Stewart Enterprises, Inc.
10-K - Feb 18, 2016
On December 23, 2013, pursuant to a tender offer, we acquired Stewart Enterprises, Inc. (Stewart) for $13.25 per share in cash, resulting in a purchase price of $1.5 billion, which includes the ass...
SE‑ClusterEnvironmental Services
Tear SheetSource: SEC EDGAR
Service Corporation International
SCIActiveCIK 89089 · Business Services & Route-Based
N/A
Market data as of N/A
Financials: LTM / latest available company filings
Sources: FMP, SCI filings, SEC EDGAR
$10,737
Market cap ($MM)
$15,642
Enterprise value ($MM)
$4,332
Revenue · LTM ($MM)
$1,244
EBITDA · LTM ($MM)
29%
EBITDA margin
3.6x
EV / revenue
12.6x
EV / EBITDA
3.9x
Net debt / EBITDA
Coverage
Coverage view
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
- 01SCI is a scaled public consolidator in Route-Based, a benchmark for how the sub-sector buys, pays, and trades.
- 02The relevant peer set is CTAS, ROL, ARMK, BRO, ABM, WSC.
Balance sheet & capacity
Indicative capacity read: 3.9x net debt / EBITDA with EBITDA of $1.2B.
$258
Cash & equiv. ($MM)
$5,106
Total debt ($MM)
$4,848
Net debt ($MM)
3.9x
Net debt / EBITDA
Valuation
Where it trades against its peer set
SCI versus the scaled public Business Services & Route-Based comparables.
Indexed share-price performance
SCI versus available Business Services & Route-Based peers and SPY.
+45%
SCI
N/A
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Service Corporation International | SCI | $4,332 | $1,244 | 29% | $10,737 | $15,642 | 3.6x | 12.6x | 3.9x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
A sustained, programmatic tuck-in cadence
SCI's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
129
Active years
13
Named deals
6
Avg / active year
9.9
Acq. cash outflow ($MM)
N/A
Banker read
- 01SCI reads as a programmatic acquirer: 129 disclosed acquisitions across 13 active years, or 9.9 per active year. The chart shows activity in 5 of the last 12 visible years.
- 02In the last three years, the file shows 75 acquisitions versus 53 in the prior three; recent activity is running above the prior three-year period.
- 03Spend changes the read: $2.3B of disclosed spend is concentrated in lumpy years, with FY18 the largest year at $195MM. Recent spend is above the prior three-year period.
Annual acquisitions + disclosed spend
count spend named deal
SCI count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
75 / 53
Last three years is up 42% vs prior three.
Peak count year
FY21
32 disclosed acquisitions in the peak visible year.
Recent spend
$355MM
is up 23% vs prior three; peak FY18 at $195MM.
Named evidence
6 rows
4.7% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Dec 23, 2013 | Stewart Enterprises, Inc. | Business services and route-based compounders | $1,500 | On December 23, 2013, pursuant to a tender offer, we acquired Stewart Enterprises, Inc. (Stewart) for $13.25 per share in cash, resulting in a purchase price of $1.5 billion, wh... | 10-K† |
| Mar 26, 2010 | Keystone North America, Inc. | Business services and route-based compounders | $289 | In March 2010, pursuant to a tender offer, we acquired Keystone North America, Inc. (Keystone) for C$8.07 per share in cash, resulting in a purchase price of $288.9 million, whi... | 10-K† |
| Dec 31, 2006 | Alderwoods Group, Inc. | Business services and route-based compounders | $1,200 | In 2006, as part of our strategy to enhance our position as North America’s premier funeral and cemetery provider, we acquired Alderwoods for $20.00 per share in cash. The purch... | 10-K† |
| Mar 1, 2010 | Keystone North America, Inc. | Business services and route-based compounders | $289 | In March 2010, pursuant to a tender offer, we acquired Keystone North America, Inc. for C$8.07 per share in cash, resulting in a total purchase price of $288.9 million. This pur... | 10-K† |
| Oct 14, 2009 | Keystone North America, Inc. | Business services and route-based compounders | $265 | On October 14, 2009, we entered into a definitive support agreement in which we agreed to offer to acquire all of the outstanding common shares of Keystone North America, Inc. (... | 10-K† |
| Dec 31, 2024 | 2024 Funeral Service and Cemetery Location Acquisitions | Business services and route-based compounders | $181 | In 2024, we invested $181.2 million in acquiring 26 funeral service locations and 6 cemeteries, which included 3 combination locations. | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 12 SEC-backed facts across 6 cited filings.
