Cintas Corporation (CTAS)
Fixed asset turnover
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|
| Revenue | US$ in thousands | 10,340,200 | 9,596,620 | 8,815,770 | 7,854,460 | 7,116,340 |
| Property, plant and equipment | US$ in thousands | — | — | 1,396,480 | 1,493,680 | 1,402,270 |
| Fixed asset turnover | — | — | 6.31 | 5.26 | 5.07 |
May 31, 2025 calculation
Fixed asset turnover = Revenue ÷ Property, plant and equipment
= $10,340,200K ÷ $—K
= —
The fixed asset turnover ratio for Cintas Corporation demonstrates a notable upward trend over the period from May 31, 2021, to May 31, 2023. Specifically, the ratio increased from 5.07 in 2021 to 5.26 in 2022, signifying a modest improvement in the company's efficiency in generating sales from its fixed assets.
The most substantial change occurs between 2022 and 2023, with the ratio rising to 6.31. This indicates a significant enhancement in asset utilization, whereby Cintas was able to generate approximately 6.31 dollars of sales per dollar of net property, plant, and equipment in fiscal year 2023 compared to earlier periods.
The absence of data beyond May 2023 precludes analysis of subsequent trends; however, the observed increases suggest a period of operational efficiency gains. An increasing fixed asset turnover ratio typically reflects improved asset management or higher sales efficiency relative to fixed assets employed.
Overall, the developing upward trajectory over the observed years signals a trend of improved fixed asset utilization by Cintas Corporation.
Peer comparison
May 31, 2025