Analysis of Long-term (Investment) Activity Ratios
Quarterly Data
Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Debt to Equity since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Revenues
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Long-term Activity Ratios (Summary)
Cintas Corp., long-term (investment) activity ratios (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).
- Net Fixed Asset Turnover
- The net fixed asset turnover ratio shows a consistent upward trend from 4.93 in August 2019 to a peak of 6.34 in February 2023. Following this peak, the ratio stabilizes around 6.25 to 6.31 through November 2024. This indicates improved efficiency in generating revenues from fixed assets over the longer term, with a plateau reached in recent quarters.
- Net Fixed Asset Turnover (Including Operating Lease, Right-of-Use Asset)
- When incorporating operating leases and right-of-use assets, the turnover ratio begins at 4.42 in August 2019 and rises steadily to 5.60 by November 2024. This gradual increase reflects a similar pattern of enhanced utilization of leased and owned fixed assets, although at slightly lower turnover levels compared to net fixed assets alone. The ratio shows a moderate upward trajectory without significant volatility.
- Total Asset Turnover
- The total asset turnover ratio initially declines from 0.91 in August 2019 to a low of 0.82 in November 2020, possibly indicating reduced efficiency or asset utilization during this period. Subsequently, the ratio trends upward from mid-2021 onwards, reaching 1.08 in August 2024 before slightly retracting to 1.06 by November 2024. Overall, this pattern suggests a recovery and improvement in total asset productivity over the analyzed periods.
- Equity Turnover
- The equity turnover ratio displays more variability over the period. Starting at 2.30 in August 2019, it experiences a decline to 1.81 by February 2021. Thereafter, the ratio fluctuates, showing periods of increase and decrease, peaking at 2.52 in August 2022 before gradually declining to 2.21 in August 2024. The final quarters depict a modest rebound to 2.32 by November 2024. These fluctuations suggest changes in the company’s effectiveness in using shareholders' equity to generate revenues, influenced by varying capital or income levels.
Net Fixed Asset Turnover
Cintas Corp., net fixed asset turnover calculation (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).
1 Q2 2025 Calculation
Net fixed asset turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Property and equipment, net
= ( + + + )
÷ =
- Revenue Trends
- Revenue displays a generally upward trajectory over the examined periods, increasing from approximately $1.81 billion in August 2019 to about $2.56 billion by November 2024. There is a notable dip around May 2020, likely reflecting external disruptions, followed by a steady recovery and subsequent growth. From mid-2021 onwards, revenue consistently rises, reaching its peak in the last recorded period. This indicates the company experienced robust sales recovery and expansion post the mid-2020 downturn.
- Property and Equipment, Net
- The net value of property and equipment shows a gradual declining trend from August 2019 through May 2021, decreasing from roughly $1.42 billion to about $1.32 billion. From that point onwards, there is a steady increase, culminating near $1.59 billion by November 2024. This pattern suggests initial asset depreciation or disposals followed by renewed capital investment or acquisition of fixed assets starting mid-2021.
- Net Fixed Asset Turnover
- The ratio of net fixed asset turnover improves steadily throughout the period studied, moving from approximately 4.93 to about 6.25. This upward trend indicates increasing efficiency in generating revenue from fixed assets. Notably, despite the initial decline in property and equipment net value, asset utilization improved, suggesting better productivity or more effective use of existing assets. The turnover ratio peaks around early 2023 and maintains a relatively stable performance subsequently.
- Summary Insights
- The data collectively indicate that while the company faced a short-term revenue setback around mid-2020, it responded effectively with increased asset investment and enhanced operational efficiency, as evidenced by rising net fixed asset turnover. The combination of growing revenues, increasing asset base, and improved asset utilization suggests strong management focus on expanding capacity and maximizing asset productivity over the five-year span.
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Cintas Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (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).
1 Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset)
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Property and equipment, net (including operating lease, right-of-use asset)
= ( + + + )
÷ =
- Revenue Trend
- Revenue exhibits a generally increasing trend across the periods observed, with fluctuations in early 2020 likely influenced by external factors around that time. After a dip in May 2020, revenue steadily grows from that point onward, moving from approximately $1.62 billion to over $2.5 billion by the last date. This indicates consistent business expansion and possibly effective recovery and growth strategies post the mid-2020 decline.
- Property and Equipment, Net
- The net value of property and equipment shows a slight decline from late 2019 through early 2021, moving from roughly $1.59 billion down to about $1.49 billion. From mid-2021 onwards, the figures gradually increase again, reaching about $1.77 billion by the latest date. This pattern suggests a phase of asset reduction or depreciation followed by renewed investment or acquisition activities in the latter periods.
