Common Stock Valuation Ratios (Price Multiples)
Quarterly Data
Valuation ratios measure the quantity of an asset or flaw (e.g., earnings) associated with ownership of a specified claim (e.g., a share of ownership of the enterprise).
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- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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Historical Valuation Ratios (Summary)
Cintas Corp., historical price multiples (quarterly data)
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
The analysis of the financial ratios over the specified periods reveals several key trends in valuation metrics.
- Price to Earnings (P/E) Ratio
- The P/E ratio exhibits volatility with notable fluctuations. Initially, it decreased from 29.18 to 18.82 by February 2020, followed by a sharp increase reaching around 38 in late 2020 and 2021. It remains relatively high through 2022 and into early 2023, with a peak at 50.44 in August 2024. A slight softening occurs in the last recorded period, but overall the trend shows increasing investor willingness to pay a premium on earnings over time.
- Price to Operating Profit (P/OP) Ratio
- This ratio follows a pattern similar to the P/E ratio. There is a dip to 14.2 early in 2020, followed by a rapid increase and sustained levels mostly between 25 and 30 until early 2022. Subsequently, the ratio surges to maximum values above 36 in the mid to late 2024 period before retreating modestly. This suggests growing market valuation relative to operating profitability, indicating heightened expectations for operational earnings performance.
- Price to Sales (P/S) Ratio
- The P/S ratio begins at a relatively low 3.85 in August 2019, dipping further to 2.48 by early 2020. From there, it trends consistently upward, climbing steadily past 5 through 2021 and 2022. By mid-2024, the ratio reaches levels above 8, nearly doubling compared to the start of the period. This indicates an increasing premium being placed on the company's revenues, reflecting positive sales growth prospects or improving sales efficiency.
- Price to Book Value (P/BV) Ratio
- The P/BV ratio shows a pattern of broad ascent, beginning at 8.83 and demonstrating a considerable dip to 5.42 in early 2020. After this low, it rises sharply to values exceeding 10 by late 2020, continuing an upward trajectory into the subsequent years with peaks reaching over 20 in late 2024. A slight moderation occurs toward the latest period, though the ratio remains significantly elevated compared to early periods. This suggests increased investor confidence in the company’s net asset value and growth potential.
Overall, the financial ratios reflect a period of disruption around early 2020, likely linked to broader market or economic factors, followed by strong recovery and accelerating valuation multiples. The rising trends across P/E, P/OP, P/S, and P/BV ratios indicate heightened market expectations for earnings, operational profitability, sales expansion, and asset value enhancement over the duration analyzed. Despite some fluctuations, the clear upward pattern points to increasing investor confidence and optimism regarding future growth prospects.
Price to Earnings (P/E)
Cintas Corp., historical P/E calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
EPS
= (Net incomeQ2 2025
+ Net incomeQ1 2025
+ Net incomeQ4 2024
+ Net incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cintas Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/E ratio = Share price ÷ EPS
= ÷ =
The financial data indicates several noteworthy trends over the observed periods. The share price exhibits an overall upward trajectory, despite some fluctuations. Initial values started around the mid-60s (US$), dipping notably in early 2020 to the low 40s but then recovering and climbing consistently thereafter. By late 2023 and into 2024, the share price reached new highs, peaking near the US$204 range before a slight decline towards the last recorded period.
Earnings per share (EPS) demonstrate a steady increase throughout the timeline. Beginning slightly above US$2.20, EPS shows gradual growth each quarter, culminating in values exceeding US$4.20 by the final periods. This consistent rise suggests improving profitability and operational performance over time.
The price-to-earnings (P/E) ratio displays more volatility than the other metrics. Initially ranging from the high 20s to low 30s, the ratio dropped sharply in early 2020, coinciding with the same period where the share price dipped. Following this drop, the P/E ratio fluctuated primarily in the mid-30s before rising significantly in recent quarters, peaking around 50 in early 2024. This increase in the P/E ratio implies that the market valuation of the company's earnings has grown, reflecting either heightened investor expectations or market optimism, even as EPS steadily increased.
