Carriage Services, Inc. Financial Ratios — CSV Stock

Profitability	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	2024 Y
Return on Common Equity (%)	- -	- -	- -	- -	- -	- -	159.55	94.08	17.91	18.35	17.02	27.83	26.46	17.24	14.52
Return on Assets (%)	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	2.59
Return on Capital (%)	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	6.68
Return on Invested Capital (%)	7.33	5.29	5.68	5.53	6.2	6.23	6.1	- -	4.81	5.08	6.99	9.82	8.08	7.71	7.12
Gross Margin (%)	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	35.48
EBITDA Margin (%)	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	26.87
Operating Margin (%)	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	20.88
Incremental Operating Margin (%)	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	10.19
Pretax Margin (%)	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	12.39
Profit Margin (%)	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	8.15
Net Income to Common Margin (%)	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	8.15
Effective Tax Rate (%)	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	34.2
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	20.66
Sustainable Growth Rate (%)	- -	- -	- -	- -	- -	- -	139.24	84.7	9.43	11.53	10.62	21.73	22.13	13.78	11.52

Credit	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	2024 Y
Total Debt	137	230	269	250	280	325	340	360	366	520	478	579	613	605	561
LT Debt	137	229	257	236	270	313	327	343	364	517	472	576	610	601	557
ST Debt	1	1	11	13	10	12	13	17	2	3	6	3	3	4	4
Total Debt/EBITDA	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	5.16
Net Debt/EBITDA	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	4.94
Total Debt/EBIT	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	6.65
Net Debt/EBIT	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	6.36
EBITDA to Interest Expense	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	3.39
EBITDA-CapEx/Interest Expense	2.22	2.09	2.71	3.85	3.45	4.02	3.8	3.76	2.61	2.77	3.04	4.56	2.66	1.66	3.39
EBIT to Interest Expense	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	2.63
Interest Expense	18	18	17	13	13	14	16	17	23	26	33	25	26	36	32
Common Equity/Total Assets	-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	19.03
Long-Term Debt/Equity (%)	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	267.06
Long-Term Debt/Capital (%)	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	69.24
Long-Term Debt/Total Assets (%)	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	43.53
Total Debt/Equity (%)	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	268.94
Total Debt/Capital (%)	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	69.73
Total Debt/Total Assets (%)	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	43.83
Net Debt to Equity	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	257.15
Net Debt/Capital (%)	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	66.77
EBITDA	41	38	46	49	52	62	66	65	61	71	99	116	103	105	109
EBITDA-CapEx	41	38	46	49	44	56	59	65	61	71	99	116	69	60	109
Operating Income (Loss)	31	28	36	37	40	49	50	49	43	52	79	94	82	82	84

Liquidity	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	2024 Y
Cash Ratio	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	0.02
Current Ratio	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	0.77
Quick Ratio	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	0.54
CFO/Avg Current Liab	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	0.95
Common Equity/Total Assets	-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	19.03
Long-Term Debt/Equity (%)	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	267.06
Long-Term Debt/Capital (%)	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	69.24
Long-Term Debt/Total Assets (%)	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	43.53
Total Debt/Equity (%)	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	268.94
Total Debt/Capital (%)	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	69.73
Total Debt/Total Assets (%)	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	43.83
CFO/Total Liabilities	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	4.85
CFO/CapEx	- -	- -	- -	- -	4.81	8.47	8	- -	- -	- -	- -	- -	1.8	1.7	- -
Altman's Z-Score	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	1.56

Working Capital	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	2024 Y
Accounts Receivable Turnover	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	13.96
Days Sales Outstanding	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	26.14
Inventory Turnover	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	32.07
Days Inventory Outstanding	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	11.38
Accounts Payable Turnover	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	19.08
Accounts Payable Turnover Days	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	19.13
Cash Conversion Cycle	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	18.39
Inventory to Cash Days	-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	14.75
Inventories	11	5	5	5	5	6	6	7	7	7	7	7	8	8	8
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	11	5	5	5	5	6	6	7	7	7	7	7	8	8	8

