Analysis of Reportable Segments
Cintas Corp. operates in 2 segments: Uniform Rental and Facility Services and First Aid and Safety Services.
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- Balance Sheet: Assets
- Analysis of Solvency Ratios
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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Segment Profit Margin
Cintas Corp., profit margin by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services |
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).
- Uniform Rental and Facility Services Profit Margin
- The profit margin for Uniform Rental and Facility Services has demonstrated a generally upward trend from May 31, 2019, to May 31, 2024. Starting at 17.59% in 2019, there was a slight increase in 2020 to 17.8%. A notable rise occurred in 2021 and 2022, reaching 21.55% and 21.74% respectively. Although there was a small dip to 21.44% in 2023, the margin recovered and reached the highest value of 22.23% in 2024. Overall, this segment showed steady improvement in profitability, indicating better operational efficiency or pricing power over the analyzed period.
- First Aid and Safety Services Profit Margin
- Profit margins for First Aid and Safety Services exhibited more volatility and a significant turnaround. In 2019, the margin was 14.54% and increased slightly to 15.09% in 2020. However, in 2021, there was a sharp decline to 10.35%, marking the lowest point in the period. Following this decline, the margin demonstrated a strong recovery trend, increasing to 12.83% in 2022, then surging to 18.99% in 2023, and further rising to 22.41% in 2024. This recovery reflects a significant improvement in profitability, possibly driven by operational enhancements, market conditions, or changes in service mix.
- Comparative Insights
- While both segments have shown profitability improvements by 2024, the First Aid and Safety Services segment experienced more pronounced fluctuations but achieved a larger relative increase in profit margin. Uniform Rental and Facility Services maintained a more stable and gradual improvement. The jump in First Aid and Safety Services margins after 2021 suggests strategic changes or recovery from previous challenges, contributing to the overall margin expansion for the company.
Segment Profit Margin: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment profit margin calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Revenue
= 100 × ÷ =
The data reflects the performance of the Uniform Rental and Facility Services segment over six consecutive fiscal years.
- Operating Income
- Operating income has shown a consistent upward trend from 2019 through 2024. Starting at approximately $977 million in 2019, it increased steadily each year, reaching nearly $1.66 billion in 2024. This represents significant growth, indicating improving profitability at the segment level.
- Revenue
- Revenue in this segment has also grown consistently over the period. Beginning at around $5.55 billion in 2019, it increased to approximately $7.47 billion by 2024. The year-over-year revenue growth appears stable, with a more pronounced increase observed from 2021 onwards, suggesting expanding market demand or successful business strategies driving sales.
- Segment Profit Margin
- The segment profit margin exhibited a positive trend, improving from 17.59% in 2019 to over 22% in 2024. Notably, there was a marked increase between 2020 and 2021, from 17.8% to 21.55%, and it remained above 21% thereafter, peaking at 22.23% in 2024. This indicates enhanced operational efficiency or favorable cost management contributing to higher profitability relative to revenue.
Overall, the segment demonstrates robust growth in both revenue and operating income, accompanied by steadily improving profit margins, which collectively suggest sustained operational effectiveness and successful market positioning over the analyzed timeframe.
Segment Profit Margin: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment profit margin calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Revenue | ||||||
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | ||||||
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).
1 2024 Calculation
Segment profit margin = 100 × Operating income ÷ Revenue
= 100 × ÷ =
- Operating Income
- The operating income exhibited fluctuations over the six-year period. It increased from 90,084 thousand USD in 2019 to 106,892 thousand USD in 2020, then declined to 81,183 thousand USD in 2021. Following this, operating income rose notably to 106,763 thousand USD in 2022, and saw substantial increases in the subsequent years, reaching 180,690 thousand USD in 2023 and further climbing to 239,153 thousand USD in 2024. The overall trend indicates strong recovery and growth after a dip in 2021, culminating in significant operating income gains by 2024.
- Revenue
- Revenue demonstrated a consistent year-over-year increase throughout the timeframe. Starting at 619,470 thousand USD in 2019, it progressively grew each year, reaching 1,067,334 thousand USD by 2024. The most prominent revenue growth occurred from 2022 onward, indicating expanding sales or service activities within this segment. This consistent upward trajectory suggests strengthening market demand and effective business expansion.