- Share Price
- Showed a strong recovery after a sharp dip in early 2020, with a general upward trend reaching a peak in early 2024.
- Earnings Per Share (EPS)
- Consistently increased quarter-over-quarter, indicating steady growth in profitability.
- Price-to-Earnings (P/E) Ratio
- Experienced significant fluctuations, with a notable dip in early 2020 and a substantial rise in subsequent periods, peaking in early 2024, reflecting increasing market valuation relative to earnings.
In summary, the data reveals a recovery and progression in market valuation alongside continuous growth in earnings. The rapid increase in the P/E ratio near the end of the period warrants monitoring to assess whether it aligns with sustainable earnings growth or signals overvaluation.
Price to Operating Profit (P/OP)
Cintas Corp., historical P/OP calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Operating profit per share
= (Operating incomeQ2 2025
+ Operating incomeQ1 2025
+ Operating incomeQ4 2024
+ Operating incomeQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cintas Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/OP ratio = Share price ÷ Operating profit per share
= ÷ =
The analysis of the quarterly financial indicators reveals several notable trends in the company's performance and market valuation over the period under review.
- Share Price
- The share price exhibited considerable fluctuation, starting at $65.08 and experiencing a marked decline to a low of $43.31 in early 2020. Subsequently, there was a pronounced recovery and upward momentum, peaking at $204.91 by late 2024. Despite some volatility, including minor decreases toward the end of the period, the overall trend highlights significant appreciation in market value.
- Operating Profit Per Share (OPPS)
- This indicator demonstrated a steady and consistent upward trajectory throughout the period. Starting at $2.84, the operating profit per share gradually increased each quarter, reaching $5.50 by the end of the last reported quarter. This growth reflects ongoing improvements in operational efficiency or profitability on a per-share basis.
- Price to Operating Profit (P/OP) Ratio
- The P/OP ratio initially dropped sharply to a low of 14.20 correlating with the drop in share price in early 2020, suggesting undervaluation during that downturn. Following this trough, the ratio generally rose, indicating that the share price increase outpaced the growth in operating profit per share. Notably, the ratio reached levels above 36 in 2024, reflecting heightened investor expectations or possibly an overextension in valuation relative to actual operating profitability.
Overall, the data portrays a company that faced initial market pressures, likely linked to broader economic or sector-specific challenges in early 2020, but subsequently demonstrated resilience and strong growth in profitability per share. The substantial rise in share price alongside increasing P/OP ratios suggests positive investor sentiment and potentially elevated valuation multiples, warranting close monitoring for sustainability.
Price to Sales (P/S)
Cintas Corp., historical P/S calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
Sales per share
= (RevenueQ2 2025
+ RevenueQ1 2025
+ RevenueQ4 2024
+ RevenueQ3 2024)
÷ No. shares of common stock outstanding
= ( + + + )
÷ =
3 Closing price as at the filing date of Cintas Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/S ratio = Share price ÷ Sales per share
= ÷ =
- Share Price Trend
- The share price exhibited notable volatility over the observed periods. Initially, it declined sharply from 65.08 to 43.31 between August 2019 and February 2020, likely influenced by external market conditions. Subsequently, a recovery phase ensued, with the price steadily increasing from 43.31 in early 2020 to a peak of 204.91 by August 2024. Some fluctuations appear towards the end of the period, with a slight decrease from 204.91 to 192.65 by November 2024. Overall, the share price demonstrated a strong upward trajectory after the initial dip.
- Sales Per Share Analysis
- Sales per share showed a consistent incremental pattern throughout the duration, rising from 16.92 US$ in August 2019 to 24.63 US$ by November 2024. The progression was generally steady without abrupt changes, indicating stable growth in sales relative to outstanding shares, reflecting underlying business expansion or enhanced sales performance over time.
