CINTAS CORP

CTAS
About the company

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: $197.74Market Cap: $79.0B

Investment snapshot

31%positive consensus
Scored 42d ago

Positive

5

BUY / PASS

Neutral / negative

4 / 6

NEUTRAL / FAIL

Median fair value

$67.18

-66.0% vs price

Models with upside

0 / 16

Positive margin of safety

Strongest signal

7 of 8 pass — Piotroski objects

Key risk

No clean pass — all 12 investors flag at least one valuation criterion

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.
Scored from 10-K42d ago
MetricMunger

Quality Focus

Sleep

Scale Economies Shared

Templeton

Global Bargain Hunter

Marks

Risk-Aware Value

Akre

Three-Legged Stool

Pabrai

Dhandho Framework

Ackman

Activist Value

Dreman

Contrarian Value

Piotroski

F-Score

Greenblatt

Magic Formula

Lynch

GARP

Graham

Defensive Value

Buffett

Quality Compounder

O'Shaughnessy

Systematic Factor Composite

Schloss

Asset-Value Discipline

Neff

Low-P/E Total Return

VerdictPASSBUYNEUTRALFAILNEUTRALFAILNEUTRALPASSPASSFAIL · Rank #954 (Top 29.7%)FAILFAILPASSFAILNEUTRALFAIL
Score
Analysis
Intrinsic ValueN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of Safety-153.9%N/AN/AN/A-108.4%-194.3%-116.9%N/AN/A-345.8%N/A-482.8%-255.3%N/AN/AN/A
Data As Of10-K (2026-08-19)10-K (2026-08-19)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-18)10-K (2026-08-25)10-K (2026-08-24)10-K (2026-08-24)

Where It Passes

  • Efficiency88% pass✓ 9✗ 2▾

    7 of 8 pass — Piotroski objects

    Return on Invested Capital26.2%
    ✓Munger> 15%
    ROIC (5-year)5/5 years above 12% (latest 26.2%)
    ✓SleepROIC > 12% in a majority of years
    ROIC (high and growing)10/18 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%
    Current Assets / Current Liabilities2.09
    ✓Dreman> 1.5
    Current Ratio Change YoY2.09 -> 2.09
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY1.05x -> 1.05x
    ✗PiotroskiImproved YoY
    EBIT / (NWC + Net Fixed Assets)74.2%
    ✓Greenblatt> 25%
    Current Ratio2.09
    ✓Graham>= 2.0
    ROIC (3-5 yr avg)24.7%
    ✓Buffett> 10%
    ROIC - WACC+14.7%
    ✓BuffettPositive (WACC = 10%)
  • Debt & Leverage55% pass✓ 8✗ 6▾

    6 of 11 pass — Munger, Akre, Lynch +2 more object

    Debt Levels0.52
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Total Debt / Shareholders' Equity0.52
    ✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓Dreman< 0.8✓SchlossD/E < 1.00x
    Interest Coverage & Debt/EBITDAIC=23.2x, D/EBITDA=0.8x
    ✓MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity0.52
    ✓Ackman<= 1.0
    Current Assets / Current Liabilities2.09
    ✓Dreman> 1.5✓SchlossCurrent ratio >= 1.50x (app cutoff)
    LT Debt / Total Assets Change24.68% -> 24.68%
    ✓PiotroskiDecreased YoY
    Total Debt / Equity0.52
    ✗Lynch< 0.33
    Cash - Long-term Debt$-2.2B
    ✗LynchPositive preferred
    LT Debt vs Net Current AssetsLT Debt $2.4B vs NCA $1.8B
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 0.52, IC: 23.2x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x

Where It Falls Short

  • Valuation0% pass✓ 1✗ 25▾

    No clean pass — all 12 investors flag at least one valuation criterion

    Valuation ReasonablenessP/E=45.3x, OE Yield=2.4%
    ✗MungerP/E < 25 or Owner Earnings Yield > 5%
    Price / EPS45.0x
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)✗Dreman< 12x
    Price vs. Trailing Low117% of trailing low ($169.14)
    ✓Templeton<= 120% of trailing low (post-2025 live window only)
    Price / Book Value per Share17.0x
    ✗Templeton< 1.5x✗Dreman< 1.2x✗SchlossP/B <= 0.80x (app cutoff)
    P/B or P/E vs. Historical AverageP/E=45.0x, P/B=17.0x
    ✗MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic Value-214.2% (IV=$62.95 vs Price=$197.82)
    ✗Marks>= 20% below intrinsic value
    P/E or FCF YieldP/E=45.0x, FCF Yield=2.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    Price / FCF per Share45.4x
    ✗Ackman<= 25
    Price / (CFO / Shares)36.8x
    ✗Dreman< 8x
    EBIT / Enterprise Value2.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.9%, ROC=74.2%
    ✗GreenblattBoth EY > 10% and ROC > 25%
    P/E / EPS Growth Rate
    ✗Lynch< 1.0 (ideally < 0.5)
    Price / 3-yr avg EPS47.1x
    ✗Graham<= 15x
    Price-to-Book Ratio17.0x
    ✗Graham<= 1.5x
    P/E x P/B802.10
    ✗Graham<= 22.5
    Revenue / market capitalization+0.1309; #4026/5203 (top 77.4%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Net income / market capitalization+2.29%; #2457/6251 (top 39.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization+2.22%; #2142/4487 (top 47.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+16.91%; #1772/6203 (top 28.6%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Price / Tangible Book Value per Share135.08x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Price / Diluted EPS44.9x
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
  • Valuation models0% pass✗ 7▾

