Cintas Corporation (CTAS) — Company Research

Last Updated: 29 August 2026

Cintas Corporation rents, launders and delivers workwear, mats, mops, restroom supplies, first aid cabinets and fire protection services to more than one million business customers across North America. It is a route-based business: roughly 48,100 employee-partners run a weekly delivery network that turns low-ticket consumables into recurring, contracted revenue. Fiscal 2026, which ended on 31 May 2026, produced record revenue of $11.26bn, an all-time-high gross margin of 50.7% and GAAP diluted earnings of $4.91 per share. The defining corporate event, however, is not in those numbers: on 10 March 2026 Cintas signed a definitive merger agreement to acquire UniFirst for roughly $5.5bn, a deal that has been approved by UniFirst shareholders but is now sitting inside a Federal Trade Commission Second Request. This report sets out what the filings say, with no analyst opinions and no price targets.

1. Company Snapshot

Field	Value
Ticker / exchange	CTAS, NASDAQ Global Select Market
Headquarters	Mason, Ohio, United States
Fiscal year end	31 May (FY2026 ended 31 May 2026)
CEO / Leadership	Todd M. Schneider, Chief Executive Officer. Jim Rozakis became President and Chief Operating Officer on 1 August 2026 when the President and CEO roles were separated. Scott A. Garula is Executive Vice President and Chief Financial Officer. Scott D. Farmer is Executive Chairman.
Employees	Approximately 48,100 employee-partners at 31 May 2026, of whom approximately 800 are represented by labour unions
Revenue (FY2026)	$11,264.8m, up 8.9% year on year, organic growth 8.3%
Net income (FY2026)	$2,000.0m
GAAP diluted EPS (FY2026)	$4.91
Market capitalisation	Approximately $81.7bn at the 28 August 2026 close of $204.18
Shares outstanding	400.1m at 31 May 2026 per the FY2026 Form 10-K balance sheet
Dividend	$0.52 per share per quarter from the declaration of 28 July 2026, raised 15.6% from $0.45
Index membership	S&P 500 and Nasdaq-100

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2. Bull and Bear Case

Bull Case

• Margin expansion alongside growth: FY2026 gross margin reached an all-time high of 50.7% from 50.0%, and the fourth quarter hit 51.0%, while organic revenue still grew 8.3%. Both reportable segments expanded, so this was not a mix effect from one division.
• Route density is a genuine structural advantage: Cintas serves more than one million business customers from an existing weekly delivery network, so each incremental stop on an existing route carries very little marginal cost. Operating margin rose to 23.1% in FY2026 from 22.8%.
• Cross-selling into faster-growing adjacencies: First Aid and Safety Services grew 14.3% in FY2026 against 8.9% for the group, selling AEDs, eye-wash stations and safety training into customers already receiving a uniform delivery.
• A 43-year dividend record and falling capital intensity: the dividend has been raised every year since the 1983 flotation, most recently by 15.6% on 28 July 2026, while capital expenditure fell in absolute dollars to 3.5% of revenue from 4.0%.
• UniFirst adds scale at a stated 8.0x EBITDA: management has guided to approximately $375m of cost synergies within four years and to 1.5x net debt to EBITDA at closing, with the combined group serving around 1.5 million customers.

Bear Case

• The UniFirst deal is inside an FTC Second Request: both parties received a Second Request on 11 June 2026, and Cintas has agreed a $350m reverse termination fee payable to UniFirst if the transaction is blocked on antitrust grounds. UniFirst shares trade below the stated deal value, which is the market pricing in that risk.
• The rating leaves no room for a growth stumble: the shares change hands at roughly 42 times FY2026 GAAP earnings and about 27 times enterprise value to EBITDA. Cintas is a route-based laundry business earning a software-adjacent multiple.
• Buybacks have effectively stopped: Cintas repurchased no shares in the open market during March, April or May 2026, and the $1.0bn authorisation approved on 28 October 2025 was entirely untouched at the fiscal year end because cash is being preserved for the UniFirst consideration.
• Employment-linked revenue is cyclical: revenue scales with the number of people the customer base employs. A hiring freeze across manufacturing, hospitality or healthcare reduces garment counts without any customer being lost.
• Guidance excludes the deal entirely: the FY2027 range of $12.10bn to $12.25bn assumes no UniFirst contribution and no further acquisitions, and Cintas declined to give a GAAP EPS range at all because transaction costs cannot be estimated.

