Cintas Corp. (NASDAQ:CTAS)

The financial data exhibits several notable trends over the analyzed periods, highlighting the company's operational and profitability developments.

Revenue

The revenue shows a general upward trajectory from approximately $3.07 billion in 2005 to nearly $9.60 billion in 2024. There are minor fluctuations observed around 2009 and 2010, where revenue decreases from $3.94 billion in 2008 to $3.55 billion in 2010. However, from 2011 onward, revenue consistently grows with accelerated gains, particularly from 2016 through 2024. This steady increase suggests expanding business operations and potentially enhanced market demand.

Operating Income

Operating income follows an overall positive trend but with more pronounced volatility compared to revenue. Starting at around $495 million in 2005, operating income peaks early in 2007 and 2008 near $577 million, before dropping significantly in 2009 and 2010 to roughly $409 million and $391 million respectively. From 2011 onwards, operating income recovers steadily, reaching over $2.06 billion by 2024. The post-2011 growth in operating income outpaces revenue growth, indicating improved operational efficiency or better cost management practices in recent years.

Net Income

Net income trends broadly align with operating income movements, beginning around $301 million in 2005 and experiencing declines during 2009 and 2010 to approximately $226 million and $216 million respectively. Noteworthy is a substantial increase in net income in 2016 to nearly $694 million, followed by some volatility in 2017 with a decline to about $481 million. From 2018 onwards, net income shows strong upward momentum reaching approximately $1.57 billion in 2024. This pattern may reflect improved profitability, favorable tax impacts, or non-operating gains contributing to net results.

Overall, the data illustrate a resilient company that experienced a downturn coinciding with the 2008-2010 period but subsequently achieved consistent revenue growth paired with significant improvements in operating and net income. This performance indicates effective strategic adjustments and enhanced financial health over the longer term.

The analysis of the financial data reveals several notable trends over the periods under review. Both current assets and total assets exhibit growth patterns, albeit with varying degrees of fluctuation and rates of increase.

Current Assets

The value of current assets generally increased from approximately $1.17 billion in 2005 to around $3.19 billion in 2024. There are periods of both acceleration and deceleration in growth.

Early Period (2005–2010)

Current assets increased steadily from about $1.17 billion in 2005 to roughly $1.52 billion in 2010, reflecting consistent growth during these years.

Mid Period (2010–2016)

After reaching approximately $1.70 billion in 2011, current assets faced a mild decline and volatility, decreasing to about $1.59 billion in 2016, indicating some instability or asset reallocation during this interval.

Later Period (2016–2024)

From 2016 onwards, current assets grew robustly, rising from approximately $1.95 billion in 2017 to over $3.18 billion by 2024, marking a significant expansion that may reflect improved liquidity or business growth.

Total Assets

Total assets showed consistent upward movement from roughly $3.06 billion in 2005 to $9.17 billion in 2024, indicating substantial overall growth in the company's resource base.

Early Period (2005–2012)

Total assets increased steadily from approximately $3.06 billion in 2005 to about $4.16 billion in 2012, though a minor dip is visible in 2009 and 2012 suggesting cyclical pressures or strategic shifts.

Mid Period (2012–2017)

Between 2012 and 2017, total assets displayed significant volatility, dropping from about $4.35 billion in 2013 to around $4.10 billion in 2016, followed by a marked surge to $6.84 billion in 2017, pointing to potential acquisitions, revaluations, or large capital investments.

Later Period (2017–2024)

Post-2017, total assets consistently rose to reach over $9.16 billion in 2024, signaling sustained expansion and asset accumulation, possibly driven by organic growth or strategic investments.

Overall, the data reflect a company that has expanded its asset base considerably over the nearly two-decade period. While current assets demonstrated some intermittent declines during the middle years, the more recent periods have shown strong growth, improving liquidity or short-term resource availability.

Total assets reveal a similar pattern of stable growth with some fluctuations in the mid-2010s, possibly due to financial restructuring or significant investments, followed by a strong trend upwards in the last several years. The increase in total assets outpaces the growth in current assets in absolute terms, suggesting an accumulation of long-term assets or investments contributing to the company's expanding scale.

Such trends typically indicate a company in growth mode, managing its asset composition dynamically in response to business needs and market conditions.

The financial data reveals several notable trends in the company's liabilities and shareholders’ equity over the period analyzed.

Current Liabilities

Current liabilities exhibit fluctuations without a consistent upward or downward trend. Initial values increase from approximately 356 million USD in 2005 to a peak around 1.13 billion USD in 2017, followed by periods of decrease and another rise towards 1.83 billion USD in the most recent year. Such variability suggests changes in short-term obligations possibly linked to operational cycles or working capital management.

