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 (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Net fixed asset turnover	6.25	6.28	6.26	6.25	6.28	6.25	6.31	6.34	6.25	6.11	5.93	5.80	5.72	5.58	5.40	5.19	5.16	5.09	5.05	5.06	5.00	4.93	4.82	—	—	—
Net fixed asset turnover (including operating lease, right-of-use asset)	5.60	5.59	5.57	5.56	5.60	5.55	5.60	5.60	5.52	5.40	5.26	5.14	5.11	4.98	4.79	4.64	4.63	4.57	4.53	4.54	4.47	4.42	4.82	—	—	—
Total asset turnover	1.06	1.08	1.05	1.05	1.04	1.03	1.03	1.02	0.99	0.98	0.96	0.93	0.93	0.92	0.86	0.83	0.82	0.87	0.92	0.92	0.90	0.91	0.93	—	—	—
Equity turnover	2.32	2.43	2.22	2.22	2.30	2.21	2.28	2.37	2.44	2.52	2.37	2.31	2.09	2.20	1.93	1.81	1.93	1.95	2.19	2.18	2.30	2.30	2.30	—	—	—

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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 Q4 2024 to Q1 2025 but then deteriorated significantly from Q1 2025 to Q2 2025.
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 Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.
Total asset turnover	An activity ratio calculated as total revenue divided by total assets.	Cintas Corp. total asset turnover ratio improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025.
Equity turnover	An activity ratio calculated as total revenue divided by shareholders’ equity.	Cintas Corp. equity turnover ratio improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025 not reaching Q4 2024 level.

Cintas Corp., net fixed asset turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)
Property and equipment, net	1,590,688)	1,554,640)	1,534,168)	1,505,810)	1,463,826)	1,439,266)	1,396,476)	1,358,181)	1,340,658)	1,329,131)	1,323,673)	1,312,176)	1,299,375)	1,301,233)	1,318,438)	1,329,930)	1,344,333)	1,378,385)	1,403,065)	1,434,866)	1,425,584)	1,422,351)	1,430,685)	1,424,063)	1,410,530)	1,394,634)
Long-term Activity Ratio
Net fixed asset turnover¹	6.25	6.28	6.26	6.25	6.28	6.25	6.31	6.34	6.25	6.11	5.93	5.80	5.72	5.58	5.40	5.19	5.16	5.09	5.05	5.06	5.00	4.93	4.82	—	—	—

¹ Q2 2025 Calculation
Net fixed asset turnover = (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024}) ÷ Property and equipment, net
= (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) ÷ 1,590,688 = 6.25

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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 Q4 2024 to Q1 2025 but then deteriorated significantly from Q1 2025 to Q2 2025.

Cintas Corp., net fixed asset turnover (including operating lease, right-of-use asset) calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)

Property and equipment, net	1,590,688)	1,554,640)	1,534,168)	1,505,810)	1,463,826)	1,439,266)	1,396,476)	1,358,181)	1,340,658)	1,329,131)	1,323,673)	1,312,176)	1,299,375)	1,301,233)	1,318,438)	1,329,930)	1,344,333)	1,378,385)	1,403,065)	1,434,866)	1,425,584)	1,422,351)	1,430,685)	1,424,063)	1,410,530)	1,394,634)
Operating lease right-of-use assets, net	184,159)	190,965)	187,953)	186,514)	179,154)	181,677)	178,464)	178,524)	176,276)	174,697)	170,003)	167,995)	155,677)	159,289)	168,532)	156,850)	154,022)	159,120)	159,967)	165,169)	169,233)	163,089)	—)	—)	—)	—)
Property and equipment, net (including operating lease, right-of-use asset)	1,774,847)	1,745,605)	1,722,121)	1,692,324)	1,642,980)	1,620,943)	1,574,940)	1,536,705)	1,516,934)	1,503,828)	1,493,676)	1,480,171)	1,455,052)	1,460,522)	1,486,970)	1,486,780)	1,498,355)	1,537,505)	1,563,032)	1,600,035)	1,594,817)	1,585,440)	1,430,685)	1,424,063)	1,410,530)	1,394,634)
Long-term Activity Ratio
Net fixed asset turnover (including operating lease, right-of-use asset)¹	5.60	5.59	5.57	5.56	5.60	5.55	5.60	5.60	5.52	5.40	5.26	5.14	5.11	4.98	4.79	4.64	4.63	4.57	4.53	4.54	4.47	4.42	4.82	—	—	—

