Cintas Corporation (CTAS)
Payables turnover
| May 31, 2025 | May 31, 2024 | May 31, 2023 | May 31, 2022 | May 31, 2021 | ||
|---|---|---|---|---|---|---|
| Cost of revenue | US$ in thousands | 5,166,020 | 4,910,200 | 4,642,400 | 4,222,210 | 3,801,690 |
| Payables | US$ in thousands | 485,109 | 339,166 | 302,292 | 251,504 | 230,786 |
| Payables turnover | 10.65 | 14.48 | 15.36 | 16.79 | 16.47 |
May 31, 2025 calculation
Payables turnover = Cost of revenue ÷ Payables
= $5,166,020K ÷ $485,109K
= 10.65
The payables turnover ratio for Cintas Corporation over the specified periods reflects a general trend of gradual decline. As of May 31, 2021, the ratio was 16.47, indicating that the company paid its accounts payable approximately 16.5 times during that fiscal year. This ratio increased slightly to 16.79 in May 2022, suggesting a marginal improvement in the efficiency of settling its payables. However, the ratio decreased to 15.36 in May 2023, signaling a modest slowdown in the frequency of payments relative to the accounts payable balance. The downward trend continued into May 2024, with the ratio declining further to 14.48. The data for May 2025 is not available, and thus, no analysis can be made for that period. Overall, the decreasing payables turnover ratio indicates that Cintas Corporation has been extending the period it takes to pay its suppliers over recent years, which may reflect strategic payment practices, liquidity considerations, or changes in supplier credit terms.
Peer comparison
May 31, 2025