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Side-by-side financial comparison of CARRIAGE SERVICES INC (CSV) and Pangaea Logistics Solutions Ltd. (PANL). Click either name above to swap in a different company.
Pangaea Logistics Solutions Ltd. is the larger business by last-quarter revenue ($183.9M vs $105.5M, roughly 1.7× CARRIAGE SERVICES INC). CARRIAGE SERVICES INC runs the higher net margin — 11.6% vs 6.5%, a 5.2% gap on every dollar of revenue. On growth, Pangaea Logistics Solutions Ltd. posted the faster year-over-year revenue change (24.9% vs 8.0%). Over the past eight quarters, Pangaea Logistics Solutions Ltd.'s revenue compounded faster (32.5% CAGR vs 1.0%).
Jardine Cycle & Carriage Limited is the investment holding company of Jardines in Southeast Asia. It is currently 75% held by the conglomerate.
Pangaea Logistics Solutions Ltd. is a global dry bulk logistics and shipping service provider. It operates a modern fleet of dry bulk vessels to transport a wide range of commodities including grains, minerals, construction materials, and energy-related raw materials, serving industrial, agricultural, and energy sector clients across North America, Europe, and Asia with tailored end-to-end bulk cargo supply chain solutions.
CSV vs PANL — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $105.5M | $183.9M |
| Net Profit | $12.3M | $11.9M |
| Gross Margin | 34.8% | — |
| Operating Margin | 23.3% | 9.5% |
| Net Margin | 11.6% | 6.5% |
| Revenue YoY | 8.0% | 24.9% |
| Net Profit YoY | 24.5% | 40.9% |
| EPS (diluted) | $0.76 | $0.18 |
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 | $105.5M | $183.9M | ||
| Q3 25 | $102.7M | $168.7M | ||
| Q2 25 | $102.1M | $156.7M | ||
| Q1 25 | $107.1M | $122.8M | ||
| Q4 24 | $97.7M | $147.2M | ||
| Q3 24 | $100.7M | $153.1M | ||
| Q2 24 | $102.3M | $131.5M | ||
| Q1 24 | $103.5M | $104.7M |
| Q4 25 | $12.3M | $11.9M | ||
| Q3 25 | $6.6M | $12.2M | ||
| Q2 25 | $11.7M | $-2.7M | ||
| Q1 25 | $20.9M | $-2.0M | ||
| Q4 24 | $9.9M | $8.4M | ||
| Q3 24 | $9.9M | $5.1M | ||
| Q2 24 | $6.3M | $3.7M | ||
| Q1 24 | $7.0M | $11.7M |
| 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 | 23.3% | 9.5% | ||
| Q3 25 | 17.0% | 10.0% | ||
| Q2 25 | 23.5% | 2.3% | ||
| Q1 25 | 29.5% | 2.4% | ||
| Q4 24 | 21.6% | 10.1% | ||
| Q3 24 | 22.7% | 9.8% | ||
| Q2 24 | 18.0% | 5.8% | ||
| Q1 24 | 18.8% | 10.5% |
| Q4 25 | 11.6% | 6.5% | ||
| Q3 25 | 6.4% | 7.2% | ||
| Q2 25 | 11.5% | -1.8% | ||
| Q1 25 | 19.5% | -1.6% | ||
| Q4 24 | 10.1% | 5.7% | ||
| Q3 24 | 9.8% | 3.3% | ||
| Q2 24 | 6.1% | 2.8% | ||
| Q1 24 | 6.7% | 11.1% |
| Q4 25 | $0.76 | $0.18 | ||
| Q3 25 | $0.41 | $0.19 | ||
