Common-Size Balance Sheet: Assets
Quarterly Data
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Cintas Corp., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Cash and cash equivalents
- There is a notable increase during early 2020, peaking at 8.32% of total assets in November 2020, likely reflecting a liquidity preservation strategy amid economic uncertainty. Subsequently, the ratio declines and stabilizes around 1% to 1.5% through 2024, indicating normalization of cash holdings.
- Accounts receivable, net
- This component remains relatively stable between 11.5% and 12.3% of total assets from 2018 to mid-2021. From late 2021 onward, a steady increase occurs, reaching over 14.6% by mid-2024, suggesting higher credit sales or extended collection periods.
- Inventories, net
- Inventories as a percentage of total assets gradually rise from about 4.2% in 2018 to a peak near 6.4% in early 2021. Following this, there is a gradual decline to approximately 4.2% by mid-2024, which may indicate improved inventory management or shifts in operational strategy.
- Uniforms and other rental items in service
- This asset shows a mild upward trend overall, increasing from approximately 10% in 2018 to nearly 11.7% by 2024. Some fluctuations occur, especially in 2020, but the longer-term pattern suggests steady investment in rental inventory.
- Income taxes, current
- The data for current income taxes is intermittent and small in magnitude, generally below 1% of total assets, with occasional spikes such as 1.11% in late 2021. The inconsistencies limit trend interpretation but indicate relatively low levels of current tax assets/liabilities on the balance sheet.
- Prepaid expenses and other current assets
- Prepaid and other current assets fluctuate between 1.4% and 2.1%, showing a moderate increase overall, which may reflect changes in operational prepayments or timing differences in expense recognition.
- Current assets
- Current assets as a total percentage of assets exhibit some variability, increasing sharply in late 2020 to mid-2021 to over 36%, likely due to elevated cash and inventory levels during that period. Afterward, it declines slightly and stabilizes around 33-34%, consistent with a more normalized asset structure.
- Property and equipment, net
- These assets show a gradual decline from roughly 19% in 2018 to about 15.9% in late 2020, followed by a gentle recovery to around 17% by mid-2024. The initial decrease may indicate asset sales or slower capital expenditure, with a subsequent return to more typical levels.
- Investments
- Investment assets remain relatively stable, ranging mainly between 2.4% and 3.6%, with a slight upward trend toward the latter part of the period, suggesting incremental investment activity.
- Goodwill
- Goodwill consistently represents the largest asset component, declining from just over 39% in 2018 to around 35% by 2024. This gradual decrease may suggest amortization or impairment over time or that asset growth in other categories outpaces goodwill increases.
- Service contracts, net
- There is a clear downtrend in service contract assets, decreasing steadily from approximately 7.35% to near 3.4%, indicating the amortization or write-down of these assets over the analyzed period.
- Operating lease right-of-use assets, net
- Introduced in 2019 at about 2.1%, these assets remain fairly consistent around this level through 2024, reflecting the ongoing recognition of lease obligations per updated accounting standards.
- Other assets, net
- Other noncurrent assets gradually increase from around 3% to nearly 4.6% of total assets, suggesting accumulation of miscellaneous long-term assets over time.
- Noncurrent assets
- Noncurrent assets account for roughly 70% of total assets in 2018, declining to about 63% by late 2020, likely due to increased current assets during that period. A partial recovery to approximately 66% occurs thereafter, reflecting adjustments in asset composition.
- Total assets
- The total consistently sums to 100% by definition, serving as the baseline for all proportional analyses.