- Price-to-Sales (P/S) Ratio Dynamics
- The P/S ratio experienced significant variability reflective of market valuation changes and sales growth patterns. The ratio dropped initially from 3.85 in August 2019 to 2.48 in February 2020, coinciding with the share price dip. Thereafter, it increased substantially to 8.47 by August 2024, peaking in this period before slightly retracting to 7.82 by November 2024. This rising P/S trend alongside sales per share growth suggests that the market increasingly valued each unit of sales, possibly due to improved profitability expectations or market sentiment.
- Overall Observations
- The data indicates an initial phase of volatility and market recalibration, followed by a prolonged period of growth in both share price and sales per share. The upward trend in the P/S ratio signifies enhanced market confidence or valuation premium placed on the company's sales. The concurrent steady increase in sales per share supports the premise of fundamental growth. Minor recent corrections in share price and P/S ratio near the end of the period imply potential market adjustments or profit-taking, but overall the trends remain positive.
Price to Book Value (P/BV)
Cintas Corp., historical P/BV calculation (quarterly data)
Based on: 10-Q (reporting date: 2024-11-30), 10-Q (reporting date: 2024-08-31), 10-K (reporting date: 2024-05-31), 10-Q (reporting date: 2024-02-29), 10-Q (reporting date: 2023-11-30), 10-Q (reporting date: 2023-08-31), 10-K (reporting date: 2023-05-31), 10-Q (reporting date: 2023-02-28), 10-Q (reporting date: 2022-11-30), 10-Q (reporting date: 2022-08-31), 10-K (reporting date: 2022-05-31), 10-Q (reporting date: 2022-02-28), 10-Q (reporting date: 2021-11-30), 10-Q (reporting date: 2021-08-31), 10-K (reporting date: 2021-05-31), 10-Q (reporting date: 2021-02-28), 10-Q (reporting date: 2020-11-30), 10-Q (reporting date: 2020-08-31), 10-K (reporting date: 2020-05-31), 10-Q (reporting date: 2020-02-29), 10-Q (reporting date: 2019-11-30), 10-Q (reporting date: 2019-08-31).
1 Data adjusted for splits and stock dividends.
2 Q2 2025 Calculation
BVPS = Shareholders’ equity ÷ No. shares of common stock outstanding
= ÷ =
3 Closing price as at the filing date of Cintas Corp. Quarterly or Annual Report.
4 Q2 2025 Calculation
P/BV ratio = Share price ÷ BVPS
= ÷ =
- Share Price Trend
- The share price exhibited significant volatility, starting at $65.08 in August 2019 and dipping to a low of $43.31 in February 2020. This was followed by a strong recovery and sustained growth, reaching a peak of $204.91 in November 2024. Despite some fluctuations in the later periods, the overall trend shows a robust upward trajectory, suggesting increasing market confidence and valuation over the analyzed timeframe.
- Book Value Per Share (BVPS) Movement
- Book value per share showed a relatively stable and gradual increase. Beginning at $7.37 in August 2019, BVPS experienced moderate fluctuations but generally trended upward, peaking near $10.71 by August 2024, with some minor decreases in select periods. This indicates steady growth in the company's net asset value per share over the period.
- Price-to-Book Value Ratio (P/BV) Analysis
- The P/BV ratio demonstrated noticeable variability, initially high at 8.83 in August 2019, dipping to 5.42 during February 2020—corresponding with the share price drop—and then escalating sharply thereafter. From May 2020 onward, the ratio generally rose, peaking at 20.55 in November 2024, before slightly retreating. The increasing P/BV ratio reflects growing market valuations relative to the company's book value, potentially indicating heightened investor optimism or a premium placed on anticipated future growth.
- Integrated Insights
- The interplay between the share price, BVPS, and P/BV ratio highlights a recovery phase post the early 2020 downturn, followed by strong market performance. While the book value per share's moderate rise suggests fundamental asset growth, the more pronounced increase in share price and P/BV ratio implies that market sentiment may be driving valuations higher than asset growth alone would suggest. This divergence could be attributed to favorable operational results, growth prospects, or external market factors enhancing investor perception.