Cintas Corporation (CTAS)

Fixed asset turnover

		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
Revenue (ttm)	US$ in thousands	10,340,180	10,143,470	9,940,480	9,755,880	9,596,620	9,410,150	9,193,970	8,991,650	8,815,770	8,605,990	8,376,540	8,123,960	7,854,460	7,615,430	7,431,950	7,266,720	7,116,350	6,900,270	6,933,860	7,020,560
Property, plant and equipment	US$ in thousands	—	—	—	—	—	—	1,642,980	1,620,940	1,396,480	1,358,180	1,340,660	1,503,830	1,493,680	1,480,170	1,455,050	1,460,520	1,402,270	1,329,930	1,344,330	1,378,380
Fixed asset turnover		—	—	—	—	—	—	5.60	5.55	6.31	6.34	6.25	5.40	5.26	5.14	5.11	4.98	5.07	5.19	5.16	5.09

May 31, 2025 calculation

Fixed asset turnover = Revenue (ttm) ÷ Property, plant and equipment
= $10,340,180K ÷ $—K
= —

The fixed asset turnover ratio for Cintas Corporation demonstrated considerable fluctuation over the specified periods from August 31, 2020, to November 30, 2023. Initially, the ratio was approximately 5.09 in August 2020, indicating that for every dollar invested in fixed assets, the company generated roughly $5.09 in sales. Over the subsequent periods, the ratio showed a generally favorable trend, reaching a peak of approximately 6.34 in February 2023. This increase suggests that the company improved the efficiency with which it utilized its fixed assets to generate sales during this timeframe.

Between August 2020 and February 2023, the ratio experienced a steady upward trajectory, with minor fluctuations, indicating enhanced asset utilization efficiency. The notable rise from around 5.09 to over 6.3 reflects an improving ability to derive sales from the existing fixed asset base. However, after reaching this peak, the ratio declined to approximately 5.55 in August 2023, suggesting a temporary reduction in asset utilization efficiency or changes in sales relative to fixed assets.

Overall, the trend illustrates that Cintas has generally been able to optimize its fixed assets to support sales growth, especially evident in the period leading up to early 2023. The fluctuations, including the recent decline, could be attributable to various operational or market factors. This ratio remains a key indicator of asset efficiency, with the recent data indicating a temporary decrease after a phase of strong improvement. Future observations would be necessary to determine if this trend persists or reverses.