CARRIAGE SERVICES, INC.

CSV · Consumer Discretionary · $594.8M mkt cap · FY2025 filings · Narrow moat

Wonderful & reasonably priced

Narrow moat

The four filters

Pricing power51

Median gross margin 32.2% over 10y, very stable.

Returns on capital93

Median ROIC 20.5%, above the 9% hurdle in 80% of years.

Balance-sheet safety58

Net debt/EBITDA 0.0x, interest coverage 3x.

Capital discipline80

Owner earnings +12.2%/yr, share count n/a.

Margin of safety

Above valueOn sale

17% below value

Owner earnings (normalized): $39.7M
Est. intrinsic value / share: $45.42
Recent price: $37.76
Discount to value: 17% below value

Conservative model: 9% discount rate, 4% assumed growth (capped at 4%), maintenance capex ≈ min(capex, D&A).

Moat Score history

Score history begins 2026-07-17. Check back as the record builds.

Scores are logged append-only and never overwritten — this record can't be backfilled, which is exactly why it's worth keeping.

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Scored from primary SEC filings via the public methodology. Educational only — not a recommendation to buy or sell CSV. See the disclaimer.