Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Price to FCFE (P/FCFE)
- Dividend Discount Model (DDM)
- Return on Assets (ROA) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Cintas Corp., common-size consolidated income statement (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), 10-K (reporting date: 2019-05-31), 10-Q (reporting date: 2019-02-28), 10-Q (reporting date: 2018-11-30), 10-Q (reporting date: 2018-08-31).
- Revenue Composition
- The revenue distribution between "Uniform rental and facility services" and "Other" categories shows a gradual shift from August 2018 through November 2024. The share of revenue from uniform rental and facility services steadily declines from approximately 81.0% to about 77.3%, indicating a slight reduction in reliance on this segment. Conversely, the "Other" category increases from around 19.0% to approximately 22.7%, reflecting diversification or growth in other revenue streams.
- Cost Structure Trends
- Costs associated with uniform rental and facility services as a percentage of revenue generally decrease over the period, moving from about -43.96% in 2018 to around -39.58% by late 2024. Similarly, the cost of "Other" revenue shows a moderately fluctuating but slightly downward trend, declining from approximately -10.41% to near -10.58% by the end of the period. The combined cost of revenue percentage decreases overall from around -54.37% to roughly -50.16%, suggesting improved cost efficiency or higher margin products/services within these categories.
- Gross Margin Development
- Gross margin exhibits an overall upward trend, increasing from approximately 45.6% in 2018 to near 49.8% by the end of the examined period. This improvement aligns with declining cost of revenue percentages and implies enhanced operational efficiency and profitability at the gross margin level.
- Selling and Administrative Expenses
- Selling and administrative expenses as a percentage of revenue experience some variability but generally remain within a narrow range of approximately -30.9% to -25.0%. Notably, there is a general reduction in these expenses as a percentage of revenue toward the latter periods, reflecting more disciplined overhead management or economies of scale.
- Operating Income and Profitability
- Operating income as a percentage of revenue demonstrates a strong positive trend, increasing from roughly 15.6% in 2018 to over 23.0% by late 2024. This growth is indicative of effective cost control combined with favorable revenue mix changes and operational improvements.
- Interest and Taxation
- Interest expense shows a trend of gradual reduction relative to revenue, decreasing from about -1.43% to near -1.04%. Interest income remains minimal and relatively stable. Income taxes as a percentage of revenue fluctuate but generally remain between -1.4% and -4.6%, with some variability likely influenced by regulatory or jurisdictional factors.
- Net Income and Earnings Quality
- Net income margin fluctuates within the period, reflecting changes in operating income and tax expenses, but demonstrates an upward trajectory overall—from around 12.5% in early periods to approximately 17.5% by the last recorded date. This increase highlights improved profitability and effective management of expenses and tax obligations.
- Miscellaneous Observations
- A notable isolated gain from the sale of a cost method investment occurs only in November 2018, substantially impacting income before income taxes for that quarter. Integration expenses related to G&K Services, Inc. were minimal and short-lived, recorded only in early 2018 quarters and then discontinued.