Total Liabilities

Total liabilities generally increase over time, starting at approximately 956 million USD in 2005 and reaching about 4.85 billion USD by 2024. The growth demonstrates an expansion in the overall obligations of the company, with occasional moderate fluctuations. The sharp increase observed between 2016 and 2017 may indicate significant new financing or liabilities incurred during that period.

Total Debt

Total debt trends closely mirror total liabilities but with some divergence. From 472 million USD in 2005, debt grows substantially to over 3.13 billion USD in 2017, then experiences a decline and some fluctuations, stabilizing near 2.48 billion USD by 2024. This pattern may reflect strategic debt management, refinancing activities, or shifts in financing structure emphasizing debt reduction or restructuring.

Shareholders’ Equity

Shareholders’ equity shows a general increasing trend throughout the period, rising from roughly 2.1 billion USD in 2005 to 4.31 billion USD in 2024. Though there are periods of slight decline, the overall upward trajectory suggests retained earnings growth, capital injections, or asset revaluations enhancing the company’s net worth.

In summary, the data indicates a company that has expanded its liabilities and equity over the analyzed period, with notable volatility in current liabilities and total debt. The steady increase in shareholders’ equity points to strengthening financial health, while fluctuating debt levels suggest active management of financing sources and obligations.

The analysis of the annual cash flow activities reveals distinct patterns across operating, investing, and financing categories over the observed period.

Operating Activities

Net cash provided by operating activities shows a generally upward trend, indicating increasing cash generation from core business operations. Beginning at approximately 414 million in 2005, there is a steady increase with minor fluctuations, reaching over 2 billion by 2024. Notably, periods such as 2011 exhibit a dip, but these are followed by rapid recoveries and continuous growth. This suggests improving operational efficiency and possibly expanding revenue streams contributing to stronger cash inflows over time.

Investing Activities

Net cash used in investing activities is predominantly negative across most years, reflecting consistent outflows likely associated with capital expenditures, acquisitions, or other investments. Losses peak dramatically in 2017 at over 2.3 billion, indicating significant investment activities or asset acquisitions in that year. After this spike, the outflows moderate somewhat but remain substantial, signaling ongoing capital commitments. Positive inflows occur briefly in 2014 and 2015, suggesting asset disposals or divestments during those years.

Financing Activities

Net cash used in financing activities also predominantly shows net outflows throughout the period, reflecting repayments of debt, dividend payments, share repurchases, or other financing-related outlays. Several years, especially 2013 and 2016, deviate with notable inflows, including a significant positive inflow in 2016 exceeding 1.5 billion, which may indicate debt issuance or equity financing raising funds. However, overall, the pattern suggests a strategy focused on deleveraging or returning capital to shareholders, especially in later years where outflows increase substantially.

In summary, the overall cash flows suggest a company generating steadily growing cash from operations while investing heavily in its business. The financing activities indicate variable capital structure management with episodes of raising and repaying capital. The large investing outflow in 2017 marks a significant event, possibly a major acquisition or capital project. The increasing operational cash flows provide a supportive foundation for these investment and financing activities.

Basic Earnings Per Share (EPS)

The basic earnings per share demonstrated a generally upward trend over the period analyzed. Initially, from 2005 to 2008, EPS showed moderate growth, moving from $0.44 to $0.54. A noticeable decline occurred in 2009 and 2010, dropping to $0.37 and $0.35 respectively, likely reflecting adverse conditions during that timeframe. Following this dip, the EPS began to recover and strengthen steadily, with significant acceleration from 2011 onward, reaching $3.85 by 2024. This indicates improved profitability and possibly effective operational management or favorable market conditions in recent years.

Diluted Earnings Per Share

The diluted earnings per share tracked closely with the basic EPS throughout the period, reflecting consistency in the impact of potential share dilution. The pattern of decline during 2009-2010 and subsequent recovery mirrors that of the basic EPS, increasing from $0.44 in 2005 to $3.79 in 2024. The small margin between basic and diluted EPS suggests limited dilution effects on earnings.

Dividend Per Share

The dividend per share showed a gradual increase from $0.08 in 2005 to $0.12 by 2008, remaining constant through 2010. Thereafter, dividends rose more steadily with some volatility, including a sharp increase to $0.43 in 2014 followed by a decrease to $0.26 in 2015. Post-2015, dividends grew consistently, surging notably to $1.25 in 2020 before temporarily declining to $0.95 in 2021. Since then, dividends have resumed an upward trajectory, reaching $1.35 in 2024. These fluctuations suggest adjustments responsive to earnings changes or strategic dividend policies.