Enterprise Value	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	2024 Y
Market Capitalization	73	89	189	307	336	382	424	382	255	425	528	1,070	395	364	595
- Cash & Cash Equivalents	1	1	2	1	- -	1	3	1	1	1	1	1	1	2	1
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Total Debt	137	230	269	250	280	325	340	360	366	520	478	579	613	605	561
Enterprise Value	209	318	456	555	616	706	760	741	621	944	1,006	1,648	1,007	967	1,155
Total Capital	67	166	216	216	263	329	361	418	438	606	581	715	790	815	804
Total Debt/Capital (%)	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	69.73
Total Debt / EV	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	0.63	0.49
EV/Sales	1.15	1.73	2.3	2.61	2.72	2.91	3.06	2.87	2.32	3.45	3.05	4.38	2.72	2.53	2.86
EV/EBITDA	5.15	8.4	9.83	11.41	11.92	11.32	11.59	11.42	10.22	13.25	10.12	14.19	9.79	9.23	10.63
EV/EBIT	6.82	11.27	12.56	15.04	15.5	14.52	15.15	15.15	14.34	18.06	12.78	17.47	12.32	11.76	13.68
EV/Cash Flow to Firm	5.7	7.64	12.63	11.64	13.61	11.79	12.78	11.43	9.72	15.76	9.64	15.95	12.62	9.51	15.8
EV/Free Cash Flow to Firm	5.7	7.64	12.63	11.64	11.65	10.7	11.56	11.43	9.72	15.76	9.64	15.95	8.86	6.61	15.8
Diluted Market Cap	74	89	190	386	339	393	448	412	261	428	534	1,122	418	380	614
Diluted Enterprise Value	210	318	457	634	618	718	785	771	627	947	1,012	1,700	1,030	983	1,173
EV per Share	11.85	17.3	25.13	31.14	34	39.71	46.04	45.1	34.55	52.83	56.26	94.64	67.77	65.3	77.13
TTM Sales	182	184	198	213	226	243	248	258	268	274	329	376	370	383	404
TTM EBITDA	41	38	46	49	52	62	66	65	61	71	99	116	103	105	109
TTM Operating Income	31	28	36	37	40	49	50	49	43	52	79	94	82	82	84
TTM Cash Flow to Firm	37	42	36	48	45	60	60	65	64	60	104	103	80	102	73
TTM Free Cash Flow to Firm	37	42	36	48	53	66	66	65	64	60	104	103	114	146	73

