Cintas Corporation
CTASFinancial Analysis · Updated May 12, 2026 · Coverage 2026-Q2
Latest Q Revenue
$2.8B
Q3 FY2026 · +8.9% YoY
TTM ROIC
21.8%
FY2025 · NOPAT / Net Invested Capital (with goodwill & intangibles); NOPAT = GAAP Operating Income × (1 - effective tax rate) · WACC ~7.75% · Moat spread +14pp
Financial Snapshot
ticker: CTAS step: 04 generated: 2026-05-12 source: quick-research
Cintas Corporation (CTAS) — Financial Snapshot
Income Statement Summary
| Metric | FY2023 | FY2024 | FY2025 | FY2026E |
|---|---|---|---|---|
| Revenue | $8.82B | $9.60B | $10.34B | $11.1B (organic) |
| Organic Growth | +12% | +9% | +8.0% | +6-7% |
| Operating Margin | 20.7% | 21.6% | 22.8% | 23.5% |
| Operating Income | $1.83B | $2.07B | $2.36B | $2.61B |
| Net Income | $1.55B | $1.62B | $1.81B | $2.00B |
| Diluted EPS | $3.79 | $3.80 | $4.40 | $4.85-5.10 |
Fiscal year ends May 31. FY25 record organic +8%, op margin 22.8% all-time high. Q4 FY25 organic +9.0%. EPS growth +16% YoY.
Cash Flow & Balance Sheet (FY2025)
| Metric | Value |
|---|---|
| Operating Cash Flow | ~$2.3B |
| Free Cash Flow | ~$1.8B |
| FCF Conversion | ~100% |
| Cash & Equivalents | ~$0.2B |
| Total Debt | ~$2.5B (pre-UniFirst) |
| Net Debt/EBITDA | ~1.0x (will rise post-UniFirst) |
Key Ratios (approximate)
- P/E: ~40x | EV/EBITDA: ~22x | FCF Yield: ~1.1%
- Revenue Growth (TTM): ~8% organic | Op Margin: ~23%
- Dividend Yield: ~0.9% | 42-year dividend growth track record
- Aggressive buybacks: ~$1B+ annually
Growth Profile
Long-term model: 6-8% organic revenue growth + 50-100bps margin expansion + 11-13% adj EPS growth. UniFirst acquisition adds: $375M synergies + ~$2.5B revenue + immediate accretion + ~50% market share. SmartRestroom IoT + healthcare expansion + cross-sell to existing customers. New service categories.
Forward Estimates
- FY 2026 (ending May 2026): Revenue ~$11.0-11.2B; adj EPS $4.85-5.10; organic +6-7%
- FY 2027 (post-UniFirst): Revenue ~$13.5-14B (combined); adj EPS $5.50-6.00 (with synergies)
- FY 2028+: Full $375M synergies; mid-teens EPS growth
- UniFirst deal closes H2 2026 (subject to FTC antitrust approval + UniFirst shareholder vote)
Deeper Financial Analysis
The fundamental tier adds 9 additional research dimensions for $CTAS.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
Buyback cadence, M&A appetite, dividend policy, and reinvestment priorities.
Returns on Capital (ROIC)
Multi-year ROIC vs. WACC, marginal returns on reinvestment, sales-to-invested-capital efficiency, and moat spread.
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