Cintas Corporation (CTAS) 10-Year Financial Performance & Capital Metrics

CTAS • • Industrial / General

IndustrialsBusiness ServicesFacility Management & Support ServicesUniform & Apparel Services

AboutCintas Corporation provides corporate identity uniforms and related business services primarily in the United States, Canada, and Latin America. It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company rents and services uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items; and provides restroom cleaning services and supplies, as well as sells uniforms. It also offers first aid and safety services, and fire protection products and services. The company provides its products and services through its distribution network and local delivery routes, or local representatives to small service and manufacturing companies, as well as major corporations. Cintas Corporation was founded in 1968 and is headquartered in Cincinnati, Ohio.Show more

Revenue $10.34B +7.7%
EBITDA $2.85B +13.7%
Net Income $1.81B +15.3%
EPS (Diluted) 4.40 +16.1%
Gross Margin 50.04% +2.5%
EBITDA Margin 27.6% +5.5%
Operating Margin 22.82% +5.9%
Net Margin 17.53% +7.0%
ROE 40.27% +4.8%
ROIC 25.8% +8.5%
Debt/Equity 0.57 -8.3%
Interest Coverage 23.34 +13.7%

Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

✓Excellent 3Y average ROE of 38.8%
✓Strong 5Y profit CAGR of 15.6%
✓Strong Piotroski F-Score: 9/9
✓FCF machine: 17.0% free cash flow margin
✓Healthy 5Y average net margin of 16.1%
✓Efficient asset utilization: 1.1x turnover

✗Weaknesses

✗Expensive at 17.1x book value

Price & Volume

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Growth Metrics

Revenue CAGR

10Y8.73%

5Y7.85%

3Y9.6%

TTM8.6%

Profit (Net Income) CAGR

10Y15.46%

5Y15.65%

3Y13.61%

TTM10.85%

EPS CAGR

10Y17.07%

5Y16.73%

3Y14.78%

TTM11.57%

ROCE

10Y Avg21.44%

5Y Avg25.03%

3Y Avg27.21%

Latest29.81%

Peer Comparison

Uniform & Apparel Services

Name	Market Cap	Current Price	P/E Ratio	Revenue Growth 1Y	Net Margin	ROE	FCF Yield	Debt/Equity
CTASCintas Corporation	78.81B	195.58	44.45	7.75%	17.58%	42.61%	2.23%	0.57
UNFUniFirst Corporation	3.08B	212.41	26.62	0.2%	6.1%	6.84%	4.58%	0.03

