Fiscal 2024 Reflects Another Year of Strong Performance for Cintas

Cintas is the dominant provider in the $20 billion US uniform rental/sales and related ancillary services industry. It enjoys a roughly 30% market share. It has a diversified customer base of more than 1 million large corporations and small and midsize businesses across North America, with no single customer making up more than 1% of total revenue. Despite its already impressive position, we expect Cintas to post healthy growth over the long run. The firm consistently launches new product lines, emphasizes cross-selling to existing customers, and invests in IT infrastructure to enhance customer retention and operational efficiency. With a market penetration rate of less than 20%, the remaining unvended market remains sizable.