Finance
Private equity, publicly traded deathcare companies, and market analysis.
$20 BILLION, ONE COMPANY: The Real Structure of the U.S. Deathcare Market
The U.S. deathcare market generates over $20 billion annually across more than 15,401 funeral homes. One company, SCI, captures 18% of that revenue. The rest is split among thousands of independent operators running on shrinking margins.
FEWER FUNERALS, HIGHER PRICES: SCI's Q1 Reveals a Company Selling Tomorrow's Revenue to Cover Today's Decline
SCI performed 5,872 fewer funerals in Q1 2026 but raised prices 3.4%. Cemetery preneed sales grew 10%. CEO Tom Ryan blamed flu season and demographics. The numbers say otherwise.
$600 MILLION FOR SHAREHOLDERS: SCI Buys Back Stock While Operating Income Falls
SCI's board authorized $600 million in share buybacks while carrying $5.16 billion in debt and a 3.26x debt-to-equity ratio. Net income fell 4.9% in Q1 2026. Interest costs consumed 26 cents of every dollar of operating income.
Selling Shares to Buy Funeral Homes: Inside Carriage Services' $100 Million Stock Offering
Carriage Services filed paperwork to sell up to $100 million of its own stock to fund more funeral home acquisitions and pay down debt. The company carries $522.3 million in long-term debt against $2.9 million in cash, and interest expense ate 27% of its first-quarter operating income.
Private Equity's New Favorite Asset Class: Your Funeral
Deathcare is recession-proof, cash-rich, and fragmented — exactly what PE firms look for. We trace the money flowing into the industry.
How Hedge Funds Are Buying Your Local Funeral Home
Beyond SCI, a constellation of private equity firms and hedge funds has been acquiring independent funeral homes at an accelerating pace. We traced the money — and the impact on the families who pay the bills.
THE BODY DONATION INDUSTRY: Who Profits When You Donate Your Remains
Body donation is often presented as a noble final act. But behind the scenes, a multi-million-dollar industry of body brokers operates with minimal oversight, selling donated remains to medical training companies, researchers, and the military — sometimes without donor or family consent.
THE PRE-NEED FUNERAL CONTRACT TRAP
An estimated $40 billion sits in prepaid funeral contracts across the United States. But when families try to collect, many discover coverage gaps, inflated prices, and contracts that don't travel across state lines. An investigation into the fine print of planning ahead.
1.1 BILLION IN FUNERAL REVENUE: SCI Q2 Exposes the Trend Defining Deathcare in 2026
SCI's Q2 2026 earnings show 3% fewer at-need funerals, 130 basis points of funeral margin compression, and 8% growth in preneed sales. The trend defining deathcare in 2026 is visible in the SEC filing.