Profit & Loss

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Sales/Revenue+	4.91B	5.32B	6.48B	6.89B	7.09B	7.12B	7.85B	8.82B	9.6B	10.34B
Revenue Growth %	0.1%	0.09%	0.22%	0.06%	0.03%	0%	0.1%	0.12%	0.09%	0.08%
Cost of Goods Sold+	2.78B	2.94B	3.57B	3.76B	3.85B	3.8B	4.22B	4.64B	4.91B	5.17B
COGS % of Revenue	0.57%	0.55%	0.55%	0.55%	0.54%	0.53%	0.54%	0.53%	0.51%	0.5%
Gross Profit+	2.13B	2.38B	2.91B	3.13B	3.23B	3.31B	3.63B	4.17B	4.69B	5.17B
Gross Margin %	0.43%	0.45%	0.45%	0.45%	0.46%	0.47%	0.46%	0.47%	0.49%	0.5%
Gross Profit Growth %	0.11%	0.12%	0.22%	0.08%	0.03%	0.03%	0.1%	0.15%	0.12%	0.1%
Operating Expenses+	1.35B	1.53B	1.92B	1.98B	2.07B	1.93B	2.04B	2.37B	2.62B	2.81B
OpEx % of Revenue	0.27%	0.29%	0.3%	0.29%	0.29%	0.27%	0.26%	0.27%	0.27%	0.27%
Selling, General & Admin	1.35B	1.53B	1.92B	1.98B	2.07B	1.93B	2.04B	2.37B	2.62B	2.81B
SG&A % of Revenue	0.27%	0.29%	0.3%	0.29%	0.29%	0.27%	0.26%	0.27%	0.27%	0.27%
Research & Development	0	0	22.8M	21.6M	0	0	0	0	0	30.8M
R&D % of Revenue	-	-	0%	0%	-	-	-	-	-	0%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	-30.8M
Operating Income+	781.75M	773.69M	949.83M	1.13B	1.16B	1.39B	1.59B	1.8B	2.07B	2.36B
Operating Margin %	0.16%	0.15%	0.15%	0.16%	0.16%	0.19%	0.2%	0.2%	0.22%	0.23%
Operating Income Growth %	0.12%	-0.01%	0.23%	0.19%	0.03%	0.19%	0.15%	0.14%	0.15%	0.14%
EBITDA+	945.64M	968.06M	1.23B	1.49B	1.54B	1.77B	1.99B	2.21B	2.51B	2.85B
EBITDA Margin %	0.19%	0.18%	0.19%	0.22%	0.22%	0.25%	0.25%	0.25%	0.26%	0.28%
EBITDA Growth %	0.11%	0.02%	0.27%	0.22%	0.03%	0.15%	0.12%	0.11%	0.14%	0.14%
D&A (Non-Cash Add-back)	163.89M	194.37M	276.68M	360.09M	379.05M	385.74M	399.7M	409.16M	442.38M	494.18M
EBIT	769.84M	773.93M	951.18M	1.2B	1.16B	1.39B	1.59B	1.8B	2.08B	2.37B
Net Interest Income+	-63.63M	-86.29M	-108.83M	-100.51M	-104.41M	-97.74M	-88.6M	-109.52M	-95M	-95.52M
Interest Income	896K	237K	1.34M	1.23M	988K	467K	242K	1.72M	5.74M	5.58M
Interest Expense	64.52M	86.52M	110.17M	101.74M	105.39M	98.21M	88.84M	111.23M	100.74M	101.11M
Other Income/Expense	-63.63M	-86.29M	-108.83M	-31.14M	-104.41M	-97.74M	-88.6M	-109.52M	-95M	-95.52M
Pretax Income+	718.12M	687.4M	841M	1.1B	1.06B	1.29B	1.5B	1.69B	1.97B	2.26B
Pretax Margin %	0.15%	0.13%	0.13%	0.16%	0.15%	0.18%	0.19%	0.19%	0.21%	0.22%
Income Tax+	261.18M	230.12M	57.07M	219.76M	181.93M	176.78M	263.01M	345.14M	402.04M	451.92M
Effective Tax Rate %	0.97%	0.7%	1%	0.8%	0.83%	0.86%	0.82%	0.8%	0.8%	0.8%
Net Income+	693.52M	480.71M	842.59M	884.98M	876.04M	1.11B	1.24B	1.35B	1.57B	1.81B
Net Margin %	0.14%	0.09%	0.13%	0.13%	0.12%	0.16%	0.16%	0.15%	0.16%	0.18%
Net Income Growth %	0.61%	-0.31%	0.75%	0.05%	-0.01%	0.27%	0.11%	0.09%	0.17%	0.15%
Net Income (Continuing)	448.61M	457.29M	783.93M	882.63M	876.36M	1.11B	1.24B	1.35B	1.57B	1.81B
Discontinued Operations	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)+	1.55	1.10	1.92	2.02	2.03	2.56	2.91	3.25	3.79	4.40
EPS Growth %	0.7%	-0.29%	0.75%	0.05%	0%	0.26%	0.14%	0.12%	0.17%	0.16%
EPS (Basic)	1.58	1.12	1.98	2.09	2.09	2.63	2.98	3.30	3.85	4.48
Diluted Shares Outstanding	439.82M	431.13M	439.24M	437.98M	428.05M	430.83M	422.09M	413.51M	413.47M	410.29M
Basic Shares Outstanding	432.88M	419.86M	426.37M	424.32M	415.26M	419.5M	412.69M	406.58M	406.61M	403.53M
Dividend Payout Ratio	0.17%	0.3%	0.21%	0.25%	0.31%	0.41%	0.3%	0.33%	0.34%	0.34%

