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CIK 723254 · Business Services & Route-Based
Cintas Corporation is a public company in Specialty Business Services, tracked in the business services and route-based compounders sub-sector, with $11B TTM revenue and $2.9B TTM EBITDA.
Market data as of May 11, 2026
Financials: LTM / latest available company filings
Sources: FMP, CTAS filings, SEC EDGAR
$66,803
Market cap ($MM)
$69,538
Enterprise value ($MM)
$11,027
Revenue · LTM ($MM)
$2,910
EBITDA · LTM ($MM)
26%
EBITDA margin
6.3x
EV / revenue
23.9x
EV / EBITDA
0.8x
Net debt / EBITDA
Coverage
The analytical read on the name and the balance-sheet capacity behind the program.
Key points
Balance sheet & capacity
Indicative capacity read: 0.8x net debt / EBITDA with EBITDA of $2.9B.
$183
Cash & equiv. ($MM)
$2,427
Total debt ($MM)
$2,244
Net debt ($MM)
0.8x
Net debt / EBITDA
Valuation
CTAS versus the scaled public Business Services & Route-Based comparables.
EV / EBITDA distribution · peer set
CTAS 23.9x
Indexed share-price performance
CTAS versus available Business Services & Route-Based peers and SPY.
+94%
CTAS
+42%
Peer med.
+79%
SPY
Indexed to 100 from May 28, 2021 through May 26, 2026. Source: FMP month-end close history.
| Company | Ticker | Revenue ($MM) | EBITDA ($MM) | Margin | Market cap ($MM) | EV ($MM) | EV / rev | EV / EBITDA | Net debt / EBITDA |
|---|---|---|---|---|---|---|---|---|---|
| Cintas Corporation | CTAS | $11,027 | $2,910 | 26% | $66,803 | $69,538 | 6.3x | 23.9x | 0.8x |
| Rollins Inc. | ROL | $3,845 | $859 | 22% | $25,917 | $26,868 | 7.0x | 31.3x | 0.6x |
| Aramark | ARMK | $18,786 | $1,269 | 7% | $11,849 | $18,244 | 1.0x | 14.4x | 4.4x |
| Brown & Brown, Inc. | BRO | $6,425 | $2,167 | 34% | $19,134 | $26,191 | 4.1x | 12.1x | 3.1x |
| ABM Industries Incorporated | ABM | $8,875 | $422 | 5% | $2,353 | $3,991 | 0.4x | 9.5x | 3.6x |
| Willscot Holdings Corporation | WSC | $2,271 | $490 | 22% | $5,086 | $8,886 | 3.9x | 18.1x | 7.1x |
| Service Corporation International | SCI | $4,332 | $1,244 | 29% | $10,737 | $15,642 | 3.6x | 12.6x | 3.9x |
| Brink’s Co. | BCO | $5,390 | $878 | 16% | $4,415 | $6,786 | 1.3x | 7.7x | 3.0x |
| Business Services & Route-Based median | $5,907 | $1,061 | 22% | $11,293 | $16,943 | 3.8x | 13.5x | 3.4x |
Financials via Financial Modeling Prep (SEC-derived TTM). EV/EBITDA distribution: each dot a live peer, band = interquartile range, line = median. Impossible values (EBITDA > revenue, negative-EBITDA multiples) shown NM.
M&A program
CTAS's disclosed acquisition footprint and the deals behind it.
Disclosed acquisitions
304
Active years
20
Named deals
5
Avg / active year
15.2
Acq. cash outflow ($MM)
N/A
Banker read
Annual acquisitions + disclosed spend
CTAS count bars show acquisition cadence; the spend line shows when the program required larger capital deployment.
Program diagnostics
Recent / prior
44 / 20
Last three years is up 120% vs prior three.
Peak count year
FY25
28 disclosed acquisitions in the peak visible year.
Recent spend
$466MM
is up 105% vs prior three; peak FY17 at $2.1B.
Named evidence
5 rows
1.6% selected source-cited transaction coverage.