- Segment Profit Margin
- The segment profit margin experienced initial growth from 14.54% in 2019 to 15.09% in 2020, followed by a notable decline to 10.35% in 2021. After this drop, the margin improved significantly to 12.83% in 2022 and then showed marked enhancements in the two most recent years, reaching 18.99% in 2023 and further increasing to 22.41% in 2024. This progression highlights an overall improvement in profitability efficiency, especially from 2022 onwards, with enhanced control over costs or improved pricing contributing to higher margin percentages.
- Summary Insights
- Over the six-year span, the segment has demonstrated robust growth in both revenue and profitability measures despite some volatility in operating income and segment margin around 2021. The period of downturn in 2021 appears to have been temporary, followed by a strong rebound and significant improvement in financial performance. The consistent increase in revenue coupled with rising profit margins in the later years indicates enhanced operational efficiency and successful strategic initiatives driving higher profitability within the segment.
Segment Return on Assets (Segment ROA)
Cintas Corp., ROA by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services |
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).
- Uniform Rental and Facility Services ROA Trend
- The return on assets (ROA) for Uniform Rental and Facility Services demonstrates a consistent upward trend over the six-year period. Starting at 15.16% in 2019, the ROA shows gradual improvement each year, reaching 22.12% by 2024. This steady increase indicates enhanced asset efficiency and profitability within this segment, with a particularly notable acceleration from 2022 onwards.
- First Aid and Safety Services ROA Trend
- The ROA for First Aid and Safety Services displays more variability compared to the Uniform Rental segment. The ROA begins at a strong 17.84% in 2019, then slightly declines to 17.49% in 2020. A significant drop to 12.73% occurs in 2021, suggesting challenges or inefficiencies during that period. However, recovery is evident from 2021 onward, with ROA rising to 16.08% in 2022 and experiencing substantial growth thereafter, peaking at 32.76% in 2024. This late surge implies substantial improvements in asset utilization and profitability in the final years observed.
- Comparative Insights
- While both segments show improvement by 2024, First Aid and Safety Services exhibits greater volatility but ends with a markedly higher ROA compared to Uniform Rental and Facility Services. The pronounced increase in the latter years for First Aid and Safety Services may reflect successful strategic initiatives or operational enhancements that significantly boosted return on assets. Uniform Rental maintains a stable, steady growth trajectory, underscoring consistent performance and incremental gains over time.
Segment ROA: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment ROA calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
The analysis of the segment data over the six-year period reveals consistent growth and improving profitability within the Uniform Rental and Facility Services segment.
- Operating Income
- Operating income has shown a steady upward trajectory throughout the period. Starting at $976.7 million in 2019, it increased annually to reach $1.66 billion by 2024. This represents an overall growth of approximately 70% over six years, indicating strong operational performance and effective revenue generation within the segment.
- Total Assets
- Total assets associated with the segment have gradually increased from $6.44 billion in 2019 to $7.50 billion in 2024. Although the growth rate is more moderate compared to operating income, the steady asset base expansion suggests ongoing investments or acquisitions to support business growth.
- Segment Return on Assets (ROA)
- The segment ROA has progressively improved each year, rising from 15.16% in 2019 to 22.12% in 2024. This increasing ROA indicates enhanced efficiency in utilizing assets to generate earnings. The consistent upward trend in ROA aligns with the strong growth in operating income relative to total assets, demonstrating improved profitability and asset management within the segment.
Overall, the data reflects a positive development trend characterized by increasing operating income, a growing asset base, and strengthening returns on assets. This suggests effective operational execution and robust financial health for the Uniform Rental and Facility Services segment over the analyzed period.
Segment ROA: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment ROA calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Operating income | ||||||
| Total assets | ||||||
| Segment Profitability Ratio | ||||||
| Segment ROA1 | ||||||
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).
1 2024 Calculation
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × ÷ =
The segment's operating income demonstrates a general upward trend over the analyzed period. Beginning at 90,084 thousand US dollars in May 2019, it increased to 106,892 thousand US dollars in May 2020. A decline followed in May 2021, dropping to 81,183 thousand US dollars; however, the segment quickly recovered, reaching 106,763 thousand US dollars in May 2022. The most notable growth occurred in the subsequent years, with operating income rising sharply to 180,690 thousand US dollars in May 2023 and further to 239,153 thousand US dollars in May 2024.
Total assets affiliated with the segment exhibit a steady increase throughout the period. Starting from 504,920 thousand US dollars in May 2019, the assets rose consistently, surpassing the 700,000 thousand US dollar mark by May 2023 and attaining 730,003 thousand US dollars in May 2024. This steady asset growth suggests ongoing investment and asset accumulation within the segment.
