Cintas Corp., current enterprise value calculation

Current share price (P)	$192.65
No. shares of common stock outstanding	403,543,932
US$ in thousands
Common equity (market value)¹	77,742,738)
Add: Preferred stock, no par value, none outstanding (per books)	—)
Total equity	77,742,738)
Add: Debt due within one year (per books)	449,595)
Add: Debt due after one year (per books)	2,025,934)
Total equity and debt	80,218,267)
Less: Cash and cash equivalents	342,015)
Enterprise value (EV)	79,876,252)

¹ Common equity (market value) = Share price × No. shares of common stock outstanding
= 192.65 × 403,543,932

Cintas Corp., EV calculation

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Share price^1, 2	$188.71	$126.14	$102.31	$97.59	$76.45	$65.42
No. shares of common stock outstanding¹	403,075,724	406,966,256	404,752,344	411,868,980	413,996,048	409,948,156
US$ in thousands
Common equity (market value)³	76,064,420)	51,334,724)	41,410,212)	40,194,294)	31,649,998)	26,818,808)
Add: Preferred stock, no par value, none outstanding (book value)	—)	—)	—)	—)	—)	—)
Total equity	76,064,420)	51,334,724)	41,410,212)	40,194,294)	31,649,998)	26,818,808)
Add: Debt due within one year (book value)	449,595)	—)	311,574)	899,070)	—)	312,264)
Add: Debt due after one year (book value)	2,025,934)	2,486,405)	2,483,932)	1,642,833)	2,539,705)	2,537,507)
Total equity and debt	78,539,949)	53,821,129)	44,205,718)	42,736,197)	34,189,703)	29,668,579)
Less: Cash and cash equivalents	342,015)	124,149)	90,471)	493,640)	145,402)	96,645)
Enterprise value (EV)	78,197,934)	53,696,980)	44,115,247)	42,242,557)	34,044,301)	29,571,934)

¹ Data adjusted for splits and stock dividends.

² Closing price as at the filing date of Cintas Corp. Annual Report.

³ 2024 Calculation
Common equity (market value) = Share price × No. shares of common stock outstanding
= 188.71 × 403,075,724

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Item	Description	The company
EV	Enterprise value is total company value (the market value of common equity, debt, and preferred equity) minus the value of cash and short-term investments.	Cintas Corp. EV increased from 2022 to 2023 and from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Enterprise Value (EV)