3. Segments and Revenue Mix

Cintas has two reportable operating segments. The Fire Protection Services and Uniform Direct Sale operating segments are reported together as "All Other".

Segment	% of revenue	What it is
Uniform Rental and Facility Services	76.5% ($8,621.6m in FY2026, up 8.1%)	Rental and cleaning of uniforms, plus mats, mops, shop towels, restroom supplies and other facility products delivered on a weekly route. Segment operating income $2,077.0m; segment gross margin 50.0%.
First Aid and Safety Services	12.4% ($1,391.9m in FY2026, up 14.3%)	First aid cabinet servicing, automated external defibrillators, eye-wash stations, safety supplies and safety training. The fastest-growing segment, with operating income of $353.4m.
All Other (Fire Protection and Uniform Direct Sale)	11.1% ($1,251.3m in FY2026, up 9.2%)	Fire extinguisher, sprinkler and alarm inspection and testing, plus direct sales of branded uniforms to national accounts. Operating income $191.2m.

Three-year segment revenue: Uniform Rental and Facility Services $7,465.2m in FY2024, $7,976.1m in FY2025 and $8,621.6m in FY2026; First Aid and Safety Services $1,067.3m, $1,218.1m and $1,391.9m; All Other $1,064.1m, $1,146.0m and $1,251.3m. Corporate costs of $15.1m in FY2026 relate entirely to UniFirst transaction expenses.

4. Business Model and Moat

How it makes money. A customer signs a multi-year rental contract for a set number of garments, mats or cabinets. Cintas delivers clean stock and collects soiled stock on a fixed weekly route, launders it in a regional processing plant, and invoices on a recurring basis. Revenue is therefore not transactional: it is a subscription paid by businesses, priced per item per week, with contractual escalators. Roughly 88.9% of FY2026 revenue came from the two rental and service segments rather than one-off product sales.

Where the moat sits. The economics turn on route density. A driver who already stops at fourteen premises on one street can add a fifteenth at a fraction of the cost a new entrant would face building that route from scratch, because the truck, the driver and the processing plant are already paid for. This is why cross-selling matters so much: selling a first aid cabinet or a fire extinguisher inspection to an existing uniform customer requires no new logistics. It is also why the FY2026 gross margin of 50.7% is achievable in what is nominally a commercial laundry business.

What management is spending on. Capital expenditure was $395.1m in FY2026, or 3.5% of revenue, down from 4.0% the year before, while revenue grew 8.9%. The investment is going into plant automation, the SAP enterprise platform that now runs the business, and the proprietary SmartTruck route-optimisation system rather than into new bricks and mortar. Management attributes part of the record gross margin directly to those investments.

Why the customer stays. Switching a uniform programme means re-sizing and re-badging every employee, changing the delivery cadence and risking a compliance gap in regulated industries such as food processing and healthcare. The contract value is small relative to the customer's payroll, so the incentive to shop around is weak. That combination of low absolute cost and high switching friction is what produces the recurring revenue base.

5. Financial Health

All figures below are taken from Cintas SEC filings and quarterly earnings releases. Cintas completed a four-for-one stock split on 12 September 2024, which fell inside fiscal 2025. The per-share figures for FY2022, FY2023 and FY2024 as originally filed were therefore on a pre-split basis; the table below restates them on a consistent post-split basis, which is how the FY2025 and FY2026 Form 10-K filings present the comparatives.

Fiscal Year	Revenue ($m)	YoY %	GAAP EPS	Adjusted EPS	Dividend/share	Long-term debt (YE)
FY2022 (ended 31 May 2022)	7,854.5	—	$2.91	$2.91†	$0.95	$2,483.9m
FY2023 (ended 31 May 2023)	8,815.8	+12.2%	$3.25	$3.25†	$1.15	$2,486.4m
FY2024 (ended 31 May 2024)	9,596.6	+8.9%	$3.79	$3.79†	$1.35	$2,025.9m
FY2025 (ended 31 May 2025)	10,340.2	+7.7%	$4.40	$4.40†	$1.56	$2,425.0m
FY2026 (ended 31 May 2026)	11,264.8	+8.9%	$4.91	$4.94	$1.80	$1,429.1m

† Cintas reported no separately adjusted earnings measure in FY2022 through FY2025; GAAP is repeated in that column for those years. The FY2026 adjustment of $0.03 per share relates entirely to $15.1m of UniFirst transaction expenses. Long-term debt is the non-current balance at each fiscal year end taken from the SEC XBRL company facts. At 31 May 2026 there was an additional $999.0m classified as due within one year, so total debt was $2,428.1m against $1,429.1m at 31 May 2025 on the same basis, when the current portion was nil.

