Cintas

Management prioritizes organic investment and continuous improvement (technology in plants and routes), followed by repeatable tuck‑ins, and balanced returns via dividends and buybacks. FY2025: capex ~$409M, acquisitions ~$233M, dividends $612M, and $679M of share repurchases (3.8M shares at an average $179.07).

A new $1.0B buyback was authorized in Oct 2025, supplementing remaining capacity. The proposed UniFirst acquisition was terminated when engagement stalled, indicating discipline on strategic moves. One watch item is repurchasing at premium multiples; however, the long runway and low capital intensity mitigate this.

The dividend was raised 15.4% in July 2025, continuing a decades‑long record.