period end. Cash and equivalents totaled $1.69M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 3.0% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $6.19M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.02x, placing the company’s financial leverage in clear balance-sheet terms. Relative to total assets, debt measured 0.5%, showing how much of the asset base was matched by borrowing. The liabilities-to-assets relationship was 81.1%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 0.1% of total assets, showing the liquid cash component within the company’s broader resource base.

Cash Flow and Earnings Quality

Cash flow from operations was $60.69M, a reported cash inflow that can be compared directly with net income and capital spending. The operating-cash-flow-to-net-income relationship was 1.18x, comparing cash generated by operations with the bottom-line earnings result. Capital spending was $20.63M, absorbing part of the cash generated from operations before free cash flow. Capital spending absorbed 34.0% of operating cash flow, quantifying the share of cash from operations directed to investment. The combination of operating cash flow and capital spending produced $40.06M of positive free cash flow for the period. Relative to revenue, free cash flow equaled 9.6%, showing how much sales converted into cash after investment. The free-cash-flow-to-assets relationship was 3.0%, comparing post-investment cash with the balance-sheet asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.