olivLaw · US equity research
Cintas Corporation CTAS
Men's & Boys' Furnishgs, Work Clothg, & Allied Garments · SIC 2320 · Vertical: Men's & Boys' Furnishgs, Work Clothg, & Allied Garments (SIC 2320)
Cintas Corporation is North America's leading provider of uniform rental and facility services, with revenue of 11.3 billion USD in fiscal 2026. In the first quarter of fiscal 2027 revenue rose 10.9% to 3,014.0 million USD, and the company raised its annual guidance. The UniFirst acquisition, valued at about 5.5 billion USD, is still under review by the FTC.
At the close of 03 Nov 2026, Cintas Corporation (CTAS) stock was 223.74 USD (−0.46% on the day), with market capitalisation 88.8 bn USD, P/E 44.1 on diluted EPS of 5.07 USD over the last 12 months, dividend yield 0.84%, beta 0.51, 52-week range 163.55–225.93 USD. Latest reported quarter (Q1 2027): revenue of 3.0 bn USD (+10.9% YoY), net income of 551.7 m USD (+12.3% YoY), diluted EPS 1.36 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 64.8
- strong (55–70)
- Bollinger (20, 2)
- 197.50 – 231.02
- in the upper half of the band · %B 0.78 · band width 15.6%
- SMA 50 / 200
- 205.20 / 190.54
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 5.51 / 5.08
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +15.9% | −2.0% | +17.9 pp | — |
| 3 months | +9.9% | −2.2% | +12.0 pp | — |
| 6 months | +32.2% | +4.3% | +27.9 pp | — |
| Year to date | +19.0% | +10.6% | +8.4 pp | — |
| 1 year | +22.9% | +10.5% | +12.4 pp | +12.2% |
| 3 years | +72.6% | +73.7% | −1.0 pp | +25.1% |
| 5 years | +103.1% | +61.7% | +41.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2027 · 31 Aug 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.6 bn | 2.6 bn | 2.7 bn | 2.7 bn | 2.8 bn | 2.8 bn | 2.9 bn | 3.0 bn |
| Cost of revenue | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn |
| Gross profit | 1.3 bn | 1.3 bn | 1.3 bn | 1.4 bn | 1.4 bn | 1.4 bn | 1.5 bn | 1.6 bn |
| SG&A | 685.3 m | 709.5 m | 728.5 m | 748.7 m | 756.8 m | 788.6 m | 792.1 m | 827.2 m |
| Operating income | 591.4 m | 609.9 m | 597.5 m | 617.9 m | 655.7 m | 659.9 m | 673.0 m | 711.9 m |
| Depreciation & amortisation | 121.8 m ≈ | 125.5 m ≈ | 126.5 m | 125.9 m | 127.5 m ≈ | 128.7 m ≈ | 130.7 m | 127.3 m |
| Interest expense | 26.7 m | 24.8 m | 24.1 m | 24.2 m | 28.1 m | 28.2 m | 25.8 m | 24.7 m |
| Pre-tax income | 565.7 m | 586.4 m | 575.4 m | 595.9 m | 628.5 m | 632.5 m | 648.4 m | 689.8 m |
| Income tax | 117.2 m | 122.9 m | 127.2 m | 104.8 m | 133.2 m | 130.0 m | 137.4 m | 138.1 m |
| Net income | 448.5 m | 463.5 m | 448.3 m | 491.1 m | 495.3 m | 502.5 m | 511.0 m | 551.7 m |
| Diluted EPS | 1.09 | 1.13 | 1.09 ≈ | 1.20 | 1.21 | 1.24 | 1.26 ≈ | 1.36 |
| Operating cash flow | 444.7 m ≈ | 620.5 m ≈ | 640.3 m | 414.5 m | 531.2 m ≈ | 621.5 m ≈ | 709.1 m | 572.3 m |
| Capex | 101.4 m ≈ | 99.9 m ≈ | 114.6 m | 102.0 m | 106.3 m ≈ | 90.9 m ≈ | 96.0 m | 107.5 m |
| Dividends paid | 157.3 m ≈ | 158.1 m ≈ | 157.9 m | 157.8 m | 182.3 m ≈ | 180.7 m ≈ | 180.6 m | 180.7 m |
| Share repurchases | 36.7 m ≈ | 26.6 m ≈ | 256.7 m | 266.1 m | 635.6 m ≈ | 31.6 m ≈ | 18.9 m | 315.7 m |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 83 percentile of its own 42-quarter history (min 3.8, median 8.7, max 54.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 6.9 bn | 7.1 bn | 7.1 bn | 7.9 bn | 8.8 bn | 9.6 bn | 10.3 bn | 11.3 bn |
