Carriage Services, Inc. Financial Ratios — CSV Stock

Profitability	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	- -	159.55	94.08	17.91	18.35	17.02	27.83	26.46	17.24
Return on Assets (%)	1.19	1.25	1.04	1.62	2.59	2.01	2.51	2.28	4.12	1.27	1.42	1.41	2.85	3.49	2.72
Return on Capital (%)	17.73	30.58	14.95	11.35	12.5	10.23	9.91	8.43	- -	6.19	5.98	6.31	8.06	7.99	7.42
Return on Invested Capital (%)	6.18	7.33	5.29	5.68	5.53	6.2	6.23	6.1	- -	4.81	5.08	6.99	9.82	8.08	7.73
Gross Margin (%)	25.96	26.09	27.76	30.89	30.17	30.96	31.96	32.09	29.75	28.34	29.03	32.15	34.46	32.21	32.49
EBITDA Margin (%)	22.77	22.33	20.6	23.38	22.83	22.85	25.74	26.44	25.15	22.66	26.01	30.16	30.9	27.78	27.37
Operating Margin (%)	16.95	16.86	15.36	18.3	17.32	17.56	20.06	20.23	18.96	16.16	19.08	23.88	25.09	22.09	21.48
Incremental Operating Margin (%)	741.63	12.7	-143.2	55.02	4.29	21.52	54.54	27.31	-12.71	-57.18	146.88	47.67	33.72	220.08	3.36
Pretax Margin (%)	6.67	7.4	5.89	8.63	11.43	10.04	14.26	12.99	12.7	6.82	8.18	7.48	11.79	15.45	12.14
Profit Margin (%)	3.97	4.44	3.8	5.75	9.02	7	8.6	7.89	14.41	4.35	5.3	4.88	8.82	11.18	8.73
Net Income to Common Margin (%)	3.96	4.44	3.79	5.75	9.01	7	8.6	7.89	14.41	4.35	5.3	4.88	8.82	11.18	8.73
Effective Tax Rate (%)	40.5	39.92	42.5	39.71	37.94	31.96	39.71	39.27	- -	36.25	35.17	34.7	25.16	27.65	28.03
Dvd Payout Ratio (%)	- -	- -	22.21	17.51	12.02	11.91	8.72	12.73	9.97	47.34	37.14	37.59	21.91	16.34	20.08
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	- -	139.24	84.7	9.43	11.53	10.62	21.73	22.13	13.78

Credit	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Debt	137	137	230	269	250	280	325	340	360	366	520	478	579	613	605
ST Debt	1	1	1	11	13	10	12	13	17	2	3	6	3	3	4
LT Debt	136	137	229	257	236	270	313	327	343	364	517	472	576	610	601
Total Debt/EBITDA	3.38	3.38	6.07	5.79	5.13	5.42	5.21	5.18	5.55	6.03	7.29	4.81	4.99	5.96	5.78
Net Debt/EBITDA	3.18	3.24	5.93	5.67	5.02	5.35	5.15	5.09	5.43	5.92	6.87	4.52	4.75	5.71	5.52
Total Debt/EBIT	4.55	4.48	8.14	7.4	6.76	7.05	6.69	6.77	7.36	8.46	9.94	6.08	6.14	7.49	7.36
Net Debt/EBIT	4.28	4.3	7.95	7.25	6.62	6.96	6.61	6.65	7.2	8.3	9.37	5.71	5.85	7.18	7.04
EBITDA to Interest Expense	2.19	2.22	2.09	2.71	3.85	4.05	4.46	4.2	3.76	2.61	2.77	3.04	4.56	3.97	2.89
EBITDA-CapEx/Interest Expense	2.19	2.22	2.09	2.71	3.85	3.45	4.02	3.8	3.76	2.61	2.77	3.04	4.56	3.97	2.89
EBIT to Interest Expense	1.63	1.68	1.56	2.12	2.92	3.11	3.47	3.22	2.83	1.86	2.03	2.4	3.7	3.16	2.27
Interest Expense	18	18	18	17	13	13	14	16	17	23	26	33	25	26	36
Common Equity/Total Assets	-12.73	-10.54	-9.48	-7.1	-4.43	-2.08	0.43	2.37	6.31	7.84	7.65	8.95	11.52	14.85	16.6
Long-Term Debt/Equity (%)	125.96	114.23	180.29	190.58	151.37	150.12	198.68	185.87	173.51	164.36	228.03	196.4	450.04	444.51	347.16
Long-Term Debt/Capital (%)	234.77	205.48	137.92	118.93	109.08	102.82	95.18	90.52	81.98	83.06	85.22	81.32	80.62	77.18	73.7
Long-Term Debt/Total Assets (%)	22.01	20.37	34.03	34.86	31.62	32.63	37.58	36.9	37.22	39.68	45.73	41.22	48.88	51.1	47.38
Total Debt/Equity (%)	126.48	114.7	180.78	198.89	159.98	155.59	206.45	193.42	182.24	165.41	229.42	198.88	452.24	446.82	349.38
Total Debt/Capital (%)	235.73	206.32	138.3	124.12	115.29	106.57	98.9	94.2	86.1	83.59	85.74	82.34	81.01	77.58	74.17
Total Debt/Total Assets (%)	22.1	20.46	34.12	36.38	33.42	33.82	39.05	38.4	39.09	39.93	46.01	41.74	49.12	51.36	47.68
Net Debt to Equity	119.05	110.05	176.61	194.66	156.67	153.64	204.14	189.91	178.38	162.21	216.2	186.77	431.06	427.98	334.09
Net Debt/Capital (%)	236.63	201.84	136.04	122.44	113.62	105.39	97.96	93.34	84.47	82.09	80.89	77.45	77.34	74.42	71.06
EBITDA	40	41	38	46	49	52	62	66	65	61	71	99	116	103	105
EBITDA-CapEx	40	41	38	46	49	44	56	59	65	61	71	99	116	103	105
Operating Income (Loss)	30	31	28	36	37	40	49	50	49	43	52	79	94	82	82