The segment return on assets (ROA) reflects fluctuations initially but shows significant improvement toward the end of the period. After a slight decrease from 17.84% in May 2019 to 17.49% in May 2020, ROA dropped more notably to 12.73% in May 2021. Subsequently, it rebounded to 16.08% in May 2022 and exhibited strong growth thereafter, reaching 25.69% in May 2023 and peaking at 32.76% in May 2024. This pattern indicates enhanced efficiency in generating income from the asset base, especially in the recent years.
Overall, the data reflect a recovery and growth phase following a dip in operating income and profitability in 2021. The consistent asset growth supports the expansion, while the improvement in ROA suggests a more effective utilization of assets to generate operating income in the most recent years.
Segment Asset Turnover
Cintas Corp., asset turnover by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services |
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).
- Uniform Rental and Facility Services Asset Turnover
- The asset turnover ratio for this segment shows a relatively stable performance from 2019 to 2021, with values around 0.84 to 0.86. Starting in 2022, there is a noticeable improvement, with the ratio increasing to 0.89, followed by further growth to 0.96 in 2023 and 0.99 in 2024. This upward trend suggests enhanced efficiency in utilizing assets to generate revenue within this segment over the most recent three-year period.
- First Aid and Safety Services Asset Turnover
- This segment exhibits a somewhat fluctuating yet generally increasing asset turnover ratio over the years. After a slight decline from 1.23 in 2019 to 1.16 in 2020, the ratio recovers in 2021 to 1.23 and then continues to gradually increase to 1.25 in 2022. The upward momentum becomes more pronounced in 2023 and 2024, reaching 1.35 and 1.46 respectively. This pattern indicates a strengthening asset utilization capability and potentially improved revenue generation over time in this segment.
- Comparative Insights
- Both segments demonstrate positive trends in asset turnover during the latter years, which may reflect operational improvements or favorable market conditions. The First Aid and Safety Services segment consistently achieves higher asset turnover ratios than the Uniform Rental and Facility Services segment across all years analyzed, indicating more efficient asset use relative to revenue generation. The growth in ratios for both segments in recent years suggests overall enhancements in asset management efficiency within the company’s reportable segments.
Segment Asset Turnover: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment asset turnover calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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).
1 2024 Calculation
Segment asset turnover = Revenue ÷ Total assets
= ÷ =
- Revenue
- The revenue showed a consistent upward trend over the analyzed period. Starting at approximately 5.55 billion USD in 2019, revenue increased marginally in 2020 and 2021, followed by more pronounced growth in 2022, reaching nearly 7.47 billion USD by 2024. This reflects a steady expansion in sales or service volumes within the segment.
- Total Assets
- Total assets for the segment increased steadily each year, moving from about 6.44 billion USD in 2019 to approximately 7.50 billion USD in 2024. The growth in total assets appears moderate and consistent, suggesting ongoing investment in resources supporting the business operations of the segment.
- Segment Asset Turnover
- The segment asset turnover ratio, which measures revenue generated per unit of assets, remained relatively stable around 0.85 from 2019 through 2021. Starting in 2022, the ratio improved consistently, reaching 0.99 by 2024. This indicates increasing efficiency in utilizing assets to generate revenue over the latest years.
Segment Asset Turnover: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment asset turnover calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Revenue | ||||||
| Total assets | ||||||
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | ||||||
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).
1 2024 Calculation
Segment asset turnover = Revenue ÷ Total assets
= ÷ =
The financial data for the "First Aid and Safety Services" segment exhibits a consistent upward trend over the six-year period from May 31, 2019, to May 31, 2024. Revenue has shown steady growth each year, increasing from approximately $619.5 million in 2019 to over $1.067 billion in 2024. This reflects a cumulative revenue increase of about 72 percent over the period.
Total assets associated with this segment also increased during this time, but the growth rate was more moderate compared to revenue. Total assets rose from approximately $505 million in 2019 to $730 million in 2024, representing a cumulative gain of around 44.5 percent. This suggests that asset growth has supported revenue expansion, but efficiency improvements are likely a significant factor contributing to the higher revenue growth rate.
The segment asset turnover ratio, which measures how efficiently the segment uses its assets to generate revenue, shows a clear improvement trend. Starting at 1.23 in 2019, the ratio dipped slightly to 1.16 in 2020 but then increased each subsequent year to reach 1.46 in 2024. This improvement indicates enhanced asset utilization and operational efficiency, as more revenue is being generated per dollar of assets held.
