Name: Cintas Corp. (NASDAQ:CTAS) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Cintas Corp., consolidated balance sheet: assets

US$ in thousands

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Cash and cash equivalents	342,015)	124,149)	90,471)	493,640)	145,402)	96,645)
Accounts receivable, principally trade, less allowance	1,244,182)	1,152,993)	1,006,220)	901,710)	870,369)	910,120)
Inventories, net	410,201)	506,604)	472,150)	481,797)	408,898)	334,589)
Uniforms and other rental items in service	1,040,144)	1,011,918)	916,706)	810,104)	770,411)	784,133)
Income taxes, current	—)	—)	21,708)	22,282)	—)	7,475)
Prepaid expenses and other current assets	148,665)	142,795)	124,728)	133,776)	114,619)	103,318)
Current assets	3,185,207)	2,938,459)	2,631,983)	2,843,309)	2,309,699)	2,236,280)
Property and equipment, net	1,534,168)	1,396,476)	1,323,673)	1,318,438)	1,403,065)	1,430,685)
Investments	302,212)	247,191)	242,873)	274,616)	214,847)	192,346)
Goodwill	3,212,424)	3,056,201)	3,042,976)	2,913,069)	2,870,020)	2,842,441)
Service contracts, net	321,902)	346,574)	391,638)	408,445)	451,529)	494,595)
Operating lease right-of-use assets, net	187,953)	178,464)	170,003)	168,532)	159,967)	—)
Other assets, net	424,951)	382,991)	344,110)	310,414)	260,758)	240,315)
Noncurrent assets	5,983,610)	5,607,897)	5,515,273)	5,393,514)	5,360,186)	5,200,382)
Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)

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).

Total assets exhibit a consistent upward trajectory, increasing from $7.44 billion in 2019 to $9.17 billion by May 31, 2024. This growth is characterized by a steady expansion in both current and noncurrent asset categories, reflecting a general increase in the company's scale and operational capacity.

Current Asset Trends: Current assets grew from $2.24 billion in 2019 to $3.19 billion in 2024. Accounts receivable, principally trade, showed a consistent climb from $910 million to $1.24 billion, suggesting a growth in credit sales or a larger customer base. Cash and cash equivalents experienced significant volatility, peaking at $493.6 million in 2021 and dipping to $90.5 million in 2022, before recovering to $342 million in 2024.
Operational Infrastructure Investment: Uniforms and other rental items in service, a key driver of revenue, demonstrated steady growth from $784 million in 2019 to $1.04 billion in 2024. This indicates a sustained investment in the core service fleet. Inventories remained relatively stable, peaking in 2023 at $506.6 million before decreasing to $410.2 million in 2024.
Intangible Assets and Strategic Growth: Goodwill represents a significant portion of the balance sheet, increasing from $2.84 billion in 2019 to $3.21 billion in 2024, which points to ongoing inorganic growth through acquisitions. In contrast, service contracts, net, followed a consistent downward trend, decreasing from $494.6 million in 2019 to $321.9 million in 2024, likely due to the systematic amortization of these assets over time.
Noncurrent Asset Composition: Noncurrent assets rose from $5.20 billion to $5.98 billion over the analyzed period. Property and equipment, net, increased from $1.43 billion in 2019 to $1.53 billion in 2024. Other assets, net, also grew steadily from $240.3 million to $424.9 million, contributing to the overall expansion of the long-term asset base.

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