CINTAS CORP

CTAS

Cintas Corporation provides corporate identity uniforms and other garments in the United States, Canada, and Latin America. It operates through Uniform Rental and Facility Services, First Aid and Safety Services, and All Other segments. The company offers rental and servicing of uniforms and other garments, including flame resistant clothing, mats, mops and shop towels, and other ancillary items.

Country: United StatesPrice: $199.52Market Cap: $79.8B

Company Profile

Industry: Apparel
SIC Sector: Apparel Manufacturing
Size: Large Cap($79.8B)
Revenue: $10.3B+0.0% YoY
Net Income: $1.8B+0.0% YoY

Financial Snapshot

Operating Margin22.8%
Return on Equity38.7%
Debt / Equity0.52
Current Ratio2.09
EPS (Diluted)$4.40+0.0%
Shares Retired0.5% / 2.6% 2y

Similar Companies

TPRTAPESTRY, INC.
$25.7B
RLRALPH LAUREN CORP
$23.2B
LULUlululemon athletica inc.
$13.6B
DECKDECKERS OUTDOOR CORP
$12.7B

Shareholder Return

Fiscal 2025

Retired 0.5% of shares last year, 2.6% over two.

Buybacks
—
Dividends
$611.6M

What drove EPS

A buyback raises earnings per share without the company earning more. This splits each year's change into the two.

FY22
−72.1% = 9.1% + −74.4%
FY23
16.6% = 16.6% + 0.0%
FY24
16.1% = 15.3% + 0.7%
FY25
0.0% = 0.0% + 0.0%
Earnings Fewer shares More shares

The two parts do not sum exactly to the total — the difference is the cross-term, plus preferred capital where the company has any. It is left visible rather than distributed into the other two.

Share count is the denominator the filer used for diluted EPS, recovered as net income ÷ EPS — not the balance-sheet count, which is a point-in-time figure and would put the timing difference into this split. Years with a loss are omitted: a smaller share count makes a loss per share larger, so the decomposition inverts.

Company Financials

Annual data (10-K) · Last 5 years

MetricFY 2025FY 2024FY 2023FY 2022FY 2021
Market Cap$79.8B$80.0Best.$60.1Best.$44.6Best.$9.6Best.
Revenue$10.3B$10.3B↑8%$9.6B↑9%$8.8B↑12%$7.9B
Operating Income$2.4B$2.4B↑14%$2.1B↑15%$1.8B↑14%$1.6B
Net Income$1.8B$1.8B↑15%$1.6B↑17%$1.3B↑9%$1.2B
EPS (Diluted)$4.40$4.40↑16%$3.79↑17%$3.25↓72%$11.65
Gross Margin50.0%50.0%↑2%48.8%↑3%47.3%↑2%46.2%
Operating Margin22.8%22.8%↑6%21.6%↑5%20.4%↑1%20.2%
ROE38.7%38.7%↑6%36.4%↑4%34.9%↓7%37.4%
Total Debt$2.4B$2.4B↓2%$2.5B$2.5B↓11%$2.8B
Shareholders' Equity$4.7B$4.7B↑9%$4.3B↑12%$3.9B↑17%$3.3B
Current Ratio2.092.09↑20%1.74↓27%2.39↑30%1.84
Debt / Equity0.520.52↓10%0.57↓11%0.64↓24%0.85
Operating Cash Flow$2.2B$2.2B↑5%$2.1B↑30%$1.6B↑3%$1.5B
Free Cash Flow$1.8B$1.8B↑6%$1.7B↑32%$1.3B↓3%$1.3B
Scored from 10-K1d ago
MetricMarks

Risk-Aware Value

Akre

Three-Legged Stool

Druckenmiller

Macro-Enhanced Growth

Spier

Value Checklist

Pabrai

Dhandho Framework

Munger

Quality Focus

Ackman

Activist Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Buffett

Quality Compounder

Graham

Defensive Value

VerdictHOLDHOLDPASSBUYHOLDHOLDHOLDPASSNot rankedFAILHOLDFAIL
Score
Analysis
Intrinsic ValueN/A
Margin of Safety-102.2%-122.9%-180.6%-134.3%-194.4%-156.2%-118.9%-1615.6%-349.8%N/A-258.5%-488.0%
Data As Of10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)10-K (2026-08-15)

Where They Agree

  • Valuation models

    CTAS overvalued: all 11 models price fair value below $199.52 (median $71.11)