Multiples	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	2024 Y
Price/Earnings	9.05	12.79	16.55	15.98	21.24	18.3	21.64	10.27	21.91	29.26	32.82	32.26	9.55	10.88	18.05
Price/Earnings Average	8.67	12.84	11.54	14.67	18.72	17.66	17.71	10.35	32.98	23.7	22.59	20.52	13.78	12.37	13.44
Price/Earnings High	12	17.32	19.08	20.72	25.71	22.15	24.55	12.8	44.69	35.06	35.53	34.82	23.39	15.94	19.14
Price/Earnings Low	7.78	12.18	8.59	11.04	17.44	16.56	16.05	10.23	22.38	18.78	15.04	16.12	8.15	8	10.38
Price/Book Value	-1.03	-1.4	-3.6	-9.28	-19.5	105.71	20.24	6.57	3.55	4.92	5.15	7.88	2.23	1.73	2.44
Price/Book Value Average	-0.99	-1.4	-2.51	-8.52	-17.18	102.04	16.56	6.62	5.34	3.98	3.54	5.01	3.22	1.96	1.82
Price/Book Value High	-1.37	-1.89	-4.15	-12.03	-23.61	127.94	22.96	8.19	7.23	5.89	5.57	8.51	5.47	2.53	2.59
Price/Book Value Low	-0.89	-1.33	-1.87	-6.41	-16.01	95.66	15.01	6.55	3.62	3.16	2.36	3.94	1.91	1.27	1.4
Price/Tangible Book Value	-1.15	-1.28	-2.2	-4.27	-3.89	-3.25	-3.7	-3.52	-2.39	-2.09	-2.9	-3.65	-1.29	-1.26	-2.41
Price/Tangible Book Value Average	-1.1	-1.28	-1.54	-3.92	-3.43	-3.13	-3.02	-3.55	-3.6	-1.69	-2	-2.32	-1.86	-1.43	-1.79
Price/Tangible Book Value High	-1.52	-1.73	-2.54	-5.54	-4.71	-3.93	-4.19	-4.39	-4.87	-2.5	-3.14	-3.94	-3.17	-1.85	-2.55
Price/Tangible Book Value Low	-0.99	-1.22	-1.14	-2.95	-3.2	-2.94	-2.74	-3.51	-2.44	-1.34	-1.33	-1.82	-1.1	-0.93	-1.38
Price/Sales	0.4	0.49	0.95	1.44	1.49	1.57	1.71	1.48	0.95	1.55	1.6	2.85	1.07	0.95	1.47
Price/Sales Average	0.38	0.49	0.66	1.32	1.31	1.52	1.4	1.49	1.43	1.26	1.1	1.81	1.54	1.08	1.1
Price/Sales High	0.53	0.66	1.1	1.87	1.8	1.9	1.94	1.84	1.94	1.86	1.74	3.07	2.62	1.39	1.56
Price/Sales Low	0.35	0.46	0.49	1	1.22	1.42	1.27	1.47	0.97	1	0.73	1.42	0.91	0.7	0.85
Price/Cash Flow	2.84	2.86	7.32	7.7	9.2	7.41	8.47	8.45	5.21	9.84	6.37	12.7	6.48	4.81	11.44
Price/Cash Flow Average	2.72	2.87	5.1	7.07	8.1	7.15	6.93	8.51	7.84	7.97	4.38	8.08	9.34	5.47	8.52
Price/Cash Flow High	3.77	3.87	8.44	9.99	11.13	8.97	9.61	10.52	10.62	11.79	6.9	13.71	15.86	7.05	12.13
Price/Cash Flow Low	2.44	2.72	3.8	5.32	7.55	6.71	6.28	8.41	5.32	6.32	2.92	6.35	5.53	3.54	6.58
Price/Free Cash Flow	2.89	2.86	7.36	9.68	7.68	6.82	7.96	9.1	5.33	9.91	6.44	13.32	4.41	3.16	11.8
Price/Free Cash Flow Average	2.77	2.88	5.13	8.88	6.76	6.59	6.51	9.17	8.01	8.03	4.43	8.47	6.35	3.59	8.79
Price/Free Cash Flow High	3.84	3.88	8.48	12.54	9.29	8.26	9.03	11.34	10.86	11.87	6.97	14.38	10.79	4.63	12.51
Price/Free Cash Flow Low	2.49	2.73	3.82	6.69	6.3	6.17	5.9	9.07	5.44	6.36	2.95	6.66	3.76	2.32	6.78
EV/Sales	1.15	1.73	2.3	2.61	2.72	2.91	3.06	2.87	2.32	3.45	3.05	4.38	2.72	2.53	2.86
EV/Sales Average	1.13	1.73	2.01	2.49	2.55	2.86	2.75	2.88	2.8	3.15	2.55	3.35	3.19	2.66	2.48
EV/Sales High	1.28	1.9	2.44	3.03	3.04	3.24	3.29	3.24	3.31	3.75	3.18	4.61	4.27	2.97	2.95
EV/Sales Low	1.09	1.71	1.84	2.16	2.46	2.76	2.62	2.87	2.34	2.89	2.18	2.96	2.56	2.28	2.23
EV/EBITDA	5.15	8.4	9.83	11.41	11.92	11.32	11.59	11.42	10.22	13.25	10.12	14.19	9.79	9.23	10.63
EV/EBITDA Average	5.07	8.41	8.6	10.89	11.14	11.1	10.41	11.46	12.34	12.11	8.46	10.83	11.49	9.71	9.23
EV/EBITDA High	5.73	9.24	10.45	13.28	13.29	12.6	12.46	12.87	14.59	14.43	10.56	14.92	15.36	10.85	10.96
EV/EBITDA Low	4.9	8.29	7.87	9.46	10.75	10.73	9.92	11.4	10.31	11.11	7.24	9.58	9.23	8.31	8.3
EV/EBIT	6.82	11.27	12.56	15.04	15.5	14.52	15.15	15.15	14.34	18.06	12.78	17.47	12.32	11.76	13.68
EV/EBIT Average	6.72	11.28	10.99	14.36	14.5	14.25	13.61	15.21	17.31	16.52	10.69	13.34	14.45	12.37	11.88
EV/EBIT High	7.6	12.39	13.36	17.5	17.29	16.17	16.28	17.07	20.46	19.67	13.34	18.37	19.32	13.82	14.11
EV/EBIT Low	6.49	11.12	10.06	12.47	13.99	13.78	12.96	15.12	14.46	15.15	9.14	11.79	11.61	10.59	10.69
Last Price	4.14	4.85	10.4	17.22	18.57	21.45	25.66	23.24	14.2	23.79	29.55	61.45	26.61	24.56	39.74
High Price	5.49	6.57	11.99	22.32	22.48	25.96	29.11	28.96	28.96	28.5	31.99	66.33	65.16	35.99	42.13
Low Price	3.56	4.62	5.4	11.9	15.25	19.41	19.03	23.15	14.5	15.27	13.54	30.71	22.71	18.06	22.84
Enterprise Value	209	318	456	555	616	706	760	741	621	944	1,006	1,648	1,007	967	1,155
Enterprise Value Average	206	318	398	530	576	693	683	744	750	864	841	1,258	1,182	1,017	1,003
Enterprise Value High	233	349	484	646	687	787	817	835	886	1,029	1,049	1,733	1,580	1,136	1,190
Enterprise Value Low	199	313	365	460	556	670	651	740	626	792	719	1,112	949	870	902

