Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Cintas Corp., adjusted financial ratios

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Activity Ratio
Total Asset Turnover
Reported	1.05	1.03	0.96	0.86	0.92	0.93
Adjusted	1.04	1.03	0.96	0.86	0.92	0.90
Liquidity Ratio
Current Ratio
Reported	1.74	2.39	1.84	1.47	2.61	1.98
Adjusted	1.75	2.40	1.85	1.48	2.68	2.02
Solvency Ratios
Debt to Equity
Reported	0.57	0.64	0.85	0.69	0.79	0.95
Adjusted	0.55	0.61	0.78	0.66	0.73	0.88
Debt to Capital
Reported	0.36	0.39	0.46	0.41	0.44	0.49
Adjusted	0.36	0.38	0.44	0.40	0.42	0.47
Financial Leverage
Reported	2.12	2.21	2.46	2.23	2.37	2.48
Adjusted	1.91	1.96	2.15	2.02	2.10	2.21
Profitability Ratios
Net Profit Margin
Reported	16.38%	15.29%	15.73%	15.61%	12.36%	12.84%
Adjusted	16.23%	15.28%	17.38%	17.28%	10.89%	12.57%
Return on Equity (ROE)
Reported	36.41%	34.89%	37.35%	30.13%	27.08%	29.47%
Adjusted	32.38%	30.77%	35.98%	30.09%	20.92%	24.90%
Return on Assets (ROA)
Reported	17.14%	15.77%	15.17%	13.49%	11.42%	11.90%
Adjusted	16.95%	15.73%	16.73%	14.91%	9.97%	11.29%

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).

Financial ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Cintas Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Cintas Corp. adjusted current ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Cintas Corp. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Cintas Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Cintas Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Cintas Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Cintas Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Cintas Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Cintas Corp., Financial Ratios: Reported vs. Adjusted

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	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)
Activity Ratio
Total asset turnover¹	1.05	1.03	0.96	0.86	0.92	0.93
Adjusted
Selected Financial Data (US$ in thousands)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Adjusted total assets²	9,186,731)	8,561,282)	8,160,174)	8,248,920)	7,732,052)	7,673,335)
Activity Ratio
Adjusted total asset turnover³	1.04	1.03	0.96	0.86	0.92	0.90

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
Total asset turnover = Revenue ÷ Total assets
= 9,596,615 ÷ 9,168,817 = 1.05

² Adjusted total assets. See details »

³ 2024 Calculation
Adjusted total asset turnover = Revenue ÷ Adjusted total assets
= 9,596,615 ÷ 9,186,731 = 1.04

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Cintas Corp. adjusted total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Current assets	3,185,207)	2,938,459)	2,631,983)	2,843,309)	2,309,699)	2,236,280)
Current liabilities	1,828,519)	1,230,062)	1,432,890)	1,934,085)	885,195)	1,127,733)
Liquidity Ratio
Current ratio¹	1.74	2.39	1.84	1.47	2.61	1.98
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted current assets²	3,203,121)	2,953,385)	2,644,901)	2,855,406)	2,371,866)	2,274,089)
Current liabilities	1,828,519)	1,230,062)	1,432,890)	1,934,085)	885,195)	1,127,733)
Liquidity Ratio
Adjusted current ratio³	1.75	2.40	1.85	1.48	2.68	2.02

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
Current ratio = Current assets ÷ Current liabilities
= 3,185,207 ÷ 1,828,519 = 1.74

² Adjusted current assets. See details »

³ 2024 Calculation
Adjusted current ratio = Adjusted current assets ÷ Current liabilities
= 3,203,121 ÷ 1,828,519 = 1.75

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Liquidity ratio	Description	The company
Adjusted current ratio	A liquidity ratio calculated as adjusted current assets divided by adjusted current liabilities.	Cintas Corp. adjusted current ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)
Shareholders’ equity	4,316,372)	3,863,986)	3,308,196)	3,687,847)	3,235,202)	3,002,721)
Solvency Ratio
Debt to equity¹	0.57	0.64	0.85	0.69	0.79	0.95
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	2,668,080)	2,668,393)	2,968,442)	2,716,527)	2,705,431)	3,048,635)
Adjusted shareholders’ equity³	4,809,798)	4,377,268)	3,794,891)	4,086,591)	3,685,948)	3,478,709)
Solvency Ratio
Adjusted debt to equity⁴	0.55	0.61	0.78	0.66	0.73	0.88

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
Debt to equity = Total debt ÷ Shareholders’ equity
= 2,475,529 ÷ 4,316,372 = 0.57