    Marks fair value$98.66
    ✗Marks-102.2% margin vs $199.52
    Akre fair value$89.53
    ✗Akre-122.9% margin vs $199.52
    Druckenmiller fair value$71.11
    ✗Druckenmiller-180.6% margin vs $199.52
    Spier fair value$85.14
    ✗Spier-134.3% margin vs $199.52
    Show 7 more metrics ▾
    Pabrai fair value$67.78
    ✗Pabrai-194.4% margin vs $199.52
    Munger fair value$77.88
    ✗Munger-156.2% margin vs $199.52
    Ackman fair value$91.16
    ✗Ackman-118.9% margin vs $199.52
    Piotroski fair value$11.63
    ✗Piotroski-1615.6% margin vs $199.52
    Greenblatt fair value$44.36
    ✗Greenblatt-349.8% margin vs $199.52
    Buffett fair value$55.65
    ✗Buffett-258.5% margin vs $199.52
    Graham fair value$33.93
    ✗Graham-488.0% margin vs $199.52

Where They Disagree

  • Profitability

    2 of 11 pass — Marks, Druckenmiller, Spier +6 more object

    Discount to Intrinsic Value-253.5% (IV=$62.95 vs Price=$222.55)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency32/32 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity37.9% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    EPS Growth AccelerationLatest: 0.0%, Prior: 16.1%
    ✗DruckenmillerAccelerating EPS growth
    Show 19 more metrics ▾
    Margin of SafetyP/E=50.6x, P/B=19.1x
    ✗SpierP/E < 15 AND P/B < 2.0✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue22.8%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity38.7%
    ✓Ackman>= 15%
    Net Income / Total Assets18.45%
    ✓PiotroskiROA > 0
    ROA Change YoY18.45% -> 18.45% (delta: +0.00%)
    ✗PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=22.04%, ROA=18.45%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY50.0% -> 50.0%
    ✗PiotroskiImproved YoY
    EBIT / Enterprise Value2.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.6%, ROC=74.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE38.7%
    ✓Lynch> 15%
    Net Income Positive (10+ years)32/32 years positive
    ✓BuffettPositive every year for 10+ years
    ROE (5-yr avg)37.2%
    ✓Buffett> 15% (5-yr avg)
    Operating Margin (10-yr trend)22.8% (latest)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy$1.9B
    ✓BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness10.30x
    ✓Buffett$1 retained -> > $1 market value created
    Positive EPS (10 years)24/32 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Debt & Leverage

    3 of 8 pass — Akre, Munger, Lynch +2 more object

    Interest Coverage & Debt/EBITDAIC=23.2x, D/EBITDA=0.8x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Debt Levels0.52
    ✗AkreDebt/Equity < 0.3✗MungerDebt/Equity < 0.5
    Total Debt / Shareholders Equity0.52
    ✓Ackman<= 1.0
    LT Debt / Total Assets Change24.68% -> 24.68%
    ✓PiotroskiDecreased YoY
    Show 4 more metrics ▾
    Total Debt / Equity0.52
    ✗Lynch< 0.33
    Cash - Long-term Debt$-2.2B
    ✗LynchPositive preferred
    Debt/Equity & Interest CoverageD/E: 0.52, IC: 23.2x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    LT Debt vs Net Current AssetsLT Debt $2.4B vs NCA $1.8B
    ✗GrahamLT Debt <= Net Current Assets
  • Valuation

    1 of 9 pass — Marks, Spier, Pabrai +5 more object

    P/B or P/E vs. Historical AverageP/E=50.6x, P/B=19.1x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-253.5% (IV=$62.95 vs Price=$222.55)
    ✗Marks>= 20% below intrinsic value
    Price vs. 200-day MAQualitative
    ✓DruckenmillerPrice above 200-day moving average
    Margin of SafetyP/E=50.6x, P/B=19.1x
    ✗SpierP/E < 15 AND P/B < 2.0
    Show 9 more metrics ▾
    P/E or FCF YieldP/E=50.6x, FCF Yield=2.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Valuation ReasonablenessP/E=50.6x, OE Yield=2.1%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / FCF per Share51.0x
    ✗Ackman<= 25
    EBIT / Enterprise Value2.6%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.6%, ROC=74.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS53.0x
    ✗Graham<= 15x
    Price-to-Book Ratio19.1x
    ✗Graham<= 1.5x
    P/E x P/B1,015.2
    ✗Graham<= 22.5
  • Cash Flow

