Analysis of Reportable Segments
Cintas Corp. operates in 2 segments: Uniform Rental and Facility Services and First Aid and Safety Services.
Segment Profit Margin
Cintas Corp., profit margin by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 22.23% | 21.44% | 21.74% | 21.55% | 17.80% | 17.59% |
| First Aid and Safety Services | 22.41% | 18.99% | 12.83% | 10.35% | 15.09% | 14.54% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
| First Aid and Safety Services | First Aid and Safety Services segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Profit Margin: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment 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) | ||||||
| Operating income | 1,659,501) | 1,478,757) | 1,353,490) | 1,225,840) | 1,004,558) | 976,710) |
| Revenue | 7,465,199) | 6,897,130) | 6,226,980) | 5,689,632) | 5,643,494) | 5,552,430) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 22.23% | 21.44% | 21.74% | 21.55% | 17.80% | 17.59% |
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
Segment profit margin = 100 × Operating income ÷ Revenue
= 100 × 1,659,501 ÷ 7,465,199 = 22.23%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment profit margin ratio deteriorated from 2022 to 2023 but then improved from 2023 to 2024 exceeding 2022 level. |
Segment Profit Margin: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment 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) | ||||||
| Operating income | 239,153) | 180,690) | 106,763) | 81,183) | 106,892) | 90,084) |
| Revenue | 1,067,334) | 951,496) | 832,458) | 784,291) | 708,569) | 619,470) |
| Segment Profitability Ratio | ||||||
| Segment profit margin1 | 22.41% | 18.99% | 12.83% | 10.35% | 15.09% | 14.54% |
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
Segment profit margin = 100 × Operating income ÷ Revenue
= 100 × 239,153 ÷ 1,067,334 = 22.41%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | First Aid and Safety Services | First Aid and Safety Services segment profit margin ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Return on Assets (Segment ROA)
Cintas Corp., ROA by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 22.12% | 20.61% | 19.39% | 18.18% | 15.38% | 15.16% |
| First Aid and Safety Services | 32.76% | 25.69% | 16.08% | 12.73% | 17.49% | 17.84% |
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).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment ROA improved from 2022 to 2023 and from 2023 to 2024. |
| First Aid and Safety Services | First Aid and Safety Services segment ROA improved from 2022 to 2023 and from 2023 to 2024. |
Segment ROA: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment ROA 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) | ||||||
| Operating income | 1,659,501) | 1,478,757) | 1,353,490) | 1,225,840) | 1,004,558) | 976,710) |
| Total assets | 7,503,043) | 7,176,257) | 6,979,731) | 6,743,272) | 6,531,673) | 6,442,461) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 22.12% | 20.61% | 19.39% | 18.18% | 15.38% | 15.16% |
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
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 1,659,501 ÷ 7,503,043 = 22.12%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment ROA improved from 2022 to 2023 and from 2023 to 2024. |
Segment ROA: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment ROA 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) | ||||||
| Operating income | 239,153) | 180,690) | 106,763) | 81,183) | 106,892) | 90,084) |
| Total assets | 730,003) | 703,226) | 664,040) | 637,663) | 611,205) | 504,920) |
| Segment Profitability Ratio | ||||||
| Segment ROA1 | 32.76% | 25.69% | 16.08% | 12.73% | 17.49% | 17.84% |
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
Segment ROA = 100 × Operating income ÷ Total assets
= 100 × 239,153 ÷ 730,003 = 32.76%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment ROA | First Aid and Safety Services | First Aid and Safety Services segment ROA improved from 2022 to 2023 and from 2023 to 2024. |
Segment Asset Turnover
Cintas Corp., asset turnover by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 0.99 | 0.96 | 0.89 | 0.84 | 0.86 | 0.86 |
| First Aid and Safety Services | 1.46 | 1.35 | 1.25 | 1.23 | 1.16 | 1.23 |
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).
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
| First Aid and Safety Services | First Aid and Safety Services segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Asset Turnover: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment asset turnover 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) | ||||||
| Revenue | 7,465,199) | 6,897,130) | 6,226,980) | 5,689,632) | 5,643,494) | 5,552,430) |
| Total assets | 7,503,043) | 7,176,257) | 6,979,731) | 6,743,272) | 6,531,673) | 6,442,461) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 0.99 | 0.96 | 0.89 | 0.84 | 0.86 | 0.86 |
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
Segment asset turnover = Revenue ÷ Total assets
= 7,465,199 ÷ 7,503,043 = 0.99
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Asset Turnover: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment asset turnover 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) | ||||||
| Revenue | 1,067,334) | 951,496) | 832,458) | 784,291) | 708,569) | 619,470) |
| Total assets | 730,003) | 703,226) | 664,040) | 637,663) | 611,205) | 504,920) |
| Segment Activity Ratio | ||||||
| Segment asset turnover1 | 1.46 | 1.35 | 1.25 | 1.23 | 1.16 | 1.23 |
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
Segment asset turnover = Revenue ÷ Total assets
= 1,067,334 ÷ 730,003 = 1.46
| Segment activity ratio | Reportable segment | The company |
|---|---|---|
| Segment asset turnover | First Aid and Safety Services | First Aid and Safety Services segment asset turnover ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation
Cintas Corp., capital expenditures to depreciation by reportable segment
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 0.77 | 0.70 | 0.51 | 0.32 | 0.58 | 0.73 |
| First Aid and Safety Services | 1.23 | 1.23 | 1.23 | 0.79 | 0.93 | 1.00 |
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).
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
| First Aid and Safety Services | First Aid and Safety Services segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Segment Capital Expenditures to Depreciation: Uniform Rental and Facility Services
Cintas Corp.; Uniform Rental and Facility Services; segment capital expenditures to depreciation 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) | ||||||
| Capital expenditures | 261,225) | 227,436) | 166,559) | 104,020) | 183,364) | 220,373) |
| Depreciation and amortization | 340,426) | 326,185) | 329,473) | 323,596) | 317,699) | 301,328) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 0.77 | 0.70 | 0.51 | 0.32 | 0.58 | 0.73 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 261,225 ÷ 340,426 = 0.77
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | Uniform Rental and Facility Services | Uniform Rental and Facility Services segment capital expenditures to depreciation ratio improved from 2022 to 2023 and from 2023 to 2024. |
Segment Capital Expenditures to Depreciation: First Aid and Safety Services
Cintas Corp.; First Aid and Safety Services; segment capital expenditures to depreciation 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) | ||||||
| Capital expenditures | 100,025) | 76,549) | 59,656) | 34,384) | 35,678) | 36,783) |
| Depreciation and amortization | 81,342) | 62,059) | 48,656) | 43,314) | 38,516) | 36,824) |
| Segment Financial Ratio | ||||||
| Segment capital expenditures to depreciation1 | 1.23 | 1.23 | 1.23 | 0.79 | 0.93 | 1.00 |
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
Segment capital expenditures to depreciation = Capital expenditures ÷ Depreciation and amortization
= 100,025 ÷ 81,342 = 1.23
| Segment financial ratio | Reportable segment | The company |
|---|---|---|
| Segment capital expenditures to depreciation | First Aid and Safety Services | First Aid and Safety Services segment capital expenditures to depreciation ratio improved from 2022 to 2023 but then slightly deteriorated from 2023 to 2024 not reaching 2022 level. |
Revenue
Cintas Corp., revenue by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 7,465,199) | 6,897,130) | 6,226,980) | 5,689,632) | 5,643,494) | 5,552,430) |
| First Aid and Safety Services | 1,067,334) | 951,496) | 832,458) | 784,291) | 708,569) | 619,470) |
| All Other | 1,064,082) | 967,143) | 795,021) | 642,417) | 733,057) | 720,403) |
| Total | 9,596,615) | 8,815,769) | 7,854,459) | 7,116,340) | 7,085,120) | 6,892,303) |
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).
Operating income
Cintas Corp., operating income by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 1,659,501) | 1,478,757) | 1,353,490) | 1,225,840) | 1,004,558) | 976,710) |
| First Aid and Safety Services | 239,153) | 180,690) | 106,763) | 81,183) | 106,892) | 90,084) |
| All Other | 169,979) | 143,217) | 127,117) | 78,469) | 51,246) | 66,740) |
| Total | 2,068,633) | 1,802,664) | 1,587,370) | 1,385,492) | 1,162,696) | 1,133,534) |
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).
Depreciation and amortization
Cintas Corp., depreciation and amortization by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 340,426) | 326,185) | 329,473) | 323,596) | 317,699) | 301,328) |
| First Aid and Safety Services | 81,342) | 62,059) | 48,656) | 43,314) | 38,516) | 36,824) |
| All Other | 20,616) | 20,918) | 21,572) | 21,041) | 22,838) | 21,941) |
| Total | 442,384) | 409,162) | 399,701) | 387,951) | 379,053) | 360,093) |
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).
Capital expenditures
Cintas Corp., capital expenditures by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 261,225) | 227,436) | 166,559) | 104,020) | 183,364) | 220,373) |
| First Aid and Safety Services | 100,025) | 76,549) | 59,656) | 34,384) | 35,678) | 36,783) |
| All Other | 48,219) | 27,124) | 14,457) | 5,066) | 11,247) | 19,563) |
| Total | 409,469) | 331,109) | 240,672) | 143,470) | 230,289) | 276,719) |
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).
Total assets
Cintas Corp., total assets by reportable segment
US$ in thousands
| May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | May 31, 2020 | May 31, 2019 | |
|---|---|---|---|---|---|---|
| Uniform Rental and Facility Services | 7,503,043) | 7,176,257) | 6,979,731) | 6,743,272) | 6,531,673) | 6,442,461) |
| First Aid and Safety Services | 730,003) | 703,226) | 664,040) | 637,663) | 611,205) | 504,920) |
| All Other | 593,756) | 542,724) | 413,014) | 362,248) | 381,605) | 392,636) |
| Corporate | 342,015) | 124,149) | 90,471) | 493,640) | 145,402) | 96,645) |
| Total | 9,168,817) | 8,546,356) | 8,147,256) | 8,236,823) | 7,669,885) | 7,436,662) |
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).