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Side-by-side financial comparison of Apollo Commercial Real Estate Finance, Inc. (ARI) 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 $73.3M, roughly 1.4× Apollo Commercial Real Estate Finance, Inc.). Apollo Commercial Real Estate Finance, Inc. runs the higher net margin — 39.9% vs 11.6%, a 28.2% gap on every dollar of revenue. On growth, CARRIAGE SERVICES INC posted the faster year-over-year revenue change (8.0% vs 4.0%). Over the past eight quarters, CARRIAGE SERVICES INC's revenue compounded faster (1.0% CAGR vs -4.6%).
Apollo Commercial Real Estate Finance, Inc. is a real estate investment trust that originates, acquires and manages commercial real estate debt assets including mortgages, mezzanine loans and mortgage-backed securities, primarily operating in the U.S. market to deliver consistent risk-adjusted returns.
Jardine Cycle & Carriage Limited is the investment holding company of Jardines in Southeast Asia. It is currently 75% held by the conglomerate.
ARI vs CSV — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $73.3M | $105.5M |
| Net Profit | $29.2M | $12.3M |
| Gross Margin | — | 34.8% |
| Operating Margin | 39.7% | 23.3% |
| Net Margin | 39.9% | 11.6% |
| Revenue YoY | 4.0% | 8.0% |
| Net Profit YoY | -28.2% | 24.5% |
| EPS (diluted) | $0.19 | $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 | $73.3M | $105.5M | ||
| Q3 25 | $61.6M | $102.7M | ||
| Q2 25 | $70.9M | $102.1M | ||
| Q1 25 | $65.8M | $107.1M | ||
| Q4 24 | $70.5M | $97.7M | ||
| Q3 24 | $71.6M | $100.7M | ||
| Q2 24 | $81.1M | $102.3M | ||
| Q1 24 | $80.5M | $103.5M |
| Q4 25 | $29.2M | $12.3M | ||
| Q3 25 | $50.8M | $6.6M | ||
| Q2 25 | $20.7M | $11.7M | ||
| Q1 25 | $26.0M | $20.9M | ||
| Q4 24 | $40.7M | $9.9M | ||
| Q3 24 | $-91.5M | $9.9M | ||
| Q2 24 | $35.8M | $6.3M | ||
| Q1 24 | $-104.5M | $7.0M |
| Q4 25 | — | 34.8% | ||
| Q3 25 | — | 35.3% | ||
| Q2 25 | — | 35.2% | ||
| Q1 25 | — | 35.3% | ||
| Q4 24 | — | 34.4% | ||
| Q3 24 | — | 35.2% | ||
| Q2 24 | — | 36.2% | ||
| Q1 24 | — | 36.0% |
| Q4 25 | 39.7% | 23.3% | ||
| Q3 25 | 82.8% | 17.0% | ||
| Q2 25 | 29.4% | 23.5% | ||
| Q1 25 | 39.7% | 29.5% | ||
| Q4 24 | 57.9% | 21.6% | ||
| Q3 24 | -127.8% | 22.7% | ||
| Q2 24 | 44.2% | 18.0% | ||
| Q1 24 | -129.6% | 18.8% |
| Q4 25 | 39.9% | 11.6% | ||
| Q3 25 | 82.4% | 6.4% | ||
| Q2 25 | 29.3% | 11.5% | ||
| Q1 25 | 39.5% | 19.5% | ||
| Q4 24 | 57.7% | 10.1% | ||
| Q3 24 | -127.9% | 9.8% | ||
| Q2 24 | 44.1% | 6.1% | ||
| Q1 24 | -129.8% | 6.7% |
| Q4 25 | $0.19 | $0.76 | ||
| Q3 25 | $0.34 | $0.41 | ||
| Q2 25 | $0.12 | $0.74 | ||
| Q1 25 | $0.16 | $1.34 | ||
| Q4 24 | $0.25 | $0.62 | ||
| Q3 24 | $-0.69 | $0.63 | ||
| Q2 24 | $0.23 | $0.40 | ||
| Q1 24 | $-0.76 | $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 | $139.8M | $1.7M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.9B | $254.8M |
| Total Assets | $9.9B | $1.3B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $139.8M | $1.7M | ||
| Q3 25 | $245.9M | $1.2M | ||
| Q2 25 | $177.6M | $1.4M | ||
| Q1 25 | $166.4M | $4.6M | ||
| Q4 24 | $317.4M | $1.2M | ||
| Q3 24 | $194.3M | $1.3M | ||
| Q2 24 | $174.7M | $1.5M | ||
| Q1 24 | $161.2M | $1.7M |
| Q4 25 | $1.9B | $254.8M | ||
| Q3 25 | $1.9B | $242.1M | ||
| Q2 25 | $1.8B | $235.4M | ||
| Q1 25 | $1.9B | $223.1M | ||
| Q4 24 | $1.9B | $208.6M | ||
| Q3 24 | $1.9B | $198.1M | ||
| Q2 24 | $2.0B | $187.9M | ||
| Q1 24 | $2.0B | $179.6M |
| Q4 25 | $9.9B | $1.3B | ||
| Q3 25 | $9.5B | $1.3B | ||
| Q2 25 | $9.8B | $1.3B | ||
| Q1 25 | $8.8B | $1.3B | ||
| Q4 24 | $8.4B | $1.3B | ||
| Q3 24 | $9.1B | $1.3B | ||
| Q2 24 | $9.3B | $1.3B | ||
| Q1 24 | $9.2B | $1.3B |
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 | $142.5M | $14.1M |
| Free Cash FlowOCF − Capex | — | $6.2M |
| FCF MarginFCF / Revenue | — | 5.9% |
| Capex IntensityCapex / Revenue | — | 7.5% |
| Cash ConversionOCF / Net Profit | 4.88× | 1.15× |
| TTM Free Cash FlowTrailing 4 quarters | — | $40.1M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $142.5M | $14.1M | ||
| Q3 25 | $31.7M | $24.7M | ||
| Q2 25 | $63.2M | $8.1M | ||
| Q1 25 | $39.3M | $13.8M | ||
| Q4 24 | $200.3M | $9.3M | ||
| Q3 24 | $47.2M | $20.9M | ||
| Q2 24 | $50.2M | $2.2M | ||
| Q1 24 | $52.8M | $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 | 4.88× | 1.15× | ||
| Q3 25 | 0.62× | 3.76× | ||
| Q2 25 | 3.05× | 0.69× | ||
| Q1 25 | 1.51× | 0.66× | ||
| Q4 24 | 4.93× | 0.94× | ||
| Q3 24 | — | 2.11× | ||
| Q2 24 | 1.40× | 0.34× | ||
| Q1 24 | — | 2.83× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ARI
Segment breakdown not available.
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% |