- Revenue
- Consistent annual growth, with a substantial increase of about 72% over six years.
- Total Assets
- Gradual increase aligned with business expansion, growing approximately 44.5% over the period.
- Segment Asset Turnover
- Improved from 1.23 to 1.46, highlighting more effective use of assets to generate sales.
Overall, the data indicates a positive performance trajectory for the segment, with growth in both scale and efficiency. The steady increase in revenue combined with improving asset turnover suggests effective management of resources and potential competitive strength within the market segment.
Segment Capital Expenditures to Depreciation
Cintas Corp., capital expenditures to depreciation by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services |
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).
- Uniform Rental and Facility Services
- The capital expenditures to depreciation ratio for this segment shows a fluctuating trend over the six-year period. Initially, the ratio decreased significantly from 0.73 in 2019 to 0.32 in 2021, indicating a reduction in capital spending relative to depreciation. However, starting in 2022, the ratio rose steadily to 0.51, then further increased to 0.7 in 2023 and 0.77 in 2024. This suggests a renewed emphasis on capital investments in recent years, surpassing previous levels.
- First Aid and Safety Services
- This segment displays a generally stable capital expenditures to depreciation ratio, consistently close to or above 1.0. The ratio slightly declined from 1.00 in 2019 to 0.79 in 2021 but rebounded in 2022 and maintained a steady value of 1.23 through 2024. This pattern indicates a consistent or increasing level of capital investment relative to depreciation in this segment, reflecting sustained asset renewal or expansion activities.
Segment Capital Expenditures to Depreciation: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment capital expenditures to depreciation calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital expenditures
- Capital expenditures exhibited a fluctuating yet overall increasing trend over the analyzed six-year period. Beginning at approximately 220 million USD in 2019, expenditures decreased notably to around 104 million USD by 2021, representing a near 53% reduction from the initial value. This decline was followed by a significant rebound in 2022, with expenditures rising to approximately 166.6 million USD, then continuing upward to reach 261.2 million USD by 2024, marking the highest level in the observed timeframe.
- Depreciation and amortization
- Depreciation and amortization steadily increased throughout the period. Starting at roughly 301.3 million USD in 2019, this figure rose each year with minor variations, reaching approximately 340.4 million USD in 2024. The trend indicates a consistent escalation in the consumption of assets or amortization expense recognized over time.
- Segment capital expenditures to depreciation ratio
- The ratio of capital expenditures to depreciation reflects the intensity of reinvestment relative to asset consumption. Initially, the ratio stood at 0.73 in 2019 but declined sharply to 0.32 by 2021, aligning with the reduction in capital expenditures during that period. From 2022 onward, the ratio increased progressively, peaking at 0.77 in 2024, surpassing the initial value. This pattern suggests a restoration and subsequently enhanced focus on capital investment relative to depreciation expense after a period of subdued spending.
Segment Capital Expenditures to Depreciation: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment capital expenditures to depreciation calculation
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Capital expenditures | ||||||
| Depreciation and amortization | ||||||
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | ||||||
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).
1 2024 Calculation
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= ÷ =
- Capital Expenditures
- Capital expenditures have shown a general upward trend over the observed periods. Starting at approximately $36.8 million in May 2019, expenditures slightly decreased through May 2021, reaching about $34.4 million. However, from May 2021 onward, there was a marked increase each year, culminating in $100 million by May 2024. This represents a nearly threefold increase over the five-year span from 2019 to 2024, indicating a significant and consistent investment in fixed assets or infrastructure.
- Depreciation and Amortization
- Depreciation and amortization expenses have also increased steadily over the timeframe. The expense grew from approximately $36.8 million in May 2019 to $81.3 million in May 2024. The increase appears more steady and consistent compared to capital expenditures, with no periods of decline. This trend likely reflects the aging of assets and/or the growing asset base resulting from prior capital investments.
- Segment Capital Expenditures to Depreciation Ratio
- The ratio of segment capital expenditures to depreciation reveals insights into how capital spending compares to asset wear and tear over time. Initially, in May 2019, the ratio stood at 1.00, indicating capital expenditures roughly equaled depreciation and amortization expenses. The ratio decreased in subsequent years, reaching a low of 0.79 in May 2021, suggesting capital expenditures were less than depreciation during this period. From May 2022 onward, the ratio rose to 1.23 and remained stable through May 2024. This indicates the segment is investing more heavily in capital items relative to asset depreciation in recent years, suggesting a phase of expansion or capacity enhancement.