Balance Sheet

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Total Current Assets+	1.05B	1.32B	1.28B	1.38B	1.46B	1.95B	1.63B	1.83B	2.05B	3.44B
Cash & Short-Term Investments	209.76M	191.49M	138.72M	96.64M	145.4M	493.64M	90.47M	124.15M	342.01M	263.97M
Cash Only	139.36M	169.27M	138.72M	96.64M	145.4M	493.64M	90.47M	124.15M	342.01M	263.97M
Short-Term Investments	70.41M	22.22M	0	0	0	0	0	0	0	0
Accounts Receivable	548.2M	780.33M	824.22M	917.6M	870.37M	923.99M	1.03B	1.15B	1.24B	1.42B
Days Sales Outstanding	40.79	53.5	46.45	48.59	44.84	47.39	47.77	47.74	47.32	50.03
Inventory	249.36M	278.22M	280.35M	334.59M	408.9M	481.8M	472.15M	506.6M	410.2M	447.41M
Days Inventory Outstanding	32.79	34.5	28.68	32.45	38.75	46.26	40.82	39.83	30.49	31.61
Other Current Assets	44.97M	68.75M	32.38M	33.72M	38.42M	54.38M	41.03M	50.3M	54.06M	1.31B
Total Non-Current Assets+	3.18B	5.72B	5.82B	6.25B	6.52B	6.6B	6.8B	6.99B	7.43B	6.39B
Property, Plant & Equipment	994.24M	1.32B	1.38B	1.43B	1.56B	1.49B	1.49B	1.57B	1.72B	1.88B
Fixed Asset Turnover	4.93x	4.02x	4.68x	4.82x	4.53x	4.79x	5.26x	5.60x	5.57x	5.51x
Goodwill	1.29B	2.78B	2.85B	2.84B	2.87B	2.91B	3.04B	3.06B	3.21B	3.4B
Intangible Assets	92.48M	618.96M	575.08M	528.96M	485.23M	491.72M	503.52M	477.54M	484.36M	309.83M
Long-Term Investments	16.9M	20.8M	21.6M	21.8M	22.1M	22.5M	5.74M	247.19M	302.21M	339.52M
Other Non-Current Assets	667.38M	779.69M	856.24M	1.23B	1.27B	1.37B	1.47B	1.36B	1.4B	462.64M
Total Assets+	4.23B	7.04B	7.1B	7.63B	7.98B	8.56B	8.43B	8.83B	9.48B	9.83B
Asset Turnover	1.16x	0.76x	0.91x	0.90x	0.89x	0.83x	0.93x	1.00x	1.01x	1.05x
Asset Growth %	0.01%	0.66%	0.01%	0.08%	0.04%	0.07%	-0.01%	0.05%	0.07%	0.04%
Total Current Liabilities+	815.55M	1.13B	775.86M	1.13B	885.2M	1.93B	1.43B	1.23B	1.83B	1.64B
Accounts Payable	110.94M	177.05M	215.07M	226.02M	231M	230.79M	251.5M	302.29M	339.17M	485.11M
Days Payables Outstanding	14.59	21.96	22	21.92	21.89	22.16	21.74	23.77	25.21	34.27
Short-Term Debt	250M	362.9M	0	312.26M	43.03M	942.92M	355.45M	43.71M	495.32M	50.74M
