Market value added (MVA) is the difference between a firm fair value and its invested capital. MVA is a measure of the value a company has created in excess of the resources already committed to the enterprise.

MVA
MVA Spread Ratio
MVA Margin

Cintas Corp., MVA calculation

US$ in thousands

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Fair value of debt¹	2,392,800)	2,443,800)	2,862,200)	2,788,800)	2,804,200)	2,998,700)
Operating lease liability	192,551)	181,988)	172,936)	174,624)	165,726)	198,864)
Market value of common equity	76,064,420)	51,334,724)	41,410,212)	40,194,294)	31,649,998)	26,818,808)
Preferred stock, no par value, none outstanding	—)	—)	—)	—)	—)	—)
Market (fair) value of Cintas	78,649,771)	53,960,512)	44,445,348)	43,157,718)	34,619,924)	30,016,373)
Less: Invested capital²	7,220,061)	6,858,846)	6,603,354)	6,735,481)	6,490,211)	6,499,367)
MVA	71,429,710)	47,101,666)	37,841,994)	36,422,237)	28,129,713)	23,517,005)

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 Fair value of debt. See details »

² Invested capital. See details »

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Item	Description	The company
MVA	Cintas Corp. market (fair) value less invested capital.	Cintas Corp. MVA increased from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., MVA spread ratio 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)
Market value added (MVA)¹	71,429,710)	47,101,666)	37,841,994)	36,422,237)	28,129,713)	23,517,005)
Invested capital²	7,220,061)	6,858,846)	6,603,354)	6,735,481)	6,490,211)	6,499,367)
Performance Ratio
MVA spread ratio³	989.32%	686.73%	573.07%	540.75%	433.42%	361.84%

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 MVA. See details »

² Invested capital. See details »

³ 2024 Calculation
MVA spread ratio = 100 × MVA ÷ Invested capital
= 100 × 71,429,710 ÷ 7,220,061 = 989.32%

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Performance ratio	Description	The company
MVA spread ratio	The ratio of MVA to invested capital. It measures the efficiency with which investors’ capital investment has translated into a franchise value and into an aggregate net present value premium.	Cintas Corp. MVA spread ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., MVA 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)
Market value added (MVA)¹	71,429,710)	47,101,666)	37,841,994)	36,422,237)	28,129,713)	23,517,005)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Performance Ratio
MVA margin²	744.32%	534.29%	481.79%	511.81%	397.03%	341.21%

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 MVA. See details »

² 2024 Calculation
MVA margin = 100 × MVA ÷ Revenue
= 100 × 71,429,710 ÷ 9,596,615 = 744.32%

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Performance ratio	Description	The company
MVA margin	The ratio of MVA to sales. It measures how efficiently and prodigiously sales translate into franchise value.	Cintas Corp. MVA margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Market Value Added (MVA)

MVA

MVA Spread Ratio

MVA Margin