CSVCarriage Services, Inc.
Is the business good?
The checks split: margins widening, but returns that lean on debt.
Operating profit is mostly backed by cash. Conversion is improving vs a year ago.
Operating profit is falling even as sales grow, costs are outrunning the top line.
Leverage-amplified, a high assets-to-equity ratio does much of the work. ROE 18% = margin × turnover × leverage.
Unless marked, from derived.
Where this answer is blind. The F-score rewards improvement, so an already-elite company can score mid-pack.
How good a business is CSV?
Carriage Services, Inc. earns 25% on the capital it employs against a 9.0% cost of capital, so the business is worth more the bigger it gets.
Return on invested capital · cost of capital 9.0% · 16 points above what the capital costs: growth creates value
- Operating margin
- 22%
Operating margin · Personal Services median 20% · 12 months to Q2 2026
- Cash conversion
- 0.88×
Cash conversion · 0.78× a year ago · most of the operating profit arrived as cash, working capital took the rest
- Share count, year on year
- +1.2%
Share count, year on year · shareholders own a smaller slice than a year ago
| Year | Operating margin |
|---|---|
| FY2020 | 17% |
| FY2021 | 25% |
| FY2022 | 22% |
| FY2023 | 21% |
| FY2024 | 20% |
| FY2025 | 23% |
Details›
- Gross margin12 months to Q2 2026
- 35%
- Operating margin12 months to Q2 2026
- 22%
- Net margin12 months to Q2 2026
- 11%
- Free cash flow margin
- 9.0%
- Revenue, trailing twelve months
- $417M
- Free cash flow, trailing twelve months
- $37M
- Net income, trailing twelve months
- $45M
- Return on invested capitaloperating profit after tax ÷ debt + equity − cash
- 25%
Margins, capital and share counts from the statements as filed with the SEC; cash conversion is operating cash flow over operating profit after tax.