Deferred Revenue (Current)	0	0	0	0	0	0	0	0	0	0
Other Current Liabilities	277.64M	331.16M	307.33M	310.15M	321.81M	389.56M	442.71M	465.41M	572.92M	665.73M
Current Ratio	1.29x	1.17x	1.64x	1.23x	1.65x	1.01x	1.14x	1.49x	1.12x	2.09x
Quick Ratio	0.98x	0.92x	1.28x	0.93x	1.19x	0.76x	0.81x	1.08x	0.90x	1.82x
Cash Conversion Cycle	58.99	66.05	53.13	59.12	61.7	71.49	66.84	63.8	52.6	47.37
Total Non-Current Liabilities+	1.57B	3.61B	3.3B	3.5B	3.86B	2.93B	3.69B	3.73B	3.34B	3.5B
Long-Term Debt	1.05B	2.77B	2.54B	2.54B	2.54B	1.64B	2.48B	2.49B	2.03B	2.42B
Capital Lease Obligations	0	0	0	0	122.69M	130.77M	129.06M	138.28M	146.82M	178.74M
Deferred Tax Liabilities	390.02M	666.26M	490.16M	636.5M	697.09M	705.3M	756.48M	780.88M	787.99M	471.74M
Other Non-Current Liabilities	136.7M	170.46M	277.94M	330.52M	498.51M	454.64M	319.4M	329.27M	375.66M	420.78M
Total Liabilities	2.39B	4.74B	4.08B	4.63B	4.74B	4.87B	5.12B	4.96B	5.16B	5.14B
Total Debt+	1.3B	3.13B	2.54B	2.85B	2.71B	2.72B	2.97B	2.67B	2.67B	2.65B
Net Debt	1.16B	2.96B	2.4B	2.75B	2.56B	2.22B	2.88B	2.54B	2.33B	2.39B
Debt / Equity	0.71x	1.36x	0.84x	0.95x	0.84x	0.74x	0.90x	0.69x	0.62x	0.57x
Debt / EBITDA	1.37x	3.24x	2.07x	1.91x	1.75x	1.53x	1.49x	1.21x	1.06x	0.93x
Net Debt / EBITDA	1.23x	3.06x	1.95x	1.84x	1.66x	1.25x	1.45x	1.15x	0.93x	0.84x
Interest Coverage	12.12x	8.94x	8.62x	11.14x	11.03x	14.11x	17.87x	16.21x	20.53x	23.34x
Total Equity+	1.84B	2.3B	3.02B	3B	3.24B	3.69B	3.31B	3.86B	4.32B	4.68B
Equity Growth %	-0.05%	0.25%	0.31%	-0%	0.08%	0.14%	-0.1%	0.17%	0.12%	0.09%
Book Value per Share	4.19	5.34	6.87	6.86	7.56	8.56	7.84	9.34	10.44	11.42
Total Shareholders' Equity	1.84B	2.3B	3.02B	3B	3.24B	3.69B	3.31B	3.86B	4.32B	4.68B
Common Stock	409.68M	485.07M	618.46M	840.33M	1.1B	1.42B	1.77B	2.03B	2.31B	2.59B
Retained Earnings	4.81B	5.17B	5.84B	6.69B	7.3B	7.88B	8.72B	9.6B	10.62B	11.8B
Treasury Stock	-3.55B	-3.57B	-3.7B	-4.72B	-5.18B	-5.74B	-7.29B	-7.84B	-8.7B	-9.79B
Accumulated OCI	-24.87M	-3.03M	16.34M	-39.15M	-153.38M	30.89M	107.92M	77.78M	91.2M	84.39M
Minority Interest	0	0	0	0	0	0	0	0	0	0