² Adjusted total debt. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2024 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted shareholders’ equity
= 2,668,080 ÷ 4,809,798 = 0.55

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Cintas Corp. adjusted debt-to-equity ratio improved from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total debt	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)
Total capital	6,791,901)	6,350,391)	6,103,702)	6,229,750)	5,774,907)	5,852,492)
Solvency Ratio
Debt to capital¹	0.36	0.39	0.46	0.41	0.44	0.49
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total debt²	2,668,080)	2,668,393)	2,968,442)	2,716,527)	2,705,431)	3,048,635)
Adjusted total capital³	7,477,878)	7,045,661)	6,763,333)	6,803,118)	6,391,379)	6,527,344)
Solvency Ratio
Adjusted debt to capital⁴	0.36	0.38	0.44	0.40	0.42	0.47

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
Debt to capital = Total debt ÷ Total capital
= 2,475,529 ÷ 6,791,901 = 0.36

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2024 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 2,668,080 ÷ 7,477,878 = 0.36

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Cintas Corp. adjusted debt-to-capital ratio improved from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)
Shareholders’ equity	4,316,372)	3,863,986)	3,308,196)	3,687,847)	3,235,202)	3,002,721)
Solvency Ratio
Financial leverage¹	2.12	2.21	2.46	2.23	2.37	2.48
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted total assets²	9,186,731)	8,561,282)	8,160,174)	8,248,920)	7,732,052)	7,673,335)
Adjusted shareholders’ equity³	4,809,798)	4,377,268)	3,794,891)	4,086,591)	3,685,948)	3,478,709)
Solvency Ratio
Adjusted financial leverage⁴	1.91	1.96	2.15	2.02	2.10	2.21

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 2024 Calculation
Financial leverage = Total assets ÷ Shareholders’ equity
= 9,168,817 ÷ 4,316,372 = 2.12

² Adjusted total assets. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2024 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 9,186,731 ÷ 4,809,798 = 1.91

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Cintas Corp. adjusted financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Profitability Ratio
Net profit margin¹	16.38%	15.29%	15.73%	15.61%	12.36%	12.84%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,557,503)	1,346,810)	1,365,242)	1,229,820)	771,223)	866,198)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Profitability Ratio
Adjusted net profit margin³	16.23%	15.28%	17.38%	17.28%	10.89%	12.57%

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
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,571,592 ÷ 9,596,615 = 16.38%

² Adjusted net income. See details »

³ 2024 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue
= 100 × 1,557,503 ÷ 9,596,615 = 16.23%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Cintas Corp. adjusted net profit margin ratio deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Shareholders’ equity	4,316,372)	3,863,986)	3,308,196)	3,687,847)	3,235,202)	3,002,721)
Profitability Ratio
ROE¹	36.41%	34.89%	37.35%	30.13%	27.08%	29.47%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,557,503)	1,346,810)	1,365,242)	1,229,820)	771,223)	866,198)
Adjusted shareholders’ equity³	4,809,798)	4,377,268)	3,794,891)	4,086,591)	3,685,948)	3,478,709)
Profitability Ratio
Adjusted ROE⁴	32.38%	30.77%	35.98%	30.09%	20.92%	24.90%

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
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,571,592 ÷ 4,316,372 = 36.41%

² Adjusted net income. See details »

³ Adjusted shareholders’ equity. See details »

⁴ 2024 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,557,503 ÷ 4,809,798 = 32.38%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Cintas Corp. adjusted ROE deteriorated from 2022 to 2023 but then slightly improved from 2023 to 2024.

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Reported
Selected Financial Data (US$ in thousands)
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)
Profitability Ratio
ROA¹	17.14%	15.77%	15.17%	13.49%	11.42%	11.90%
Adjusted
Selected Financial Data (US$ in thousands)
Adjusted net income²	1,557,503)	1,346,810)	1,365,242)	1,229,820)	771,223)	866,198)
Adjusted total assets³	9,186,731)	8,561,282)	8,160,174)	8,248,920)	7,732,052)	7,673,335)
Profitability Ratio
Adjusted ROA⁴	16.95%	15.73%	16.73%	14.91%	9.97%	11.29%

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
ROA = 100 × Net income ÷ Total assets
= 100 × 1,571,592 ÷ 9,168,817 = 17.14%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2024 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,557,503 ÷ 9,186,731 = 16.95%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Cintas Corp. adjusted ROA deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Cintas Corp. (NASDAQ:CTAS)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Cintas Corp., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)