    CTAS overvalued: all 7 models price fair value below $197.74 (median $67.18)

    Munger fair value$77.88
    ✗Munger-153.9% margin vs $197.74
    Akre fair value$94.89
    ✗Akre-108.4% margin vs $197.74
    Pabrai fair value$67.18
    ✗Pabrai-194.3% margin vs $197.74
    Ackman fair value$91.16
    ✗Ackman-116.9% margin vs $197.74
    Greenblatt fair value$44.36
    ✗Greenblatt-345.8% margin vs $197.74
    Graham fair value$33.93
    ✗Graham-482.8% margin vs $197.74
    Buffett fair value$55.65
    ✗Buffett-255.3% margin vs $197.74
  • Growth13% pass✓ 3✗ 10▾

    7 of 8 flag CTAS's growth — Sleep, Templeton, Ackman +4 more

    Revenue growth vs. gross and operating margin trendgross margin 48.8% -> 50.0%, operating margin 21.6% -> 22.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR7.8%
    ✓SleepCAGR > 7%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Positive Net Income Frequency31/31 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth7.7%
    ✓Ackman>= 5%
    Positive EPS Growth Frequency
    ✗AckmanPositive EPS growth in >= 3 of last 5 years
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    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
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Profitability27% pass✓ 14✗ 16▾

    11 of 15 flag CTAS's profitability — Sleep, Templeton, Marks +8 more

    Revenue growth vs. gross and operating margin trendgross margin 48.8% -> 50.0%, operating margin 21.6% -> 22.8%
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend21.6% (2023) -> 22.8% (2025)
    ✓TempletonNon-negative operating-margin trend over 3 years
    Discount to Intrinsic Value-214.2% (IV=$62.95 vs Price=$197.82)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency31/31 years positive
    ✓MarksPositive net income in >= 7 of last 10 years
    Return on Equity37.9% (3-yr avg)
    ✓AkreROE > 20% (3-year avg)
    Margin of SafetyP/E=45.0x, P/B=17.0x
    ✗PabraiP/B < 1.5 or P/E < 15
    Operating Income / Revenue22.8%
    ✓Ackman>= 15%
    Net Income / Shareholders Equity38.7%
    ✓Ackman>= 15%
    Pre-Tax Income / Revenue21.9%
    ✓Dreman>= 8%
    Net Income / Shareholders' Equity38.7%
    ✓Dreman> 12%
    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 Value2.9%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.9%, 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%
    Positive EPS (10 years)23/32 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)31/32 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 Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Net income / market capitalization+2.29%; #2457/6251 (top 39.3%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Positive Diluted-EPS Years10/10 years positive
    ✓Schloss>= 70% positive over 5-10 observed years (app rule)
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Verdicts42% pass✓ 5✗ 7▾

    Split decision: 6 FAIL · 4 PASS · 4 NEUTRAL · 1 BUY

    Overall verdict
    ✓MungerPASS (2/4)✓SleepBUY (5/6)•TempletonNEUTRAL (5/8)✗MarksFAIL (3/5)•AkreNEUTRAL (4/6)✗PabraiFAIL (1/3)•AckmanNEUTRAL (6/9)✓DremanPASS (5/11)✓PiotroskiPASS (F-Score 5)✗GreenblattRank #954✗LynchFAIL (1/7)✗GrahamFAIL (3/9)✓BuffettPASS (5/9)✗OshaughnessyFAIL (Rank #726/953 (Top 76.2%))•SchlossNEUTRAL (4/7)✗NeffFAIL (3/6)
  • Cash Flow50% pass✓ 6✗ 6▾