Selected transactions
| Date | Target | Segment | Consideration ($MM) | Strategic rationale | Source |
|---|---|---|---|---|---|
| Mar 21, 2017 | G&K Services, Inc. | Business services and route-based compounders | $2,100 | On March 21, 2017, Cintas completed the acquisition of G&K Services, Inc. (G&K) for consideration of approximately $2.1 billion. G&K is a wholly-owned subsidiary of Cintas that... | 10-K† |
| Apr 30, 2014 | Shredding business | Business services and route-based compounders | $180 | On April 30, 2014, Cintas completed the Shredding Transaction. Under the agreement, Cintas and Shred-it each contributed its shredding business to the newly formed Shred-it Part... | 10-K† |
| Apr 30, 2014 | Shred-it | Business services and route-based compounders | $180 | On April 30, 2014, the Shredding Transaction was completed with the shareholders of Shred-it to combine Cintas’ Shredding with Shred-it’s shredding business. Under the agreement... | 10-K† |
| Apr 30, 2014 | Shred-it International Inc. | Business services and route-based compounders | $180 | On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shre... | 10-K† |
| Aug 1, 2015 | ZEE | Business services and route-based compounders | $134 | On August 1, 2015, the Company acquired all of the shares of ZEE for acquisition-date fair value consideration of$134.0 million, consisting of cash of $120.6 million and conting... | 10-K† |
Acquisitions disclosed/extracted from SEC filings; not necessarily full M&A history. Disclosed acquisition cash outflow is cumulative "payments for acquisitions, net of cash acquired" from the 10-K cash-flow statements (a cash outflow, not deal value). Built on 10 SEC-backed facts across 5 cited filings.
Evidence
A collapsed investigation trail for the SEC filings behind the financials, annual M&A cadence, named transactions, and management language.
Annual 10-Ks
22
Named deal filings
4
Recent SEC filings
10
Evidence clips
5
| Fiscal year | Filing date | Form | Status | Count | Cash spend | Purchase consideration | Source |
|---|---|---|---|---|---|---|---|
| FY2025 | Jul 28, 2025 | Annual M&A 10-K | quarantined (1 issue) | 28 | $233MM | $233MM | SEC filing |
| FY2024 | Jul 25, 2024 | Annual M&A 10-K | quarantined (1 issue) | 16 | $187MM | $206MM | SEC filing |
| FY2023 | Jul 27, 2023 | Annual M&A 10-K | warning (1 warn) | N/A | $46.4MM | N/A | SEC filing |
| FY2022 | Jul 27, 2022 | Annual M&A 10-K | accepted | 20 | $164MM | $208MM | SEC filing |
| FY2021 | Jul 28, 2021 | Annual M&A 10-K | warning (1 warn) | N/A | $10.0MM | N/A | SEC filing |
| FY2020 | Jul 29, 2020 | Annual M&A 10-K | warning (1 warn) | N/A | $53.7MM | N/A | SEC filing |
| FY2019 | Jul 26, 2019 | Annual M&A 10-K | accepted | 13 | $9.8MM | $16.6MM | SEC filing |
| FY2018 | Jul 27, 2018 | Annual M&A 10-K | accepted | 14 | $19.3MM | $22.7MM | SEC filing |
| FY2017 | Jul 31, 2017 | Annual M&A 10-K | accepted | 18 | $2.1B | $2.1B | SEC filing |
| FY2016 | Jul 29, 2016 | Annual M&A 10-K | accepted | 10 | $157MM | $184MM | SEC filing |
| FY2015 | Jul 30, 2015 | Annual M&A 10-K | accepted | 12 | $15.5MM | $15.5MM | SEC filing |
| FY2014 | Jul 30, 2014 | Annual M&A 10-K | accepted | 6 | $33.4MM | $33.4MM | SEC filing |
| FY2013 | Jul 30, 2013 | Annual M&A 10-K | accepted | 15 | $69.4MM | $76.3MM | SEC filing |
| FY2012 | Jul 30, 2012 | Annual M&A 10-K | accepted | 8 | $24.9MM | $24.9MM | SEC filing |
