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Side-by-side financial comparison of Armada Hoffler Properties, Inc. (AHH) and CARRIAGE SERVICES INC (CSV). Click either name above to swap in a different company.
CARRIAGE SERVICES INC is the larger business by last-quarter revenue ($105.5M vs $75.6M, roughly 1.4× Armada Hoffler Properties, Inc.). CARRIAGE SERVICES INC runs the higher net margin — 11.6% vs 3.1%, a 8.5% gap on every dollar of revenue. On growth, CARRIAGE SERVICES INC posted the faster year-over-year revenue change (8.0% vs 0.8%). Over the past eight quarters, CARRIAGE SERVICES INC's revenue compounded faster (1.0% CAGR vs -22.8%).
Armada Hoffler Properties, Inc. is a publicly traded U.S. real estate investment trust operating across the Mid-Atlantic and Southeast regions. It develops, owns, and manages a diversified portfolio of office, retail, and multifamily residential properties, and also offers construction and development services for third-party clients.
Jardine Cycle & Carriage Limited is the investment holding company of Jardines in Southeast Asia. It is currently 75% held by the conglomerate.
AHH vs CSV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $75.6M | $105.5M |
| Net Profit | $2.4M | $12.3M |
| Gross Margin | — | 34.8% |
| Operating Margin | 31.0% | 23.3% |
| Net Margin | 3.1% | 11.6% |
| Revenue YoY | 0.8% | 8.0% |
| Net Profit YoY | -89.8% | 24.5% |
| EPS (diluted) | $0.00 | $0.76 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.6M | $105.5M | ||
| Q3 25 | $72.7M | $102.7M | ||
| Q2 25 | $69.1M | $102.1M | ||
| Q1 25 | $67.8M | $107.1M | ||
| Q4 24 | $75.0M | $97.7M | ||
| Q3 24 | $114.4M | $100.7M | ||
| Q2 24 | $116.8M | $102.3M | ||
| Q1 24 | $127.0M | $103.5M |
| Q4 25 | $2.4M | $12.3M | ||
| Q3 25 | $80.0K | $6.6M | ||
| Q2 25 | $5.9M | $11.7M | ||
| Q1 25 | $-2.8M | $20.9M | ||
| Q4 24 | $23.4M | $9.9M | ||
| Q3 24 | $-5.0M | $9.9M | ||
| Q2 24 | $3.2M | $6.3M | ||
| Q1 24 | $14.1M | $7.0M |
| Q4 25 | — | 34.8% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | — | 35.3% | ||
| Q4 24 | — | 34.4% | ||
| Q3 24 | 45.0% | 35.2% | ||
| Q2 24 | 41.8% | 36.2% | ||
| Q1 24 | 37.9% | 36.0% |
| Q4 25 | 31.0% | 23.3% | ||
| Q3 25 | 29.2% | 17.0% | ||
| Q2 25 | 29.6% | 23.5% | ||
| Q1 25 | 23.2% | 29.5% | ||
| Q4 24 | 50.1% | 21.6% | ||
| Q3 24 | 19.0% | 22.7% | ||
| Q2 24 | 11.9% | 18.0% | ||
| Q1 24 | 15.1% | 18.8% |
| Q4 25 | 3.1% | 11.6% | ||
| Q3 25 | 0.1% | 6.4% | ||
| Q2 25 | 8.6% | 11.5% | ||
| Q1 25 | -4.1% | 19.5% | ||
| Q4 24 | 31.2% | 10.1% | ||
| Q3 24 | -4.4% | 9.8% | ||
| Q2 24 | 2.7% | 6.1% | ||
| Q1 24 | 11.1% | 6.7% |
| Q4 25 | $0.00 | $0.76 | ||
| Q3 25 | $-0.04 | $0.41 | ||
| Q2 25 | $0.04 | $0.74 | ||
| Q1 25 | $-0.07 | $1.34 | ||
| Q4 24 | $0.28 | $0.62 | ||
| Q3 24 | $-0.11 | $0.63 | ||
| Q2 24 | $0.00 | $0.40 | ||
| Q1 24 | $0.17 | $0.45 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $49.1M | $1.7M |
| Total DebtLower is stronger | $1.5B | — |
| Stockholders' EquityBook value | $627.8M | $254.8M |
