Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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Cintas Corp., common-size consolidated balance sheet: liabilities and stockholders’ equity (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).
The quarterly financial data reveal several notable trends in the composition of liabilities and shareholders' equity over the observed periods.
- Accounts Payable
- Accounts payable as a percentage of total liabilities and shareholders' equity showed a generally increasing trend, rising from 2.94% in August 2018 to 4.47% by November 2024. This indicates a gradual increase in short-term obligations owed to suppliers or creditors.
- Accrued Compensation and Related Liabilities
- These liabilities displayed volatility, with initial growth from 1.16% to a peak around 2.93% in November 2021, followed by fluctuations and reductions toward the end of the period, settling near 1.68% in November 2024. This suggests varying short-term obligations related to employee compensation.
- Accrued Liabilities
- Accrued liabilities fluctuated significantly, especially in current liabilities, with peaks reaching above 9% in late 2020, but generally maintaining levels around 5–8%. The long-term accrued liabilities portion remained relatively stable, fluctuating around 3.8–6.8%, showing a mix of short- and long-term accruals being managed.
- Current Liabilities
- Current liabilities as a percentage of total financing sources increased sharply to almost 32.12% by May 2022, before declining and stabilizing around the 19–22% range in the subsequent quarters. This reflects periods of increased short-term liabilities, possibly due to operational or financing activities, followed by consolidation.
- Debt Due Within One Year
- The short-term debt component showed notable spikes, particularly between November 2020 and May 2022, where it reached as high as 18.47%. Afterward, this component decreased and settled around 6.73% by the latest period, indicating a reduction in near-term debt obligations.
- Debt Due After One Year
- Long-term debt as a percentage of total liabilities and equity decreased from about 34.8% in 2018 to around 21.64% by early 2024, with some volatility such as a temporary increase to above 30% in mid-2022. This suggests a strategic reduction in long-term debt over time or refinancing activity altering the debt structure.
- Deferred Income Taxes
- Deferred tax liabilities gradually decreased from approximately 5.8% to about 5.1%, indicating changes in tax timing differences or tax planning impacting the company's tax-related obligations.
- Operating Lease Liabilities (Current and Long-term)
- Operating lease liabilities remained relatively stable through the periods, hovering slightly above 0.5% for current liabilities and around 1.5–1.6% for long-term portions, illustrating consistent lease commitments without major volatility.
- Total Liabilities
- Total liabilities experienced some fluctuations, reaching the highest proportion of total financing at nearly 60% in mid-2019 and mid-2022, then gradually declining to around 54% by late 2024. This indicates moderate leverage levels with some oscillation reflecting changes in financial strategy or market conditions.
- Shareholders' Equity Composition
- Several noteworthy patterns emerged within equity components:
- Common Stock and Paid-in Capital
- This category steadily increased from 12.86% in 2018 to about 26.42% in late 2024, suggesting ongoing capital contributions or retained earnings allocated to contributed capital.
- Retained Earnings
- Retained earnings showed a strong upward trend, increasing from 85.62% to 119.6% over the period. This reflects the accumulation of net income retained within the business, indicating sustained profitability and reinvestment.
- Treasury Stock
- Treasury stock grew significantly in negative proportion (indicating shares repurchased and held by the company), from about -52.7% to approximately -100.9%, showing substantial share buyback activity over the observed quarters.
- Accumulated Other Comprehensive Income (Loss)
- This component remained relatively low in magnitude, fluctuating slightly around zero with occasional small positive or negative values, indicating minor impacts from items such as foreign currency translation or unrealized gains/losses on securities.
- Total Shareholders’ Equity
- Overall equity as a percentage of total financing oscillated around 40–47%, with no clear upward or downward long-term trend but showing resilience despite changes in liabilities and treasury stock levels.
In summary, the data point to a moderate leverage position with a gradual decline in long-term debt and short-term debt fluctuations. Shareholders’ equity strengthened notably through retained earnings growth and capital paid-in increases, offset partially by significant treasury stock accumulation. Accrued liabilities and other short-term obligations demonstrated variability consistent with operational and financing cycles.