Per Share Data Items	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	2024 Y
Shares Outstanding	17	18	18	18	19	17	17	16	18	18	18	15	15	15	15
Diluted Weighted Avg Shares	18	18	18	22	18	18	17	18	18	18	18	18	16	15	15
Basic Weighted Avg Shares	18	18	18	18	18	18	17	16	18	18	18	17	15	15	15
Revenue per Share	10.31	10	10.93	11.95	12.49	13.63	15.03	15.7	14.91	15.33	18.43	21.59	24.92	25.84	27
EBITDA per Share	2.3	2.06	2.56	2.73	2.85	3.51	3.97	3.95	3.38	3.99	5.56	6.67	6.92	7.07	7.26
Operating Income per Share	1.74	1.54	2	2.07	2.19	2.73	3.04	2.98	2.41	2.92	4.4	5.42	5.5	5.55	5.64
Basic EPS, GAAP	0.46	0.38	0.63	1.08	0.87	1.17	1.19	2.26	0.65	0.81	0.9	1.9	2.79	2.26	2.2
Basic EPS from Cont Ops	0.46	0.34	0.57	0.85	0.85	1.17	1.19	2.26	0.65	0.81	0.9	1.9	2.79	2.26	2.2
Diluted EPS, GAAP	0.45	0.38	0.62	0.86	0.87	1.14	1.12	2.1	0.63	0.81	0.89	1.82	2.63	2.16	2.13
Diluted EPS from Cont Ops	0.45	0.34	0.57	0.68	0.85	1.14	1.12	2.1	0.63	0.81	0.89	1.82	2.63	2.16	2.13
Dividend per Share	- -	0.08	0.1	0.1	0.1	0.1	0.15	0.23	0.31	0.3	0.34	0.42	0.46	0.45	0.45
Cash Flow per Share	1.46	1.7	1.42	2.24	2.02	2.89	3.03	2.75	2.73	2.42	4.64	4.84	4.11	5.11	3.47
Free Cash Flow per Basic Share	1.46	1.7	1.42	2.24	1.6	2.55	2.65	2.75	2.73	2.42	4.64	4.84	1.83	2.1	3.47
Cash & Equivalents per Share	0.07	0.06	0.09	0.08	0.02	0.03	0.2	0.06	0.04	0.04	0.05	0.07	0.08	0.1	0.08
Book Value per Share	-4.01	-3.47	-2.89	-1.86	-0.95	0.2	1.27	3.54	4	4.84	5.74	7.8	11.92	14.22	16.26
Tangible Book Value per Share	-3.61	-3.79	-4.72	-4.03	-4.77	-6.61	-6.94	-6.59	-5.94	-11.39	-10.18	-16.85	-20.58	-19.47	-16.5

Carriage Services, Inc.

Profitability

Credit

Liquidity

Working Capital

Enterprise Value

Multiples

Per Share Data Items