Financials Cintas Corporation

Equities

CTAS

US1729081059

Business Support Services

Market Closed - Nasdaq Other stock markets 04:00:00 2025-06-13 pm EDT			5-day change	1st Jan Change
221.98 ^USD	-0.71%		-2.49%	+21.50%

Jun. 09	Cintas Likely to Post In-Line Fiscal Q4 Results Amid Small Business Optimism, Stable Employment Trends, RBC Says	MT
Jun. 09	RBC Raises Price Target on Cintas to $240 From $215, Keeps Sector Perform Rating	MT

Projected Income Statement: Cintas Corporation

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	7,085	7,116	7,854	8,816	9,597	10,299	11,036	11,785
Change	-	0.44%	10.37%	12.24%	8.86%	7.32%	7.15%	6.79%
EBITDA ¹	1,542	1,773	1,987	2,212	2,511	2,849	3,088	3,342
Change	-	15.03%	12.05%	11.31%	13.53%	13.47%	8.38%	8.24%
EBIT ¹	1,163	1,385	1,587	1,803	2,069	2,358	2,581	2,812
Change	-	19.16%	14.57%	13.56%	14.75%	13.99%	9.46%	8.95%
Interest Paid ¹	-105.4	-98.21	-88.84	-111.2	-100.7	-101.5	-96.23	-96.47
Earnings before Tax (EBT) ¹	1,058	1,288	1,499	1,693	1,974	2,260	2,489	2,711
Change	-	21.68%	16.39%	12.97%	16.57%	14.49%	10.17%	8.89%
Net income ¹	876	1,111	1,236	1,348	1,572	1,800	1,971	2,138
Change	-	26.82%	11.23%	9.08%	16.59%	14.56%	9.46%	8.46%
Announcement Date	7/23/20	7/15/21	7/14/22	7/13/23	7/18/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: May	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3
Net sales ¹	1,620	1,747	1,757	1,777	1,836	1,897	1,922	1,961	2,075	2,166	2,175	2,190	2,284	2,342	2,377	2,406	2,471	2,502	2,562	2,609	2,626	2,681	2,747	2,796	2,811	2,849	2,918	2,955
Change	-	7.84%	0.6%	1.14%	3.3%	3.34%	1.34%	1.99%	5.82%	4.42%	0.39%	0.7%	4.31%	2.53%	1.49%	1.22%	2.69%	1.24%	2.41%	1.85%	0.66%	2.09%	2.45%	1.77%	0.57%	1.33%	2.42%	1.29%
EBITDA ¹	304	445.9	449.3	423.6	454.6	492	479.9	508.3	506.8	540.2	546.1	549.6	575.9	607.4	608.9	632.2	662.5	676.2	721.4	736.9	718.2	742.2	770.8	779.3	781.2	771.6	804.3	785.4
Change	-	46.68%	0.78%	-5.72%	7.3%	8.24%	-2.47%	5.91%	-0.29%	6.58%	1.11%	0.64%	4.77%	5.47%	0.25%	3.83%	4.79%	2.07%	6.68%	2.14%	-2.53%	3.33%	3.85%	1.1%	0.25%	-1.24%	4.24%	-2.35%
EBIT ¹	207.4	349.7	352.9	326.5	356.4	394.1	381.2	407.6	404.4	440.1	444.9	446.8	470.8	500.6	499.7	520.8	547.6	561	591.4	609.9	593.8	614.4	644.8	653.4	647.8	653.5	685.2	668.4
Change	-	68.59%	0.91%	-7.48%	9.18%	10.56%	-3.27%	6.92%	-0.78%	8.82%	1.09%	0.42%	5.37%	6.32%	-0.17%	4.23%	5.14%	2.45%	5.41%	3.12%	-2.63%	3.47%	4.95%	1.33%	-0.85%	0.87%	4.86%	-2.46%
Charge d'intérêts ¹	-25.95	-24.55	-24.56	-24.55	-24.55	-21.85	-21.9	-22.03	-23.06	-27.72	-28.92	-28.82	-25.77	-24.54	-26.59	-25.53	-24.08	-25.62	-26.66	-24.76	-26.02	-25.58	-25.32	-25.08	-25.08	-	-27.3	-27.3
Earnings before Tax (EBT) ¹	181.7	325.2	328.5	302	332	372.3	359.4	385.6	381.5	412.6	416.4	418.4	445.9	476.4	473.9	496.2	527.1	536.7	565.7	586.4	571.5	592.9	623.9	631.2	629.9	629	660.8	644
Change	-	79.01%	1.02%	-8.08%	9.93%	12.14%	-3.47%	7.3%	-1.08%	8.15%	0.92%	0.48%	6.57%	6.86%	-0.54%	4.71%	6.24%	1.81%	5.41%	3.67%	-2.54%	3.73%	5.24%	1.17%	-0.21%	-0.14%	5.05%	-2.55%
Net income ¹	144.6	300	284.9	258.4	267.7	331.2	294.7	315.4	294.5	351.7	324.3	325.8	346.2	385.1	374.6	397.6	414.3	452	448.5	463.5	436.4	483.5	491	492.7	486.1	513.8	526.6	503.3
Change	-	107.49%	-5.05%	-9.29%	3.61%	23.7%	-11.02%	7.05%	-6.65%	19.43%	-7.79%	0.47%	6.25%	11.23%	-2.72%	6.13%	4.21%	9.1%	-0.78%	3.34%	-5.85%	10.8%	1.55%	0.35%	-1.33%	5.69%	2.5%	-4.43%
Announcement Date	7/23/20	9/23/20	12/22/20	3/17/21	7/15/21	9/29/21	12/22/21	3/23/22	7/14/22	9/28/22	12/21/22	3/29/23	7/13/23	9/26/23	12/21/23	3/27/24	7/18/24	9/25/24	12/19/24	3/26/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Cintas Corporation

