CINTAS CORP
CTASdata completeness 100%18 fiscal years on fileData notes: no data for concept 'investmentsAtFairValue'; no data for concept 'netInvestmentIncome'; no data for concept 'gainsOnRealEstateSales'; no data for concept 'realEstateImpairment'
CINTAS CORP earns about 19% on invested capital, far above its ~9% cost of capital, but has diluted owners by 285% over 5 years — a real edge showing up in the numbers. The estimate methods put fair value between $39.48 and $127.83 a share.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.
| Figure | FY 2022 | FY 2023 | FY 2024 | FY 2025 | FY 2026 |
|---|---|---|---|---|---|
| Revenue | $7.85B1 | $8.82B2 | $9.6B3 | $10.3B3 | $11.3B3 |
| Net income | $1.24B4 | $1.35B5 | $1.57B6 | $1.81B6 | $2B6 |
| Operating cash flow | $1.54B7 | $1.59B8 | $2.07B9 | $2.17B9 | $2.28B9 |
| Capital expenditure | $240.7M10 | $331.1M11 | $409.5M12 | $408.9M12 | $395.1M12 |
| Free cash flow (derived) | $1.3B7 | $1.26B8 | $1.66B9 | $1.76B9 | $1.88B9 |
| Total debt | $5.28B13 | $4.97B14 | $4.5B15 | $4.85B16 | $3.86B16 |
| Cash & equivalents | $90.5M17 | $124.1M18 | $342M19 | $264M20 | $289M20 |
| Diluted shares | 105.5M | 413.5M | 413.5M | 410.3M | 406.2M |
Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).
10 shares is a claim on $126.54 of net worth that earned you $49.24 and generated $46.31 of cash last year, against $94.96 of debt.
It earned about 19% on invested capital, year after year, against a ~9% cost of capital — the footprint of real pricing power. Competition usually drags returns like this back down; here it hasn't.
seeing a moat in the numbers →Share count is up 285% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has fallen 27% — deleveraging.
reading capital allocation →Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.
The 3 estimate methods that apply put fair value between $39.48 and $127.83 a share. They rest on different assumptions, so where they diverge is the story; the Graham Number is a stricter floor, not a target.
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears10
- fcfGrowth11.9%
- fcfBase$1.76B
assumptions (10)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- terminalGrowth2.5%
- projectionYears5
- fcfGrowth11.9%
- fcfBase$1.76B
assumptions (8)
- riskFreeRate4.8%
- equityRiskPremium5.0%
- beta100.0%
- equityWeight85.0%
- costOfDebtSpread1.5%
- taxRate21.0%
- normalizedEarnings$1.57B
- growthAssumed0.0%
assumptions (1)
- grahamMultiplier2250.0%
Different models answer different questions — which to trust when →
| Bear | 0.0% | $51.67 |
| Base | 11.9% | $91.05 |
| Bull | 16.9% | $113.12 |
Bear/base/bull growth = 0% / filed history / history + 5pp. Type a price to see the return each case implies.
Default growth 11.9%= this company’s own filed history (median-to-median FCF CAGR, clamped 0–20%). Your adjustments are recorded anonymously. They become the “what do owners actually believe” dataset.
- 10-K · period ending 2022-05-31 · accession 0000723254-24-000036 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2023-05-31 · accession 0000723254-25-000017 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2024-05-31 · accession 0000723254-26-000028 (RevenueFromContractWithCustomerExcludingAssessedTax)
- 10-K · period ending 2022-05-31 · accession 0000723254-24-000036 (NetIncomeLoss)
- 10-K · period ending 2023-05-31 · accession 0000723254-25-000017 (NetIncomeLoss)
- 10-K · period ending 2024-05-31 · accession 0000723254-26-000028 (NetIncomeLoss)
- 10-K · period ending 2022-05-31 · accession 0000723254-24-000036 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2023-05-31 · accession 0000723254-25-000017 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2024-05-31 · accession 0000723254-26-000028 (NetCashProvidedByUsedInOperatingActivities)
- 10-K · period ending 2022-05-31 · accession 0000723254-24-000036 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2023-05-31 · accession 0000723254-25-000017 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2024-05-31 · accession 0000723254-26-000028 (PaymentsToAcquirePropertyPlantAndEquipment)
- 10-K · period ending 2022-05-31 · accession 0000723254-23-000025 (LongTermDebtNoncurrent)
- 10-K · period ending 2023-05-31 · accession 0000723254-24-000036 (LongTermDebtNoncurrent)
- 10-K · period ending 2024-05-31 · accession 0000723254-25-000017 (LongTermDebtNoncurrent)
- 10-K · period ending 2025-05-31 · accession 0000723254-26-000028 (LongTermDebtNoncurrent)
- 10-K · period ending 2022-05-31 · accession 0000723254-23-000025 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2023-05-31 · accession 0000723254-24-000036 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2024-05-31 · accession 0000723254-25-000017 (CashAndCashEquivalentsAtCarryingValue)
- 10-K · period ending 2025-05-31 · accession 0000723254-26-000028 (CashAndCashEquivalentsAtCarryingValue)