Liquidity	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Cash Ratio	0.17	0.05	0.04	0.04	0.03	0.01	0.01	0.07	0.02	0.02	0.02	0.02	0.02	0.03	0.03
Current Ratio	1.56	1.1	0.97	0.79	0.76	1.11	0.91	0.74	0.71	0.84	1.12	0.73	0.66	0.84	0.82
Quick Ratio	0.88	0.67	0.55	0.46	0.42	0.7	0.51	0.54	0.5	0.6	0.73	0.54	0.5	0.57	0.58
CFO/Avg Current Liab	0.67	1.1	1.08	0.69	0.89	0.91	1.47	1.23	1.04	1.26	1.23	1.98	1.54	1.15	1.57
Common Equity/Total Assets	-12.73	-10.54	-9.48	-7.1	-4.43	-2.08	0.43	2.37	6.31	7.84	7.65	8.95	11.52	14.85	16.6
Long-Term Debt/Equity (%)	125.96	114.23	180.29	190.58	151.37	150.12	198.68	185.87	173.51	164.36	228.03	196.4	450.04	444.51	347.16
Long-Term Debt/Capital (%)	234.77	205.48	137.92	118.93	109.08	102.82	95.18	90.52	81.98	83.06	85.22	81.32	80.62	77.18	73.7
Long-Term Debt/Total Assets (%)	22.01	20.37	34.03	34.86	31.62	32.63	37.58	36.9	37.22	39.68	45.73	41.22	48.88	51.1	47.38
Total Debt/Equity (%)	126.48	114.7	180.78	198.89	159.98	155.59	206.45	193.42	182.24	165.41	229.42	198.88	452.24	446.82	349.38
Total Debt/Capital (%)	235.73	206.32	138.3	124.12	115.29	106.57	98.9	94.2	86.1	83.59	85.74	82.34	81.01	77.58	74.17
Total Debt/Total Assets (%)	22.1	20.46	34.12	36.38	33.42	33.82	39.05	38.4	39.09	39.93	46.01	41.74	49.12	51.36	47.68
CFO/Total Liabilities	3.15	4.66	5.71	4.27	6.75	5.65	7.62	7.05	6.25	7.04	4.78	9.16	8.02	5.78	6.9
CFO/CapEx	- -	- -	- -	- -	- -	4.81	8.47	8	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.47	0.46	0.49	0.64	0.84	0.91	1.06	1.08	1.11	1.08	1.1	1.34	1.74	1.4	1.36

