Solvency ratios also known as long-term debt ratios measure a company ability to meet long-term obligations.

Solvency Ratios (Summary)
Debt to Equity
Debt to Equity (including Operating Lease Liability)
Debt to Capital
Debt to Capital (including Operating Lease Liability)
Debt to Assets
Debt to Assets (including Operating Lease Liability)
Financial Leverage
Interest Coverage
Fixed Charge Coverage

Cintas Corp., solvency ratios

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Debt Ratios
Debt to equity	0.57	0.64	0.85	0.69	0.79	0.95
Debt to equity (including operating lease liability)	0.62	0.69	0.90	0.74	0.84	0.95
Debt to capital	0.36	0.39	0.46	0.41	0.44	0.49
Debt to capital (including operating lease liability)	0.38	0.41	0.47	0.42	0.46	0.49
Debt to assets	0.27	0.29	0.34	0.31	0.33	0.38
Debt to assets (including operating lease liability)	0.29	0.31	0.36	0.33	0.35	0.38
Financial leverage	2.12	2.21	2.46	2.23	2.37	2.48
Coverage Ratios
Interest coverage	20.59	16.22	17.87	14.11	11.04	11.84
Fixed charge coverage	11.73	9.86	10.18	8.61	7.02	7.43

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).

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Solvency ratio	Description	The company
Debt to equity ratio	A solvency ratio calculated as total debt divided by total shareholders’ equity.	Cintas Corp. debt to equity ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Cintas Corp. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Debt to capital ratio	A solvency ratio calculated as total debt divided by total debt plus shareholders’ equity.	Cintas Corp. debt to capital ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Cintas Corp. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Cintas Corp. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024.
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Cintas Corp. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Cintas Corp. financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Cintas Corp. interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Cintas Corp. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Cintas Corp., debt to equity 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)
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
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
Benchmarks
Debt to Equity, Industry
Industrials	—	1.42	1.31	1.24	1.72	1.84

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 2024 Calculation
Debt to equity = Total debt ÷ Shareholders’ equity
= 2,475,529 ÷ 4,316,372 = 0.57

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

Cintas Corp., debt to equity (including operating lease liability) 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)
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
Total debt	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)
Operating lease liabilities, current	45,727)	43,710)	43,872)	43,850)	43,031)	—)
Operating lease liabilities, long-term	146,824)	138,278)	129,064)	130,774)	122,695)	—)
Total debt (including operating lease liability)	2,668,080)	2,668,393)	2,968,442)	2,716,527)	2,705,431)	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 equity (including operating lease liability)¹	0.62	0.69	0.90	0.74	0.84	0.95
Benchmarks
Debt to Equity (including Operating Lease Liability), Industry
Industrials	—	1.59	1.46	1.38	1.87	1.94

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Shareholders’ equity
= 2,668,080 ÷ 4,316,372 = 0.62

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Solvency ratio	Description	The company
Debt to equity ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total shareholders’ equity.	Cintas Corp. debt to equity ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., debt to capital 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)
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
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)
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
Benchmarks
Debt to Capital, Industry
Industrials	—	0.59	0.57	0.55	0.63	0.65

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

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

Cintas Corp., debt to capital (including operating lease liability) 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)
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
Total debt	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)
Operating lease liabilities, current	45,727)	43,710)	43,872)	43,850)	43,031)	—)
Operating lease liabilities, long-term	146,824)	138,278)	129,064)	130,774)	122,695)	—)
Total debt (including operating lease liability)	2,668,080)	2,668,393)	2,968,442)	2,716,527)	2,705,431)	2,849,771)
Shareholders’ equity	4,316,372)	3,863,986)	3,308,196)	3,687,847)	3,235,202)	3,002,721)
Total capital (including operating lease liability)	6,984,452)	6,532,379)	6,276,638)	6,404,374)	5,940,633)	5,852,492)
Solvency Ratio
Debt to capital (including operating lease liability)¹	0.38	0.41	0.47	0.42	0.46	0.49
Benchmarks
Debt to Capital (including Operating Lease Liability), Industry
Industrials	—	0.61	0.59	0.58	0.65	0.66

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 (including operating lease liability) = Total debt (including operating lease liability) ÷ Total capital (including operating lease liability)
= 2,668,080 ÷ 6,984,452 = 0.38

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Solvency ratio	Description	The company
Debt to capital ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total debt (including operating lease liability) plus shareholders’ equity.	Cintas Corp. debt to capital ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., debt to assets 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)
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
Total debt	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)

Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)
Solvency Ratio
Debt to assets¹	0.27	0.29	0.34	0.31	0.33	0.38
Benchmarks
Debt to Assets, Industry
Industrials	—	0.30	0.29	0.29	0.32	0.32

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 assets = Total debt ÷ Total assets
= 2,475,529 ÷ 9,168,817 = 0.27

