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

Profitability Ratios (Summary)
Gross Profit Margin
Operating Profit Margin
Net Profit Margin
Return on Equity (ROE)
Return on Assets (ROA)

Cintas Corp., profitability 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
Return on Sales
Gross profit margin	49.62%	49.17%	48.83%	48.46%	47.92%	47.68%	47.34%	46.84%	46.50%	46.25%	46.24%	46.55%	46.51%	46.67%	46.58%	45.84%	45.84%	45.73%	45.64%	46.14%	46.00%	45.72%	45.39%	—	—	—
Operating profit margin	22.34%	21.82%	21.56%	21.17%	20.86%	20.72%	20.45%	20.18%	20.26%	20.11%	20.21%	20.21%	19.62%	19.68%	19.47%	17.92%	17.66%	17.18%	16.41%	17.49%	17.29%	16.76%	16.45%	—	—	—
Net profit margin	17.23%	16.80%	16.38%	15.98%	15.57%	15.36%	15.29%	15.06%	15.35%	15.46%	15.73%	15.88%	15.50%	15.72%	15.61%	14.32%	13.90%	13.18%	12.36%	13.19%	12.99%	13.18%	12.84%	—	—	—
Return on Investment
Return on equity (ROE)	39.89%	40.75%	36.41%	35.51%	35.84%	33.88%	34.89%	35.68%	37.48%	38.90%	37.35%	36.70%	32.33%	34.51%	30.13%	25.88%	26.79%	25.67%	27.08%	28.81%	29.84%	30.26%	29.47%	—	—	—
Return on assets (ROA)	18.28%	18.07%	17.14%	16.74%	16.24%	15.84%	15.77%	15.31%	15.26%	15.21%	15.17%	14.80%	14.37%	14.54%	13.49%	11.83%	11.40%	11.50%	11.42%	12.12%	11.75%	12.05%	11.90%	—	—	—

The financial margins and return ratios exhibit consistent improvement over the observed periods, indicating strengthening profitability and asset efficiency.

Gross Profit Margin: The gross profit margin shows a clear upward trend starting from 45.39% in May 2019 and rising steadily to 49.62% by November 2024. This gradual increase reflects an overall enhancement in the company's production or service delivery efficiency, suggesting improved control over cost of goods sold relative to revenue.
Operating Profit Margin: The operating profit margin follows a similar positive trajectory, moving from 16.45% in May 2019 to 22.34% in May 2024. Notably, there is a consistent increment with minor fluctuations, indicating that operational efficiencies and expense management have improved, thus contributing to a stronger core profitability.
Net Profit Margin: The net profit margin also shows a progressive increase, rising from 12.84% in May 2019 to 17.23% in May 2024. This pattern highlights improvements not only in operational performance but also in overall cost control, tax management, and financing costs, resulting in better bottom-line profitability.
Return on Equity (ROE): The ROE experienced some volatility but trends upward overall, moving from 29.47% in May 2019 to a peak of 40.75% in August 2024 before a slight decline to 39.89% in November 2024. While some periods show dips, the long-term increase suggests enhanced value generation for shareholders, reflecting effective use of equity capital.
Return on Assets (ROA): The ROA exhibits steady growth from 11.9% in May 2019 to 18.28% in November 2024. This consistent rise indicates improving efficiency in asset utilization to generate net income, which complements the upward trends observed in profitability margins.

Overall, the data indicates a sustained improvement in profitability and efficiency metrics over the reported quarters. The gradual enhancement in margins and returns suggests that the company has effectively managed costs and optimized asset deployment to drive superior financial performance.

Return on Sales

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Return on Investment

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Cintas Corp., gross profit margin 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)
Gross margin	1,276,703)	1,252,131)	1,215,449)	1,187,848)	1,141,548)	1,141,571)	1,088,778)	1,034,031)	1,022,447)	1,028,112)	946,195)	898,154)	885,141)	902,756)	859,050)	809,516)	819,884)	826,201)	707,820)	824,395)	852,391)	849,142)	823,565)	755,153)	775,158)	774,712)
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)
Profitability Ratio
Gross profit margin¹	49.62%	49.17%	48.83%	48.46%	47.92%	47.68%	47.34%	46.84%	46.50%	46.25%	46.24%	46.55%	46.51%	46.67%	46.58%	45.84%	45.84%	45.73%	45.64%	46.14%	46.00%	45.72%	45.39%	—	—	—