| Revenue YoY | +6.4% | +2.8% | +0.4% | +10.4% | +12.2% | +8.9% | +7.7% | +8.9% |
| Net income | 885.0 m | 876.0 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.8 bn | 2.0 bn |
| Net income YoY | +5.0% | −1.0% | +26.8% | +11.2% | +9.1% | +16.6% | +15.3% | +10.4% |
| Diluted EPS | 7.99 | 8.11 | 10.24 | 11.65 | 3.25 | 3.79 | 4.40 | 4.91 |
| Diluted EPS YoY | +5.7% | +1.5% | +26.3% | +13.8% | −72.1% | +16.6% | +16.1% | +11.6% |
| net % | 12.8% | 12.4% | 15.6% | 15.7% | 15.3% | 16.4% | 17.5% | 17.8% |
| Free cash flow | 791.1 m | 1.1 bn | 1.2 bn | 1.3 bn | 1.3 bn | 1.7 bn | 1.8 bn | 1.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 May 2026
- Cash
- 289.0 m USD
- Financial debt
- 2.4 bn USD
- Net debt
- 2.1 bn USD
- Equity
- 5.1 bn USD
- Total assets
- 10.5 bn USD
- Debt / equity
- 0.47x
- Current ratio
- 1.43x
- ROE
- 40.7%
- ROA
- 19.7%
- FCF margin
- 16.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 7.1 bn | 7.9 bn | 8.8 bn | 9.6 bn | 10.3 bn | 11.3 bn | SEC (XBRL)· 29 Jul 2026verified |
| Cost of revenue | — | — | 4.6 bn | 4.9 bn | 5.2 bn | 5.6 bn | SEC (XBRL)· 29 Jul 2026verified |
| Gross profit | 3.3 bn | 3.6 bn | 4.2 bn | 4.7 bn | 5.2 bn | 5.7 bn | SEC (XBRL)· 29 Jul 2026verified |
| SG&A | 1.9 bn | 2.0 bn | 2.4 bn | 2.6 bn | 2.8 bn | 3.1 bn | SEC (XBRL)· 29 Jul 2026verified |
| Operating income | 1.4 bn | 1.6 bn | 1.8 bn | 2.1 bn | 2.4 bn | 2.6 bn | SEC (XBRL)· 29 Jul 2026verified |
| Depreciation & amortisation | 388.0 m | 399.7 m | 409.2 m | 442.4 m | 494.2 m | 512.8 m | SEC (XBRL)· 29 Jul 2026verified |
| EBITDA | 1.8 bn ≈ | 2.0 bn ≈ | 2.2 bn ≈ | 2.5 bn ≈ | 2.9 bn ≈ | 3.1 bn ≈ | SEC (XBRL)· 29 Jul 2026derived |
| Interest expense | 98.2 m | 88.8 m | 111.2 m | 100.7 m | 101.1 m | 106.3 m | SEC (XBRL)· 29 Jul 2026verified |
| Pre-tax income | 1.3 bn | 1.5 bn | 1.7 bn | 2.0 bn | 2.3 bn | 2.5 bn | SEC (XBRL)· 29 Jul 2026verified |
| Income tax | 176.8 m | 263.0 m | 345.1 m | 402.0 m | 451.9 m | 505.4 m | SEC (XBRL)· 29 Jul 2026verified |
| Net income | 1.1 bn | 1.2 bn | 1.3 bn | 1.6 bn | 1.8 bn | 2.0 bn | SEC (XBRL)· 29 Jul 2026verified |
| Diluted EPS | 10.24 | 11.65 | 3.25 | 3.79 | 4.40 | 4.91 | SEC (XBRL)· 29 Jul 2026verified |
| Weighted average diluted shares | 107.7 m | 105.5 m | 413.5 m | 413.5 m | 410.3 m | 406.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Dividend per share | 5.01 | 3.80 | 1.15 | 1.35 | 1.56 | 1.80 | SEC (XBRL)· 29 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 493.6 m | 90.5 m | 124.1 m | 342.0 m | 264.0 m | 289.0 m | SEC (XBRL)· 29 Jul 2026verified |
| Receivables | 901.7 m | 1.0 bn | 1.2 bn | 1.2 bn | 1.4 bn | 1.6 bn | SEC (XBRL)· 29 Jul 2026verified |
| Inventories | 481.8 m | 472.2 m | 506.6 m | 410.2 m | 447.4 m | 446.4 m | SEC (XBRL)· 29 Jul 2026verified |
| Current assets | 2.8 bn | 2.6 bn | 2.9 bn | 3.2 bn | 3.4 bn | 3.9 bn | SEC (XBRL)· 29 Jul 2026verified |
| Property, plant & equipment, net | 1.3 bn | 1.3 bn | 1.4 bn | 1.5 bn | 1.7 bn | 1.7 bn | SEC (XBRL)· 29 Jul 2026verified |
| Goodwill | 2.9 bn | 3.0 bn | 3.1 bn | 3.2 bn | 3.4 bn | 3.5 bn | SEC (XBRL)· 29 Jul 2026verified |
| Intangibles (excl. goodwill) | 408.4 m | 718.6 m | 700.7 m | 690.3 m | 694.4 m | 298.6 m | SEC (XBRL)· 07 Oct 2026verified |
| Total assets | 8.2 bn | 8.1 bn | 8.5 bn | 9.2 bn | 9.8 bn | 10.5 bn | SEC (XBRL)· 29 Jul 2026verified |
