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Cintas Corporation

Rank #67Hypergrowth

CTAS · Nasdaq · Industrials

Cintas Corporation (CTAS) — Rank #67 by gross profitability (GP/assets 0.54) · ROE 38.9% · Piotroski F-Score 7 / 9.

As-of 2026-09-15 · CIK 0000723254 · all metrics point-in-time as of the filing date.

About

Cintas Corporation provides corporate identity uniforms and other garments in the United States, Canada, and Latin America.

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It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company offers rental and servicing of uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items. It also provides restroom cleaning services and supplies; and sells uniforms from catalogs. In addition, the company offers first aid and safety products and services; workplace water services; and fire protection products and services. Further, it provides automated external defibrillators; eye-wash stations; safety training; fire extinguishers; sprinkler systems; and alarm services. The company sells its products and services through its distribution network and local delivery routes, or local representatives to small service and manufacturing companies, as well as major corporations. It serves gaming, hospitality, healthcare, automotive, government, education, pharmaceutical, manufacturing, skilled trades, and food processing industries.

The company was founded in 1929 and is based in Cincinnati, Ohio.

Industry
Specialty Business Services
Sector
Industrials
State
WA
Filer Category
Large accelerated filer
Fiscal Year End
May 31
Website
cintas.com

Price History

CTAS+115.0% · +16.5% CAGRSPY+80.3% · +12.5% CAGR

Company Snapshot

P/S is the primary valuation lens — earnings are reinvested, not available for P/E.

Market Cap

$80.27B

P/E (annual)

40.9

P/S (annual)

7.1

P/B

15.6

P/OCF (annual)

35.3

Shareholder Yield

-269.0%

Employees

48,100

Industry

Specialty Business Services

Exchange

Nasdaq

Signal Flags

2 green2 yellow
Revenue growth acceleratingGrowth rate increasing year over year
Operating leverage expandingOperating income growing faster than revenue
Dilution above 2%Annual share count increase exceeds 2%. May be acceptable for high-growth companies funding talent via stock compensation
Disclosure regressionA previously-disclosed line item is no longer reported — worth checking the filing for why

Quality Profile

Profitability

1/1 pass
GP / assets
0.54
Return on equity
38.9%
Gross margin trend
PASS

Safety

1/1 pass
Balance-sheet safety
PASS
Debt / equity
1.05
Current ratio
1.43×
Net cash
-$2.14B

Cash Flow

2/3 pass
Positive FCF
PASS
Cash-backed earnings
WARN
Accruals healthy
PASS
SBC / revenue
1.1%

Growth

1/2 pass
Revenue growth
73.9%
Piotroski F-Score
7 / 9
Share dilution
269.9%

Terry Smith quality gate

Passes 4/5 Terry Smith thresholds

1 of 5 threshold not computable from filed data.

What Growth Is Priced In

Implied revenue growth (10Y)

18.2%

fairly valued

The annual FCF growth rate today's price requires over a 10-year horizon (discount rate 10%, terminal growth 2.5%).

Dilution drag: 269.9% — per-share value needs a total required return of 288.1% once share-count change is priced in.

vs. own 6-year median revenue growth: 8.0%

priced above its own history

Cost-of-equity sensitivity (implied growth at different discount rates)

r = 8%

13.3%

r = 10% (base)

18.2%

r = 12%

22.5%

Net debt / market cap: 2.6%

Base FCF: $1.9B3Y mean FCF: $658.1M

Valuation History

Current multiple vs historical range at each filing date. Band spans 25th-75th percentile.

P / E

Price / diluted EPS

8.2xExpensive
4.3xmed 5.5x8.2x

P / S

Price / revenue per share

1.0xExpensive
0.3xmed 0.5x1.0x

P / B

Price / book value per share

2.4xExpensive
0.5xmed 1.1x2.4x

P / GP

Price / gross profit per share

2.3xExpensive
0.7xmed 1.3x2.3x

P / FCF

Price / free cash flow per share

9.1xExpensive
2.7xmed 7.0x15.5x

Revenue growth and the path to profitability (margin trend) are the primary reads at this stage.

Profitability

Gross profitability (GP / assets)

0.54

Primary signal (Novy-Marx).

Return on equity

38.9%

Gross margin

50.7%

Revenue growth (YoY)

73.9%

Gross margin improving

Margin trend vs prior year.

PASS

Operating Leverage

2016201720182019
Revenue vs COGS
Revenue vs OpEx
Op. Income vs Revenue

Growth

Revenue CAGR (3Y)

—

Revenue CAGR (5Y)

—

Earnings CAGR (3Y)

14.1%

FCF CAGR (3Y)

—

Anti-fragile safety

Balance-sheet safety

Composite anti-fragile check.

PASS

Debt / equity

1.05

Current ratio

1.43×

Quick ratio

0.69×

Net cash

-$2.14B

Cash & equivalents minus total debt.

Cash-flow health

Free cash flow

$1.88B

Operating cash flow minus capex.

Positive free cash flow

PASS

FCF / net income

-0.06

Cash-backing of earnings.

FCF/NI divergence

Unfavorable divergence (yellow flag).

WARN

Accruals healthy

Cash-backed earnings.

PASS

SBC / revenue

1.1%

Stock-based comp intensity.

Dividend safety

Composite score

2.8 / 5

Fair
Payout ratio
35.1%4/5 Strong
FCF coverage
2.68×4/5 Strong
Dividend growth streak
4 yr2/5 Fair
Balance-sheet health
D/E 1.05 · IC N/A1/5 Weak

Piotroski F-Score

F-Score

7 / 9

Fundamental-strength score (0-9).

Lifecycle Phase History

20142019
Capital Return
Value
Op. Leverage
View full financial statements →