Stock Analysis on Net
Stock Analysis on Net

Cintas Corp. (NASDAQ:CTAS)

DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
Quarterly Data

Microsoft Excel

Decomposing ROE involves expressing net income divided by shareholders’ equity as the product of component ratios.

Two-Component Disaggregation of ROE

Cintas Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = ROA × Financial Leverage
Nov 30, 2024 39.89% = 18.28% × 2.18
Aug 31, 2024 40.75% = 18.07% × 2.26
May 31, 2024 36.41% = 17.14% × 2.12
Feb 29, 2024 35.51% = 16.74% × 2.12
Nov 30, 2023 35.84% = 16.24% × 2.21
Aug 31, 2023 33.88% = 15.84% × 2.14
May 31, 2023 34.89% = 15.77% × 2.21
Feb 28, 2023 35.68% = 15.31% × 2.33
Nov 30, 2022 37.48% = 15.26% × 2.46
Aug 31, 2022 38.90% = 15.21% × 2.56
May 31, 2022 37.35% = 15.17% × 2.46
Feb 28, 2022 36.70% = 14.80% × 2.48
Nov 30, 2021 32.33% = 14.37% × 2.25
Aug 31, 2021 34.51% = 14.54% × 2.37
May 31, 2021 30.13% = 13.49% × 2.23
Feb 28, 2021 25.88% = 11.83% × 2.19
Nov 30, 2020 26.79% = 11.40% × 2.35
Aug 31, 2020 25.67% = 11.50% × 2.23
May 31, 2020 27.08% = 11.42% × 2.37
Feb 29, 2020 28.81% = 12.12% × 2.38
Nov 30, 2019 29.84% = 11.75% × 2.54
Aug 31, 2019 30.26% = 12.05% × 2.51
May 31, 2019 29.47% = 11.90% × 2.48
Feb 28, 2019 — = — × 2.34
Nov 30, 2018 — = — × 2.45
Aug 31, 2018 — = — × 2.18

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2025 is the decrease in financial leverage ratio.

Three-Component Disaggregation of ROE

Cintas Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Net Profit Margin × Asset Turnover × Financial Leverage
Nov 30, 2024 39.89% = 17.23% × 1.06 × 2.18
Aug 31, 2024 40.75% = 16.80% × 1.08 × 2.26
May 31, 2024 36.41% = 16.38% × 1.05 × 2.12
Feb 29, 2024 35.51% = 15.98% × 1.05 × 2.12
Nov 30, 2023 35.84% = 15.57% × 1.04 × 2.21
Aug 31, 2023 33.88% = 15.36% × 1.03 × 2.14
May 31, 2023 34.89% = 15.29% × 1.03 × 2.21
Feb 28, 2023 35.68% = 15.06% × 1.02 × 2.33
Nov 30, 2022 37.48% = 15.35% × 0.99 × 2.46
Aug 31, 2022 38.90% = 15.46% × 0.98 × 2.56
May 31, 2022 37.35% = 15.73% × 0.96 × 2.46
Feb 28, 2022 36.70% = 15.88% × 0.93 × 2.48
Nov 30, 2021 32.33% = 15.50% × 0.93 × 2.25
Aug 31, 2021 34.51% = 15.72% × 0.92 × 2.37
May 31, 2021 30.13% = 15.61% × 0.86 × 2.23
Feb 28, 2021 25.88% = 14.32% × 0.83 × 2.19
Nov 30, 2020 26.79% = 13.90% × 0.82 × 2.35
Aug 31, 2020 25.67% = 13.18% × 0.87 × 2.23
May 31, 2020 27.08% = 12.36% × 0.92 × 2.37
Feb 29, 2020 28.81% = 13.19% × 0.92 × 2.38
Nov 30, 2019 29.84% = 12.99% × 0.90 × 2.54
Aug 31, 2019 30.26% = 13.18% × 0.91 × 2.51
May 31, 2019 29.47% = 12.84% × 0.93 × 2.48
Feb 28, 2019 — = — × — × 2.34
Nov 30, 2018 — = — × — × 2.45
Aug 31, 2018 — = — × — × 2.18

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2025 is the decrease in financial leverage ratio.