Quarter / Half	Revenue ($m)	Adjusted EPS	GAAP EPS
Q4 FY2026 (ended 31 May 2026)	2,905.2	$1.29	$1.26
Q3 FY2026 (ended 28 Feb 2026)	2,841.4	$1.24†	$1.24
Q2 FY2026 (ended 30 Nov 2025)	2,800.0	$1.21†	$1.21
Q1 FY2026 (ended 31 Aug 2025)	2,718.1	$1.20†	$1.20
FY2026 total	11,264.8	$4.94	$4.91

† No separately adjusted figure was reported for these quarters; substantially all of the FY2026 UniFirst transaction expense of $15.1m fell in the fourth quarter, where $14.0m was incurred. Fiscal 2026 was a 52-week year with 260 workdays. Cash generated from operations was $2,276.3m and capital expenditure was $395.1m, so free cash flow was $1,881.2m. Cintas returned $1.65bn to shareholders during the year, comprising $701.5m of dividends paid and $952.1m of buybacks, though open-market repurchases stopped entirely in the final quarter. Cash and cash equivalents stood at $289.0m and total shareholders' equity at $5,139.9m at the year end.

Management's fiscal 2027 guidance, issued on 15 July 2026, is for revenue of $12.10bn to $12.25bn and adjusted diluted EPS of $5.36 to $5.50. Fiscal 2027 contains 261 workdays against 260, so the workday-adjusted growth range is 7.0% to 8.3%. The guidance excludes any contribution from UniFirst and assumes no future acquisitions and constant exchange rates. No GAAP EPS range was given because transaction costs cannot be reasonably estimated.

6. Valuation Metrics

Raw metrics, August 2026. Not opinions on whether the stock is cheap or expensive.

Metric	Value
Market cap	Approximately $81.7bn (400.17m shares at the 28 August 2026 close of $204.18)
Enterprise value	Approximately $83.8bn (market cap $81.71bn plus total debt $2.43bn, being $999.0m current and $1,429.1m non-current, less cash of $289.0m per the 31 May 2026 balance sheet)
Trailing P/E (GAAP)	Approximately 41.6x on FY2026 GAAP diluted EPS of $4.91. On the FY2026 adjusted figure of $4.94 the same calculation gives approximately 41.3x.
P/E (forward)	Approximately 37.6x on the $5.43 midpoint of management's own FY2027 adjusted EPS guidance range of $5.36 to $5.50, which excludes UniFirst. The range implies 37.1x to 38.1x.
P/S (TTM)	Approximately 7.3x (market cap $81.71bn divided by FY2026 revenue of $11.26bn, the trailing twelve months to 31 May 2026)
EV/EBITDA (TTM)	Approximately 26.9x (EV $83.85bn divided by EBITDA of $3,119.4m, being FY2026 operating income of $2,606.5m plus depreciation, depletion and amortisation of $512.8m taken from the cash flow statement)
P/FCF	Approximately 43.4x (market cap $81.71bn divided by free cash flow of $1,881.2m; free cash flow is FY2026 operating cash flow of $2,276.3m less capital expenditure of $395.1m per the cash flow statement)
Price/book	Approximately 15.9x (market cap $81.71bn divided by shareholders' equity of $5,139.9m at 31 May 2026)
52-week high	$219.17
52-week low	$161.16
Short interest (% of float)	Approximately 3.0% (10,362,405 shares short against a free float of 342.1m at the 14 August 2026 settlement date)
Days to cover	4.19 days at the 14 August 2026 settlement date
Dividend yield	Approximately 1.0% on the annualised $0.52 quarterly rate declared 28 July 2026

