Cintas Corp., FCFE 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)
Capital expenditures	(409,469)	(331,109)	(240,672)	(143,470)	(230,289)	(276,719)
Issuance (payments) of commercial paper, net	—)	(261,200)	261,200)	—)	(112,500)	112,500)
Proceeds from issuance of debt	—)	—)	1,190,506)	—)	—)	200,000)
Repayment of debt	(13,450)	(50,000)	(1,200,000)	—)	(200,000)	—)
Free cash flow to equity (FCFE)	1,656,862)	955,505)	1,548,659)	1,217,270)	748,694)	1,103,643)

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
FCFE	Free cash flow to equity is the cash flow available to Cintas Corp. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Cintas Corp. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Cintas Corp., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	403,543,932
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)	1,656,862)
FCFE per share	4.11
Current share price (P)	198.05
Valuation Ratio
P/FCFE	48.24
Benchmarks
P/FCFE, Industry
Industrials	25.02

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

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

Cintas Corp., historical P/FCFE calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
No. shares of common stock outstanding¹	403,075,724	406,966,256	404,752,344	411,868,980	413,996,048	409,948,156
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in thousands)²	1,656,862)	955,505)	1,548,659)	1,217,270)	748,694)	1,103,643)
FCFE per share³	4.11	2.35	3.83	2.96	1.81	2.69
Share price^1, 4	188.71	126.14	102.31	97.59	76.45	65.42
Valuation Ratio
P/FCFE⁵	45.91	53.73	26.74	33.02	42.27	24.30
Benchmarks
P/FCFE, Industry
Industrials	—	23.28	23.94	—	49.17	28.36

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 Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 1,656,862,000 ÷ 403,075,724 = 4.11

⁴ Closing price as at the filing date of Cintas Corp. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 188.71 ÷ 4.11 = 45.91

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Cintas Corp. P/FCFE ratio increased from 2022 to 2023 but then slightly decreased from 2023 to 2024.

Cintas Corp. (NASDAQ:CTAS)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical