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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
Quarterly Data

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

Microsoft Excel
Nov 30, 2024 Aug 31, 2024 May 31, 2024 Feb 29, 2024 Nov 30, 2023 Aug 31, 2023 May 31, 2023 Feb 28, 2023 Nov 30, 2022 Aug 31, 2022 May 31, 2022 Feb 28, 2022 Nov 30, 2021 Aug 31, 2021 May 31, 2021 Feb 28, 2021 Nov 30, 2020 Aug 31, 2020 May 31, 2020 Feb 29, 2020 Nov 30, 2019 Aug 31, 2019 May 31, 2019 Feb 28, 2019 Nov 30, 2018 Aug 31, 2018
Accounts payable 4.47 4.37 3.70 3.43 3.59 3.61 3.54 3.33 3.69 3.54 3.09 2.88 3.00 2.58 2.80 2.85 3.24 3.14 3.01 3.08 3.23 3.10 3.04 2.89 2.86 2.94
Accrued compensation and related liabilities 1.68 1.38 2.34 2.03 1.75 1.34 2.80 2.41 2.47 2.14 2.91 2.60 2.25 1.98 2.93 2.69 1.78 1.46 1.66 1.88 1.58 1.29 2.09 1.84 1.59 1.16
Accrued liabilities 8.05 7.91 8.30 8.02 7.03 6.79 7.40 7.22 6.60 6.58 7.23 7.62 7.45 7.54 6.30 6.16 9.36 5.06 5.95 5.45 8.55 5.16 5.84 5.72 8.26 5.23
Income taxes, current 0.00 0.93 0.20 0.20 0.15 1.16 0.15 0.00 0.00 0.43 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.29 0.35 0.00 0.00 0.12 0.00 0.00 0.00 0.00
Operating lease liabilities, current 0.50 0.51 0.50 0.49 0.50 0.50 0.51 0.51 0.51 0.53 0.54 0.54 0.54 0.55 0.53 0.52 0.50 0.54 0.56 0.56 0.56 0.56 0.00 0.00 0.00 0.00
Debt due within one year 6.73 6.79 4.90 0.00 2.38 0.00 0.00 2.94 5.17 6.14 3.82 18.47 13.93 16.23 10.92 2.99 2.96 3.11 0.00 2.53 2.53 4.42 4.20 2.93 2.34 0.00
Current liabilities 21.44% 21.89% 19.94% 14.19% 15.40% 13.40% 14.39% 16.40% 18.44% 19.36% 17.59% 32.12% 27.16% 28.88% 23.48% 15.22% 17.84% 13.59% 11.54% 13.50% 16.45% 14.66% 15.16% 13.38% 15.05% 9.32%
Debt due after one year 21.64 22.35 22.10 27.56 28.07 28.41 29.09 29.36 29.49 30.08 30.49 16.45 16.76 17.09 19.94 27.45 27.10 28.48 33.11 32.13 32.19 33.13 34.12 34.13 34.25 34.80
Deferred income taxes 5.09 5.23 5.19 5.36 5.64 5.73 5.83 5.87 5.85 5.90 5.82 5.27 5.06 5.03 4.69 4.67 4.45 4.79 5.07 5.36 5.63 5.70 5.89 5.91 5.88 5.82
Operating lease liabilities, long-term 1.52 1.65 1.60 1.63 1.58 1.62 1.62 1.64 1.62 1.62 1.58 1.61 1.48 1.56 1.59 1.43 1.39 1.51 1.60 1.61 1.66 1.64 0.00 0.00 0.00 0.00
Accrued liabilities 4.48 4.54 4.10 4.11 3.99 4.07 3.85 3.81 3.89 3.94 3.92 4.23 5.09 5.32 5.52 5.52 6.66 6.81 6.50 5.33 4.72 5.06 4.44 3.82 3.93 4.14
Long-term liabilities 32.73% 33.77% 32.98% 38.66% 39.28% 39.83% 40.40% 40.69% 40.85% 41.54% 41.81% 27.56% 28.39% 29.01% 31.75% 39.06% 39.60% 41.59% 46.28% 44.43% 44.19% 45.53% 44.46% 43.85% 44.07% 44.77%
Total liabilities 54.17% 55.66% 52.92% 52.84% 54.68% 53.24% 54.79% 57.08% 59.29% 60.91% 59.39% 59.68% 55.56% 57.89% 55.23% 54.28% 57.44% 55.18% 57.82% 57.93% 60.63% 60.18% 59.62% 57.23% 59.12% 54.08%
Preferred stock, no par value, none outstanding 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Common stock, no par value, and paid-in capital 26.42 26.64 25.14 25.02 24.73 24.33 23.77 23.41 22.94 22.74 21.75 21.17 21.03 20.69 18.41 17.70 17.02 17.10 16.61 15.77 15.23 14.96 14.36 13.77 13.11 12.86
Retained earnings 119.60 120.33 115.81 115.17 114.38 112.90 112.30 110.66 108.70 108.38 107.02 104.33 103.59 103.20 95.63 92.10 88.82 94.44 95.13 90.51 87.70 90.57 89.98 86.97 84.56 85.62
Treasury stock -100.92 -103.54 -94.87 -94.00 -94.85 -91.46 -91.77 -92.05 -91.93 -93.10 -89.49 -85.33 -79.84 -81.39 -69.64 -63.93 -62.14 -65.29 -67.56 -63.01 -63.09 -64.92 -63.44 -57.97 -56.85 -52.71
Accumulated other comprehensive income (loss) 0.73 0.92 0.99 0.96 1.06 1.00 0.91 0.90 1.00 1.07 1.32 0.15 -0.34 -0.39 0.37 -0.16 -1.15 -1.44 -2.00 -1.20 -0.47 -0.79 -0.53 0.01 0.05 0.14
Shareholders’ equity 45.83% 44.34% 47.08% 47.16% 45.32% 46.76% 45.21% 42.92% 40.71% 39.09% 40.61% 40.32% 44.44% 42.11% 44.77% 45.72% 42.56% 44.82% 42.18% 42.07% 39.37% 39.82% 40.38% 42.77% 40.88% 45.92%
Total liabilities and shareholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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 capital structure exhibits a relatively stable distribution between total liabilities and shareholders' equity over the analyzed period. Total liabilities have generally fluctuated between 52% and 61% of total assets, while shareholders' equity has remained within a range of 39% to 47%. This indicates a consistent approach to leverage, although internal shifts in debt maturity and equity components are evident.