7. What Are They Building

The UniFirst combination. This is the largest thing Cintas has ever attempted. The definitive merger agreement signed on 10 March 2026 offers UniFirst holders $155.00 in cash plus 0.772 Cintas shares per share, valued at $310.00 per share on the 9 March 2026 reference price, for an implied enterprise value of roughly $5.5bn or 8.0 times run-rate trailing EBITDA including synergies. Management targets approximately $375m of operating cost synergies within four years and expects the deal to be accretive to earnings by the end of the second full year after closing. The Croatti family, which controls around two-thirds of UniFirst voting power, signed a support agreement and will retain an ownership position in the combined group. Financing comprises cash, a $2.0bn revolving credit facility entered on 27 March 2026 maturing in 2031, and fully committed bridge facilities.

Technology inside the route. Cintas already runs SAP as its enterprise platform; the FY2026 Form 10-K references it only in the context of third-party vendor dependency, not as an implementation in progress. The proprietary SmartTruck system applies analytics to route planning and delivery sequencing, and management's stated approach is deliberately incremental, gaining efficiency route by route rather than through disruptive wholesale reorganisations of a facility. Automated sortation in processing plants sits alongside it.

Artificial intelligence as an operating tool. The FY2026 Form 10-K carries a substantially expanded risk factor confirming that Cintas is increasingly using artificial intelligence, including generative AI and machine learning, across customer service, sales and marketing, logistics and route optimisation, supply chain management, data analytics and software development. The same disclosure names the risk that competitors may adopt AI capabilities faster.

Vertical and product expansion. The stated ambition is to sell the whole "Ready for the Workday" bundle into each customer: uniforms, mats, restroom supplies, workplace water services, first aid cabinets, AEDs, safety training, fire extinguishers and sprinkler testing. Named target verticals include gaming and hospitality, healthcare, automotive, government, education, pharmaceutical, manufacturing, skilled trades and food processing. A concrete example was the nationwide uniform programme for Ford dealer technicians showcased with Carhartt at the automobile dealers' show on 2 February 2026.

8. Competitive Landscape

Cintas names ABM Industries, Aramark, Rollins and UniFirst as its stock performance peer group in the FY2026 Form 10-K. Market capitalisations below were re-checked on 28 August 2026.

Peer	Market cap (August 2026)	Key 2025 metric
UniFirst (NYSE: UNF)	Approximately $5.10bn	Revenue of $2,432.4m in the fiscal year ended 30 August 2025. Shares trade at about $281.88 against stated deal consideration of $310.00, a spread that reflects FTC Second Request risk.
Aramark (NYSE: ARMK)	Approximately $15.34bn	Revenue of $18,506.3m in fiscal 2025. Roughly five times Cintas revenue at under one fifth of the market capitalisation, reflecting far thinner food-service margins.
Vestis (NYSE: VSTS)	Approximately $1.65bn	Revenue of $2,734.8m in fiscal 2025, down from $2,805.8m the prior year. The pure-play uniform rental comparator, and currently a shrinking one.
Johnson Controls (NYSE: JCI)	Approximately $84.56bn	Revenue of $23,596.0m in the year to 30 September 2025. Competes in fire protection and building services rather than uniform rental.
ADT (NYSE: ADT)	Approximately $5.51bn	Revenue of $5,128.6m in calendar 2025. Overlaps in monitored safety and life-safety services.
Rollins (NYSE: ROL)	Named peer-group member in the FY2026 Form 10-K	Revenue of $3,761.1m in calendar 2025. Included by Cintas as a route-based recurring-service comparator.
ABM Industries (NYSE: ABM)	Named peer-group member in the FY2026 Form 10-K	Revenue of $8,745.9m in the fiscal year ended 31 October 2025, in facility services.

The comparison that matters most is Vestis, the only listed pure-play uniform rental business of scale. Vestis carries a market capitalisation of roughly $1.65bn on $2.73bn of declining revenue, against Cintas at $81.7bn on $11.26bn of revenue growing 8.9% organically. Route density and scale, not the underlying service, explain the gap.

9. Insider Activity

Chief Executive Officer Todd M. Schneider, who has led Cintas since 2021 and relinquished the President title on 1 August 2026, received the largest single equity award in the 10 August 2026 annual grant cycle. It is important to read these filings correctly: the transactions below coded as awards are grants of restricted stock and options under the compensation plan, not open-market purchases with cash, and each was accompanied by a share withholding for statutory tax. There were no open-market insider purchases at Cintas during 2026.