| Q2 25 | $0.74 | $-0.04 | ||
| Q1 25 | $1.34 | $-0.03 | ||
| Q4 24 | $0.62 | $0.19 | ||
| Q3 24 | $0.63 | $0.11 | ||
| Q2 24 | $0.40 | $0.08 | ||
| Q1 24 | $0.45 | $0.25 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.7M | $103.1M |
| Total DebtLower is stronger | — | $249.6M |
| Stockholders' EquityBook value | $254.8M | $429.3M |
| Total Assets | $1.3B | $928.1M |
| Debt / EquityLower = less leverage | — | 0.58× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7M | $103.1M | ||
| Q3 25 | $1.2M | $94.0M | ||
| Q2 25 | $1.4M | $59.3M | ||
| Q1 25 | $4.6M | $63.9M | ||
| Q4 24 | $1.2M | $86.8M | ||
| Q3 24 | $1.3M | $93.1M | ||
| Q2 24 | $1.5M | $77.9M | ||
| Q1 24 | $1.7M | $95.9M |
| Q4 25 | — | $249.6M | ||
| Q3 25 | — | $256.2M | ||
| Q2 25 | — | $244.7M | ||
| Q1 25 | — | $251.0M | ||
| Q4 24 | — | $257.2M | ||
| Q3 24 | — | $133.6M | ||
| Q2 24 | — | $90.5M | ||
| Q1 24 | — | $95.9M |
| Q4 25 | $254.8M | $429.3M | ||
| Q3 25 | $242.1M | $420.3M | ||
| Q2 25 | $235.4M | $414.4M | ||
| Q1 25 | $223.1M | $420.8M | ||
| Q4 24 | $208.6M | $427.8M | ||
| Q3 24 | $198.1M | $332.6M | ||
| Q2 24 | $187.9M | $331.5M | ||
| Q1 24 | $179.6M | $332.0M |
| Q4 25 | $1.3B | $928.1M | ||
| Q3 25 | $1.3B | $932.1M | ||
| Q2 25 | $1.3B | $916.0M | ||
| Q1 25 | $1.3B | $918.0M | ||
| Q4 24 | $1.3B | $936.5M | ||
| Q3 24 | $1.3B | $749.2M | ||
| Q2 24 | $1.3B | $692.9M | ||
| Q1 24 | $1.3B | $703.3M |
| Q4 25 | — | 0.58× | ||
| Q3 25 | — | 0.61× | ||
| Q2 25 | — | 0.59× | ||
| Q1 25 | — | 0.60× | ||
| Q4 24 | — | 0.60× | ||
| Q3 24 | — | 0.40× | ||
| Q2 24 | — | 0.27× | ||
| Q1 24 | — | 0.29× |
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 | $14.1M | $15.1M |
| Free Cash FlowOCF − Capex | $6.2M | — |
| FCF MarginFCF / Revenue | 5.9% | — |
| Capex IntensityCapex / Revenue | 7.5% | — |
| Cash ConversionOCF / Net Profit | 1.15× | 1.27× |
| TTM Free Cash FlowTrailing 4 quarters | $40.1M | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.1M | $15.1M | ||
| Q3 25 | $24.7M | $28.6M | ||
| Q2 25 | $8.1M | $14.4M | ||
| Q1 25 | $13.8M | $-4.4M | ||
| Q4 24 | $9.3M | $19.3M | ||
| Q3 24 | $20.9M | $28.5M | ||
| Q2 24 | $2.2M | $9.0M | ||
| Q1 24 | $19.7M | $9.0M |
| 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 | 1.15× | 1.27× | ||
| Q3 25 | 3.76× | 2.34× | ||
| Q2 25 | 0.69× | — | ||
| Q1 25 | 0.66× | — | ||
| Q4 24 | 0.94× | 2.29× | ||
| Q3 24 | 2.11× | 5.57× | ||
| Q2 24 | 0.34× | 2.43× | ||
| Q1 24 | 2.83× | 0.77× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
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% |
PANL
| Voyage | $166.3M | 90% |
| Charter | $13.1M | 7% |
| Terminal Stevedore Revenue | $4.4M | 2% |
