Carriage Services Inc. (CSV)

In the third quarter of 2025, Carriage Services reported revenues exceeding expectations but EPS lagging behind, resulting in a stock price decline. The company announced its second-quarter dividend on October 19, 2025. Earlier in the year, Carriage Services announced its fourth-quarter and full-year 2024 results, exceeding full-year guidance. For the full year 2024, consolidated cemetery preneed sales increased, and consolidated funeral average revenue per contract rose. Despite a decline in GAAP net income, adjusted consolidated EBITDA and adjusted diluted EPS increased. The company lowered its leverage ratio. For 2025, Carriage Services provided revenue, adjusted consolidated EBITDA, adjusted diluted EPS, and adjusted free cash flow guidance. The stock price has been volatile, with a 52-week trading range between $35.51 and $49.41. As of January 9, 2026, the share price was $44.23, representing a 12.89% increase from January 13, 2025. Raymond James initiated coverage on Carriage Services with an Outperform rating and a $60 price target on February 10, 2025.

Demand for Carriage Services' products and services can exhibit some seasonality. While funeral services are generally non-discretionary, the company's pre-need cemetery sales can be influenced by cultural events. The company offers both at-need and pre-need services, which can help manage demand fluctuations.

Carriage Services, Inc. provides funeral and cemetery services and merchandise in the United States, operating through Funeral Home Operations and Cemetery Operations segments. The Funeral Home Operations segment offers consultation, facilities, transportation, cremation, and merchandise. The Cemetery Operations segment sells interment rights and related merchandise, along with interment, inurnment, and installation services. The majority of the company's revenue is derived from its Funeral Home Operations segment.

Carriage Services, Inc. has a national footprint across the United States. As of December 31, 2024, the company operated approximately 171 funeral homes in 26 states and 32 cemeteries in 12 states.

Carriage Services emphasizes its commitment to compassionate care and professional service. Strategic initiatives such as acquisitions, high-end inventory projects, and pricing optimization drive revenue growth. Investments in technology upgrades and efforts to maintain stable overhead costs enhance operational efficiency and service consistency. Analysts generally hold an optimistic view of the company.

Carriage Services, Inc. is largely held by institutional investors, who collectively owned approximately 73% of the shares as of October 4, 2022. Major institutional shareholders include Fmr Llc, BlackRock, Inc., Vanguard Group Inc, Lsv Asset Management, Dimensional Fund Advisors Lp, and Ameriprise Financial Inc. The general public holds an 11% stake in the company. CEO Melvin Payne was a significant individual owner, holding 8.4% of the outstanding shares as of October 4, 2022.