| Stage | CTAS | % of rev | RL | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $3.0B | 100.00% | $2.0B | 100.00% | CTAS ×1.54 |
| Gross profit | $1.6B | 51.54% | $1.4B | 73.69% | RL +22.1pp |
| Operating income | $712M | 23.62% | $342M | 17.47% | CTAS +6.1pp |
| Pre-tax income | $690M | 22.89% | $342M | 17.46% | CTAS +5.4pp |
| Net income | $552M | 18.31% | $262M | 13.38% | CTAS +4.9pp |
| Stage | CTAS | RL | Gap · A − B |
|---|---|---|---|
| Revenue | $3.0B100.00% | $2.0B100.00% | CTAS ×1.54 |
| Gross profit | 51.54%$1.6B | 73.69%$1.4B | RL +22.1pp |
| Operating income | 23.62%$712M | 17.47%$342M | CTAS +6.1pp |
| Pre-tax income | 22.89%$690M | 17.46%$342M | CTAS +5.4pp |
| Net income |
| 18.31%$552M |
| 13.38%$262M |
| CTAS +4.9pp |
No disclosed counterparties: CTAS, RL.