| Accounts payable | 230.8 m | 251.5 m | 302.3 m | 339.2 m | 485.1 m | 461.2 m | SEC (XBRL)· 29 Jul 2026verified |
| Short-term debt | 899.1 m | 311.6 m | 0 | 449.6 m | 0 | 999.0 m | SEC (XBRL)· 29 Jul 2026verified |
| Long-term debt | 1.6 bn | 2.5 bn | 2.5 bn | 2.0 bn | 2.4 bn | 1.4 bn | SEC (XBRL)· 29 Jul 2026verified |
| Current liabilities | 1.9 bn | 1.4 bn | 1.2 bn | 1.8 bn | 1.6 bn | 2.7 bn | SEC (XBRL)· 29 Jul 2026verified |
| Equity | 3.7 bn † | 3.3 bn † | 3.9 bn † | 4.3 bn † | 4.7 bn † | 5.1 bn † | SEC (XBRL)· 29 Jul 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.4 bn | 1.5 bn | 1.6 bn | 2.1 bn | 2.2 bn | 2.3 bn | SEC (XBRL)· 29 Jul 2026verified |
| Capex | 143.5 m | 240.7 m | 331.1 m | 409.5 m | 408.9 m | 395.1 m | SEC (XBRL)· 29 Jul 2026verified |
| Free cash flow | 1.2 bn ≈ | 1.3 bn ≈ | 1.3 bn ≈ | 1.7 bn ≈ | 1.8 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 29 Jul 2026derived |
| Investing cash flow | -137.2 m | -402.6 m | -381.6 m | -603.3 m | -623.6 m | -568.4 m | SEC (XBRL)· 29 Jul 2026verified |
| Financing cash flow | -879.9 m | -1.5 bn | -1.2 bn | -1.2 bn | -1.6 bn | -1.7 bn | SEC (XBRL)· 29 Jul 2026verified |
| Dividends paid | 451.3 m | 375.1 m | 449.9 m | 530.9 m | 611.6 m | 701.5 m | SEC (XBRL)· 29 Jul 2026verified |
| Share repurchases | 554.1 m | 1.5 bn | 398.9 m | 700.0 m | 934.8 m | 952.1 m | SEC (XBRL)· 29 Jul 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
(margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 88.8 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation8
- Returns57
- Quality81
- Balance sheet71
- Growth85
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 23.65 – 122.43 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)72.15 – 113.49 (Mid 88.21)WACC 9.2% · starting FCFF 2.1 bn USD · terminal value share of EV 74%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA63.86 – 77.75 (Mid 67.48)4 companies used · median multiple 9.0x · quartiles 8.6x – 10.3xKTB, OXM, PVH, VFC
- Peers: P/E99.95 – 122.43 (Mid 113.08)3 companies used · median multiple 22.3x · quartiles 19.7x – 24.1xKTB, RL, VFC
- Dividend discount (DDM)23.65 – 31.81 (Mid 27.13)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Unattractive profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 29.7% | 60 (vs peers) | 10% |
| Net margin · Quality | 17.8% | 100 (vs peers) | 6% |
| FCF conversion · Quality | 98.7% | 98 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 8.5% | 71 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 14.7% | 98 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.7x | 60 (vs peers) | 10% |
| Interest coverage · Balance sheet | 25.3x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.5x | 54 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 44.1x | 0 (on a fixed band) | 10% |
| EV/EBITDA · Valuation | 28.3x | 0 (on a fixed band) | 10% |
| FCF yield · Valuation | 2.3% | 29 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 1.9% | 28 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 35.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet71/100 · 3/3 factors with a value
- Growth85/100 · 2/2 factors with a value
- Quality81/100 · 3/3 factors with a value
- Returns57/100 · 2/2 factors with a value
- Valuation8/100 · 3/3 factors with a value
Memo
Cintas Corporation (CTAS). Latest full fiscal year: 2026; data up to 2026-08-31.