Name	Date	Type	Shares	Price	Value	Plan Type
Todd M. Schneider	10 Aug 2026	Equity award (code A)	57,944	$202.71	$11,745,828	Annual grant under compensation plan
Todd M. Schneider	10 Aug 2026	Tax withholding (code F)	35,599	$202.71	$7,216,273	Statutory withholding on vesting
Scott D. Farmer	10 Aug 2026	Tax withholding (code F)	15,923	$202.71	$3,227,751	Statutory withholding on vesting
Scott A. Garula	10 Aug 2026	Equity award (code A)	10,695	$202.71	$2,167,983	Annual grant under compensation plan
Ronald W. Tysoe	22 Jul 2026	Open-market sale (code S)	4,363	$199.90	$872,164	No Rule 10b5-1 plan footnote disclosed
Melanie W. Barstad	16 Jul 2026	Open-market sale (code S)	9,142	$202.94	$1,855,277	No Rule 10b5-1 plan footnote disclosed
Ronald W. Tysoe	20 Apr 2026	Open-market sale (code S)	4,666	$178.87	$834,607	No Rule 10b5-1 plan footnote disclosed

The two director sales are the only meaningful discretionary disposals. Both followed an option exercise at a legacy strike of $27.10, and both occurred after the UniFirst merger agreement was signed. Melanie W. Barstad notified the company on 26 August 2026 that she will not stand for re-election at the 2026 annual meeting, which is disclosed as unrelated to any disagreement with the company.

10. Key Risks

• Antitrust review of the UniFirst acquisition: both parties received a Federal Trade Commission Second Request on 11 June 2026, which extends the waiting period until thirty days after substantial compliance. Cintas has agreed to pay UniFirst a $350m reverse termination fee in specified circumstances, and the FY2026 Form 10-K carries two new risk factors on failing to complete or integrate the transaction. The outside termination date is 10 January 2027, extendable.
• Integration and leverage after closing: management guides to 1.5 times net debt to EBITDA at completion, against total debt of $2.43bn at 31 May 2026. The FY2026 Form 10-K names indebtedness limiting cash available for the business, and dilution from the Cintas shares to be issued to UniFirst holders, as explicit risks.
• Cyclical exposure to customer employment levels: revenue scales with the headcount of the businesses Cintas serves. A downturn in manufacturing, hospitality or construction reduces garment counts and cabinet servicing volumes without a single contract being cancelled. The Form 10-K lists negative global economic factors as its first risk.
• Input cost and tariff exposure: the FY2026 Form 10-K explicitly names greater costs associated with tariffs in its supplier risk factor. Garments, mats and safety products are largely imported, and energy and fuel costs feed directly into laundering and route economics.
• Technology dependency and AI execution: Cintas depends on third-party vendors for its SAP enterprise system, payroll data, risk management data and lease data, and the Form 10-K carries a detailed new risk factor on whether its use of artificial intelligence succeeds and on competitors adopting such capabilities faster.
• Labour availability and relations: the route model depends on retaining drivers and plant staff. Around 800 of roughly 48,100 employee-partners are unionised, and the Form 10-K flags both the difficulty of attracting competent personnel and the costs and possible effects of union organising activity.
• Litigation is disclosed only in general terms: Item 3 of the FY2026 Form 10-K names no individual case and states that ordinary-course claims will not be material in aggregate, while a separate accounting note acknowledges that Cintas is party to additional litigation not considered in the ordinary course of business, without quantifying it.

