Cintas Corporation (CTAS)

Working capital 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
Total current assets US$ in thousands 3,185,210 2,938,460 2,631,980 2,843,310
Total current liabilities US$ in thousands 1,828,520 1,230,060 1,432,890 1,934,080
Working capital turnover 7.07 5.16 6.55 7.83

May 31, 2025 calculation

Working capital turnover = Revenue ÷ (Total current assets – Total current liabilities)
= $10,340,200K ÷ ($—K – $—K)
= —

The analysis of Cintas Corporation's working capital turnover over the specified periods reveals notable fluctuations. As of May 31, 2021, the ratio stood at 7.83, indicating a relatively efficient utilization of working capital in generating sales. By May 31, 2022, the ratio declined to 6.55, suggesting a decrease in efficiency, potentially due to increased working capital requirements or relatively slower sales relative to current assets and liabilities.

The downward trend continued through May 31, 2023, with the ratio decreasing further to 5.16, reflecting a continued decline in the efficiency of working capital utilization. Such a reduction could signal issues such as higher inventory levels, extended receivables, or more aggressive credit policies affecting operating cycle efficiency.

However, the ratio experienced a reversal by May 31, 2024, rising to 7.07. This improvement suggests that the company either optimized its working capital management strategies, improved collection processes, reduced inventory levels, or experienced increased sales relative to working capital investments.

The data for May 31, 2025, is unavailable, rendering any assessment for that period incomplete. Overall, the trend highlights periods of both decline and recovery in working capital efficiency within the analyzed timeframe, emphasizing the importance of ongoing working capital management to support sustainable sales growth and operational effectiveness.


Peer comparison

May 31, 2025


See also:

Cintas Corporation Working Capital Turnover