    3 of 6 pass — Pabrai, Ackman and Lynch object

    FCF Positive18/18 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=50.6x, FCF Yield=2.0%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap2.0%
    ✗Ackman>= 4%
    Price / FCF per Share51.0x
    ✗Ackman<= 25
    Show 4 more metrics ▾
    Operating Cash Flow$2.2B
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=22.04%, ROA=18.45%
    ✓PiotroskiCFO/Assets > ROA
    FCF Positive and Growing$1.8B
    ✗LynchPositive and growing
    Free Cash Flow Proxy$1.9B
    ✓BuffettPositive and growing
  • Growth

    1 of 5 pass — Druckenmiller, Ackman, Lynch +1 more object

    Positive Net Income Frequency32/32 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    EPS Growth AccelerationLatest: 0.0%, Prior: 16.1%
    ✗DruckenmillerAccelerating EPS growth
    Revenue Growth RateLatest: 0.0%, Prior: 7.7%
    ✗DruckenmillerRevenue growth accelerating
    3yr Median Revenue Growth7.7%
    ✓Ackman>= 5%
    Show 5 more metrics ▾
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthInv: 0.0% vs Rev: 0.0%
    ✗LynchInventory growth < Revenue growth
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
  • Efficiency

    5 of 6 pass — Piotroski objects

    ROIC (high and growing)12/20 years ROIC > 15% (latest: 26.2%)
    ✓AkreROIC > 15% for 3+ years
    Reinvestment Rate x ROIC17.4% (RR=66% x ROIC=26.2%)
    ✓AkreReinvestment Rate * ROIC > 10%
    Return on Invested Capital26.2%
    ✓Munger> 15%
    Current Ratio Change YoY2.09 -> 2.09
    ✗PiotroskiIncreased YoY
    Show 5 more metrics ▾
    Revenue / Total Assets Change YoY1.05x -> 1.05x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)74.2%
    ✓Greenblatt> 25%
    ROIC (3-5 yr avg)24.7%
    ✓Buffett> 10%
    ROIC - WACC+14.7%
    ✓BuffettPositive (WACC = 10%)
    Current Ratio2.09
    ✓Graham>= 2.0
  • Verdicts

    Split decision: 6 HOLD · 2 PASS · 2 FAIL · 1 BUY

    Overall verdict
    •MarksHOLD (6/8)•AkreHOLD (5/7)✓DruckenmillerPASS (4/7)✓SpierBUY (7/8)•PabraiHOLD (6/8)•MungerHOLD (5/7)•AckmanHOLD (6/9)✓PiotroskiPASS (F-Score 5)•GreenblattNot ranked✗LynchFAIL (1/7)•BuffettHOLD (6/9)✗GrahamFAIL (3/9)

Historical Score Timeline

Industry Peers

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CTAS vs Peers — Financial Grading

Revenue$10.3BTop 25%
Net Income$1.8BTop 25%
ROE38.7%Top 25%
D/E0.52Median
Op. Margin22.8%Top 25%
Curr. Ratio2.09Median
CompanyMarket CapPriceRevenueNet IncomeROED/EOp. MarginCurr. RatioGrahamBuffettLynchGreenblattPiotroski
TAPESTRY, INC.TPR$25.7B$128.98$7.0B$183.2M21.4%2.795.9%1.871/94/91/70/3F-Score 4
RALPH LAUREN CORPRL$23.2B$388.92$8.1B$941.1M33.1%0.4414.5%2.135/96/95/71/3F-Score 8
lululemon athletica inc.LULU$13.6B$119.55$11.1B$1.6B31.8%—19.9%2.263/93/93/73/3F-Score 5
DECKERS OUTDOOR CORPDECK$12.7B$93.09$5.5B$1.0B41.0%—23.1%3.542/95/93/71/3F-Score 7
Gildan Activewear Inc.GIL$10.5B$56.72$3.6B$398.9M11.2%1.0817.1%2.113/96/91/70/3F-Score 4
LEVI STRAUSS & COLEVI$8.7B$22.55$6.3B$578.1M25.4%0.4610.8%1.553/95/92/71/3F-Score 7
Birkenstock Holding plcBIRK$7.0B$39.35$2.5B$408.6M12.8%0.4226.2%2.812/93/93/71/3F-Score 9
Crocs, Inc.CROX$6.3B$131.72$4.0B$81.2M-6.3%0.953.7%1.272/94/90/71/3F-Score 5