11. Recent Developments

• 22 Dec 2025 — Cintas goes public with a $275.00 per share cash proposal for UniFirst. The renewed proposal, delivered on 12 December 2025 and valuing UniFirst at roughly $5.2bn, represented a 64% premium to the 90-day average close and came with an offered $350m reverse termination fee. Cintas disclosed it had been seeking engagement since 2022.
• 11 Mar 2026 — definitive merger agreement announced. Signed the previous day, the agreement offers $155.00 in cash plus 0.772 Cintas shares per UniFirst share, valued at $310.00 on the reference date, implying roughly $5.5bn of enterprise value at 8.0 times run-rate EBITDA including approximately $375m of targeted synergies. Cintas simultaneously pre-released third-quarter revenue of $2.84bn.
• 25 Mar 2026 — third-quarter results and a guidance raise. Revenue of $2.84bn was up 8.9% with organic growth of 8.2%, and GAAP diluted EPS of $1.24 was up 9.7%. Full-year guidance was lifted to revenue of $11.21bn to $11.24bn and adjusted EPS of $4.86 to $4.90, both of which were subsequently beaten.
• 27 Mar 2026 — a $2.0bn revolving credit facility is put in place. Cintas Corporation No. 2 entered a facility maturing 27 March 2031 with a $1.0bn accordion, the balance-sheet preparation for the cash portion of the UniFirst consideration.
• 11 Jun 2026 — Federal Trade Commission Second Requests issued. Both Cintas and UniFirst received Second Requests under the Hart-Scott-Rodino Act, extending the antitrust waiting period until thirty days after both parties substantially comply.
• 12 Jun 2026 — UniFirst shareholders approve the transaction. The approval removes shareholder consent as a condition, leaving antitrust clearance as the principal outstanding gate.
• 15 Jul 2026 — record fiscal 2026 results and fiscal 2027 guidance. Revenue reached $11.26bn, up 8.9% with organic growth of 8.3%, gross margin hit an all-time high of 50.7%, and GAAP diluted EPS rose 11.6% to $4.91. Guidance for fiscal 2027 was set at $12.10bn to $12.25bn of revenue and $5.36 to $5.50 of adjusted EPS, explicitly excluding UniFirst.
• 28 Jul 2026 — the dividend is raised 15.6%. The board declared a quarterly cash dividend of $0.52 per share, up from $0.45, payable 15 September 2026 to holders of record on 14 August 2026. Cintas has increased its dividend every year since its 1983 flotation.
• 1 Aug 2026 — the President and Chief Executive roles are separated. Jim Rozakis, previously Executive Vice President and Chief Operating Officer, became President and Chief Operating Officer. Todd Schneider remains Chief Executive Officer but no longer holds the President title.
• 29 Jul 2026 — the fiscal 2026 Form 10-K is filed. It discloses approximately 48,100 employee-partners, two new UniFirst-specific risk factors, and that no shares were repurchased in the open market during the March to May quarter, leaving the $1.0bn authorisation of 28 October 2025 entirely untouched.
• 26 Aug 2026 — a director declines re-election. Melanie W. Barstad notified Cintas she will not stand for re-election at the 2026 annual meeting. The company states this is not the result of any disagreement.
• 28 Aug 2026 — the preliminary proxy statement is filed. It sets the 2026 annual meeting for 27 October 2026 as a virtual-only meeting; the record date is not yet fixed in the preliminary document.

12. Key Dates and Catalysts

• 31 Aug 2026 — end of the first quarter of fiscal 2027, the first period to reflect the raised dividend and the new President and Chief Operating Officer structure
• Expected Sep 2026 — first-quarter fiscal 2027 results. Cintas had not published the date as at 29 August 2026; the equivalent quarter was reported on 24 September 2025 and the company normally issues a webcast notice two to three weeks beforehand.
• 15 Sep 2026 — payment of the raised quarterly dividend of $0.52 per share to holders of record on 14 August 2026
• Expected Oct 2026 — declaration of the next quarterly dividend, based on the pattern of declarations on 28 October 2025 and 29 October 2024
• 27 Oct 2026 — 2026 annual meeting of shareholders, held virtually at 11:30 a.m. Eastern Daylight Time, at which the board will be elected without Melanie W. Barstad standing
• Expected TBC in the second half of calendar 2026 — targeted completion of the UniFirst acquisition, subject to the Federal Trade Commission Second Request process; management reiterated this timing on 15 July 2026
• 10 Jan 2027 — the termination date under the UniFirst merger agreement, automatically extendable for up to two further four-month periods in specified circumstances

The FTC Second Request is the single event that most changes the shape of this company, and its timing is not in Cintas's control. Scheduled macroeconomic releases that bear on employment levels across Cintas's customer base can be tracked on the ChartsView Economic Calendar, and readers can discuss this research in the ChartsView Forum.

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