# Cintas Corporation (CTAS) — Financial Analysis

**Exchange:** NASDAQ  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/CTAS/thesis · /stocks/CTAS/memo

## 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 ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/CTAS/fundamental

## Navigation

- Overview: /stocks/CTAS
- Financials (this page): /stocks/CTAS/financials
- Thesis: /stocks/CTAS/thesis
- Investment Memo: /stocks/CTAS/memo
- Coverage universe: /stocks