Cintas Corporation (CTAS)

Financial leverage ratio

		May 31, 2025	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021
Total assets	US$ in thousands	—	9,168,820	8,546,360	8,147,260	8,236,820
Total stockholders’ equity	US$ in thousands	—	4,316,370	3,863,990	3,308,200	3,687,850
Financial leverage ratio		—	2.12	2.21	2.46	2.23

May 31, 2025 calculation

Financial leverage ratio = Total assets ÷ Total stockholders’ equity
= $—K ÷ $—K
= —

The financial leverage ratio of Cintas Corporation over the specified periods exhibits fluctuations indicative of changing leverage levels. As of May 31, 2021, the ratio stood at 2.23, reflecting a moderate level of debt relative to equity. By May 31, 2022, the ratio increased to 2.46, implying a higher degree of leverage and a greater reliance on debt financing. Following this peak, the ratio declined to 2.21 on May 31, 2023, suggesting a reduction in leverage, possibly due to debt repayment or increased equity. The downward trend continued with a ratio of 2.12 on May 31, 2024, indicating a further decrease in financial leverage. Data for May 31, 2025, is not available, which restricts further analysis for that period. Overall, the trend demonstrates a movement towards lower leverage over the examined timeframe, potentially reflecting a strategic shift to reduce debt levels or improve financial stability.