Five-Component Disaggregation of ROE

Cintas Corp., decomposition of ROE (quarterly data)

Microsoft Excel
ROE = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover × Financial Leverage
Nov 30, 2024 39.89% = 0.81 × 0.95 × 22.41% × 1.06 × 2.18
Aug 31, 2024 40.75% = 0.81 × 0.95 × 21.89% × 1.08 × 2.26
May 31, 2024 36.41% = 0.80 × 0.95 × 21.62% × 1.05 × 2.12
Feb 29, 2024 35.51% = 0.79 × 0.95 × 21.20% × 1.05 × 2.12
Nov 30, 2023 35.84% = 0.79 × 0.94 × 20.89% × 1.04 × 2.21
Aug 31, 2023 33.88% = 0.79 × 0.94 × 20.74% × 1.03 × 2.14
May 31, 2023 34.89% = 0.80 × 0.94 × 20.47% × 1.03 × 2.21
Feb 28, 2023 35.68% = 0.80 × 0.94 × 20.19% × 1.02 × 2.33
Nov 30, 2022 37.48% = 0.81 × 0.94 × 20.27% × 0.99 × 2.46
Aug 31, 2022 38.90% = 0.82 × 0.94 × 20.11% × 0.98 × 2.56
May 31, 2022 37.35% = 0.82 × 0.94 × 20.21% × 0.96 × 2.46
Feb 28, 2022 36.70% = 0.83 × 0.94 × 20.22% × 0.93 × 2.48
Nov 30, 2021 32.33% = 0.84 × 0.94 × 19.63% × 0.93 × 2.25
Aug 31, 2021 34.51% = 0.86 × 0.93 × 19.68% × 0.92 × 2.37
May 31, 2021 30.13% = 0.86 × 0.93 × 19.48% × 0.86 × 2.23
Feb 28, 2021 25.88% = 0.87 × 0.92 × 17.93% × 0.83 × 2.19
Nov 30, 2020 26.79% = 0.86 × 0.92 × 17.67% × 0.82 × 2.35
Aug 31, 2020 25.67% = 0.84 × 0.91 × 17.19% × 0.87 × 2.23
May 31, 2020 27.08% = 0.83 × 0.91 × 16.42% × 0.92 × 2.37
Feb 29, 2020 28.81% = 0.82 × 0.92 × 17.50% × 0.92 × 2.38
Nov 30, 2019 29.84% = 0.82 × 0.91 × 17.33% × 0.90 × 2.54
Aug 31, 2019 30.26% = 0.81 × 0.92 × 17.80% × 0.91 × 2.51
May 31, 2019 29.47% = 0.80 × 0.92 × 17.50% × 0.93 × 2.48
Feb 28, 2019 — = — × — × — × — × 2.34
Nov 30, 2018 — = — × — × — × — × 2.45
Aug 31, 2018 — = — × — × — × — × 2.18

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).

The primary reason for the decrease in return on equity ratio (ROE) over Q2 2025 is the decrease in financial leverage ratio.

Two-Component Disaggregation of ROA

Cintas Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Net Profit Margin × Asset Turnover
Nov 30, 2024 18.28% = 17.23% × 1.06
Aug 31, 2024 18.07% = 16.80% × 1.08
May 31, 2024 17.14% = 16.38% × 1.05
Feb 29, 2024 16.74% = 15.98% × 1.05
Nov 30, 2023 16.24% = 15.57% × 1.04
Aug 31, 2023 15.84% = 15.36% × 1.03
May 31, 2023 15.77% = 15.29% × 1.03
Feb 28, 2023 15.31% = 15.06% × 1.02
Nov 30, 2022 15.26% = 15.35% × 0.99
Aug 31, 2022 15.21% = 15.46% × 0.98
May 31, 2022 15.17% = 15.73% × 0.96
Feb 28, 2022 14.80% = 15.88% × 0.93
Nov 30, 2021 14.37% = 15.50% × 0.93
Aug 31, 2021 14.54% = 15.72% × 0.92
May 31, 2021 13.49% = 15.61% × 0.86
Feb 28, 2021 11.83% = 14.32% × 0.83
Nov 30, 2020 11.40% = 13.90% × 0.82
Aug 31, 2020 11.50% = 13.18% × 0.87
May 31, 2020 11.42% = 12.36% × 0.92
Feb 29, 2020 12.12% = 13.19% × 0.92
Nov 30, 2019 11.75% = 12.99% × 0.90
Aug 31, 2019 12.05% = 13.18% × 0.91
May 31, 2019 11.90% = 12.84% × 0.93
Feb 28, 2019 — = — × —
Nov 30, 2018 — = — × —
Aug 31, 2018 — = — × —

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).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2025 is the increase in profitability measured by net profit margin ratio.