¹ Q2 2025 Calculation
Gross profit margin = 100 × (Gross margin_{Q2 2025} + Gross margin_{Q1 2025} + Gross margin_{Q4 2024} + Gross margin_{Q3 2024}) ÷ (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024})
= 100 × (1,276,703 + 1,252,131 + 1,215,449 + 1,187,848) ÷ (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) = 49.62%

Revenue Trends: The revenue shows a general upward trend over the analyzed period. Starting from approximately 1.70 billion US dollars in August 2018, there is consistent growth, with some fluctuations, reaching over 2.56 billion US dollars by August 2024. Notably, a significant dip occurs around May 2020, declining to roughly 1.62 billion, which aligns with a period of reduced gross margin and gross profit margin. Following this, revenue steadily recovers and surpasses previous highs, indicating strong growth momentum.
Gross Margin Analysis: Gross margin in absolute value follows a similar trajectory to revenue, showing growth over time but with periods of volatility. The margin rose from approximately 774 million US dollars in August 2018 to around 1.28 billion US dollars by August 2024. A marked decrease is observed in May 2020, dropping to 707 million, corresponding with the revenue dip, after which it rebounds and continues to increase robustly. This recovery suggests effective cost management and operational resilience following the mid-2020 downturn.
Gross Profit Margin Percentage: The gross profit margin as a percentage develops positively over the analyzed quarters. From May 2019, when data begins around 45.39%, there is a steady incremental increase to over 49.6% by August 2024. This upward trend in profitability percentage reflects improvements in pricing power, cost control, or favorable sales mix. The margin improves consistently quarter over quarter, without major setbacks even during periods of revenue dip, suggesting structural enhancements in cost efficiency.
Overall Financial Performance Insights: The company demonstrates sustained revenue growth and improved profitability margins over the multi-year span, with a clear temporary setback in early 2020, likely related to broader economic challenges. The recovery post-2020 is strong, with gross margin and gross profit margin percentages both achieving new highs. The increasing gross profit margin percentage indicates efficiency gains and enhanced profitability per dollar of sales. These trends cumulatively suggest that the company has strengthened its operational capability and market position, achieving higher scale and improved margin management simultaneously.

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Cintas Corp., operating profit margin 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)
Operating income	591,390)	561,031)	547,594)	520,800)	499,683)	500,556)	470,798)	446,812)	444,934)	440,120)	404,436)	407,605)	381,228)	394,101)	356,446)	326,468)	352,872)	349,706)	207,434)	314,652)	334,464)	306,146)	314,411)	278,255)	275,640)	265,228)
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)
Profitability Ratio
Operating profit margin¹	22.34%	21.82%	21.56%	21.17%	20.86%	20.72%	20.45%	20.18%	20.26%	20.11%	20.21%	20.21%	19.62%	19.68%	19.47%	17.92%	17.66%	17.18%	16.41%	17.49%	17.29%	16.76%	16.45%	—	—	—

¹ Q2 2025 Calculation
Operating profit margin = 100 × (Operating income_{Q2 2025} + Operating income_{Q1 2025} + Operating income_{Q4 2024} + Operating income_{Q3 2024}) ÷ (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024})
= 100 × (591,390 + 561,031 + 547,594 + 520,800) ÷ (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) = 22.34%

The data exhibits a generally positive financial performance trend over the observed periods. Revenue demonstrates a steady upward trajectory from August 2018 through November 2024, showing consistent growth each quarter. Despite some fluctuations around the early 2020 period, likely influenced by external economic factors, the overall increase in revenue is prominent, culminating in over 2.5 billion US dollars by late 2024.

Operating income follows a similar upward path, with notable growth from approximately 265 million US dollars in August 2018 to nearly 591 million US dollars by November 2024. There is a visible dip in operating income during May 2020, which might correspond with the economic disruptions around that period, but the recovery thereafter is strong and sustained.

Operating profit margin data, starting from May 2019, reveals a steady improvement over time. Beginning at around 16.45%, the margin shows a consistent rise, reaching above 22% by November 2024. This indicates not only increased profitability but also an enhancement in operational efficiency or cost management relative to revenue generation.

Revenue Trends: A steady and continuous increase over all periods, reaching a peak of over 2.5 billion US dollars by the end of the dataset.
Operating Income Patterns: An overall growth from 265 million to nearly 591 million US dollars, with a temporary decline in mid-2020 followed by strong recoveries and consistent expansion afterwards.
Operating Profit Margin Progression: A sustained upward trend from approximately 16.45% to 22.34%, highlighting improved profitability and efficiency.

