Capital Intensity
Score how much of a company is physical plant, inventory, and equipment, whether that base is being maintained, and whether the shares have tangible backing.
Cintas Corporation
Physical assets are 20.8% of total assets, a light footprint. Capex is 0.77x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. ROIC is 27.5%, above an 8% cost-of-capital hurdle.
Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 6.47x.
Physical asset ratio
20.8%Physical asset ratio · 2026-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.74BpropertyPlantAndEquipmentNetInventory$446.44MinventoryTotal assets$10.53BtotalAssetsResult 20.8%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
6.47xFixed asset turnover · 2026-05-31Revenue / net PP&ERevenue$11.26BtotalRevenueNet PP&E$1.74BpropertyPlantAndEquipmentNetResult 6.47x
Revenue per dollar of the physical asset base.
Capex / D&A
0.77xCapex / D&A · 2026-05-31Capital expenditures / depreciation and amortizationCapex$395.11McapitalExpendituresD&A$512.85MdepreciationAndAmortizationResult 0.77x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
$3.22Tangible book / share · 2026-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.53BtotalAssetsGoodwill$3.54BgoodWillIntangibles$287.87MintangibleAssetsLiabilities$5.39BtotalLiabTangible book$1.31BShares406,197,000commonStockSharesOutstandingResult $3.22
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
68.27xPrice / tangible bookPrice / tangible book per sharePrice$219.82Latest quoteTangible book / share$3.222026-05-31Result 68.27x
Price $219.82.
Fixed-charge coverage
2.47xFixed-charge coverage · 2026-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.12BebitdaCapex$395.11McapitalExpendituresInterest$106.29MinterestExpenseShort-term debt$998.99MshortLongTermDebtEBITDA − capex$2.73BPrincipal due is the current portion of debt.Result 2.47x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
2.2%Free cash flow yield · 2026-05-31Latest free cash flow / current market capFree cash flow$1.88BfreeCashFlowMarket cap$87.29BMarketCapitalizationResult 2.2%
Latest free cash flow divided by current market cap ($87.29B).
ROIC
27.5%ROIC · 2026-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.61BoperatingIncomeTax expense$505.37MincomeTaxExpensePretax income$2.51BincomeBeforeTaxTax rate20.2%Equity$5.14BtotalStockholderEquityDebt$2.71BshortLongTermDebtTotalCash$289.02McashInvested capital$7.56BResult 27.5%
After-tax operating income over equity plus debt minus cash.
Operating income / net PP&E is 1.50x.
Footprint and return
Turnover and reinvestment
| Year | Physical | FAT | Capex/D&A | TBV/sh | Coverage | FCF | ROIC | EBIT/PP&E |
|---|---|---|---|---|---|---|---|---|
| 2019 | 23.1%Physical asset ratio · 2019-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.43BpropertyPlantEquipmentInventory$334.59MinventoryTotal assets$7.63BtotalAssetsResult 23.1% | 4.82xFixed asset turnover · 2019-05-31Revenue / net PP&ERevenue$6.89BtotalRevenueNet PP&E$1.43BpropertyPlantEquipmentResult 4.82x | 0.77xCapex / D&A · 2019-05-31Capital expenditures / depreciation and amortizationCapex$276.72McapitalExpendituresD&A$360.09MdepreciationAndAmortizationResult 0.77x | -$0.84Tangible book / share · 2019-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.63BtotalAssetsGoodwill$2.84BgoodWillIntangibles$528.96MintangibleAssetsLiabilities$4.63BtotalLiabTangible book-$368.68MShares437,980,000commonStockSharesOutstandingResult -$0.84 | 3.11xFixed-charge coverage · 2019-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.56BebitdaCapex$276.72McapitalExpendituresInterest$101.74MinterestExpenseShort-term debt$312.26MshortTermDebtEBITDA − capex$1.29BPrincipal due is short-term debt.Result 3.11x | $791.14MFree cash flow · 2019-05-31Reported free cash flowOperating cash flow$1.07BtotalCashFromOperatingActivitiesCapex$276.72McapitalExpendituresFree cash flow$791.14MfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $791.14M | 15.8%ROIC · 2019-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.13BoperatingIncomeTax expense$219.76MincomeTaxExpensePretax income$1.10BincomeBeforeTaxTax rate19.9%Equity$3.00BtotalStockholderEquityDebt$2.85BshortLongTermDebtTotalCash$96.65McashInvested capital$5.76BResult 15.8% | 0.79xEBIT / PP&E · 2019-05-31Operating income / net PP&EOperating income$1.13BoperatingIncomeNet PP&E$1.43BpropertyPlantEquipmentResult 0.79x |