Cash Flow

	May 2016	May 2017	May 2018	May 2019	May 2020	May 2021	May 2022	May 2023	May 2024	May 2025
Cash from Operations+	465.85M	763.89M	964.16M	1.07B	1.29B	1.36B	1.54B	1.6B	2.08B	2.17B
Operating CF Margin %	0.09%	0.14%	0.15%	0.15%	0.18%	0.19%	0.2%	0.18%	0.22%	0.21%
Operating CF Growth %	-0.2%	0.64%	0.26%	0.11%	0.21%	0.05%	0.13%	0.04%	0.3%	0.04%
Net Income	693.52M	480.71M	842.59M	884.98M	876.04M	1.11B	1.24B	1.35B	1.57B	1.81B
Depreciation & Amortization	165.28M	196.59M	279.42M	360.09M	379.05M	387.95M	399.7M	409.16M	442.38M	494.18M
Stock-Based Compensation	79.29M	88.87M	112.83M	139.21M	115.44M	112.03M	109.31M	103.62M	116.99M	128.33M
Deferred Taxes	-59.3M	3.9M	-119.3M	31.71M	-16.25M	-42.24M	52.11M	23.23M	-28.91M	-5.81M
Other Non-Cash Items	-369.86M	75.11M	-96.4M	-72.57M	9.22M	-16.92M	-42.28M	0	0	-19.34M
Working Capital Changes	-43.09M	-81.3M	-54.98M	-275.56M	-72.01M	-191.06M	-216.97M	-286.21M	-22.27M	-243.74M
Change in Receivables	-52.76M	-93.56M	-66.27M	-94.92M	39.68M	-32.58M	-100.39M	-151.77M	-91.4M	-174.14M
Change in Inventory	-17.92M	-668K	-3.32M	-60.04M	-74.77M	-75.5M	16.19M	-35.66M	95.77M	-33.95M
Change in Payables	-564K	13.73M	35.27M	12.28M	2.63M	-2.6M	22.7M	53.37M	36.9M	143.97M
Cash from Investing+	128.38M	-2.31B	-135.7M	-235.64M	-285.4M	-137.22M	-402.63M	-388.67M	-608.63M	-623.64M
Capital Expenditures	-275.38M	-273.32M	-271.7M	-276.72M	-230.29M	-143.47M	-240.67M	-331.11M	-409.47M	-408.88M
CapEx % of Revenue	0.06%	0.05%	0.04%	0.04%	0.03%	0.02%	0.03%	0.04%	0.04%	0.04%
Acquisitions	-	-	-	-	-	-	-	-	-	-
Investments	-	-	-	-	-	-	-	-	-	-
Other Investing	4.14M	-196K	1.36M	-7.81M	-221.65M	-122.88M	8.34M	-337.75M	-4.78M	25.34M
Cash from Financing+	-866.72M	1.58B	-864.14M	-873.3M	-955.21M	-879.87M	-1.54B	-1.17B	-1.25B	-1.62B
Debt Issued (Net)	-	-	-	-	-	-	-	-	-	-
Equity Issued (Net)	-	-	-	-	-	-	-	-	-	-
Dividends Paid	-115.27M	-142.43M	-175.59M	-220.76M	-267.96M	-451.33M	-375.12M	-449.92M	-530.91M	-611.63M
Share Repurchases	-	-	-	-	-	-	-	-	-	-
Other Financing	28.72M	8.93M	39.27M	51.26M	-752K	125.58M	111.34M	-274.05M	-9.1M	-20.4M
Net Change in Cash	-	-	-	-	-	-	-	-	-	-
Free Cash Flow+	190.46M	490.57M	692.46M	791.14M	1.06B	1.22B	1.3B	1.27B	1.67B	1.76B
FCF Margin %	0.04%	0.09%	0.11%	0.11%	0.15%	0.17%	0.17%	0.14%	0.17%	0.17%
FCF Growth %	-0.47%	1.58%	0.41%	0.14%	0.34%	0.15%	0.07%	-0.02%	0.32%	0.05%
FCF per Share	0.43	1.14	1.58	1.81	2.48	2.83	3.07	3.06	4.04	4.28
FCF Conversion (FCF/Net Income)	0.67x	1.59x	1.14x	1.21x	1.47x	1.22x	1.24x	1.19x	1.32x	1.20x
Interest Paid	0	0	0	0	0	0	0	0	0	0
Taxes Paid	0	0	0	0	0	0	0	0	0	0

