Common-Size Balance Sheet: Assets
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Cintas Corp., common-size consolidated balance sheet: assets
Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).
- Cash and Cash Equivalents
- The proportion of cash and cash equivalents relative to total assets experienced fluctuations over the observed period. After an initial increase from 1.3% in 2019 to a peak of 5.99% in 2021, this ratio declined sharply to 1.11% in 2022 before moderately recovering to 3.73% by 2024. This pattern indicates variability in liquidity management or cash holdings.
- Accounts Receivable
- Accounts receivable as a percentage of total assets showed a generally increasing trend, rising from 12.24% in 2019 to 13.57% in 2024. This consistent increase suggests a growing level of credit extended to customers relative to the asset base.
- Inventories
- Inventories rose steadily from 4.5% in 2019 to a high of 5.93% in 2023, followed by a notable decline to 4.47% in 2024. The peak may reflect inventory buildup, while the subsequent decrease could indicate improved inventory turnover or adjustments in inventory management.
- Uniforms and Other Rental Items in Service
- This asset component remained relatively stable, fluctuating slightly around 10% to 12%, with minor variations from 10.54% in 2019 to 11.34% in 2024. The data suggests steady investment and utilization of rental items.
- Income Taxes, Current
- The ratio for current income taxes as a percentage of total assets showed inconsistency and missing data across several years. Available figures indicate low levels, peaking at 0.27% in 2021 and 2022, suggesting minimal impact or payments relative to total assets during those periods.
- Prepaid Expenses and Other Current Assets
- This category exhibited a gradual increase over the years, growing from 1.39% in 2019 to a peak of 1.67% in 2023, then marginally decreasing to 1.62% in 2024. The trend points to a slight increase in prepaid and other current asset investments.
- Current Assets
- Current assets as a proportion of total assets remained relatively stable, fluctuating between 30.07% and 34.74%. After a noticeable rise to 34.52% in 2021, these assets slightly retreated and then stabilized around mid-30% values, indicating a balanced approach to short-term assets.
- Property and Equipment, Net
- The share of property and equipment within total assets declined notably from 19.24% in 2019 to 16.01% in 2021, then showed stability with minor increases through 2024, ending at 16.73%. This suggests a reduction or slower growth in fixed asset investment during the earlier part of the period, followed by modest rebuilding or reinvestment.
- Investments
- Investment assets demonstrated a gradual upward trend, from 2.59% in 2019 to 3.3% in 2024. This steady increase reflects growing allocations toward investment-related assets.
- Goodwill
- Goodwill declined over the period, dropping from 38.22% in 2019 to 35.04% in 2024, with some fluctuations including a low of 35.37% in 2021 and a minor rebound in 2022. The decrease indicates possible impairment, divestitures, or changes in acquisition activity.
- Service Contracts, Net
- Service contracts as a percentage of total assets showed a consistent downward trend, decreasing from 6.65% in 2019 to 3.51% in 2024. This steady contraction suggests a reduction in the capitalized value of service contracts.
- Operating Lease Right-of-Use Assets, Net
- Introduced in 2020, the right-of-use assets remained relatively constant around 2% of total assets through 2024. This consistency reflects the ongoing impact of leasing accounting standards on asset recognition.
- Other Assets, Net
- Other assets gradually increased from 3.23% in 2019 to 4.63% in 2024, showing steady growth over the years and indicating accumulation or reclassification of additional assets in this category.
- Noncurrent Assets
- The proportion of noncurrent assets to total assets declined slightly from 69.93% in 2019 to 65.26% in 2024, displaying some volatility but maintaining a majority share of the asset base. The trend reflects a modest shift towards higher current asset proportions or relative asset restructuring.
- Total Assets
- Total assets align at 100% for all periods as expected, serving as the basis for proportional comparisons.