| 2020 | 24.7%Physical asset ratio · 2020-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.56BpropertyPlantAndEquipmentNetInventory$408.90MinventoryTotal assets$7.98BtotalAssetsResult 24.7% | 4.53xFixed asset turnover · 2020-05-31Revenue / net PP&ERevenue$7.09BtotalRevenueNet PP&E$1.56BpropertyPlantAndEquipmentNetResult 4.53x | 0.61xCapex / D&A · 2020-05-31Capital expenditures / depreciation and amortizationCapex$230.29McapitalExpendituresD&A$379.05MdepreciationAndAmortizationResult 0.61x | -$0.28Tangible book / share · 2020-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$7.98BtotalAssetsGoodwill$2.87BgoodWillIntangibles$485.23MintangibleAssetsLiabilities$4.74BtotalLiabTangible book-$120.05MShares428,048,000commonStockSharesOutstandingResult -$0.28 | 8.84xFixed-charge coverage · 2020-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.54BebitdaCapex$230.29McapitalExpendituresInterest$105.39MinterestExpenseShort-term debt$43.03MshortTermDebtEBITDA − capex$1.31BPrincipal due is short-term debt.Result 8.84x | $1.06BFree cash flow · 2020-05-31Reported free cash flowOperating cash flow$1.29BtotalCashFromOperatingActivitiesCapex$230.29McapitalExpendituresFree cash flow$1.06BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.06B | 16.6%ROIC · 2020-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.16BoperatingIncomeTax expense$181.93MincomeTaxExpensePretax income$1.06BincomeBeforeTaxTax rate17.2%Equity$3.24BtotalStockholderEquityDebt$2.71BshortLongTermDebtTotalCash$145.40McashInvested capital$5.80BResult 16.6% | 0.74xEBIT / PP&E · 2020-05-31Operating income / net PP&EOperating income$1.16BoperatingIncomeNet PP&E$1.56BpropertyPlantAndEquipmentNetResult 0.74x |
| 2021 | 23.0%Physical asset ratio · 2021-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.49BpropertyPlantAndEquipmentNetInventory$481.80MinventoryTotal assets$8.56BtotalAssetsResult 23.0% | 4.79xFixed asset turnover · 2021-05-31Revenue / net PP&ERevenue$7.12BtotalRevenueNet PP&E$1.49BpropertyPlantAndEquipmentNetResult 4.79x | 0.37xCapex / D&A · 2021-05-31Capital expenditures / depreciation and amortizationCapex$143.47McapitalExpendituresD&A$387.95MdepreciationAndAmortizationResult 0.37x | $0.66Tangible book / share · 2021-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.56BtotalAssetsGoodwill$2.91BgoodWillIntangibles$491.72MintangibleAssetsLiabilities$4.87BtotalLiabTangible book$283.06MShares430,828,000commonStockSharesOutstandingResult $0.66 | 1.64xFixed-charge coverage · 2021-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.78BebitdaCapex$143.47McapitalExpendituresInterest$98.21MinterestExpenseShort-term debt$899.07MshortLongTermDebtEBITDA − capex$1.63BPrincipal due is the current portion of debt.Result 1.64x | $1.22BFree cash flow · 2021-05-31Reported free cash flowOperating cash flow$1.36BtotalCashFromOperatingActivitiesCapex$143.47McapitalExpendituresFree cash flow$1.22BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.22B | 20.2%ROIC · 2021-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.39BoperatingIncomeTax expense$176.78MincomeTaxExpensePretax income$1.29BincomeBeforeTaxTax rate13.7%Equity$3.69BtotalStockholderEquityDebt$2.72BshortLongTermDebtTotalCash$493.64McashInvested capital$5.91BResult 20.2% | 0.93xEBIT / PP&E · 2021-05-31Operating income / net PP&EOperating income$1.39BoperatingIncomeNet PP&E$1.49BpropertyPlantAndEquipmentNetResult 0.93x |