Key Ratios

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Return on Equity (ROE)	36.74%	23.19%	31.68%	29.4%	28.09%	32.09%	35.33%	37.59%	38.42%	40.27%
Return on Invested Capital (ROIC)	20.15%	14.03%	13.34%	15.22%	15.1%	17.75%	19.68%	21.47%	23.78%	25.8%
Gross Margin	43.42%	44.71%	44.91%	45.39%	45.64%	46.58%	46.24%	47.34%	48.83%	50.04%
Net Margin	14.14%	9.03%	13.01%	12.84%	12.36%	15.61%	15.73%	15.29%	16.38%	17.53%
Debt / Equity	0.71x	1.36x	0.84x	0.95x	0.84x	0.74x	0.90x	0.69x	0.62x	0.57x
Interest Coverage	12.12x	8.94x	8.62x	11.14x	11.03x	14.11x	17.87x	16.21x	20.53x	23.34x
FCF Conversion	0.67x	1.59x	1.14x	1.21x	1.47x	1.22x	1.24x	1.19x	1.32x	1.20x
Revenue Growth	9.57%	8.52%	21.66%	6.42%	2.8%	0.44%	10.37%	12.24%	8.86%	7.75%

Revenue by Segment

	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Uniform Rental and Facility Services	3.78B	4.2B	5.25B	3.03B	3.06B	5.69B	6.23B	6.9B	7.47B	7.98B
Uniform Rental and Facility Services Growth	-	11.24%	24.86%	-42.30%	0.91%	86.23%	9.44%	10.76%	8.24%	6.84%
First Aid and Safety Services	461.78M	508.23M	564.71M	-	-	784.29M	832.46M	951.5M	-	1.22B
First Aid and Safety Services Growth	-	10.06%	11.11%	-	-	-	6.14%	14.30%	-	-
Fire Protection Services	-	-	-	405.47M	422.69M	446.44M	527.52M	627.75M	-	817.46M
Fire Protection Services Growth	-	-	-	-	4.25%	5.62%	18.16%	19.00%	-	-
Uniform Direct Sales	-	-	-	314.94M	310.37M	195.98M	267.5M	339.4M	-	328.56M
Uniform Direct Sales Growth	-	-	-	-	-1.45%	-36.86%	36.50%	26.88%	-	-
Other Products And Services	-	-	-	-	-	-	-	-	2.13B	-
Other Products And Services Growth	-	-	-	-	-	-	-	-	-	-
Other Products and Services	665.87M	612.66M	664.8M	-	-	-	-	-	-	-
Other Products and Services Growth	-	-7.99%	8.51%	-	-	-	-	-	-	-

Frequently Asked Questions

Valuation & Price

Cintas Corporation (CTAS) has a price-to-earnings (P/E) ratio of 44.5x. This suggests investors expect higher future growth.

Growth & Financials

Cintas Corporation (CTAS) reported $10.79B in revenue for fiscal year 2025. This represents a 163% increase from $4.10B in 2012.

Cintas Corporation (CTAS) grew revenue by 7.7% over the past year. This is steady growth.

Yes, Cintas Corporation (CTAS) is profitable, generating $1.90B in net income for fiscal year 2025 (17.5% net margin).

Dividend & Returns

Yes, Cintas Corporation (CTAS) pays a dividend with a yield of 0.76%. This makes it attractive for income-focused investors.

Cintas Corporation (CTAS) has a return on equity (ROE) of 40.3%. This is excellent, indicating efficient use of shareholder capital.

Cintas Corporation (CTAS) generated $1.78B in free cash flow for fiscal year 2025. Positive FCF indicates the company can fund dividends, buybacks, or reinvestment.

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