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Stock Analysis on Net

Cintas Corp. (NASDAQ:CTAS)

This company has been moved to the archive! The financial data has not been updated since January 8, 2025.

Common-Size Balance Sheet: Assets

Cintas Corp., common-size consolidated balance sheet: assets

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Cash and cash equivalents 3.73 1.45 1.11 5.99 1.90 1.30
Accounts receivable, principally trade, less allowance 13.57 13.49 12.35 10.95 11.35 12.24
Inventories, net 4.47 5.93 5.80 5.85 5.33 4.50
Uniforms and other rental items in service 11.34 11.84 11.25 9.84 10.04 10.54
Income taxes, current 0.00 0.00 0.27 0.27 0.00 0.10
Prepaid expenses and other current assets 1.62 1.67 1.53 1.62 1.49 1.39
Current assets 34.74% 34.38% 32.31% 34.52% 30.11% 30.07%
Property and equipment, net 16.73 16.34 16.25 16.01 18.29 19.24
Investments 3.30 2.89 2.98 3.33 2.80 2.59
Goodwill 35.04 35.76 37.35 35.37 37.42 38.22
Service contracts, net 3.51 4.06 4.81 4.96 5.89 6.65
Operating lease right-of-use assets, net 2.05 2.09 2.09 2.05 2.09 0.00
Other assets, net 4.63 4.48 4.22 3.77 3.40 3.23
Noncurrent assets 65.26% 65.62% 67.69% 65.48% 69.89% 69.93%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

The asset composition of the balance sheet demonstrates a gradual shift toward increased liquidity and a relative reduction in noncurrent assets over the period from 2019 to 2024. Current assets have grown from 30.07% of total assets in 2019 to 34.74% in 2024, indicating a more liquid asset posture over time.

Liquidity and Current Asset Trends
Cash and cash equivalents exhibited significant volatility, peaking at 5.99% in 2021 before stabilizing at 3.73% by 2024. Accounts receivable have shown a slight but steady upward trend, increasing from 12.24% in 2019 to 13.57% in 2024. Inventories remained relatively stable, fluctuating between 4.47% and 5.93%, ending the period at their lowest relative concentration.
Core Operational Assets
Uniforms and other rental items in service represent a consistent pillar of the asset base, maintaining a range between 9.84% and 11.84%. This stability suggests a consistent scaling of the core rental fleet in proportion to the overall growth of the company's assets.
Intangible and Noncurrent Asset Analysis
Goodwill remains the largest single component of the balance sheet, although its relative weight decreased slightly from 38.22% in 2019 to 35.04% in 2024. A more pronounced decline is observed in service contracts, net, which dropped from 6.65% in 2019 to 3.51% in 2024, indicating a diminishing proportion of these assets relative to the total balance sheet.
Fixed Assets and Other Long-term Items
Property and equipment, net, saw a general decrease in its share of total assets, moving from 19.24% in 2019 to 16.73% in 2024. Meanwhile, other assets, net, increased from 3.23% to 4.63% over the same period, contributing to the overall shift within the noncurrent asset category.

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