Evidence
Source archive
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
23
Named deal filings
6
Recent SEC filings
0
Evidence clips
6
Annual 10-K M&A evidenceAccepted annual filings used for disclosed acquisition count and spend.23 rows+-
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Feb 12, 2026 | Annual M&A 10-K | warning (1 warn) | 24 | $101MM | N/A | SEC filing |
| FY2024 | Feb 13, 2025 | Annual M&A 10-K | warning (1 warn) | 32 | $181MM | N/A | SEC filing |
| FY2023 | Feb 13, 2024 | Annual M&A 10-K | warning (1 warn) | 19 | $72.5MM | N/A | SEC filing |
| FY2022 | Feb 15, 2023 | Annual M&A 10-K | warning (1 warn) | 21 | $103MM | N/A | SEC filing |
| FY2021 | Feb 15, 2022 | Annual M&A 10-K | warning (1 warn) | 32 | $121MM | N/A | SEC filing |
| FY2020 | Feb 16, 2021 | Annual M&A 10-K | warning (1 warn) | N/A | $64.2MM | N/A | SEC filing |
| FY2019 | Feb 18, 2020 | Annual M&A 10-K | warning (1 warn) | N/A | $55.6MM | N/A | SEC filing |
| FY2018 | Feb 20, 2019 | Annual M&A 10-K | warning (1 warn) | N/A | $195MM | N/A | SEC filing |
| FY2017 | Feb 14, 2018 | Annual M&A 10-K | accepted | N/A | $50.0MM | $76.2MM | SEC filing |
| FY2016 | Feb 15, 2017 | Annual M&A 10-K | accepted | N/A | $69.1MM | $72.9MM | SEC filing |
| FY2015 | Feb 18, 2016 | Annual M&A 10-K | quarantined (1 warn, 1 issue) | N/A | $41.3MM | $41.3MM | SEC filing |
| FY2014 | Feb 13, 2015 | Annual M&A 10-K | accepted | 1 | $15.3MM | $1.5B | SEC filing |
| FY2013 | Feb 14, 2014 | Annual M&A 10-K | quarantined (1 issue) | 2 | $1.1B | $1.5B | SEC filing |
| FY2012 | Feb 13, 2013 | Annual M&A 10-K | warning (1 warn) | N/A | $65.5MM | N/A | SEC filing |
| FY2011 | Feb 13, 2012 | Annual M&A 10-K | quarantined (1 issue) | 1 | $44.0MM | $44.0MM | SEC filing |
| FY2010 | Feb 14, 2011 | Annual M&A 10-K | accepted | 1 | $299MM | $289MM | SEC filing |
| FY2009 | Feb 26, 2010 | Annual M&A 10-K | warning (1 warn) | N/A | $84.9MM | N/A | SEC filing |
| FY2008 | Mar 2, 2009 | Annual M&A 10-K | warning (1 warn) | N/A | $8.8MM | N/A | SEC filing |
| FY2007 | Mar 3, 2008 | Annual M&A 10-K | warning (1 warn) | N/A | $8.4MM | N/A | SEC filing |
| FY2006 | Mar 1, 2007 | Annual M&A 10-K | accepted | 1 | $1.3B | $1.2B | SEC filing |
| FY2005 | Mar 6, 2006 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2004 | Mar 31, 2005 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
| FY2003 | Mar 15, 2004 | Annual M&A 10-K | accepted | N/A | N/A | N/A | SEC filing |
Named transaction source filingsFilings behind selected named-deal rows and transaction excerpts.6 rows+-
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Feb 13, 2025 | 10-K | 2024 Funeral Service and Cemetery Location Acquisitions | Annual M&ANamed deals | SEC filing |
| Feb 18, 2016 | 10-K | Stewart Enterprises, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 13, 2012 | 10-K | Keystone North America, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 14, 2011 | 10-K | Keystone North America, Inc. | Annual M&ANamed deals | SEC filing |
| Feb 26, 2010 | 10-K | Keystone North America, Inc. | Annual M&ANamed deals | SEC filing |
| Mar 3, 2008 | 10-K | Alderwoods Group, Inc. | Annual M&ANamed deals | SEC filing |
Recent SEC filingsThe latest profile filings, kept separate so someone can investigate beyond M&A.0 rows+-
No filing source clears this category.
Evidence clipsShort excerpts used on the page; expand only when you want the language.6 rows+-
Medium
Keystone North America, Inc.
10-K - Feb 13, 2012
In March 2010, pursuant to a tender offer, we acquired Keystone North America, Inc. (Keystone) for C$8.07 per share in cash, resulting in a purchase price of $288.9 million, which includes the refi...
Alderwoods Group, Inc.
10-K - Mar 3, 2008
In 2006, as part of our strategy to enhance our position as North America’s premier funeral and cemetery provider, we acquired Alderwoods for $20.00 per share in cash. The purchase price of $1.2 bi...
Keystone North America
10-K - Feb 14, 2011
In March 2010, pursuant to a tender offer, we acquired Keystone North America, Inc. for C$8.07 per share in cash, resulting in a total purchase price of $288.9 million. This purchase price included...
Keystone North America, Inc.
10-K - Feb 26, 2010
On October 14, 2009, we entered into a definitive support agreement in which we agreed to offer to acquire all of the outstanding common shares of Keystone North America, Inc. (Keystone) for Canadi...
2024 Funeral Service and Cemetery Location Acquisitions
10-K - Feb 13, 2025
In 2024, we invested $181.2 million in acquiring 26 funeral service locations and 6 cemeteries, which included 3 combination locations.
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.