| FY2011 | Jul 29, 2011 | Annual M&A 10-K | accepted | 27 | $172MM | $174MM | SEC filing |
| FY2010 | Jul 30, 2010 | Annual M&A 10-K | accepted | 7 | $50.4MM | $51.0MM | SEC filing |
| FY2009 | Jul 30, 2009 | Annual M&A 10-K | accepted | 15 | $30.9MM | $31.4MM | SEC filing |
| FY2008 | Jul 30, 2008 | Annual M&A 10-K | accepted | 30 | $112MM | $112MM | SEC filing |
| FY2007 | Jul 30, 2007 | Annual M&A 10-K | accepted | 32 | $161MM | $162MM | SEC filing |
| FY2006 | Aug 11, 2006 | Annual M&A 10-K | accepted | 33 | $346MM | $373MM | SEC filing |
| FY2005 | Aug 15, 2005 | Annual M&A 10-K | accepted | 37 | $109MM | $122MM | SEC filing |
| FY2004 | Aug 16, 2004 | Annual M&A 10-K | warning (1 warn) | 37 | $102MM | N/A | SEC filing |
| Filing date | Form | Targets / topics | Support | Source |
|---|---|---|---|---|
| Jul 27, 2018 | 10-K | G&K Services, Inc. | Annual M&ANamed deals | SEC filing |
| Jul 31, 2017 | 10-K | ZEE | Annual M&ANamed deals | SEC filing |
| Jul 30, 2015 | 10-K | Shredding business; Shred-it | Annual M&ANamed deals | SEC filing |
| Jul 30, 2014 | 10-K | Shred-it International Inc. | Annual M&ANamed deals | SEC filing |
| Filing date | Form | Items | Description | Support | Source |
|---|---|---|---|---|---|
| Apr 27, 2026 | S-4 | N/A | S-4 | FinancialsRecent SEC | SEC filing |
| Apr 7, 2026 | 10-Q | N/A | 10-Q | Recent SEC | SEC filing |
| Apr 1, 2026 | 10-Q | N/A | Quarterly report from SEC company index | Recent SEC | SEC filing |
| Mar 31, 2026 | 8-K | 1.01,1.02,2.03,9.01 | 8-K | Recent SEC | SEC filing |
| Mar 25, 2026 | 8-K | 2.02,9.01 | 8-K | Recent SEC | SEC filing |
| Mar 19, 2026 | 425 | N/A | FORM 425 | Recent SEC | SEC filing |
| Mar 11, 2026 | 425 | N/A | FORM 425 | Recent SEC | SEC filing |
| Mar 11, 2026 | 425 | N/A | FORM 425 | Recent SEC | SEC filing |
| Mar 11, 2026 | 425 | N/A | FORM 425 | Recent SEC | SEC filing |
| Mar 11, 2026 | 425 | N/A | FORM 425 | Recent SEC | SEC filing |
G&K Services, Inc.
10-K - Jul 27, 2018
On March 21, 2017, Cintas completed the acquisition of G&K Services, Inc. (G&K) for consideration of approximately $2.1 billion. G&K is a wholly-owned subsidiary of Cintas that operates within the Uniform Rental and Fac…
Shredding Transaction deconsolidation
10-K - Jul 30, 2015
On April 30, 2014, Cintas completed the Shredding Transaction. Under the agreement, Cintas and Shred-it each contributed its shredding business to the newly formed Shred-it Partnership.
Shredding Transaction
10-K - Jul 30, 2015
On April 30, 2014, the Shredding Transaction was completed with the shareholders of Shred-it to combine Cintas’ Shredding with Shred-it’s shredding business. Under the agreement, Cintas and Shred-it each contributed its…
Partnership transaction with Shred-it
10-K - Jul 30, 2014
On April 30, 2014, Cintas completed its previously announced partnership transaction with the shareholders of Shred-it to combine Cintas’ document destruction business with Shred-it’s document destruction business. Unde…
ZEE Acquisition
10-K - Jul 31, 2017
On August 1, 2015, the Company acquired all of the shares of ZEE for acquisition-date fair value consideration of$134.0 million, consisting of cash of $120.6 million and contingent consideration, subject to certain hold…
Annual M&A counts and disclosed spend are extracted from SEC acquisition disclosures and cash-flow statements; named-deal rows carry direct filing links where the filing identifies the target or consideration.