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Solvency ratio	Description	The company
Debt to assets ratio	A solvency ratio calculated as total debt divided by total assets.	Cintas Corp. debt to assets ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., debt to assets (including operating lease liability) 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)
Debt due within one year	449,595)	—)	311,574)	899,070)	—)	312,264)
Debt due after one year	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
Total debt	2,475,529)	2,486,405)	2,795,506)	2,541,903)	2,539,705)	2,849,771)
Operating lease liabilities, current	45,727)	43,710)	43,872)	43,850)	43,031)	—)
Operating lease liabilities, long-term	146,824)	138,278)	129,064)	130,774)	122,695)	—)
Total debt (including operating lease liability)	2,668,080)	2,668,393)	2,968,442)	2,716,527)	2,705,431)	2,849,771)

Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)
Solvency Ratio
Debt to assets (including operating lease liability)¹	0.29	0.31	0.36	0.33	0.35	0.38
Benchmarks
Debt to Assets (including Operating Lease Liability), Industry
Industrials	—	0.33	0.33	0.32	0.35	0.34

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 assets (including operating lease liability) = Total debt (including operating lease liability) ÷ Total assets
= 2,668,080 ÷ 9,168,817 = 0.29

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Solvency ratio	Description	The company
Debt to assets ratio (including operating lease liability)	A solvency ratio calculated as total debt (including operating lease liability) divided by total assets.	Cintas Corp. debt to assets ratio (including operating lease liability) improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., financial leverage 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)
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
Benchmarks
Financial Leverage, Industry
Industrials	—	4.76	4.46	4.29	5.30	5.70

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

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Solvency ratio	Description	The company
Financial leverage ratio	A solvency ratio calculated as total assets divided by total shareholders’ equity.	Cintas Corp. financial leverage ratio decreased from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., interest coverage 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)
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Less: Income (loss) from discontinued operations, net of tax	—)	—)	—)	—)	(323)	2,346)
Add: Income tax expense	402,043)	345,138)	263,011)	176,781)	181,931)	219,764)
Add: Interest expense	100,740)	111,232)	88,844)	98,210)	105,393)	101,736)
Earnings before interest and tax (EBIT)	2,074,375)	1,804,380)	1,587,612)	1,385,959)	1,163,684)	1,204,135)
Solvency Ratio
Interest coverage¹	20.59	16.22	17.87	14.11	11.04	11.84
Benchmarks
Interest Coverage, Industry
Industrials	—	7.33	5.64	6.08	2.12	4.44

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
Interest coverage = EBIT ÷ Interest expense
= 2,074,375 ÷ 100,740 = 20.59

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Solvency ratio	Description	The company
Interest coverage ratio	A solvency ratio calculated as EBIT divided by interest payments.	Cintas Corp. interest coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Cintas Corp., fixed charge coverage 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)
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Less: Income (loss) from discontinued operations, net of tax	—)	—)	—)	—)	(323)	2,346)
Add: Income tax expense	402,043)	345,138)	263,011)	176,781)	181,931)	219,764)
Add: Interest expense	100,740)	111,232)	88,844)	98,210)	105,393)	101,736)
Earnings before interest and tax (EBIT)	2,074,375)	1,804,380)	1,587,612)	1,385,959)	1,163,684)	1,204,135)
Add: Operating lease costs, including short-term lease expense and variable lease costs	83,200)	79,800)	74,500)	71,000)	70,400)	69,700)
Earnings before fixed charges and tax	2,157,575)	1,884,180)	1,662,112)	1,456,959)	1,234,084)	1,273,835)

Interest expense	100,740)	111,232)	88,844)	98,210)	105,393)	101,736)
Operating lease costs, including short-term lease expense and variable lease costs	83,200)	79,800)	74,500)	71,000)	70,400)	69,700)
Fixed charges	183,940)	191,032)	163,344)	169,210)	175,793)	171,436)
Solvency Ratio
Fixed charge coverage¹	11.73	9.86	10.18	8.61	7.02	7.43
Benchmarks
Fixed Charge Coverage, Industry
Industrials	—	4.67	3.64	3.98	1.64	3.00

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
Fixed charge coverage = Earnings before fixed charges and tax ÷ Fixed charges
= 2,157,575 ÷ 183,940 = 11.73

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Solvency ratio	Description	The company
Fixed charge coverage ratio	A solvency ratio calculated as earnings before fixed charges and tax divided by fixed charges.	Cintas Corp. fixed charge coverage ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Cintas Corp. (NASDAQ:CTAS)

Analysis of Solvency Ratios

Solvency Ratios (Summary)

Debt to Equity

Debt to Equity (including Operating Lease Liability)

Debt to Capital

Debt to Capital (including Operating Lease Liability)

Debt to Assets

Debt to Assets (including Operating Lease Liability)

Financial Leverage

Interest Coverage

Fixed Charge Coverage