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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: Liabilities and Stockholders’ Equity

Cintas Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity

Microsoft Excel
May 31, 2024 May 31, 2023 May 31, 2022 May 31, 2021 May 31, 2020 May 31, 2019
Accounts payable 3.70 3.54 3.09 2.80 3.01 3.04
Accrued compensation and related liabilities 2.34 2.80 2.91 2.93 1.66 2.09
Insurance reserve 1.93 1.81 2.01 1.90 2.16 2.23
Employee benefit related liabilities 2.05 1.96 1.79 1.57 1.76 1.66
Dividends 1.50 1.38 1.20 0.96 0.00 0.00
Estimated legal reserves 0.49 0.32 0.00 0.00 0.00 0.00
Accrued interest 0.16 0.18 0.19 0.30 0.32 0.33
Other 2.16 1.76 2.03 1.57 1.72 1.61
Accrued liabilities 8.30% 7.40% 7.23% 6.30% 5.95% 5.84%
Income taxes, current 0.20 0.15 0.00 0.00 0.35 0.00
Operating lease liabilities, current 0.50 0.51 0.54 0.53 0.56 0.00
Debt due within one year 4.90 0.00 3.82 10.92 0.00 4.20
Current liabilities 19.94% 14.39% 17.59% 23.48% 11.54% 15.16%
Debt due after one year 22.10 29.09 30.49 19.94 33.11 34.12
Deferred income taxes 5.19 5.83 5.82 4.69 5.07 5.89
Operating lease liabilities, long-term 1.60 1.62 1.58 1.59 1.60 0.00
Accrued liabilities 4.10 3.85 3.92 5.52 6.50 4.44
Long-term liabilities 32.98% 40.40% 41.81% 31.75% 46.28% 44.46%
Total liabilities 52.92% 54.79% 59.39% 55.23% 57.82% 59.62%
Preferred stock, no par value, none outstanding 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, no par value, and paid-in capital 25.14 23.77 21.75 18.41 16.61 14.36
Retained earnings 115.81 112.30 107.02 95.63 95.13 89.98
Treasury stock -94.87 -91.77 -89.49 -69.64 -67.56 -63.44
Accumulated other comprehensive income (loss) 0.99 0.91 1.32 0.37 -2.00 -0.53
Shareholders’ equity 47.08% 45.21% 40.61% 44.77% 42.18% 40.38%
Total liabilities and shareholders’ equity 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 overall capital structure reflects a strategic shift from debt-heavy financing toward an increased reliance on equity. Total liabilities decreased from 59.62% in 2019 to 52.92% in 2024, while shareholders' equity rose from 40.38% to 47.08% over the same six-year period.

Liability Composition and Trends
Long-term liabilities experienced a significant contraction, falling from 44.46% in 2019 to 32.98% in 2024. This decline is primarily attributed to a reduction in long-term debt, which decreased from 34.12% to 22.10%. Current liabilities exhibited higher volatility, peaking at 23.48% in 2021 before settling at 19.94% in 2024. Within the current liability framework, accrued liabilities showed a consistent upward trend, increasing from 5.84% to 8.30%, while accounts payable grew modestly from 3.04% to 3.70%.
Equity Growth and Capital Management
Retained earnings demonstrated substantial growth, rising from 89.98% in 2019 to 115.81% in 2024. This growth was accompanied by an increase in common stock and paid-in capital, which rose from 14.36% to 25.14%. However, these increases were largely offset by a deepening treasury stock position, which moved from -63.44% to -94.87%, indicating an aggressive and sustained share repurchase program.
Short-Term Debt and Liquidity Indicators
Debt due within one year fluctuated considerably, with a notable spike to 10.92% in 2021 followed by a return to 4.90% by 2024. Other short-term components, such as accrued interest, showed a steady decline from 0.33% to 0.16%, while dividend obligations as a percentage of the total balance sheet emerged in 2021 and grew to 1.50% by 2024.
Other Long-Term Obligations
Deferred income taxes remained relatively stable, fluctuating between a high of 5.89% and a low of 4.69%. Operating lease liabilities in the long term stayed consistent, hovering around 1.60% for the majority of the analyzed period.

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