Figures computed from the financial statements: revenue 11.3 bn USD in 2026; YoY growth 8.9%; net margin 17.8%; ROE 41.4%; net debt/EBITDA 0.7x.
The estimated value range is 68.01–95.62 USD per share (median of 4 methods, agreement: medium); assumptions are illustrative. Against the central value of 77.85 USD, the price of 223.74 USD leaves a potential of -65.2% (value / price − 1) and a margin of safety of -187.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 17.8%
- FCF conversion: 98.7%
- Revenue CAGR 3Y: 8.5%
- EPS CAGR 3Y: 14.7%
- Interest coverage: 25.3x
- Payout ratio (FCF): 35.6%
What contradicts it
- P/E (TTM): 44.1x
- EV/EBITDA: 28.3x
- FCF yield: 2.3%
- Shareholder yield (distributions): 1.9%
- The price is above the estimated value range
Versus the vertical median
Men's & Boys' Furnishgs, Work Clothg, & Allied Garments (SIC 2320) · same industry (4-digit SIC) · compared with 5 companies
The size band was not applied: too few companies would have remained; the vertical includes much smaller or larger companies.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| CTASCintas Corporation | 88.8 bn | 44.1 | 41.4% | 17.8% | +8.9% | +23% / +73% |
| VFCV. F. Corporation | 8.2 bn | 22.3 | 21.1% | 3.9% | +1.1% | +20% / +25% |
| PVHPvh Corp. | 4.5 bn | — | -3.5% | -1.9% | +3.4% | +15% / −0% |
| KTBKontoor Brands, Inc. | 4.5 bn | 17.1 | 48.0% | 8.7% | unavailable | +10% / +49% |
| OXMOxford Industries Inc | 456.5 m | — | -1.2% | -0.5% | −2.6% | −20% / −66% |
| RLRalph Lauren Corporation | — | 26.0 | 37.5% | 11.8% | +14.6% | +12% / +218% |
1- and 3-year price returns: for CTAS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 140.72 Total return -36% · Per year -36% | 248.31 Total return 12% · Per year 12% | 373.40 Total return 68% · Per year 68% |
| 3 years | 147.81 Total return -32% · Per year -12% | 292.40 Total return 34% · Per year 10% | 481.14 Total return 119% · Per year 30% |
| 5 years | 155.26 Total return -27% · Per year -6% | 344.31 Total return 59% · Per year 10% | 619.97 Total return 184% · Per year 23% |
- Exit P/E± 73.10
- Net margin± 51.17
- Annual revenue growth± 40.45
- Annual dilution± 4.30
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Cintas Corporation is North America's leading provider of uniform rental and facility services, with revenue of 11.3 billion USD in fiscal 2026 1. In the first quarter of fiscal 2027 revenue rose 10.9% to 3,014.0 million USD 23, and the company raised its annual guidance. The UniFirst acquisition, valued at about 5.5 billion USD 1, is still under review by the FTC.
SWOT
Strengths
- The company has an extensive delivery network, close customer relationships and a highly diversified customer base, which reduces concentration risk 1.
- Operating margins improved across several segments, and in-service inventory management supports efficiency 12.
- Strong organic growth in the first quarter of fiscal 2027 points to solid demand and the ability to add customers 3.
Weaknesses
- A large share of revenue comes from one segment, which makes the company sensitive to that segment's performance 1.
- UniFirst transaction costs reduced first-quarter results and may continue to weigh on profitability in the near term 3.
- International activity is limited, so exposure to markets outside North America remains small 1.
Opportunities
- The UniFirst acquisition could extend market share and generate cost synergies if integration succeeds 1.
- Deeper penetration of existing customers and expansion into new segments remain strategies that could add revenue 1.
- Safety and occupational health programs could support demand from firms seeking to reduce workplace incidents 1.
Risks
- Completion of the UniFirst acquisitionhigh
The deal depends on regulatory approvals, including a second request from the FTC. If it does not close on time or at all, the company's plans could be affected 12.
