Carriage Services, Inc.
CSV Consumer Cyclical Personal Services
Carriage Services, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $417.4 million, up 3.28% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 4.00%, free cash flow fell 57.5% and total debt rose 31.4%, each against the same quarter a year earlier. Dividend growth for ten consecutive years, revenue growth for three.
Follow CSV
Carriage Services, Inc. (CSV) Altman Z-score
Carriage Services, Inc.'s Altman Z-score for fiscal 2025 is 1.21, in the distress zone (below 1.81).
Altman Z-score, annual
Embed this chart
Annual newest first
| Period | Altman Z-score | Change (points) |
|---|---|---|
| FY2025 | 1.21 | 0.10 |
| FY2024 | 1.11 | 0.18 |
| FY2023 | 0.94 | (0.02) |
| FY2022 | 0.96 | (0.40) |
| FY2021 | 1.36 | 0.43 |
| FY2020 | 0.93 | 0.14 |
| FY2019 | 0.80 | 0.01 |
| FY2018 | 0.79 | (0.09) |
| FY2017 | 0.88 | (0.01) |
| FY2016 | 0.89 | 0.02 |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Working capital / total assets | 0.00 | — | −0.00 | |
| Retained earnings / total assets | 0.22 | — | 0.31 | |
| EBIT / total assets | 0.07 | — | 0.24 | |
| Market value of equity / total liabilities | 0.60 | — | 0.36 | |
| Sales / total assets | 0.31 | — | 0.31 | |
| Altman Z-score | Distress zone | 1.21 | ||
| Z″ Variant for non-manufacturing and asset-light companies (drops the sales/assets term, uses book equity) | Grey zone | 1.44 | ||
Z and Z″ put Carriage Services, Inc. in different zones: distress zone by Z, grey zone by Z″.
How the Altman Z-score works
Z = 1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets (Altman, 1968). The market value of equity is the close on the last trading day of the fiscal year times weighted basic shares.
Z″ = 6.56 × working capital ÷ total assets + 3.26 × retained earnings ÷ total assets + 6.72 × EBIT ÷ total assets + 1.05 × book equity ÷ total liabilities (Altman, Hartzell and Peck, 1995), the variant for non-manufacturing and asset-light companies.
| Zone | Z | Z″ |
|---|---|---|
| Safe zone | above 2.99 | above 2.60 |
| Grey zone | 1.81–2.99 | 1.10–2.60 |
| Distress zone | below 1.81 | below 1.10 |
Not worked out for banks, insurers and REITs, whose balance sheets the model does not describe, nor when a figure is missing or there is no share price in the week to the fiscal year end.
Altman Z-score against peers
| Company | Altman Z-score |
|---|---|
| ROL Rollins, Inc. compare | 12.0× |
| MED MEDIFAST INC compare | 4.5× |
| FTDR Frontdoor Inc. compare | 3.6× |
| HRB H&R Block, Inc. compare | 3.1× |
| BFAM Bright Horizons Family Solutions Inc. compare | 2.6× |
| CSV Carriage Services, Inc. | 1.2× |
| ANDG Andersen Group Inc. compare | 1.1× |
| RGS Regis Corporation compare | 0.9× |
| SCI Service Corporation International compare | 0.8× |
What Altman Z-score is
The Altman Z-Score weighs working capital, retained earnings, operating profit, market value and sales against assets and debts to gauge the risk of distress.
1.2 × working capital ÷ total assets + 1.4 × retained earnings ÷ total assets + 3.3 × EBIT ÷ total assets + 0.6 × market value of equity ÷ total liabilities + 1.0 × revenue ÷ total assets