    5 of 10 pass — Pabrai, Ackman, Dreman +2 more object

    Positive Operating Cash Flow frequency23/23 years positive
    ✓SleepPositive OCF in >= 70% of available years
    FCF Positive18/18 years FCF positive
    ✓MarksPositive FCF in majority of recent years
    P/E or FCF YieldP/E=45.0x, FCF Yield=2.2%
    ✗PabraiP/E < 15 or FCF Yield > 10%
    (OCF - CapEx) / Market Cap2.2%
    ✗Ackman>= 4%
    Price / FCF per Share45.4x
    ✗Ackman<= 25
    Price / (CFO / Shares)36.8x
    ✗Dreman< 8x
    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
    (Operating cash flow - capex) / market capitalization+2.22%; #2142/4487 (top 47.7%)
    ✗OshaughnessyTop 10% of eligible cross-section
    Operating Cash Flow - Capital Expenditures$1.8B
    ✓Neff> $0 (app proxy for a strong fundamental case)

Business & financials

Company Profile

Industry: Apparel
SIC Sector: Apparel Manufacturing
Size: Large Cap($79.0B)
Revenue: $10.3B+7.7% YoY
Net Income: $1.8B+15.3% YoY

Financial Snapshot

Operating Margin22.8%
Return on Equity38.7%
Debt / Equity0.52
Current Ratio2.09
EPS (Diluted)$4.40−71.0% 1y
Buybacks (1y)$934.8M
Buybacks (2y)$1.6B
Shares Retired0.5% / 1.0% 2y

Similar Companies

TPRTAPESTRY, INC.
$22.8B
ASAmer Sports, Inc.
$15.2B
DECKDECKERS OUTDOOR CORP
$10.8B
LULUlululemon athletica inc.
$10.7B

Shareholder Return

Fiscal 2024

Retired 0.5% of shares last year, 1.0% over two.

Buybacks
$934.8M
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.

FY21
13.8% = 11.2% + 2.3%
FY22
11.5% = 9.1% + 2.2%
FY23
16.6% = 16.6% + 0.0%
FY24
−71.0% = 15.3% + −74.8%
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 2024FY 2023FY 2022FY 2021FY 2020
Market Cap$79.0B$15.0Best.$11.0Best.$9.6Best.$7.9Best.
Revenue$10.3B↑8%$9.6B↑9%$8.8B↑12%$7.9B↑10%$7.1B
Operating Income$2.4B↑14%$2.1B↑15%$1.8B↑14%$1.6B↑15%$1.4B
Net Income$1.8B↑15%$1.6B↑17%$1.3B↑9%$1.2B↑11%$1.1B
EPS (Diluted)$4.40↓71%$15.15↑17%$12.99↑12%$11.65↑14%$10.24
Gross Margin50.0%↑2%48.8%↑3%47.3%↑2%46.2%↓1%46.6%
Operating Margin22.8%↑6%21.6%↑5%20.4%↑1%20.2%↑4%19.5%
ROE38.7%↑6%36.4%↑4%34.9%↓7%37.4%↑24%30.1%
Total Debt$2.4B↓2%$2.5B$2.5B↓11%$2.8B↑10%$2.5B
Shareholders' Equity$4.7B↑9%$4.3B↑12%$3.9B↑17%$3.3B↓10%$3.7B
Current Ratio2.09↑20%1.74↓27%2.39↑30%1.84↑25%1.47
Debt / Equity0.52↓10%0.57↓11%0.64↓24%0.85↑23%0.69
Operating Cash Flow$2.2B↑5%$2.1B↑30%$1.6B↑3%$1.5B↑13%$1.4B
Free Cash Flow$1.8B↑6%$1.7B↑32%$1.3B↓3%$1.3B↑7%$1.2B

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Apparel

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. RatioGrahamBuffettLynchGreenblattPiotroskiDreman
TAPESTRY, INC.TPR$22.8B$114.12$7.0B$183.2M21.4%2.795.9%1.871/93/91/70/3F-Score 53/11
Amer Sports, Inc.AS$15.2B$27.24$6.6B$427.4M7.4%0.1410.7%1.502/93/92/71/3F-Score 74/11
DECKERS OUTDOOR CORPDECK$10.8B$77.68$5.5B$1.0B41.0%—23.1%3.542/95/93/73/3F-Score 75/11
lululemon athletica inc.LULU$10.7B$96.87$11.1B$1.6B31.8%0.0019.9%2.264/95/93/73/3F-Score 45/11
On Holding AGONON$9.9B$29.55$3.8B$257.3M12.5%0.3212.5%2.712/95/92/71/3F-Score 74/11
Gildan Activewear Inc.GIL$7.9B$42.62$3.6B$398.9M11.2%1.2117.1%2.113/95/91/70/3F-Score 45/11
LEVI STRAUSS & COLEVI$7.6B$19.75$6.3B$578.1M25.4%0.4610.8%1.553/95/92/71/3F-Score 75/11
Crocs, Inc.CROX$6.3B$126.14$4.0B$81.2M-6.3%0.953.7%1.272/94/90/71/3F-Score 52/11