Cintas Corporation (CTAS)

Total asset turnover

		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	May 31, 2020	Feb 29, 2020	Nov 30, 2019	Aug 31, 2019
Revenue (ttm)	US$ in thousands	9,596,620	9,309,430	9,089,960	8,885,310	8,706,250	8,509,840	8,287,180	8,041,620	7,777,990	7,547,600	7,361,590	7,193,700	7,040,620	6,826,590	6,884,740	6,996,000	7,085,120	7,259,270	7,130,950	7,005,470
Total assets	US$ in thousands	9,168,820	8,978,880	8,813,870	8,719,680	8,546,360	8,466,000	8,427,010	8,261,030	8,147,260	8,168,600	8,017,410	7,857,750	8,236,820	8,347,500	8,454,750	8,043,380	7,669,880	7,901,980	7,887,340	7,661,900
Total asset turnover		1.05	1.04	1.03	1.02	1.02	1.01	0.98	0.97	0.95	0.92	0.92	0.92	0.85	0.82	0.81	0.87	0.92	0.92	0.90	0.91

May 31, 2024 calculation

Total asset turnover = Revenue (ttm) ÷ Total assets
= $9,596,620K ÷ $9,168,820K
= 1.05

The total asset turnover of Cintas Corporation has shown a fluctuating trend over the past few years, ranging from 0.81 to 1.05. The ratio measures the efficiency of the company in generating sales revenue from its total assets. A higher total asset turnover indicates that the company is effectively utilizing its assets to generate sales.

From the data provided, we can see that the total asset turnover has generally been on an upward trajectory, improving from 0.81 in November 2020 to 1.05 in May 2024. This suggests that Cintas has been able to generate more sales revenue for each dollar of assets invested, reflecting improved asset utilization efficiency.

It is also worth noting that there have been fluctuations in the ratio over time, indicating possible changes in the company's operational efficiency and asset management strategies. For example, the ratio dipped to 0.81 in November 2020 but has since shown an overall increasing trend.

Overall, the increasing trend in total asset turnover for Cintas Corporation signals improved efficiency in utilizing its assets to generate sales revenue, which can be a positive indicator of the company's operational performance and financial health.