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	2,394	2,048	2,705	2,362	2,326	2,028	1,415	646
Change	-	-14.45%	32.08%	-12.68%	-1.52%	-12.81%	-30.23%	-54.35%
Announcement Date	7/23/20	7/15/21	7/14/22	7/13/23	7/18/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Cintas Corporation

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	230.3	143.5	240.7	331.1	409.5	395.6	416.4	441.7
Change	-	-37.7%	67.75%	37.58%	23.67%	-3.4%	5.26%	6.09%
Free Cash Flow (FCF) ¹	1,061	1,217	1,297	1,267	1,670	1,784	1,961	2,142
Change	-	14.71%	6.55%	-2.33%	31.86%	6.83%	9.91%	9.21%
Announcement Date	7/23/20	7/15/21	7/14/22	7/13/23	7/18/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Cintas Corporation

Fiscal Period: May	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	21.76%	24.92%	25.3%	25.09%	26.17%	27.55%	27.98%	28.35%
EBIT Margin (%)	16.41%	19.47%	20.21%	20.45%	21.56%	22.8%	23.38%	23.84%
EBT Margin (%)	14.94%	18.1%	19.08%	19.21%	20.57%	21.85%	22.56%	22.98%
Net margin (%)	12.36%	15.61%	15.73%	15.29%	16.38%	17.41%	17.87%	18.13%
FCF margin (%)	14.98%	17.11%	16.51%	14.37%	17.41%	17.25%	17.77%	18.17%
FCF / Net Income (%)	121.14%	109.57%	104.95%	93.97%	106.28%	99.12%	99.43%	100.19%
Profitability
ROA	11.6%	13.97%	15.08%	16.15%	17.74%	19.06%	19.82%	19.2%
ROE	28.09%	32.09%	35.33%	37.59%	38.42%	39.21%	38%	34.36%
Financial Health
Leverage (Debt/EBITDA)	1.55x	1.15x	1.36x	1.07x	0.93x	0.71x	0.46x	0.19x
Debt / Free cash flow	2.26x	1.68x	2.09x	1.86x	1.39x	1.14x	0.72x	0.3x
Capital Intensity
CAPEX / Current Assets (%)	3.25%	2.02%	3.06%	3.76%	4.27%	3.82%	3.77%	3.75%
CAPEX / EBITDA (%)	14.94%	8.09%	12.11%	14.97%	16.31%	13.88%	13.48%	13.22%
CAPEX / FCF (%)	21.7%	11.79%	18.56%	26.14%	24.51%	22.17%	21.23%	20.62%
Items per share
Cash flow per share ¹	3.017	3.158	3.643	3.864	5.03	5.122	5.954	-
Change	-	4.68%	15.34%	6.07%	30.18%	1.83%	16.23%	-
Dividend per Share ¹	0.6375	1.252	0.95	1.15	1.35	1.533	1.648	1.739
Change	-	96.47%	-24.15%	21.05%	17.39%	13.57%	7.49%	5.54%
Book Value Per Share ¹	7.821	8.86	8.131	9.496	10.66	11.53	13.11	15.37
Change	-	13.28%	-8.22%	16.78%	12.24%	8.19%	13.71%	17.21%
EPS ¹	2.028	2.56	2.912	3.248	3.788	4.419	4.844	5.273
Change	-	26.26%	13.77%	11.5%	16.63%	16.66%	9.62%	8.86%
Nbr of stocks (in thousands)	416,201	420,213	409,300	406,807	405,853	403,787	403,787	403,787
Announcement Date	7/23/20	7/15/21	7/14/22	7/13/23	7/18/24	-	-	-