¹ Q2 2025 Calculation
Net fixed asset turnover (including operating lease, right-of-use asset) = (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024}) ÷ Property and equipment, net (including operating lease, right-of-use asset)
= (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) ÷ 1,774,847 = 5.60

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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 Q4 2024 to Q1 2025 and from Q1 2025 to Q2 2025.

Cintas Corp., total asset turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)
Total assets	9,366,529)	9,068,707)	9,168,817)	8,978,875)	8,813,869)	8,719,681)	8,546,356)	8,466,001)	8,427,007)	8,261,026)	8,147,256)	8,168,600)	8,017,410)	7,857,750)	8,236,823)	8,347,497)	8,454,753)	8,043,381)	7,669,885)	7,901,980)	7,887,337)	7,661,900)	7,436,662)	7,433,673)	7,405,083)	7,287,204)
Long-term Activity Ratio
Total asset turnover¹	1.06	1.08	1.05	1.05	1.04	1.03	1.03	1.02	0.99	0.98	0.96	0.93	0.93	0.92	0.86	0.83	0.82	0.87	0.92	0.92	0.90	0.91	0.93	—	—	—

¹ Q2 2025 Calculation
Total asset turnover = (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024}) ÷ Total assets
= (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) ÷ 9,366,529 = 1.06

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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 Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025.

Cintas Corp., equity turnover calculation (quarterly data)

	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019	May 31, 2019	Feb 28, 2019	Nov 30, 2018	Aug 31, 2018
Selected Financial Data (US$ in thousands)
Revenue	2,561,783)	2,501,587)	2,470,935)	2,406,173)	2,377,177)	2,342,330)	2,284,471)	2,189,986)	2,174,858)	2,166,454)	2,074,686)	1,960,542)	1,922,281)	1,896,950)	1,835,661)	1,777,056)	1,757,048)	1,746,575)	1,619,584)	1,810,648)	1,843,749)	1,811,139)	1,793,730)	1,682,330)	1,718,268)	1,697,975)
Shareholders’ equity	4,293,106)	4,021,423)	4,316,372)	4,234,083)	3,994,481)	4,077,635)	3,863,986)	3,633,256)	3,430,538)	3,229,626)	3,308,196)	3,293,900)	3,563,127)	3,309,203)	3,687,847)	3,816,510)	3,597,960)	3,604,804)	3,235,202)	3,324,309)	3,104,970)	3,050,706)	3,002,721)	3,179,492)	3,027,244)	3,345,968)
Long-term Activity Ratio
Equity turnover¹	2.32	2.43	2.22	2.22	2.30	2.21	2.28	2.37	2.44	2.52	2.37	2.31	2.09	2.20	1.93	1.81	1.93	1.95	2.19	2.18	2.30	2.30	2.30	—	—	—

¹ Q2 2025 Calculation
Equity turnover = (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024}) ÷ Shareholders’ equity
= (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) ÷ 4,293,106 = 2.32

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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 improved from Q4 2024 to Q1 2025 but then slightly deteriorated from Q1 2025 to Q2 2025 not reaching Q4 2024 level.

Cintas Corp. (NASDAQ:CTAS)

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data

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. (NASDAQ:CTAS)

Analysis of Long-term (Investment) Activity RatiosQuarterly Data

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

Analysis of Long-term (Investment) Activity Ratios
Quarterly Data