Cintas

Pricing has held at historical levels while retention sits near all‑time highs, indicating healthy willingness to pay for reliable service and compliance. FY2025 gross margin reached approximately 50% and operating margin 22.8% despite two fewer workdays, suggesting sustainable mix and efficiency gains rather than one‑off price actions.

First Aid & Safety carries structurally higher gross margins (~57% FY2025), offering continued mix‑led pricing leverage. Risks: wage inflation, energy costs and competitive responses could cap pass‑through; contracts are not perpetual and certain customers can bid out service.

Overall, pricing power is solid and improving with technology (SmartTruck, auto‑sortation) that lowers delivered cost per stop.