Cintas Corporation (CTAS)

Days of inventory on hand (DOH)

		May 31, 2025	Feb 28, 2025	Nov 30, 2024	Aug 31, 2024	May 31, 2024	Feb 29, 2024	Nov 30, 2023	Aug 31, 2023	May 31, 2023	Feb 28, 2023	Nov 30, 2022	Aug 31, 2022	May 31, 2022	Feb 28, 2022	Nov 30, 2021	Aug 31, 2021	May 31, 2021	Feb 28, 2021	Nov 30, 2020	Aug 31, 2020
Inventory turnover		11.55	12.17	12.90	12.63	12.17	10.84	3.17	3.10	3.06	2.99	2.99	3.06	3.04	2.97	2.96	2.96	2.94	2.85	2.87	3.06
DOH	days	31.61	29.99	28.29	28.89	29.99	33.67	115.15	117.91	119.39	122.08	122.27	119.34	120.06	122.72	123.11	123.41	124.04	128.01	127.03	119.23

May 31, 2025 calculation

DOH = 365 ÷ Inventory turnover
= 365 ÷ 11.55
= 31.61

The provided data illustrates the trend in Cintas Corporation’s days of inventory on hand (DOH) over multiple periods, spanning from August 31, 2020, through May 31, 2025. The figures generally reflect a relatively stable inventory management approach, with significant deviations occurring only in the most recent periods.

From the latter half of 2020 through mid-2023, DOH fluctuated within a narrow range approximately between 115 to 128 days. Specifically, on August 31, 2020, DOH was 119.23 days, gradually increasing to a peak of 128.01 days on February 28, 2021. During this period, the company maintained a consistent inventory period, suggesting stable operational efficiency and inventory turnover.

Subsequently, from mid-2021 through early 2023, the DOH hovered narrowly around 120 days, indicating steady inventory levels relative to sales. Notably, the figures remained largely consistent, with minor fluctuations, suggesting effective inventory management and supply chain stability during this timeframe.

A marked deviation appears in the data from late 2023 to early 2024. The DOH drops sharply to 33.67 days as of February 29, 2024, and further declines to 29.99 days by May 31, 2024. This substantial decrease indicates a rapid improvement in inventory turnover, which could be attributable to operational changes such as more efficient inventory management, supply chain enhancements, or strategic initiatives to reduce inventory levels.

Following this period, the DOH stabilizes at lower levels, with values around 28 to 31 days through August 2024 and May 2025, reflecting a sustained higher inventory turnover rate relative to previous years.

In summary, the overall trend illustrates a decade-long period of inventory stability with modest fluctuations until early 2024, when a significant reduction in DOH suggests enhanced inventory efficiency. The recent low levels imply that Cintas has optimized its inventory management processes, improving turnover rates and potentially reducing storage costs and inventory-related risks.