Working Capital	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Accounts Receivable Turnover	11.92	11.82	11.4	11.52	11.92	12.15	12.95	13.52	13.62	14.07	13.97	14.9	15.65	15.33	14.93
Days Sales Outstanding	30.63	30.88	32.01	31.69	30.63	30.03	28.18	26.99	26.81	25.93	26.13	24.5	23.32	23.81	24.44
Inventory Turnover	8.82	10.53	16.64	26.76	28.52	29.47	30.14	28.57	28.63	28.94	28.31	31.38	33.74	33.55	32.36
Days Inventory Outstanding	41.39	34.65	21.93	13.64	12.8	12.38	12.11	12.78	12.75	12.61	12.89	11.63	10.82	10.88	11.28
Accounts Payable Turnover	21.83	15.75	10.76	14.33	24.24	23.1	22.98	18.66	21.7	23.26	21.17	22.75	19.36	19.41	22
Accounts Payable Turnover Days	16.72	23.18	33.92	25.47	15.06	15.8	15.88	19.56	16.82	15.69	17.24	16.04	18.86	18.8	16.59
Cash Conversion Cycle	55.31	42.35	20.03	19.86	28.37	26.62	24.41	20.21	22.74	22.85	21.78	20.09	15.28	15.89	19.13
Inventory to Cash Days	-10.76	-3.77	10.09	18.05	17.83	17.65	16.07	14.21	14.06	13.32	13.24	12.87	12.5	12.94	13.16
Inventories	15	11	5	5	5	5	6	6	7	7	7	7	7	8	8
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	15	11	5	5	5	5	6	6	7	7	7	7	7	8	8

Enterprise Value	2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Market Capitalization	59	73	89	189	308	337	383	425	383	256	426	530	1,073	396	364
- Cash & Cash Equivalents	4	1	1	2	1	- -	1	3	1	1	1	1	1	1	2
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	137	137	230	269	250	280	325	340	360	366	520	478	579	613	605
Enterprise Value	192	209	318	456	556	617	707	762	742	622	945	1,007	1,650	1,008	968
Total Capital	58	67	166	216	216	263	329	361	418	438	606	581	715	790	815
Total Debt/Capital (%)	235.73	206.32	138.3	124.12	115.29	106.57	98.9	94.2	86.1	83.59	85.74	82.34	81.01	77.58	74.17
Total Debt / EV	0.71	0.66	0.72	0.59	0.45	0.45	0.46	0.45	0.49	0.59	0.55	0.48	0.35	0.61	0.62
EV/Sales	1.08	1.15	1.73	2.3	2.61	2.73	2.92	3.07	2.88	2.32	3.45	3.06	4.39	2.72	2.53
EV/EBITDA	4.76	5.15	8.41	9.84	11.42	11.94	11.33	11.6	11.43	10.23	13.26	10.13	14.21	9.8	9.24
EV/EBIT	6.39	6.83	11.27	12.58	15.06	15.53	14.54	15.17	15.17	14.35	18.08	12.8	17.5	12.33	11.78
EV/Cash Flow to Firm	7.1	5.71	7.65	12.65	11.66	13.63	11.8	12.8	11.45	9.74	15.78	9.66	15.98	12.64	9.51
EV/Free Cash Flow to Firm	7.1	5.71	7.65	12.65	11.66	11.67	10.72	11.58	11.45	9.74	15.78	9.66	15.98	12.64	9.51
Diluted Market Cap	60	74	89	190	387	340	394	449	413	262	429	536	1,125	419	381
Diluted Enterprise Value	193	210	318	457	635	619	719	786	772	627	948	1,013	1,703	1,031	984
EV per Share	10.95	11.86	17.31	25.16	31.18	34.05	39.77	46.11	45.16	34.59	52.89	56.34	94.8	67.84	65.36
TTM Sales	178	182	184	198	213	226	243	248	258	268	274	329	376	370	383
TTM EBITDA	40	41	38	46	49	52	62	66	65	61	71	99	116	103	105
TTM Operating Income	30	31	28	36	37	40	49	50	49	43	52	79	94	82	82
TTM Cash Flow to Firm	27	37	42	36	48	45	60	60	65	64	60	104	103	80	102
TTM Free Cash Flow to Firm	27	37	42	36	48	53	66	66	65	64	60	104	103	80	102

Multiples		2009 Y	2010 Y	2011 Y	2012 Y	2013 Y	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Price/Earnings		8.42	9.07	12.81	16.6	16.02	21.3	18.35	21.7	10.3	21.98	29.34	32.91	32.35	9.58	10.91
Price/Earnings Average

Carriage Services, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples