Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)
EV to EBITDA Ratio, Current
EV to EBITDA Ratio, Historical

Cintas Corp., EBITDA calculation

US$ in thousands

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	1,571,592)	1,348,010)	1,235,757)	1,110,968)	876,037)	884,981)
Less: Income (loss) from discontinued operations, net of tax	—)	—)	—)	—)	(323)	2,346)
Add: Income tax expense	402,043)	345,138)	263,011)	176,781)	181,931)	219,764)
Earnings before tax (EBT)	1,973,635)	1,693,148)	1,498,768)	1,287,749)	1,058,291)	1,102,399)
Add: Interest expense	100,740)	111,232)	88,844)	98,210)	105,393)	101,736)
Earnings before interest and tax (EBIT)	2,074,375)	1,804,380)	1,587,612)	1,385,959)	1,163,684)	1,204,135)
Add: Depreciation	280,866)	257,041)	249,376)	243,836)	235,905)	223,631)
Add: Amortization of intangible assets and capitalized contract costs	161,518)	152,121)	150,325)	144,115)	143,148)	136,462)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,516,759)	2,213,542)	1,987,313)	1,773,910)	1,542,737)	1,564,228)

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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Item	Description	The company
EBITDA	To calculate EBITDA analysts start with net earnings. To that earnings number, interest, taxes, depreciation, and amortization are added. EBITDA as a pre-interest number is a flow to all providers of capital.	Cintas Corp. EBITDA increased from 2022 to 2023 and from 2023 to 2024.

Cintas Corp., current EV/EBITDA calculation, comparison to benchmarks

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	82,055,391)
Earnings before interest, tax, depreciation and amortization (EBITDA)	2,516,759)
Valuation Ratio
EV/EBITDA	32.60
Benchmarks
EV/EBITDA, Industry
Industrials	16.84

Based on: 10-K (reporting date: 2024-05-31).

If the company EV/EBITDA is lower then the EV/EBITDA of benchmark then company is relatively undervalued.
Otherwise, if the company EV/EBITDA is higher then the EV/EBITDA of benchmark then company is relatively overvalued.

Cintas Corp., historical EV/EBITDA 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)
Enterprise value (EV)¹	78,197,934)	53,696,980)	44,115,247)	42,242,557)	34,044,301)	29,571,934)
Earnings before interest, tax, depreciation and amortization (EBITDA)²	2,516,759)	2,213,542)	1,987,313)	1,773,910)	1,542,737)	1,564,228)
Valuation Ratio
EV/EBITDA³	31.07	24.26	22.20	23.81	22.07	18.91
Benchmarks
EV/EBITDA, Industry
Industrials	—	15.81	17.19	16.36	26.72	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 See details »

² See details »

³ 2024 Calculation
EV/EBITDA = EV ÷ EBITDA
= 78,197,934 ÷ 2,516,759 = 31.07

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Valuation ratio	Description	The company
EV/EBITDA	Enterprise value to earnings before interest, tax, depreciation and amortization is a valuation indicator for the overall company rather than common stock.	Cintas Corp. EV/EBITDA ratio increased from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Enterprise Value to EBITDA (EV/EBITDA)

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA)

Enterprise Value to EBITDA Ratio, Current

Enterprise Value to EBITDA Ratio, Historical