Activity ratios measure how efficiently a company performs day-to-day tasks, such us the collection of receivables and management of inventory.

Long-term Activity Ratios (Summary)
Net Fixed Asset Turnover
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)
Total Asset Turnover
Equity Turnover

Cintas Corp., long-term (investment) activity ratios

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net fixed asset turnover	6.26	6.31	5.93	5.40	5.05	4.82
Net fixed asset turnover (including operating lease, right-of-use asset)	5.57	5.60	5.26	4.79	4.53	4.82
Total asset turnover	1.05	1.03	0.96	0.86	0.92	0.93
Equity turnover	2.22	2.28	2.37	1.93	2.19	2.30

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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Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Cintas Corp. net fixed asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Cintas Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Cintas Corp. total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Cintas Corp. equity turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., net fixed asset turnover 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)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Property and equipment, net	1,534,168)	1,396,476)	1,323,673)	1,318,438)	1,403,065)	1,430,685)
Long-term Activity Ratio
Net fixed asset turnover¹	6.26	6.31	5.93	5.40	5.05	4.82
Benchmarks
Net Fixed Asset Turnover, Industry
Industrials	—	3.18	3.24	3.06	2.43	2.78

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 fixed asset turnover = Revenue ÷ Property and equipment, net
= 9,596,615 ÷ 1,534,168 = 6.26

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Long-term activity ratio	Description	The company
Net fixed asset turnover	An activity ratio calculated as total revenue divided by net fixed assets.	Cintas Corp. net fixed asset turnover ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Cintas Corp., net fixed asset turnover (including operating lease, right-of-use asset) 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)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)

Property and equipment, net	1,534,168)	1,396,476)	1,323,673)	1,318,438)	1,403,065)	1,430,685)
Operating lease right-of-use assets, net	187,953)	178,464)	170,003)	168,532)	159,967)	—)
Property and equipment, net (including operating lease, right-of-use asset)	1,722,121)	1,574,940)	1,493,676)	1,486,970)	1,563,032)	1,430,685)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)¹	5.57	5.60	5.26	4.79	4.53	4.82
Benchmarks
Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset), Industry
Industrials	—	2.74	2.79	2.63	2.15	2.59

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 fixed asset turnover (including operating lease, right-of-use asset) = Revenue ÷ Property and equipment, net (including operating lease, right-of-use asset)
= 9,596,615 ÷ 1,722,121 = 5.57

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Long-term activity ratio	Description	The company
Net fixed asset turnover (including operating lease, right-of-use asset)	An activity ratio calculated as total revenue divided by net fixed assets (including operating lease, right-of-use asset).	Cintas Corp. net fixed asset turnover ratio (with operating lease, right-of-use asset) improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024.

Cintas Corp., total asset turnover 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)
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)
Long-term Activity Ratio
Total asset turnover¹	1.05	1.03	0.96	0.86	0.92	0.93
Benchmarks
Total Asset Turnover, Industry
Industrials	—	0.67	0.66	0.60	0.52	0.61

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

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Long-term activity ratio	Description	The company
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Cintas Corp. total asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., equity turnover 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)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Shareholders’ equity	4,316,372)	3,863,986)	3,308,196)	3,687,847)	3,235,202)	3,002,721)
Long-term Activity Ratio
Equity turnover¹	2.22	2.28	2.37	1.93	2.19	2.30
Benchmarks
Equity Turnover, Industry
Industrials	—	3.20	2.94	2.57	2.75	3.51

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
Equity turnover = Revenue ÷ Shareholders’ equity
= 9,596,615 ÷ 4,316,372 = 2.22

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Long-term activity ratio	Description	The company
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Cintas Corp. equity turnover ratio deteriorated from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Analysis of Long-term (Investment) Activity Ratios

Long-term Activity Ratios (Summary)

Net Fixed Asset Turnover

Net Fixed Asset Turnover (including Operating Lease, Right-of-Use Asset)

Total Asset Turnover

Equity Turnover