Revenue
Cintas Corp., revenue by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services | ||||||
| All Other | ||||||
| Total |
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).
- Uniform Rental and Facility Services Revenue
- This segment shows a consistent upward trend over the six-year period. Starting at approximately $5.55 billion in 2019, revenue increased steadily each year, reaching about $7.47 billion in 2024. The most notable increments appeared between 2021 and 2024, reflecting accelerated growth during these years.
- First Aid and Safety Services Revenue
- Revenue in this segment also demonstrated continuous growth across the years analyzed. Beginning at around $619 million in 2019, this segment grew to approximately $1.07 billion by 2024. The growth rate appears more pronounced after 2020, indicating expanding demand or improved market penetration in recent years.
- All Other Revenue
- This category experienced more fluctuations compared to the other segments. Although there was an initial increase from roughly $720 million in 2019 to about $733 million in 2020, a dip followed in 2021 to approximately $642 million. Subsequently, revenues rebounded significantly, reaching over $1.06 billion by 2024. This suggests volatility in this segment but an overall strong recovery and growth trend in the latter years.
- Total Revenue
- The aggregate revenue from all segments grew steadily from around $6.89 billion in 2019 to nearly $9.60 billion in 2024. This total reflects the compounding positive contributions of all segments, with particular strength from the Uniform Rental and Facility Services and First Aid and Safety Services segments. The steady increase signals robust overall business expansion and diversification benefits despite some variability in the "All Other" category.
Operating income
Cintas Corp., operating income by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services | ||||||
| All Other | ||||||
| Total |
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).
The data indicates a consistent upward trend in operating income across all segments over the six-year period. Each segment shows varying degrees of growth, reflecting changes in business dynamics and market demand.
- Uniform Rental and Facility Services
- This segment exhibits steady and substantial growth year over year. Starting at approximately $977 million in the fiscal year ending May 2019, operating income increased to roughly $1.66 billion by May 2024. The growth appears relatively stable, with no significant fluctuations, suggesting a strong and expanding revenue base in this core service area.
- First Aid and Safety Services
- The First Aid and Safety Services segment shows more variability but an overall increasing trend. After an initial rise from about $90 million in 2019 to nearly $107 million in 2020, there was a notable decline in 2021 to approximately $81 million. This decrease was followed by a rapid recovery and significant growth, rising to nearly $240 million by 2024. Such fluctuations may reflect strategic shifts, market conditions, or investments impacting this segment's performance.
- All Other
- The All Other segment displays moderate growth with some volatility. It declined from approximately $67 million in 2019 to about $51 million in 2020 but then consistently increased, reaching nearly $170 million in 2024. This segment’s recovery and expansion after 2020 indicate an improvement in ancillary services contributing increasingly to total operating income.
- Total Operating Income
- The overall operating income aggregates the performance of all segments, showing a clear upward trajectory. From about $1.13 billion in 2019, total operating income rose to over $2.06 billion by 2024, reflecting a cumulative growth exceeding 80%. This highlights the company’s broad-based operational expansion and strengthening financial performance across diverse service lines.
Depreciation and amortization
Cintas Corp., depreciation and amortization by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services | ||||||
| All Other | ||||||
| Total |
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).
- Uniform Rental and Facility Services
- The depreciation and amortization expense for this segment demonstrates a steady upward trend from May 31, 2019, through May 31, 2024. Starting at $301,328 thousand in 2019, the amount generally increased year over year, reaching $340,426 thousand in 2024. A minor decline was observed in 2023 compared to 2022, but the overall trajectory remains positive, indicating consistent investment or asset base growth in this segment.
- First Aid and Safety Services
- This segment shows the most significant growth in depreciation and amortization expense over the period analyzed. Beginning at $36,824 thousand in 2019, the expense increased steadily each year, culminating at $81,342 thousand in 2024. The acceleration in expense growth particularly between 2022 and 2024 suggests increased capital expenditures, acquisitions, or asset intensification in this segment relative to others.
- All Other
- The depreciation and amortization values in the "All Other" category exhibit relative stability but with a slight downward tendency over the six-year span. Starting at $21,941 thousand in 2019, the expense fluctuated moderately before declining to $20,616 thousand in 2024. This consistent but modest decrease could point to either a shrinking asset base or lower capital investment within this miscellaneous segment.