In summary, the company showed resilience and strong performance throughout the observed timeframe, successfully navigating through periods of economic challenges. Growth in revenue and operating income complemented by increasing profit margins reflects enhanced operational leverage and effective management strategies.

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Cintas Corp., net profit margin 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)
Net income	448,495)	452,033)	414,315)	397,579)	374,613)	385,085)	346,201)	325,827)	324,293)	351,689)	294,461)	315,448)	294,669)	331,179)	267,722)	258,384)	284,857)	300,005)	144,585)	234,520)	246,120)	250,812)	226,119)	203,334)	243,013)	212,515)
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)
Profitability Ratio
Net profit margin¹	17.23%	16.80%	16.38%	15.98%	15.57%	15.36%	15.29%	15.06%	15.35%	15.46%	15.73%	15.88%	15.50%	15.72%	15.61%	14.32%	13.90%	13.18%	12.36%	13.19%	12.99%	13.18%	12.84%	—	—	—

¹ Q2 2025 Calculation
Net profit margin = 100 × (Net income_{Q2 2025} + Net income_{Q1 2025} + Net income_{Q4 2024} + Net income_{Q3 2024}) ÷ (Revenue_{Q2 2025} + Revenue_{Q1 2025} + Revenue_{Q4 2024} + Revenue_{Q3 2024})
= 100 × (448,495 + 452,033 + 414,315 + 397,579) ÷ (2,561,783 + 2,501,587 + 2,470,935 + 2,406,173) = 17.23%

Revenue: Revenue exhibited a generally upward trend over the span of the observed periods. Initial values around 1.7 billion US dollars increased steadily, with some minor fluctuations, reaching approximately 2.56 billion US dollars by the latest quarter. A notable dip occurred around the period ending May 31, 2020, likely reflecting an external impact, after which revenue resumed its growth trajectory.
Net Income: Net income followed a pattern somewhat similar to revenue, with growth evident from approximately 212.5 million US dollars to over 448 million US dollars by the most recent quarter. There was a distinct contraction in net income during the early months of 2020, coinciding with the dip in revenue. Subsequent quarters saw a robust recovery, with net income reaching new highs later in the timeline.
Net Profit Margin: Net profit margin data, available only from mid-2019 onwards, indicated a positive and strengthening profitability trend. Starting at 12.84%, the margin generally increased over time, peaking above 17% in the most recent periods. This suggests improved operational efficiency or favorable cost management, contributing to enhanced profitability despite revenue fluctuations.
Overall Financial Insights: The data reveal that the company experienced a temporary setback in both revenue and net income around early 2020, which may correspond to broader economic or industry-specific disruptions. However, the recovery was strong and sustained, with consistent increases in revenue, net income, and profit margins in subsequent quarters. The rising net profit margin reflects an ability to convert revenue growth into improved bottom-line performance, indicating effective financial management and potentially a growing competitive advantage in the market.

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Cintas Corp., ROE 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)
Net income	448,495)	452,033)	414,315)	397,579)	374,613)	385,085)	346,201)	325,827)	324,293)	351,689)	294,461)	315,448)	294,669)	331,179)	267,722)	258,384)	284,857)	300,005)	144,585)	234,520)	246,120)	250,812)	226,119)	203,334)	243,013)	212,515)
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)
Profitability Ratio
ROE¹	39.89%	40.75%	36.41%	35.51%	35.84%	33.88%	34.89%	35.68%	37.48%	38.90%	37.35%	36.70%	32.33%	34.51%	30.13%	25.88%	26.79%	25.67%	27.08%	28.81%	29.84%	30.26%	29.47%	—	—	—

¹ Q2 2025 Calculation
ROE = 100 × (Net income_{Q2 2025} + Net income_{Q1 2025} + Net income_{Q4 2024} + Net income_{Q3 2024}) ÷ Shareholders’ equity
= 100 × (448,495 + 452,033 + 414,315 + 397,579) ÷ 4,293,106 = 39.89%

The net income demonstrates a generally upward trend over the observed periods, with some volatility notably around mid-2020. Specifically, net income declined significantly in May 2020 compared to the previous quarters, likely reflecting external economic challenges during that period. Subsequent quarters show a recovery and consistent growth, reaching the highest figures in 2024, indicating improved profitability and operational performance over time.

