Liquidity ratios measure the company ability to meet its short-term obligations.

Cintas Corp., liquidity ratios

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Current ratio	1.74	2.39	1.84	1.47	2.61	1.98
Quick ratio	0.87	1.04	0.77	0.72	1.15	0.89
Cash ratio	0.19	0.10	0.06	0.26	0.16	0.09

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Liquidity ratio	Description	The company
Current ratio	A liquidity ratio calculated as current assets divided by current liabilities.	Cintas Corp. current ratio improved from 2022 to 2023 but then deteriorated significantly from 2023 to 2024.
Quick ratio	A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities.	Cintas Corp. quick ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.
Cash ratio	A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities.	Cintas Corp. cash ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., current ratio calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
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
Benchmarks
Current Ratio, Industry
Industrials	—	1.18	1.22	1.30	1.42	1.19

¹ 2024 Calculation
Current ratio = Current assets ÷ Current liabilities
= 3,185,207 ÷ 1,828,519 = 1.74

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

Cintas Corp., quick ratio calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in thousands)
Cash and cash equivalents	342,015)	124,149)	90,471)	493,640)	145,402)	96,645)
Accounts receivable, principally trade, less allowance	1,244,182)	1,152,993)	1,006,220)	901,710)	870,369)	910,120)
Total quick assets	1,586,197)	1,277,142)	1,096,691)	1,395,350)	1,015,771)	1,006,765)

Current liabilities	1,828,519)	1,230,062)	1,432,890)	1,934,085)	885,195)	1,127,733)
Liquidity Ratio
Quick ratio¹	0.87	1.04	0.77	0.72	1.15	0.89
Benchmarks
Quick Ratio, Industry
Industrials	—	0.66	0.70	0.78	0.87	0.71

¹ 2024 Calculation
Quick ratio = Total quick assets ÷ Current liabilities
= 1,586,197 ÷ 1,828,519 = 0.87

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Liquidity ratio	Description	The company
Quick ratio	A liquidity ratio calculated as (cash plus short-term marketable investments plus receivables) divided by current liabilities.	Cintas Corp. quick ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level.

Cintas Corp., cash ratio calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in thousands)
Cash and cash equivalents	342,015)	124,149)	90,471)	493,640)	145,402)	96,645)
Total cash assets	342,015)	124,149)	90,471)	493,640)	145,402)	96,645)

Current liabilities	1,828,519)	1,230,062)	1,432,890)	1,934,085)	885,195)	1,127,733)
Liquidity Ratio
Cash ratio¹	0.19	0.10	0.06	0.26	0.16	0.09
Benchmarks
Cash Ratio, Industry
Industrials	—	0.27	0.29	0.35	0.45	0.34

¹ 2024 Calculation
Cash ratio = Total cash assets ÷ Current liabilities
= 342,015 ÷ 1,828,519 = 0.19

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Liquidity ratio	Description	The company
Cash ratio	A liquidity ratio calculated as (cash plus short-term marketable investments) divided by current liabilities.	Cintas Corp. cash ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Analysis of Liquidity Ratios