Liability Composition and Debt Maturity
A significant shift in the maturity profile of debt is observed. Long-term debt due after one year, which initially represented approximately 34% of total liabilities and equity in 2018, experienced a sharp decline to 16.45% by February 2022, followed by a brief recovery and a subsequent downward trend to 21.64% by November 2024. Conversely, short-term debt (due within one year) peaked at 18.47% in February 2022, contributing to a surge in total current liabilities which reached a high of 32.12% during the same period. Current liabilities have since stabilized around 21%.
Equity Dynamics and Share Repurchases
The equity section is characterized by a substantial increase in retained earnings and an aggressive treasury stock program. Retained earnings grew from 85.62% in August 2018 to 119.60% by November 2024, signaling strong cumulative profitability. This growth is heavily offset by treasury stock, which expanded from -52.71% to -100.92% over the same timeframe, indicating a sustained and increasing commitment to share buybacks. Common stock and paid-in capital also saw a steady rise, increasing from 12.86% to 26.42%.
Operational Liability Trends
Accounts payable have remained relatively stable, generally hovering between 2.5% and 4.5%, with a slight upward trend observed in the most recent quarters, reaching 4.47% in November 2024. Accrued liabilities have shown more volatility, frequently fluctuating between 5% and 9% for current obligations and remaining between 3.8% and 6.8% for long-term obligations. Operating lease liabilities have remained remarkably constant, with current portions staying near 0.5% and long-term portions near 1.6% of the total balance sheet.

Overall, the financial trajectory is marked by a transition toward a more complex equity structure where high retained earnings are utilized to fund significant share repurchases. While the total liability ratio remains steady, the company has experienced periods of volatility in its short-term debt obligations, which were most pronounced in early 2022 before returning to more moderate levels.

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