| 2022 | 23.3%Physical asset ratio · 2022-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.49BpropertyPlantEquipmentInventory$472.15MinventoryTotal assets$8.43BtotalAssetsResult 23.3% | 5.26xFixed asset turnover · 2022-05-31Revenue / net PP&ERevenue$7.85BtotalRevenueNet PP&E$1.49BpropertyPlantEquipmentResult 5.26x | 0.60xCapex / D&A · 2022-05-31Capital expenditures / depreciation and amortizationCapex$240.67McapitalExpendituresD&A$399.70MdepreciationAndAmortizationResult 0.60x | -$0.56Tangible book / share · 2022-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.43BtotalAssetsGoodwill$3.04BgoodWillIntangibles$503.52MintangibleAssetsLiabilities$5.12BtotalLiabTangible book-$238.30MShares422,092,000commonStockSharesOutstandingResult -$0.56 | 4.37xFixed-charge coverage · 2022-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$1.99BebitdaCapex$240.67McapitalExpendituresInterest$88.84MinterestExpenseShort-term debt$311.57MshortLongTermDebtEBITDA − capex$1.75BPrincipal due is the current portion of debt.Result 4.37x | $1.30BFree cash flow · 2022-05-31Reported free cash flowOperating cash flow$1.54BtotalCashFromOperatingActivitiesCapex$240.67McapitalExpendituresFree cash flow$1.30BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.30B | 21.2%ROIC · 2022-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.59BoperatingIncomeTax expense$263.01MincomeTaxExpensePretax income$1.50BincomeBeforeTaxTax rate17.5%Equity$3.31BtotalStockholderEquityDebt$2.97BshortLongTermDebtTotalCash$90.47McashInvested capital$6.19BResult 21.2% | 1.06xEBIT / PP&E · 2022-05-31Operating income / net PP&EOperating income$1.59BoperatingIncomeNet PP&E$1.49BpropertyPlantEquipmentResult 1.06x |
| 2023 | 23.6%Physical asset ratio · 2023-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.57BpropertyPlantAndEquipmentNetInventory$506.60MinventoryTotal assets$8.83BtotalAssetsResult 23.6% | 5.60xFixed asset turnover · 2023-05-31Revenue / net PP&ERevenue$8.82BtotalRevenueNet PP&E$1.57BpropertyPlantAndEquipmentNetResult 5.60x | 0.81xCapex / D&A · 2023-05-31Capital expenditures / depreciation and amortizationCapex$331.11McapitalExpendituresD&A$409.16MdepreciationAndAmortizationResult 0.81x | $0.80Tangible book / share · 2023-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$8.83BtotalAssetsGoodwill$3.06BgoodWillIntangibles$477.54MintangibleAssetsLiabilities$4.96BtotalLiabTangible book$330.25MShares413,508,000commonStockSharesOutstandingResult $0.80 | 12.20xFixed-charge coverage · 2023-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.22BebitdaCapex$331.11McapitalExpendituresInterest$111.23MinterestExpenseShort-term debt$43.71MshortTermDebtEBITDA − capex$1.89BPrincipal due is short-term debt.Result 12.20x | $1.27BFree cash flow · 2023-05-31Reported free cash flowOperating cash flow$1.60BtotalCashFromOperatingActivitiesCapex$331.11McapitalExpendituresFree cash flow$1.27BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.27B | 22.4%ROIC · 2023-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$1.80BoperatingIncomeTax expense$345.14MincomeTaxExpensePretax income$1.69BincomeBeforeTaxTax rate20.4%Equity$3.86BtotalStockholderEquityDebt$2.67BshortLongTermDebtTotalCash$124.15McashInvested capital$6.41BResult 22.4% | 1.14xEBIT / PP&E · 2023-05-31Operating income / net PP&EOperating income$1.80BoperatingIncomeNet PP&E$1.57BpropertyPlantAndEquipmentNetResult 1.14x |
| 2024 | 22.5%Physical asset ratio · 2024-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.72BpropertyPlantAndEquipmentNetInventory$410.20MinventoryTotal assets$9.48BtotalAssetsResult 22.5% | 5.57xFixed asset turnover · 2024-05-31Revenue / net PP&ERevenue$9.60BtotalRevenueNet PP&E$1.72BpropertyPlantAndEquipmentNetResult 5.57x | 0.93xCapex / D&A · 2024-05-31Capital expenditures / depreciation and amortizationCapex$409.47McapitalExpendituresD&A$442.38MdepreciationAndAmortizationResult 0.93x | $1.50Tangible book / share · 2024-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.48BtotalAssetsGoodwill$3.21BgoodWillIntangibles$484.36MintangibleAssetsLiabilities$5.16BtotalLiabTangible book$619.59MShares413,468,000commonStockSharesOutstandingResult $1.50 | 3.84xFixed-charge coverage · 2024-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.52BebitdaCapex$409.47McapitalExpendituresInterest$100.74MinterestExpenseShort-term debt$449.60MshortLongTermDebtEBITDA − capex$2.11BPrincipal due is the current portion of debt.Result 3.84x | $1.67BFree cash flow · 2024-05-31Reported free cash flowOperating cash flow$2.08BtotalCashFromOperatingActivitiesCapex$409.47McapitalExpendituresFree cash flow$1.67BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.67B | 24.8%ROIC · 2024-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.07BoperatingIncomeTax expense$402.04MincomeTaxExpensePretax income$1.97BincomeBeforeTaxTax rate20.4%Equity$4.32BtotalStockholderEquityDebt$2.67BshortLongTermDebtTotalCash$342.02McashInvested capital$6.64BResult 24.8% | 1.20xEBIT / PP&E · 2024-05-31Operating income / net PP&EOperating income$2.07BoperatingIncomeNet PP&E$1.72BpropertyPlantAndEquipmentNetResult 1.20x |
