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Side-by-side financial comparison of CARRIAGE SERVICES INC (CSV) and Perma-Pipe International Holdings, Inc. (PPIH). Click either name above to swap in a different company.
CARRIAGE SERVICES INC is the larger business by last-quarter revenue ($105.5M vs $61.1M, roughly 1.7× Perma-Pipe International Holdings, Inc.). CARRIAGE SERVICES INC runs the higher net margin — 11.6% vs 10.3%, a 1.3% gap on every dollar of revenue. On growth, Perma-Pipe International Holdings, Inc. posted the faster year-over-year revenue change (47.1% vs 8.0%). Perma-Pipe International Holdings, Inc. produced more free cash flow last quarter ($12.4M vs $6.2M). Over the past eight quarters, Perma-Pipe International Holdings, Inc.'s revenue compounded faster (23.4% 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.
Perma-Pipe International Holdings, Inc. designs, manufactures and supplies pre-insulated piping systems and integrated leak detection solutions. Its offerings cater to oil & gas, district heating and cooling, industrial, and municipal infrastructure segments, with a global footprint spanning North America, the Middle East, Europe and Asia.
CSV vs PPIH — Head-to-Head
Income Statement — Q4 FY2025 vs Q3 FY2026
| Metric | | |
|---|---|---|
| Revenue | $105.5M | $61.1M |
| Net Profit | $12.3M | $6.3M |
| Gross Margin | 34.8% | 34.4% |
| Operating Margin | 23.3% | 18.6% |
| Net Margin | 11.6% | 10.3% |
| Revenue YoY | 8.0% | 47.1% |
| Net Profit YoY | 24.5% | 153.5% |
| EPS (diluted) | $0.76 | $0.77 |
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 | $61.1M | ||
| Q3 25 | $102.7M | $47.9M | ||
| Q2 25 | $102.1M | $46.7M | ||
| Q1 25 | $107.1M | $45.0M | ||
| Q4 24 | $97.7M | $41.6M | ||
| Q3 24 | $100.7M | $37.5M | ||
| Q2 24 | $102.3M | $34.3M | ||
| Q1 24 | $103.5M | $40.2M |
| Q4 25 | $12.3M | $6.3M | ||
| Q3 25 | $6.6M | $851.0K | ||
| Q2 25 | $11.7M | $5.0M | ||
| Q1 25 | $20.9M | $1.8M | ||
| Q4 24 | $9.9M | $2.5M | ||
| Q3 24 | $9.9M | $3.3M | ||
| Q2 24 | $6.3M | $1.4M | ||
| Q1 24 | $7.0M | $8.6M |
| Q4 25 | 34.8% | 34.4% | ||
| Q3 25 | 35.3% | 30.1% | ||
| Q2 25 | 35.2% | 35.8% | ||
| Q1 25 | 35.3% | 33.7% | ||
| Q4 24 | 34.4% | 33.9% | ||
| Q3 24 | 35.2% | 35.9% | ||
| Q2 24 | 36.2% | 30.6% | ||
| Q1 24 | 36.0% | 30.0% |
| Q4 25 | 23.3% | 18.6% | ||
| Q3 25 | 17.0% | 6.7% | ||
| Q2 25 | 23.5% | 16.9% | ||
| Q1 25 | 29.5% | 12.1% | ||
| Q4 24 | 21.6% | 13.4% | ||
| Q3 24 | 22.7% | 16.4% | ||
| Q2 24 | 18.0% | 9.1% | ||
| Q1 24 | 18.8% | 11.3% |
| Q4 25 | 11.6% | 10.3% | ||
| Q3 25 | 6.4% | 1.8% | ||
| Q2 25 | 11.5% | 10.6% | ||
| Q1 25 | 19.5% | 3.9% | ||
| Q4 24 | 10.1% | 6.0% | ||
| Q3 24 | 9.8% | 8.8% | ||
| Q2 24 | 6.1% | 4.2% | ||
| Q1 24 | 6.7% | 21.5% |
| Q4 25 | $0.76 | $0.77 | ||
| Q3 25 | $0.41 | $0.10 | ||
| Q2 25 | $0.74 | $0.61 | ||
| Q1 25 | $1.34 | $0.23 | ||
| Q4 24 | $0.62 | $0.31 | ||
| Q3 24 | $0.63 | $0.40 | ||
| Q2 24 | $0.40 | $0.18 | ||
