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Arphra AIPlain-English read on Cintas Corporation’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2027E | 2028E | 2029E | 2030E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $7.12B | $7.85B | $8.82B | $9.6B | $10.34B | $12.07B | $12.92B | $13.8B | $14.92B |
| Cost of revenue | $3.8B | $4.22B | $4.64B | $4.91B | $5.17B | $6.11B | $6.82B | $7.12B | $7.42B |
| Gross profit | $3.31B | $3.63B | $4.17B | $4.69B | $5.17B | $6.01B | $6.28B | $6.59B | $7.19B |
| Gross margin | +46.58% | +46.24% | +47.34% | +48.83% | +50.04% | +49.77% | +48.61% | +47.77% | +48.19% |
| Operating | |||||||||
| Research & development | $22.3M | $23.5M | $24.5M | $26.6M | $30.8M | $34.94M | $35.93M | $39.74M | $43.07M |
| Selling, general & administrative | $1.93B | $2.04B | $2.37B | $2.62B | $2.81B | $3.37B | $3.42B | $3.83B | $3.95B |
| Total operating expenses | $1.93B | $2.04B | $2.37B | $2.62B | $2.81B | $3.2B | $3.52B | $3.64B | $4.02B |
| Operating income | $1.39B | $1.59B | $1.8B | $2.07B | $2.36B | $2.66B | $2.75B | $3.02B | $3.16B |
| Operating margin | +19.47% | +20.21% | +20.45% | +21.56% | +22.82% | +22.06% | +21.30% | +21.91% | +21.19% |
| EBITDA | $1.77B | $1.99B | $2.22B | $2.52B | $2.86B | $3.18B | $3.32B | $3.53B | $3.98B |
| EBIT | $1.39B | $1.59B | $1.8B | $2.08B | $2.37B | $2.59B | $2.79B | $3.06B | $3.19B |
| Below the line | |||||||||
| Interest expense | $98.21M | $88.84M | $111.23M | $100.74M | $101.11M | $130.39M | $140.78M | $154.95M | $159.35M |
| Interest income | $467K | $242K | $1.72M | $5.74M | $5.58M | $5.29M | $5.72M | $6.13M | $6.59M |
| Other income / expense | -$97.74M | -$88.6M | -$109.52M | -$95M | -$95.52M | — | — | — | — |
| Pre-tax income | $1.29B | $1.5B | $1.69B | $1.97B | $2.26B | $2.55B | $2.67B | $2.81B | $3.06B |
| Income tax expense | $176.78M | $263.01M | $345.14M | $402.04M | $451.92M | $515.88M | $542.29M | $589.1M | $630.8M |
| Earnings | |||||||||
| Net income | $1.11B | $1.24B | $1.35B | $1.57B | $1.81B | $1.97B | $2.11B | $2.33B | $2.41B |
| Net income · continuing ops | $1.11B | $1.24B | $1.35B | $1.57B | $1.81B | $1.97B | $2.14B | $2.26B | $2.44B |
| Net margin | +15.61% | +15.73% | +15.29% | +16.38% | +17.53% | +16.33% | +16.33% | +16.86% | +16.12% |
| EPS · basic | $2.63 | $2.98 | $3.30 | $3.85 | $4.48 | $5.52 | $6.09 | $7.02 | $8.08 |
| EPS · diluted | $2.56 | $2.91 | $3.25 | $3.79 | $4.40 | $5.44 | $6.03 | $6.85 | $7.99 |
| EPS · low estimate | — | — | — | — | — | $5.37 | $5.68 | $6.80 | $7.83 |
| EPS · high estimate | — | — | — | — | — | $5.52 | $6.31 | $6.89 | $8.10 |
| Shares · basic | 419.5M | 412.69M | 406.58M | 406.61M | 403.53M | 404.68M | 401.37M | 401.7M | 404.41M |
| Shares · diluted | 430.83M | 422.09M | 413.51M | 413.47M | 410.29M | 407.81M | 413.55M | 412.07M | 413.93M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 15 | 11 | 4 | 3 |
| Analysts (EPS) | — | — | — | — | — | 12 | 7 | 3 | 1 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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