Cintas Corp., FCFF 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)
Net noncash charges	530,458)	536,016)	518,839)	440,828)	487,456)	458,438)
Change in current assets and liabilities, net of acquisitions of businesses	(22,269)	(286,212)	(216,971)	(191,056)	(72,010)	(275,557)
Net cash provided by operating activities	2,079,781)	1,597,814)	1,537,625)	1,360,740)	1,291,483)	1,067,862)
Interest paid, net of tax¹	80,267)	88,776)	80,636)	84,803)	87,365)	81,501)
Capital expenditures	(409,469)	(331,109)	(240,672)	(143,470)	(230,289)	(276,719)
Free cash flow to the firm (FCFF)	1,750,579)	1,355,481)	1,377,589)	1,302,073)	1,148,559)	872,644)

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
FCFF	Free cash flow to the firm is the cash flow available to the Cintas Corp. suppliers of capital after all operating expenses have been paid and necessary investments in working and fixed capital have been made.	Cintas Corp. FCFF decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Cintas Corp., interest paid, net of tax 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
Effective Income Tax Rate (EITR)
EITR¹	20.37%	20.38%	17.55%	13.73%	17.19%	19.94%
Interest Paid, Net of Tax
Interest paid, before tax	100,800)	111,500)	97,800)	98,300)	105,500)	101,800)
Less: Interest paid, tax²	20,533)	22,724)	17,164)	13,497)	18,135)	20,299)
Interest paid, net of tax	80,267)	88,776)	80,636)	84,803)	87,365)	81,501)

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 2024 Calculation
Interest paid, tax = Interest paid × EITR
= 100,800 × 20.37% = 20,533

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

Selected Financial Data (US$ in thousands)
Enterprise value (EV)	82,055,391)
Free cash flow to the firm (FCFF)	1,750,579)
Valuation Ratio
EV/FCFF	46.87
Benchmarks
EV/FCFF, Industry
Industrials	27.66

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

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

Cintas Corp., historical EV/FCFF 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)
Free cash flow to the firm (FCFF)²	1,750,579)	1,355,481)	1,377,589)	1,302,073)	1,148,559)	872,644)
Valuation Ratio
EV/FCFF³	44.67	39.61	32.02	32.44	29.64	33.89
Benchmarks
EV/FCFF, Industry
Industrials	—	25.96	25.04	28.50	69.58	31.33

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/FCFF = EV ÷ FCFF
= 78,197,934 ÷ 1,750,579 = 44.67

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Valuation ratio	Description	The company
EV/FCFF	Enterprise value to free cash flow to the firm is whole company valuation indicator.	Cintas Corp. EV/FCFF ratio increased from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Enterprise Value to FCFF (EV/FCFF)

Free Cash Flow to The Firm (FCFF)

Interest Paid, Net of Tax

Enterprise Value to FCFF Ratio, Current

Enterprise Value to FCFF Ratio, Historical