- Total Depreciation and Amortization
- The total reported depreciation and amortization expenses increased continuously from $360,093 thousand in 2019 to $442,384 thousand in 2024. This growth reflects the combined effect of the expansion in the primary segments, especially the substantial rise in the First Aid and Safety Services segment. The total increase underscores ongoing asset additions, intensity of capital usage, or changes in amortization policies across the organization.
Capital expenditures
Cintas Corp., capital expenditures by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services | ||||||
| All Other | ||||||
| Total |
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).
- Uniform Rental and Facility Services
- The capital expenditures for Uniform Rental and Facility Services showed a fluctuating trend over the examined periods. Beginning at $220,373 thousand in 2019, expenditures decreased significantly to $183,364 thousand in 2020 and further dropped to $104,020 thousand in 2021. A substantial recovery occurred in 2022, rising to $166,559 thousand, followed by continued growth, reaching $227,436 thousand in 2023 and peaking at $261,225 thousand in 2024. This pattern indicates a sharp decline during 2020 and 2021, likely reflecting a period of reduced investment, with a strong rebound and increased spending thereafter.
- First Aid and Safety Services
- Capital expenditures in First Aid and Safety Services remained relatively stable from 2019 through 2021, with amounts of $36,783 thousand, $35,678 thousand, and $34,384 thousand respectively, showing a modest downward trend. However, from 2022 onward, there was a marked increase in investment, surging to $59,656 thousand in 2022, then rising sequentially to $76,549 thousand in 2023, and reaching $100,025 thousand in 2024. This escalation suggests a strategic shift toward higher capital allocation in this segment during the later years.
- All Other
- The "All Other" category experienced a notable fluctuation, with expenditures declining sharply from $19,563 thousand in 2019 to $11,247 thousand in 2020 and further down to $5,066 thousand in 2021. Following this low point, there was a significant upward trend, with capital expenditures increasing to $14,457 thousand in 2022, $27,124 thousand in 2023, and $48,219 thousand in 2024. This indicates a low investment phase during 2020-2021, then a robust increase, which may reflect diversification or renewed focus on miscellaneous segments.
- Total Capital Expenditures
- Total capital expenditures across all reportable segments showed a pattern consistent with the individual categories. There was a decline from $276,719 thousand in 2019 to a low of $143,470 thousand in 2021, followed by a significant recovery to $240,672 thousand in 2022. Subsequently, investments surged to $331,109 thousand in 2023 and reached a peak of $409,469 thousand in 2024. This overall trend suggests a period of restrained capital deployment during the initial years, likely influenced by external or internal constraints, followed by a strong expansion phase as conditions improved and investment priorities increased.
Total assets
Cintas Corp., total assets by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | ||||||
| First Aid and Safety Services | ||||||
| All Other | ||||||
| Corporate | ||||||
| Total |
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).
- Uniform Rental and Facility Services
- The segment shows a consistent upward trend over the six-year period. Beginning at approximately $6.44 billion in 2019, the total assets steadily increased each year, reaching about $7.50 billion by 2024. Notably, the growth rate appears relatively stable, reflecting sustained asset expansion in this core segment.
- First Aid and Safety Services
- This segment also exhibits continuous growth throughout the period. Starting from roughly $505 million in 2019, the assets grew annually to approximately $730 million in 2024. The increases suggest steady investment or asset accumulation, indicating this segment's expanding role in the overall business.
- All Other
- The "All Other" category presents a more variable pattern. Initially showing a slight decline from about $393 million in 2019 down to around $362 million in 2021, it then reversed course with a marked increase to nearly $594 million by 2024. The notable rise in assets after 2021 indicates either new initiatives or shifting allocation of resources within miscellaneous segments.
- Corporate
- The corporate segment's asset values demonstrate considerable volatility. From approximately $97 million in 2019, assets surged significantly to nearly $494 million in 2021, followed by a sharp drop to about $90 million in 2022. The subsequent years saw moderate increases again, reaching $342 million in 2024. These fluctuations may reflect changes in corporate level investments, restructuring, or intersegment accounting adjustments.
- Total
- Total assets have generally grown over the six years, starting at roughly $7.44 billion in 2019 and expanding to approximately $9.17 billion in 2024. Despite a slight dip between 2021 and 2022, the overall upward trajectory signals sustained asset growth within the company. The dominant contributor to this growth remains the Uniform Rental and Facility Services segment, supplemented by steady increases in First Aid and Safety Services as well as the expanding contributions from the "All Other" segment. Variability in corporate assets introduces some fluctuations but does not materially detract from the overarching positive trend.