Shareholders’ equity displays fluctuations without a clear linear trend. Initial values decrease from August 2018 until mid-2019, followed by an increase through early 2021. Thereafter, it experiences periods of decline and recovery, maintaining an overall relatively stable range, which may suggest variations driven by dividend payments, share buybacks, or changes in other comprehensive income components. The equity figures remain substantial throughout, supporting the company's financial base.

Return on Equity (ROE) is available from May 2019 onwards and shows a stable to slightly increasing trend. Values start slightly below 30%, then fluctuate within a rising band, reaching around 40% in some quarters of 2024. This indicates an improvement in the company’s efficiency at generating profits from shareholders’ equity, with a peak in ROE corresponding with higher net incomes and generally stable equity levels.

Key Observations: Net income recovery post May 2020 reveals resilience and improved operational effectiveness after a mid-period dip.; Shareholders’ equity exhibits volatility, but no significant long-term deterioration or growth trend, suggesting stable capital management.; ROE's gradual increase demonstrates enhanced returns on equity, pointing towards improved profitability relative to equity base.; The temporal alignment of increasing net income and rising ROE implies that profitability gains are not merely driven by equity adjustments but through operational gains.

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Cintas Corp., ROA 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)
Net income	448,495)	452,033)	414,315)	397,579)	374,613)	385,085)	346,201)	325,827)	324,293)	351,689)	294,461)	315,448)	294,669)	331,179)	267,722)	258,384)	284,857)	300,005)	144,585)	234,520)	246,120)	250,812)	226,119)	203,334)	243,013)	212,515)
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)
Profitability Ratio
ROA¹	18.28%	18.07%	17.14%	16.74%	16.24%	15.84%	15.77%	15.31%	15.26%	15.21%	15.17%	14.80%	14.37%	14.54%	13.49%	11.83%	11.40%	11.50%	11.42%	12.12%	11.75%	12.05%	11.90%	—	—	—

¹ Q2 2025 Calculation
ROA = 100 × (Net income_{Q2 2025} + Net income_{Q1 2025} + Net income_{Q4 2024} + Net income_{Q3 2024}) ÷ Total assets
= 100 × (448,495 + 452,033 + 414,315 + 397,579) ÷ 9,366,529 = 18.28%

The analysis of the quarterly financial data reveals several key trends in profitability, asset base, and returns for the company over the observed periods.

Net Income: The net income figures display volatility with an overall upward trajectory. Initially, net income fluctuates moderately, rising from approximately $212.5 million in August 2018 to a peak surpassing $351.7 million by August 2022. Notable dips occur during early 2020, coinciding with potential external disruptions, where net income decreased to around $144.6 million in May 2020. Thereafter, a recovery and growth phase is observed, with net income reaching approximately $452 million by August 2024. This pattern suggests resilience and growth capacity following a downturn.
Total Assets: The asset base shows consistent growth over time, increasing from roughly $7.29 billion in August 2018 to above $9.36 billion by August 2024. Although minor fluctuations are observed, including a slight decline around mid-2020, the overall asset accumulation trend reflects expansion and investment continuity. This growth supports the company's capacity to generate higher income and maintain operational scale.
Return on Assets (ROA): ROA values are reported starting from May 2019, exhibiting a steadily improving trend. Beginning at around 11.9%, the return steadily rises to 18.28% by August 2024. This steady increase in ROA indicates enhanced efficiency in utilizing assets to generate profits over time. The improvement correlates with the growth in net income and suggests effective management and potentially higher-margin operations.

In summary, the company demonstrates a solid expansion in its asset base paired with improving profitability and asset efficiency. Despite some short-term disruptions reflected in net income dips during 2020, the subsequent recovery and persistent upward trends in both net income and ROA highlight operational robustness and effective resource utilization. These patterns may indicate strong strategic positioning and operational resilience in the context of broader economic conditions within the period analyzed.

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Cintas Corp. (NASDAQ:CTAS)

Analysis of Profitability Ratios
Quarterly Data

Profitability Ratios (Summary)

Return on Sales

Return on Investment

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Equity (ROE)

Return on Assets (ROA)

Cintas Corp. (NASDAQ:CTAS)

Analysis of Profitability Ratios Quarterly Data

Profitability Ratios (Summary)

Return on Sales

Return on Investment

Gross Profit Margin

Operating Profit Margin

Net Profit Margin

Return on Equity (ROE)

Return on Assets (ROA)

Analysis of Profitability Ratios
Quarterly Data