| 2025 | 23.7%Physical asset ratio · 2025-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.88BpropertyPlantAndEquipmentNetInventory$447.41MinventoryTotal assets$9.83BtotalAssetsResult 23.7% | 5.51xFixed asset turnover · 2025-05-31Revenue / net PP&ERevenue$10.34BtotalRevenueNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 5.51x | 0.83xCapex / D&A · 2025-05-31Capital expenditures / depreciation and amortizationCapex$408.88McapitalExpendituresD&A$494.18MdepreciationAndAmortizationResult 0.83x | $2.37Tangible book / share · 2025-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$9.83BtotalAssetsGoodwill$3.40BgoodWillIntangibles$309.83MintangibleAssetsLiabilities$5.14BtotalLiabTangible book$974.43MShares410,286,000commonStockSharesOutstandingResult $2.37 | 16.14xFixed-charge coverage · 2025-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$2.86BebitdaCapex$408.88McapitalExpendituresInterest$101.11MinterestExpenseShort-term debt$50.74MshortTermDebtEBITDA − capex$2.45BPrincipal due is short-term debt.Result 16.14x | $1.76BFree cash flow · 2025-05-31Reported free cash flowOperating cash flow$2.17BtotalCashFromOperatingActivitiesCapex$408.88McapitalExpendituresFree cash flow$1.76BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.76B | 26.7%ROIC · 2025-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.36BoperatingIncomeTax expense$451.92MincomeTaxExpensePretax income$2.26BincomeBeforeTaxTax rate20.0%Equity$4.68BtotalStockholderEquityDebt$2.65BshortLongTermDebtTotalCash$263.97McashInvested capital$7.07BResult 26.7% | 1.26xEBIT / PP&E · 2025-05-31Operating income / net PP&EOperating income$2.36BoperatingIncomeNet PP&E$1.88BpropertyPlantAndEquipmentNetResult 1.26x |
| 2026 | 20.8%Physical asset ratio · 2026-05-31(Net PP&E + inventory) / total assetsNet PP&E$1.74BpropertyPlantAndEquipmentNetInventory$446.44MinventoryTotal assets$10.53BtotalAssetsResult 20.8% | 6.47xFixed asset turnover · 2026-05-31Revenue / net PP&ERevenue$11.26BtotalRevenueNet PP&E$1.74BpropertyPlantAndEquipmentNetResult 6.47x | 0.77xCapex / D&A · 2026-05-31Capital expenditures / depreciation and amortizationCapex$395.11McapitalExpendituresD&A$512.85MdepreciationAndAmortizationResult 0.77x | $3.22Tangible book / share · 2026-05-31(Total assets − goodwill − intangibles − liabilities) / sharesTotal assets$10.53BtotalAssetsGoodwill$3.54BgoodWillIntangibles$287.87MintangibleAssetsLiabilities$5.39BtotalLiabTangible book$1.31BShares406,197,000commonStockSharesOutstandingResult $3.22 | 2.47xFixed-charge coverage · 2026-05-31(EBITDA − capex) / (interest + short-term debt)EBITDA$3.12BebitdaCapex$395.11McapitalExpendituresInterest$106.29MinterestExpenseShort-term debt$998.99MshortLongTermDebtEBITDA − capex$2.73BPrincipal due is the current portion of debt.Result 2.47x | $1.88BFree cash flow · 2026-05-31Reported free cash flowOperating cash flow$2.28BtotalCashFromOperatingActivitiesCapex$395.11McapitalExpendituresFree cash flow$1.88BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result $1.88B | 27.5%ROIC · 2026-05-31Operating income × (1 − tax rate) / (equity + debt − cash)Operating income$2.61BoperatingIncomeTax expense$505.37MincomeTaxExpensePretax income$2.51BincomeBeforeTaxTax rate20.2%Equity$5.14BtotalStockholderEquityDebt$2.71BshortLongTermDebtTotalCash$289.02McashInvested capital$7.56BResult 27.5% | 1.50xEBIT / PP&E · 2026-05-31Operating income / net PP&EOperating income$2.61BoperatingIncomeNet PP&E$1.74BpropertyPlantAndEquipmentNetResult 1.50x |
- Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: $1.74B
Inventory: $446.44M
Total assets: $10.53B
Goodwill: $3.54B
Intangibles: $287.87M
Liabilities: $5.39B
Tangible book: $1.31B
Shares: 406,197,000
Revenue: $11.26B
Capex: $395.11M
D&A: $512.85M
EBITDA: $3.12B
Interest: $106.29M
Short-term debt: $998.99M
Free cash flow: $1.88B
Operating income: $2.61B
Invested capital: $7.56B
Tax rate: 20.2%