| Q1 24 | $0.45 | $1.07 |
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 | $27.2M |
| Total DebtLower is stronger | — | $12.7M |
| Stockholders' EquityBook value | $254.8M | $85.8M |
| Total Assets | $1.3B | $217.0M |
| Debt / EquityLower = less leverage | — | 0.15× |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.7M | $27.2M | ||
| Q3 25 | $1.2M | $17.3M | ||
| Q2 25 | $1.4M | $18.8M | ||
| Q1 25 | $4.6M | $15.7M | ||
| Q4 24 | $1.2M | $13.3M | ||
| Q3 24 | $1.3M | $9.5M | ||
| Q2 24 | $1.5M | $7.7M | ||
| Q1 24 | $1.7M | $5.8M |
| Q4 25 | — | $12.7M | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | $15.2M | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | $15.2M |
| Q4 25 | $254.8M | $85.8M | ||
| Q3 25 | $242.1M | $80.2M | ||
| Q2 25 | $235.4M | $77.9M | ||
| Q1 25 | $223.1M | $72.1M | ||
| Q4 24 | $208.6M | $71.2M | ||
| Q3 24 | $198.1M | $68.6M | ||
| Q2 24 | $187.9M | $65.5M | ||
| Q1 24 | $179.6M | $65.7M |
| Q4 25 | $1.3B | $217.0M | ||
| Q3 25 | $1.3B | $189.0M | ||
| Q2 25 | $1.3B | $178.3M | ||
| Q1 25 | $1.3B | $165.2M | ||
| Q4 24 | $1.3B | $160.7M | ||
| Q3 24 | $1.3B | $157.8M | ||
| Q2 24 | $1.3B | $155.7M | ||
| Q1 24 | $1.3B | $155.7M |
| Q4 25 | — | 0.15× | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | 0.21× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | 0.23× |
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 | $17.3M |
| Free Cash FlowOCF − Capex | $6.2M | $12.4M |
| FCF MarginFCF / Revenue | 5.9% | 20.2% |
| Capex IntensityCapex / Revenue | 7.5% | 8.1% |
| Cash ConversionOCF / Net Profit | 1.15× | 2.74× |
| TTM Free Cash FlowTrailing 4 quarters | $40.1M | $12.3M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $14.1M | $17.3M | ||
| Q3 25 | $24.7M | $-2.0M | ||
| Q2 25 | $8.1M | $733.0K | ||
| Q1 25 | $13.8M | $6.0M | ||
| Q4 24 | $9.3M | $5.2M | ||
| Q3 24 | $20.9M | $2.8M | ||
| Q2 24 | $2.2M | $-73.0K | ||
| Q1 24 | $19.7M | $7.1M |
| Q4 25 | $6.2M | $12.4M | ||
| Q3 25 | $18.0M | $-4.6M | ||
| Q2 25 | $5.2M | $-194.0K | ||
| Q1 25 | $10.6M | $4.7M | ||
| Q4 24 | $4.9M | $4.8M | ||
| Q3 24 | $16.2M | $2.2M | ||
| Q2 24 | $-1.4M | $-662.0K | ||
| Q1 24 | $16.2M | $4.2M |
| Q4 25 | 5.9% | 20.2% | ||
| Q3 25 | 17.5% | -9.6% | ||
| Q2 25 | 5.1% | -0.4% | ||
| Q1 25 | 9.9% | 10.5% | ||
| Q4 24 | 5.0% | 11.6% | ||
| Q3 24 | 16.1% | 5.8% | ||
| Q2 24 | -1.4% | -1.9% | ||
| Q1 24 | 15.6% | 10.5% |
| Q4 25 | 7.5% | 8.1% | ||
| Q3 25 | 6.5% | 5.3% | ||
| Q2 25 | 2.8% | 2.0% | ||
| Q1 25 | 3.0% | 2.9% | ||
| Q4 24 | 4.5% | 0.8% | ||
| Q3 24 | 4.6% | 1.7% | ||
| Q2 24 | 3.5% | 1.7% | ||
| Q1 24 | 3.4% | 7.2% |
| Q4 25 | 1.15× | 2.74× | ||
| Q3 25 | 3.76× | -2.40× | ||
| Q2 25 | 0.69× | 0.15× | ||
| Q1 25 | 0.66× | 3.42× | ||
| Q4 24 | 0.94× | 2.07× | ||
| Q3 24 | 2.11× | 0.86× | ||
| Q2 24 | 0.34× | -0.05× | ||
| Q1 24 | 2.83× | 0.82× |
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% |
PPIH
Segment breakdown not available.