- Net Fixed Asset Turnover
- The ratio of net fixed asset turnover improves steadily over the entire timeframe, starting at 4.42 and rising to 5.60, indicating increasing efficiency in utilizing fixed assets to generate revenue. The consistent upward movement reflects enhanced operational performance or better asset management. Minor fluctuations occur but do not significantly alter the overall positive trend.
- Overall Insights
- The data illustrates a resilient revenue base with growth acceleration after mid-2020, coupled with a recovery and subsequent increase in fixed asset net values. The improving asset turnover ratio further supports that asset utilization has become more effective over time. Together, these trends imply strengthening operational efficiency and successful expansion efforts.
Total Asset Turnover
Cintas Corp., total asset turnover calculation (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).
1 Q2 2025 Calculation
Total asset turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Total assets
= ( + + + )
÷ =
- Revenue Trends
- Revenue exhibits a generally upward trajectory from August 2019 through November 2024, starting at approximately 1.81 billion USD and rising to around 2.56 billion USD. There is a noticeable dip during the period ending May 2020, where revenue declines to about 1.62 billion USD, likely reflecting adverse economic conditions. Following this downturn, revenue recovers steadily, surpassing previous highs by mid-2021 and continuing to increase through the subsequent quarters. The growth appears consistent, albeit with moderate quarter-to-quarter fluctuations.
- Total Assets Trends
- Total assets show moderate variability across the observed period, beginning near 7.66 billion USD and generally increasing to 9.37 billion USD by November 2024. Initial growth is observed until around November 2020, followed by some fluctuations and a period of stabilization between 7.8 and 8.5 billion USD. After early 2022, assets trend upward again with some volatility but maintain an overall increasing movement through the last reported period. This indicates ongoing investments or asset accumulation supporting company growth.
- Total Asset Turnover Analysis
- The total asset turnover ratio begins just below 1.0 at 0.91 in August 2019 and experiences a decline through late 2020 to approximately 0.82. Post this low point, the turnover ratio exhibits a consistent upward trend, reaching levels slightly above 1.0 by mid-2022 and stabilizing around 1.05 to 1.08 in the more recent quarters. This improvement signals increasing efficiency in utilizing assets to generate revenue over the long term, despite earlier challenges.
- Overall Observations
- The data reflects a resilience pattern where initial setbacks in revenue and asset utilization efficiency, likely due to external disruptions in 2020, are followed by recovery and growth phases. Asset base expansion supports the revenue increase, and enhanced asset turnover indicates better management effectiveness or higher operational productivity. The company demonstrates sustained organic growth with improved asset utilization efficiency throughout the observed period.
Equity Turnover
Cintas Corp., equity turnover calculation (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).
1 Q2 2025 Calculation
Equity turnover
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ Shareholders’ equity
= ( + + + )
÷ =
- Revenue Trends
- The quarterly revenue exhibits a generally increasing trend over the observed periods. Beginning at approximately $1.81 billion in August 2019, revenue experienced a decline during the early months of 2020, reaching a lower point around May 2020 at approximately $1.62 billion, likely reflecting external adverse conditions during that time. Following this dip, the revenue recovered steadily, surpassing previous levels and reaching around $2.56 billion by November 2024. This indicates consistent growth momentum post the mid-2020 trough.
- Shareholders’ Equity Trends
- Shareholders’ equity shows significant fluctuations throughout the periods. Initial values were around $3.05 billion in August 2019, rising to over $3.6 billion by August 2020. However, between August 2021 and August 2022, equity values fluctuated, with a notable decline around August 2021 down to approximately $3.3 billion and again varying around $3.2 to $3.4 billion until mid-2022. After this period, equity generally increased, reaching a peak of approximately $4.31 billion by November 2024, demonstrating an overall strengthening of the equity base over the longer term despite interim volatility.
- Equity Turnover Ratio Trends
- The equity turnover ratio initially shows a declining pattern, starting at 2.3 in August 2019 and decreasing to a low around 1.81 by February 2021. This reduction corresponds to a phase where shareholders’ equity grew somewhat while revenue growth was subdued. Subsequently, the ratio increased, peaking around 2.52 in August 2022, reflecting improved efficiency in using equity to generate revenue. After this peak, the ratio slightly declined and stabilized between 2.2 and 2.4 in recent quarters through November 2024, suggesting a relatively stable relationship between revenue generation and equity levels.
- Overall Insights
- The revenue recovery and growth after the mid-2020 decline indicates resilience and ability to adapt to challenging conditions. The variability in shareholders’ equity suggests periods of capital adjustments or impacts from earnings and other equity-related factors. The equity turnover ratio reflects shifts in operational efficiency and capital utilization, improving significantly post early 2021 before stabilizing. Together, these trends depict a company experiencing growth and increasing operational efficiency over time with some episodic fluctuations in equity strength.