企業概要
Carriage Services, Inc. operates as a provider of funeral and cemetery services, alongside merchandise, within the United States market. The company structures its operations through two distinct segments: Funeral Home Operations and Cemetery Operations, where the former segment offers consultation services and facilities for visitation and memorials. This entity is classified within the Consumer Cyclical sector and specifically functions in the Personal Services industry, a classification that suggests its revenue generation is sensitive to discretionary consumer spending power and economic cycles. The company maintains a market capitalization of $770.69M and generated annual revenue of $417.44M while employing 1,248 individuals. These valuation and revenue figures indicate a mid-sized enterprise with a substantial physical footprint and operational reach, positioning it as a significant participant in the end-of-life services landscape without reaching the scale of the largest national funeral holding companies.
財務健全性
The company reported revenue of $417.44M and net income of $50.82M over the trailing twelve months, resulting in an EBITDA of $121.74M. The substantial gap between the total revenue and the net income reveals a cost structure where operating expenses, including labor and overhead, consume approximately 87.7% of total sales before reaching the bottom line. Free cash flow stands at $44.98M, which signifies a moderate capacity for the company to fund capital expenditures or manage working capital without relying solely on external financing. Gross margin is recorded at 38.3%, reflecting the pricing power and cost control inherent in the funeral services industry, while operating margin sits at 22.9% and profit margin at 12.3%, indicating that non-operating costs or interest expenses significantly impact the final profitability. The balance sheet shows a cash position of $1.69M against total debt of $552.51M, creating a debt-to-equity ratio of 216.86, which characterizes the capital structure as highly leveraged rather than conservative. This high leverage implies that a significant portion of operating cash flow is dedicated to debt servicing rather than expansion or dividend growth. Furthermore, the current ratio of 0.98 indicates that current assets are insufficient to cover current liabilities, suggesting potential short-term liquidity pressure if working capital needs expand. Return on Equity is 22.2% and Return on Assets is 4.7%, metrics that reveal high efficiency in generating returns for shareholders relative to equity invested, though the lower ROA reflects the impact of the company's heavy asset base and high leverage on overall asset productivity.
バリュエーション評価
The trailing twelve-month P/E ratio is 14.95, while the forward P/E is 13.03, a difference that implies market expectations for earnings growth that would lower the multiple over time. The price-to-book ratio stands at 3.00, indicating that the market values the company's equity at three times its book value, suggesting a premium attached to its brand, licenses, or stable cash flows. Alternative valuation metrics such as the price-to-sales ratio of 1.85 and an EV/EBITDA of 10.81 provide context for assessing value relative to revenue and earnings before interest, taxes, depreciation, and amortization. The stock has traded between a 52-week low of $35.60 and a 52-week high of $49.41, and without the current share price explicitly listed in the facts, the range defines the historical volatility and trading band within which the asset has fluctuated. The beta of 0.91 indicates that the stock's price volatility tracks closely with the broader market movements, showing slightly less sensitivity to market swings than a beta of 1.00 would suggest.
Growth & Income
Revenue growth year-over-year is 8.0%, whereas earnings growth year-over-year is 16.8%, demonstrating that earnings are expanding at a significantly faster rate than revenue. This divergence implies improved operational efficiency, cost discipline, or favorable pricing power that is translating into disproportionately higher profitability compared to top-line expansion. The company offers a dividend yield of 0.9% with a payout ratio of 13.9%, which indicates a very conservative approach to dividend distribution relative to current earnings. Given the low payout ratio, the company retains the majority of its profits, providing flexibility to service its high debt load or reinvest in the business rather than committing a large portion to shareholder payouts. The overall growth and income profile reflects a mature business with stable earnings expansion and minimal dividend reliance, prioritizing balance sheet management over income distribution.