| Total Assets | $2.6B | $1.3B |
| Debt / EquityLower = less leverage | 2.43× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $49.1M | $1.7M | ||
| Q3 25 | $46.5M | $1.2M | ||
| Q2 25 | $52.1M | $1.4M | ||
| Q1 25 | $45.7M | $4.6M | ||
| Q4 24 | $31.9M | $1.2M | ||
| Q3 24 | $43.9M | $1.3M | ||
| Q2 24 | $20.3M | $1.5M | ||
| Q1 24 | $41.9M | $1.7M |
| Q4 25 | $1.5B | — | ||
| Q3 25 | $1.5B | — | ||
| Q2 25 | $1.4B | — | ||
| Q1 25 | $1.3B | — | ||
| Q4 24 | $1.3B | — | ||
| Q3 24 | $1.3B | — | ||
| Q2 24 | $1.4B | — | ||
| Q1 24 | $1.4B | — |
| Q4 25 | $627.8M | $254.8M | ||
| Q3 25 | $638.8M | $242.1M | ||
| Q2 25 | $652.0M | $235.4M | ||
| Q1 25 | $657.4M | $223.1M | ||
| Q4 24 | $670.6M | $208.6M | ||
| Q3 24 | $663.9M | $198.1M | ||
| Q2 24 | $562.7M | $187.9M | ||
| Q1 24 | $571.4M | $179.6M |
| Q4 25 | $2.6B | $1.3B | ||
| Q3 25 | $2.6B | $1.3B | ||
| Q2 25 | $2.6B | $1.3B | ||
| Q1 25 | $2.5B | $1.3B | ||
| Q4 24 | $2.5B | $1.3B | ||
| Q3 24 | $2.6B | $1.3B | ||
| Q2 24 | $2.6B | $1.3B | ||
| Q1 24 | $2.6B | $1.3B |
| Q4 25 | 2.43× | — | ||
| Q3 25 | 2.33× | — | ||
| Q2 25 | 2.22× | — | ||
| Q1 25 | 2.01× | — | ||
| Q4 24 | 1.93× | — | ||
| Q3 24 | 2.00× | — | ||
| Q2 24 | 2.52× | — | ||
| Q1 24 | 2.50× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $64.2M | $14.1M |
| Free Cash FlowOCF − Capex | — | $6.2M |
| FCF MarginFCF / Revenue | — | 5.9% |
| Capex IntensityCapex / Revenue | — | 7.5% |
| Cash ConversionOCF / Net Profit | 26.99× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $64.2M | $14.1M | ||
| Q3 25 | $26.3M | $24.7M | ||
| Q2 25 | $11.1M | $8.1M | ||
| Q1 25 | $107.0K | $13.8M | ||
| Q4 24 | $112.0M | $9.3M | ||
| Q3 24 | $27.3M | $20.9M | ||
| Q2 24 | $17.4M | $2.2M | ||
| Q1 24 | $46.5M | $19.7M |
| Q4 25 | — | $6.2M | ||
| Q3 25 | — | $18.0M | ||
| Q2 25 | — | $5.2M | ||
| Q1 25 | — | $10.6M | ||
| Q4 24 | — | $4.9M | ||
| Q3 24 | — | $16.2M | ||
| Q2 24 | — | $-1.4M | ||
| Q1 24 | — | $16.2M |
| Q4 25 | — | 5.9% | ||
| Q3 25 | — | 17.5% | ||
| Q2 25 | — | 5.1% | ||
| Q1 25 | — | 9.9% | ||
| Q4 24 | — | 5.0% | ||
| Q3 24 | — | 16.1% | ||
| Q2 24 | — | -1.4% | ||
| Q1 24 | — | 15.6% |
| Q4 25 | — | 7.5% | ||
| Q3 25 | — | 6.5% | ||
| Q2 25 | — | 2.8% | ||
| Q1 25 | — | 3.0% | ||
| Q4 24 | — | 4.5% | ||
| Q3 24 | — | 4.6% | ||
| Q2 24 | — | 3.5% | ||
| Q1 24 | — | 3.4% |
| Q4 25 | 26.99× | 1.15× | ||
| Q3 25 | 328.63× | 3.76× | ||
| Q2 25 | 1.87× | 0.69× | ||
| Q1 25 | — | 0.66× | ||
| Q4 24 | 4.78× | 0.94× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 5.48× | 0.34× | ||
| Q1 24 | 3.30× | 2.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AHH
| Office Real Estate Segment | $28.8M | 38% |
| Retail Real Estate Segment | $25.4M | 34% |
| Multifamily Residential Real Estate | $17.7M | 23% |
| Real Estate Financing Segment | $3.6M | 5% |
CSV
| Propertyand Merchandise | $47.8M | 45% |
| Cemetery Interment Rights | $24.8M | 23% |
| Merchandise | $18.9M | 18% |
| Other Revenue | $10.2M | 10% |
| Other | $3.9M | 4% |
