Profitability ratios measure the company ability to generate profitable sales from its resources (assets).

Cintas Corp., profitability ratios

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Return on Sales
Gross profit margin	48.83%	47.34%	46.24%	46.58%	45.64%	45.39%
Operating profit margin	21.56%	20.45%	20.21%	19.47%	16.41%	16.45%
Net profit margin	16.38%	15.29%	15.73%	15.61%	12.36%	12.84%
Return on Investment
Return on equity (ROE)	36.41%	34.89%	37.35%	30.13%	27.08%	29.47%
Return on assets (ROA)	17.14%	15.77%	15.17%	13.49%	11.42%	11.90%

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Profitability ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Cintas Corp. gross profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Cintas Corp. operating profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Cintas Corp. net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

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Profitability ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Cintas Corp. ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.
ROA	A profitability ratio calculated as net income divided by total assets.	Cintas Corp. ROA improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., gross profit margin calculation

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Selected Financial Data (US$ in thousands)
Gross margin	4,686,416)	4,173,368)	3,632,246)	3,314,651)	3,233,748)	3,128,588)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Profitability Ratio
Gross profit margin¹	48.83%	47.34%	46.24%	46.58%	45.64%	45.39%

¹ 2024 Calculation
Gross profit margin = 100 × Gross margin ÷ Revenue
= 100 × 4,686,416 ÷ 9,596,615 = 48.83%

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Profitability ratio	Description	The company
Gross profit margin	Gross profit margin indicates the percentage of revenue available to cover operating and other expenditures.	Cintas Corp. gross profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., operating profit margin 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)
Operating income	2,068,633)	1,802,664)	1,587,370)	1,385,492)	1,162,696)	1,133,534)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Profitability Ratio
Operating profit margin¹	21.56%	20.45%	20.21%	19.47%	16.41%	16.45%
Benchmarks
Operating Profit Margin, Industry
Industrials	—	10.21%	9.47%	9.92%	4.59%	9.75%

¹ 2024 Calculation
Operating profit margin = 100 × Operating income ÷ Revenue
= 100 × 2,068,633 ÷ 9,596,615 = 21.56%

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Profitability ratio	Description	The company
Operating profit margin	A profitability ratio calculated as operating income divided by revenue.	Cintas Corp. operating profit margin ratio improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., net profit margin 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)
Revenue	9,596,615)	8,815,769)	7,854,459)	7,116,340)	7,085,120)	6,892,303)
Profitability Ratio
Net profit margin¹	16.38%	15.29%	15.73%	15.61%	12.36%	12.84%
Benchmarks
Net Profit Margin, Industry
Industrials	—	8.70%	5.40%	6.54%	1.58%	4.00%

¹ 2024 Calculation
Net profit margin = 100 × Net income ÷ Revenue
= 100 × 1,571,592 ÷ 9,596,615 = 16.38%

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Profitability ratio	Description	The company
Net profit margin	An indicator of profitability, calculated as net income divided by revenue.	Cintas Corp. net profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level.

Cintas Corp., ROE 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)
Shareholders’ equity	4,316,372)	3,863,986)	3,308,196)	3,687,847)	3,235,202)	3,002,721)
Profitability Ratio
ROE¹	36.41%	34.89%	37.35%	30.13%	27.08%	29.47%
Benchmarks
ROE, Industry
Industrials	—	27.82%	15.86%	16.80%	4.33%	14.04%

¹ 2024 Calculation
ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,571,592 ÷ 4,316,372 = 36.41%

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Profitability ratio	Description	The company
ROE	A profitability ratio calculated as net income divided by shareholders’ equity.	Cintas Corp. ROE deteriorated from 2022 to 2023 but then improved from 2023 to 2024 not reaching 2022 level.

Cintas Corp., ROA 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)
Total assets	9,168,817)	8,546,356)	8,147,256)	8,236,823)	7,669,885)	7,436,662)
Profitability Ratio
ROA¹	17.14%	15.77%	15.17%	13.49%	11.42%	11.90%
Benchmarks
ROA, Industry
Industrials	—	5.84%	3.56%	3.91%	0.82%	2.46%

¹ 2024 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 1,571,592 ÷ 9,168,817 = 17.14%

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Profitability ratio	Description	The company
ROA	A profitability ratio calculated as net income divided by total assets.	Cintas Corp. ROA improved from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Analysis of Profitability Ratios