Cintas Corporation (CTAS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-38.2%

$138.54

vs $224.21 price

Levered DCF

$115.29

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

13.44

Safe zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	34.79×	50.56×	44.02×	35.77×	33.42×	33.56×	30.02×	26.54×
P/B	13.5×	19.51×	15.97×	12.42×	12.42×	10.04×	8.05×	7.84×
P/S	6.16×	8.84×	7.18×	5.44×	5.23×	5.2×	3.68×	3.41×
EV / EBITDA	22.98×	32.8×	28.23×	22.75×	22.1×	22.1×	18.55×	16.8×
Gross margin	50.5%	50.0%	48.8%	47.3%	46.2%	46.6%	45.6%	45.4%
Operating margin	23.1%	22.8%	21.6%	20.4%	20.2%	19.5%	16.4%	16.4%
Net margin	17.8%	17.5%	16.4%	15.3%	15.7%	15.6%	12.4%	12.8%
Current ratio	1.43×	2.09×	1.12×	1.49×	1.14×	1.01×	1.65×	1.23×
Debt / equity	0.53×	0.57×	0.62×	0.69×	0.9×	0.74×	0.84×	0.95×
Interest coverage	24.52×	23.34×	20.53×	16.21×	17.87×	14.11×	11.03×	11.14×
Dividend yield	1.0%	0.7%	0.8%	0.9%	0.9%	1.2%	1.0%	0.9%
Payout ratio	35.1%	33.7%	33.8%	33.4%	30.4%	40.6%	30.6%	24.9%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	38.9%	38.7%	36.4%	34.9%	37.4%	30.1%	27.1%	29.5%
Return on invested capital	23.4%	22.9%	20.2%	18.8%	17.8%	15.8%	13.5%	13.3%
Return on assets	19.0%	18.4%	16.6%	15.3%	14.7%	13.0%	11.0%	11.6%
Free cash flow yield	2.7%	1.9%	2.4%	2.6%	3.2%	3.3%	4.1%	3.4%
Earnings yield	2.9%	2.0%	2.3%	2.8%	3.0%	3.0%	3.4%	3.8%
Enterprise value	$71.8B	$93.8B	$71.2B	$50.5B	$44B	$39.2B	$28.6B	$26.3B
Net debt / EBITDA	0.77×	0.84×	0.92×	1.15×	1.45×	1.25×	1.66×	1.76×
Cash conversion cycle (days)	49	47	53	64	67	71	62	59