Cintas

Cintas exhibits tollbooth‑like characteristics: about 95% of revenue is route‑serviced and diversified across more than one million customers, with no customer over 1% of sales. Organic growth has been steady across cycles, supported by cross‑selling into facility hygiene, first aid/water and fire protection.

FY2025 set records for revenue ($10.34B), and Q1 FY2026 revenue grew 8.7% to $2.72B with margin expansion, reinforcing a predictable trajectory. Regulatory and compliance needs (OSHA, workplace safety, fire codes) create ongoing demand and reduce cyclicality relative to typical business services.

Key risks are macro‑sensitive employment levels and worksite counts, but the base is broad and primarily domestic.