- Integration and synergiesmedium
Integrating a large company can be difficult and can demand substantial management attention. If expected synergies are not achieved, the effect on results could be significant 1.
- Labor and material costsmedium
Higher wages, healthcare costs and fabric prices can compress margins if prices cannot be adjusted 1.
- Trade and tariff pressuremedium
New tariffs or trade restrictions can increase sourcing costs and lengthen lead times 1.
- Cybersecuritylow
Cyber threats can disrupt computer systems and delivery operations, with effects on customers 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth stayed solid through fiscal 2026 and into the first quarter of fiscal 2027, and annual guidance was raised 13.
- Gross and operating margins improved, suggesting a more efficient business model 13.
- If the UniFirst deal closes and integrates well, the company could meaningfully expand its share of the North American market 12.
What would break the thesis
- The UniFirst acquisition carries regulatory and integration risks, and deal costs may keep weighing on results 23.
- Fragmented local markets and price competition could limit long-term margin gains 1.
- Tariffs and geopolitical risks could raise supply costs and hurt results if they cannot be passed to customers 1.
What to watch
- FTC decision and completion of the UniFirst acquisitionQ1 2027
- Quarterly results and organic revenue trendQ2 2027
- Effects of UniFirst integration on margins and synergies2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Cintas helps more than one million businesses in the United States, Canada and Latin America with uniforms, mats, towels, first aid and safety products, workplace water services and fire protection 1. It reports two segments, Uniform Rental and Facility Services and First Aid and Safety Services, and an All Other category covering fire protection and direct uniform sales 1. Total revenue in fiscal 2026 was 11.3 billion USD, with organic growth of 8.3% 1.
Market context
The primary markets are local and highly fragmented, with competition from national, regional and local providers, large and small retailers, and companies with a strong online presence 1. Customers may also choose to perform services in-house, which is a constant alternative to outsourcing 1.
Competition turns on product, design, price, quality, service and convenience 1. The 8.9% organic growth in the first quarter of fiscal 2027 suggests demand remains solid in North America 3.
Trends
- Growth in sales volume and productivitytailwind
Revenue growth in fiscal 2026 came mainly from higher sales volume and sales representative productivity 1. If this continues, it could support revenue growth in the coming years.
- Cost efficiency and in-service inventory managementtailwind
More efficient use of in-service inventory and production gains improved gross margin 12. These improvements could continue if strategic sourcing initiatives are sustained.
- Inflation and trade pressuresheadwind
Tariffs, material and energy costs and geopolitical tensions can raise operating costs and disrupt supply chains 1. The company may not be able to pass these costs fully on to customers.
- Integration of the UniFirst acquisitionmixed
The UniFirst deal could extend the company's position, but integration and synergies are uncertain and may take longer than expected 12. Transaction costs have already weighed on first-quarter results 3.
Competitive position
Cintas competes with national, regional and local uniform and facility service providers, as well as retailers and online companies 1. Competition could reduce prices if rivals try to gain market share 1. The most direct competitor, UniFirst, is being acquired by Cintas 1.
Competitors can also compete for acquisitions, which can raise deal prices and reduce the number of available targets 1. The company's edge lies in the density of its delivery network and close customer relationships 1.
- National uniform rental providers
Companies with national reach in uniform rental that compete on price, quality and service 1.
- Regional and local providers
Local operators that dominate the fragmented markets in which Cintas operates 1.
- Retailers and online-focused companies
Sellers of protective equipment and work apparel that compete for small and mid-sized customers 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Inside Cintas Corp. (CTAS) Operational AI IntegrationYahoo Finance — News · 24 Aug 2026 · EN
The latest news item in our archive is from 24 Aug 2026; the newest SEC filing is from 30 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Current report30 Oct 2026Shareholder vote
- Quarterly report07 Oct 2026
- Current report06 Oct 2026Other events
- Current report23 Sept 2026Results of operations · Financial statements and exhibits
- Proxy statement15 Sept 2026
- Current report27 Aug 2026Departure or appointment of officers
- Current report03 Aug 2026Departure or appointment of officers · Financial statements and exhibits
- Annual report29 Jul 2026
- Current report15 Jul 2026Results of operations · Financial statements and exhibits
- Current report12 Jun 2026Other events
Sources
- [1] Form 10-K, fiscal year ended 2026-05-31 · SEC / Cintas Corporation · 29 Jul 2026
- [2] Form 10-Q, quarter ended 2026-08-31 · SEC / Cintas Corporation · 07 Oct 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Cintas Corporation · 23 Sept 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.