Carriage Services, Inc. — Earnings Quality Grade F
CSV · Consumer Cyclical
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 34 days, change +6 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 3.3%, CFFO 16.7%. Cash follows revenue
Expense Quality
Inventory -2.0% vs COGS 3.8%. Normal
CapEx growth 394.8% is >2x revenue growth 3.3%
SG&A/Gross Profit = 33.2%. Normal
Gross margin 35.1%, change -0.3pp. Stable
Cash Flow Quality
CFFO/NI = 1.18. Profits backed by cash
FCF < 50% of Net Income for 2 years
Accruals ratio = -0.7%. Low accruals
Cash $0.0B covers only 0% of debt $0.6B
Balance Sheet Health
Goodwill+Intangibles $0.5B = 185% of equity. Over 50%
Debt/EBITDA = 4.4x (>4x). Financial stress
Other assets 5.4% vs revenue 3.3%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 2/3 years
Goodwill+Intangibles change 3% YoY. Normal
Manipulation Score
M-Score = -2.22 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25