Four-Component Disaggregation of ROA

Cintas Corp., decomposition of ROA (quarterly data)

Microsoft Excel
ROA = Tax Burden × Interest Burden × EBIT Margin × Asset Turnover
Nov 30, 2024 18.28% = 0.81 × 0.95 × 22.41% × 1.06
Aug 31, 2024 18.07% = 0.81 × 0.95 × 21.89% × 1.08
May 31, 2024 17.14% = 0.80 × 0.95 × 21.62% × 1.05
Feb 29, 2024 16.74% = 0.79 × 0.95 × 21.20% × 1.05
Nov 30, 2023 16.24% = 0.79 × 0.94 × 20.89% × 1.04
Aug 31, 2023 15.84% = 0.79 × 0.94 × 20.74% × 1.03
May 31, 2023 15.77% = 0.80 × 0.94 × 20.47% × 1.03
Feb 28, 2023 15.31% = 0.80 × 0.94 × 20.19% × 1.02
Nov 30, 2022 15.26% = 0.81 × 0.94 × 20.27% × 0.99
Aug 31, 2022 15.21% = 0.82 × 0.94 × 20.11% × 0.98
May 31, 2022 15.17% = 0.82 × 0.94 × 20.21% × 0.96
Feb 28, 2022 14.80% = 0.83 × 0.94 × 20.22% × 0.93
Nov 30, 2021 14.37% = 0.84 × 0.94 × 19.63% × 0.93
Aug 31, 2021 14.54% = 0.86 × 0.93 × 19.68% × 0.92
May 31, 2021 13.49% = 0.86 × 0.93 × 19.48% × 0.86
Feb 28, 2021 11.83% = 0.87 × 0.92 × 17.93% × 0.83
Nov 30, 2020 11.40% = 0.86 × 0.92 × 17.67% × 0.82
Aug 31, 2020 11.50% = 0.84 × 0.91 × 17.19% × 0.87
May 31, 2020 11.42% = 0.83 × 0.91 × 16.42% × 0.92
Feb 29, 2020 12.12% = 0.82 × 0.92 × 17.50% × 0.92
Nov 30, 2019 11.75% = 0.82 × 0.91 × 17.33% × 0.90
Aug 31, 2019 12.05% = 0.81 × 0.92 × 17.80% × 0.91
May 31, 2019 11.90% = 0.80 × 0.92 × 17.50% × 0.93
Feb 28, 2019 — = — × — × — × —
Nov 30, 2018 — = — × — × — × —
Aug 31, 2018 — = — × — × — × —

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).

The primary reason for the increase in return on assets ratio (ROA) over Q2 2025 is the increase in operating profitability measured by EBIT margin ratio.

Disaggregation of Net Profit Margin

Cintas Corp., decomposition of net profit margin ratio (quarterly data)

Microsoft Excel
Net Profit Margin = Tax Burden × Interest Burden × EBIT Margin
Nov 30, 2024 17.23% = 0.81 × 0.95 × 22.41%
Aug 31, 2024 16.80% = 0.81 × 0.95 × 21.89%
May 31, 2024 16.38% = 0.80 × 0.95 × 21.62%
Feb 29, 2024 15.98% = 0.79 × 0.95 × 21.20%
Nov 30, 2023 15.57% = 0.79 × 0.94 × 20.89%
Aug 31, 2023 15.36% = 0.79 × 0.94 × 20.74%
May 31, 2023 15.29% = 0.80 × 0.94 × 20.47%
Feb 28, 2023 15.06% = 0.80 × 0.94 × 20.19%
Nov 30, 2022 15.35% = 0.81 × 0.94 × 20.27%
Aug 31, 2022 15.46% = 0.82 × 0.94 × 20.11%
May 31, 2022 15.73% = 0.82 × 0.94 × 20.21%
Feb 28, 2022 15.88% = 0.83 × 0.94 × 20.22%
Nov 30, 2021 15.50% = 0.84 × 0.94 × 19.63%
Aug 31, 2021 15.72% = 0.86 × 0.93 × 19.68%
May 31, 2021 15.61% = 0.86 × 0.93 × 19.48%
Feb 28, 2021 14.32% = 0.87 × 0.92 × 17.93%
Nov 30, 2020 13.90% = 0.86 × 0.92 × 17.67%
Aug 31, 2020 13.18% = 0.84 × 0.91 × 17.19%
May 31, 2020 12.36% = 0.83 × 0.91 × 16.42%
Feb 29, 2020 13.19% = 0.82 × 0.92 × 17.50%
Nov 30, 2019 12.99% = 0.82 × 0.91 × 17.33%
Aug 31, 2019 13.18% = 0.81 × 0.92 × 17.80%
May 31, 2019 12.84% = 0.80 × 0.92 × 17.50%
Feb 28, 2019 — = — × — × —
Nov 30, 2018 — = — × — × —
Aug 31, 2018 — = — × — × —

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).

The primary reason for the increase in net profit margin ratio over Q2 2025 is the increase in operating profitability measured by EBIT margin ratio.